Workforce Reduction

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Workforce Reduction

13. Workforce Reduction

On March 14, 2024, the officers of the Company approved a plan for a workforce reduction of approximately 20% of headcount in order to focus the Company’s resources more heavily on its spatial sequencing roadmap. During the six months ended June 30, 2024, expenses for these activities were $1.6 million, with $0.4 million included in research and development expense and $1.2 million included in selling, general and administrative expense. Total expense comprised $1.2 million for one-time termination benefits to the affected employees, including cash severance and healthcare benefits, and $0.4 million for the acceleration of stock-based compensation to affected employees. As of June 30, 2024, the Company had fully paid all expenses related to the foregoing workforce reduction.