Restructuring

9 Months Ended

Sep. 30, 2022

Restructuring and Related Activities [Abstract]

In July 2022, the Company implemented a restructuring of operations, including reductions in both headcount and expenses, to prioritize its clinical development of ixoberogene soroparvovec (“Ixo-vec”), formerly referred to as ADVM-022, and focus its pipeline strategy on certain highly prevalent ocular diseases.

Under the restructuring plan, the Company reduced its workforce by 75 employees (approximately 37%) as of July 6, 2022. Below is a summary of restructuring costs during the nine months ended September 30, 2022 and accrued restructuring costs as of September 30, 2022 :


	Severance and Benefits Costs		Stock-Based Compensation		Total
	(In thousands)
Balance at January 1, 2022	$	—	$	—	$	—
Charges	4,632		53		4,685
Cash payments made	(4,539)		—		(4,539)
Non-cash	—		(53)		(53)
Balance at September 30, 2022	$	93	$	—	$	93

In the three and nine months ended September 30, 2022, the Company recorded $4.7 million of restructuring costs, of which $3.7 million was classified as research and development expenses and $1.0 million was classified as general and administrative expenses. Substantially all of the restructuring costs were incurred during the three months ended September 30, 2022, of which $4.5 million were paid. The Company expects the restructuring to be completed in the fourth quarter of 2022.