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Restructuring | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Impairment | 11. Restructuring and Impairment On April 14, 2025, the board of directors of the Company determined to discontinue all clinical development of nemvaleukin and, in connection with such decision, approved a reduction in the Company’s workforce by approximately 104 positions, or approximately 90% (the “Reduction”). The Company completed the Reduction at the end of the second quarter of 2025. The Company incurred costs of approximately $9.5 million related to the Reduction, primarily consisting of severance payments and employee benefit costs. Additionally, the Company ceased all development activity related to its pre-clinical programs on June 3, 2025, resulting in contract termination charges of $2.5 million. The following table summarizes the components of the Company’s restructuring activity recorded in operating expenses and in accrued expenses in the accompanying condensed consolidated balance sheet:
(in thousands) |  | Restructuring amounts accrued at December 31, 2024 |  |  | Restructuring expense incurred during the nine months ended September 30, 2025 |  |  | Restructuring amounts paid during the nine months ended September 30, 2025 |  |  | Restructuring amounts accrued at September 30, 2025 |
Employee severance, benefits and related costs |  | $ | — |  |  | $ | 9,457 |  |  | $ | (9,457 | ) |  | $ | — |
Contract termination costs |  |  | — |  |  |  | 2,481 |  |  |  | (2,481 | ) |  |  | — |
Total restructuring |  | $ | — |  |  | $ | 11,938 |  |  | $ | (11,938 | ) |  | $ | — |
In addition to the amounts included in the table above, the Company recognized impairment charges of $3.2 million that were associated with lab equipment that was held-for-sale and then ultimately sold during the nine months ended September 30, 2025 and write-offs of prepayments for services related to our clinical and pre-clinical programs totaling $2.5 million. These amounts are included in Restructuring and impairment expense on the condensed consolidated statement of operations and comprehensive loss. The costs related to the Reduction were incurred in the second quarter of 2025. All associated liabilities have been paid as of September 30, 2025.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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