On August 1, 2022, the Company committed to and commenced a restructuring to reduce operating costs and better align its workforce with the needs of its business following the discontinuation of clinical development of NUV-422. Under the restructuring plan, the Company reduced its workforce by 30 employees (approximately 35%).

Following is a summary of accrued restructuring costs for the year ended December 31, 2022.


	December 31, 2022
	(In thousands)
Severance and benefit costs	$	1,741
Contract termination costs		5,656
Total restructuring costs		7,397
Cash payments		(7,390	)
Balance at December 31, 2022	$	7

Restructuring costs of $0.1 million and $7.3 million were recorded in general and administrative expense and research and development expense, respectively, in our statements of operations and comprehensive loss for the year ended December 31, 2022. The Company expects that substantially all of the accrued restructuring costs as of December 31, 2022 will be paid in cash by the end of first quarter 2023.