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Restructuring
9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In November 2023, the Company implemented a cost realignment plan (the “Cost Realignment Plan”) that included the termination of approximately 15% of the Company’s workforce, the termination of certain leases, and other actions to reduce expenses, all as part of a plan to optimize business operations and match them to current market conditions. The reduction in force was completed on January 5, 2024, following the end of the sixty-day notification period required by the Worker Adjustment and Retraining Notification Act. The Cost Realignment Plan was substantially completed during the first quarter of 2024, with most of the cash payments having been disbursed prior to the end of such quarter, with the remainder expected to be disbursed by the end of the fiscal year 2024. The Company does not expect to incur additional restructuring costs relating to the Cost Realignment Plan.
For the three months ended September 30, 2024, restructuring charges were not significant. For the nine months ended September 30, 2024, restructuring charges primarily consist of the stock-based compensation benefit recognized for the
forfeiture of stock awards upon the termination of certain impacted employees resulting from the Cost Realignment Plan. The Company’s restructuring charges by segment and unallocated corporate costs, which are recorded as restructuring expenses on the condensed consolidated statements of operations, were as follows for the period presented (in thousands):
Nine Months Ended September 30, 2024
Severance and Other Employee Costs (Reversals)
Stock-Based Compensation Benefit
Professional Fee Reversals and Other
Total
Nucleic Acid Production
$(17)$(812)$(20)$(849)
Corporate
52 (409)(14)(371)
Total
$35 $(1,221)$(34)$(1,220)
The following table summarizes the activity for accrued restructuring costs, which is recorded within accrued expenses and other current liabilities on the condensed consolidated balance sheets, for the period presented (in thousands):
Severance and Other Employee Costs
Stock-Based Compensation Benefit
Professional Fee Reversals and Other
Total
Balance as of December 31, 2023$2,543 $— $271 $2,814 
Charges (benefit)
35 (1,221)(34)(1,220)
Non-cash benefit
— 1,221 — 1,221 
Cash payments
(2,542)— (237)(2,779)
Balance as of September 30, 2024$36 $— $— $36