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Restructuring
3 Months Ended
Mar. 31, 2020
Restructuring And Related Activities [Abstract]  
Restructuring

13. Restructuring

 

In January 2020, the Company’s board of directors approved a restructuring plan to reduce operating costs and better align the Company’s workforce with the needs of its business following the Company’s November 2019 announcement that the SGT-001 IGNITE DMD trial was placed on clinical hold by the U.S. Food and Drug Administration.

Under the restructuring plan, the Company made changes to its management team and reduced headcount by approximately 30 percent.  Affected employees were eligible to receive severance payments and outplacement services in connection with the restructuring plan. In the three months ended March 31, 2020, the Company recorded aggregate restructuring charges of $1,944 related to severance payments and other employee-related costs. The Company does not expect to incur any additional significant costs associated with this restructuring. During the three months ended March 31, 2020, $963 of the estimated restructuring charges were paid. The Company expects the remaining accrued restructuring costs of $981 will be paid in the next 12 months.

The following table shows the total amount expected to be incurred and the liability related to the 2020 restructuring as of March 31, 2020:

 

 

 

One-Time Employee

Termination Benefits

 

Accrued restructuring costs beginning balance

 

$

-

 

Restructuring charges incurred during the period

 

 

1,944

 

Amounts paid during the period

 

 

(963

)

Accrued restructuring costs as of March 31, 2020

 

$

981