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RESTRUCTURING | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
RESTRUCTURING | RESTRUCTURING During 2024, in connection with the discontinuation of certain research and development programs and organizational redesign efforts centered around the Company’s strategic priorities, including the acceleration and maximization of VOXZOGO, establishing the ROCTAVIAN opportunity, focusing R&D activities on the assets that management believes will be the most productive and accelerate earnings per share through expanding margins, the Company committed to plans in the second and third quarters of 2024, to reduce its global workforce by approximately 170 and 225 employees, respectively. These workforce reductions were substantially completed by the end of 2024. The restructuring plan includes severance and employee-related costs, asset impairments, and other costs. The asset impairment charges were for abandoned assets-in-progress of being constructed and a ROU Asset related to leased office space the Company decided to exit and sub-lease. The Company utilized the discounted cash flow approach to determine the fair value of the ROU Asset. The ROU Asset impairment is the difference between the existing lease terms and rates and the expected sub-lease terms and rates available in the market. The Other category includes restructuring-related consulting costs, which are expensed as incurred, as well as other obligations related to the leased office space that will be satisfied over the remainder of the lease term. The restructuring charges and adjustments were included in SG&A in the Consolidated Statements of Income. Restructuring expenses consisted of the following:
|  |  |  | Twelve Months Ended December 31,
|  |  |  | 2024
Severance and one-time employee benefits |  |  |  | $ | 60,941 |
Asset Impairments |  |  |  | 16,448
Other |  |  |  | 18,439
|  |  |  | $ | 95,828 |
The following unpaid balance as of December 31, 2024 was recorde d to Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet:
| Severance and related costs |  |  |  | Other |  | Total
Balance as of December 31, 2023 | $ | — |  |  |  |  | $ | — |  |  | $ | — |
Charges and Adjustments | 60,941 |  |  |  |  | 18,439 |  |  | $ | 79,380 |
Payments | (50,926) |  |  |  |  | (16,784) |  |  | $ | (67,710) |
Balance as of December 31, 2024 | $ | 10,015 |  |  |  |  | $ | 1,655 |  |  | $ | 11,670 |

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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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