Restructuring and Related Activities

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

2023 Restructuring Plan

In June 2023, the Company initiated a restructuring program to reduce overall expenses, which is expected to improve future profitability by reducing the Company’s overall spending (the “2023 Restructuring Plan”). In connection with this restructuring program, the Company initiated a plan resulting in a reduction of 42 employees. During the three and six months ended June 30, 2023, the Company recorded charges of approximately $9.5 million to “Restructuring and other charges” in its unaudited condensed consolidated statement of operations, related to the reduction in workforce, as well as write-downs of obligations related to certain IP development costs and software licenses for engineering development tools. The 2023 Restructuring Plan is expected to be substantially completed in the second half of 2023.

The following table summarizes the 2023 Plan restructuring activities during the six months ended June 30, 2023:


(In thousands)	Employee Severance and Related Benefits		Other Costs		Total
Liability at December 31, 2022	$	—	$	—	$	—
Charges	4,746		4,748		9,494
Non-cash items*	—		(948)		(948)
Payments	—		(500)		(500)
Liability at June 30, 2023	$	4,746	$	3,300	$	8,046

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* The non-cash items of $0.9 million related to the write-down of software licenses for engineering development tools.

During the six months ended June 30, 2022, the Company did not initiate any restructuring programs.