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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events  
Subsequent Events

18. Subsequent Events

On February 27, 2023, the Company announced the following strategic actions:

Capital Return Program Increase

The Company’s board of directors authorized a $75.0 million increase to the existing $250.0 million capital return program initiated in September 2022, bringing the total capital return program to $325.0 million. As of February 27, 2023, the Company has repurchased $155.3 million of shares, including $27.1 million in 2023, and the Company has approximately $170.0 million remaining in the capital return program which is expected to be completed by the end of 2023.

Discontinuing Investments in Research

The Company plans to prioritize resource allocation toward the ampreloxetine Phase 3 study and completion of the YUPELRI Peak Inspiratory Flow Rate (PIFR) Phase 4 study and discontinue its research activities including the inhaled Janus kinase (JAK) inhibitor program. As a result of halting further research investment, the Company’s headcount is being reduced by approximately 17% with the reductions planned for completion by the end of March 2023. The Company also plans to seek a partnership to continue progression of its inhaled JAK inhibitor program.