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.