XML 40 R24.htm IDEA: XBRL DOCUMENT v3.25.0.1
RESTRUCTURING
 12 Months Ended
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 Impairments16,448
Other18,439
$95,828 
The following unpaid balance as of December 31, 2024 was recorded to Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet:
Severance and related costsOtherTotal
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