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Severance and Retention Costs | 9 Months Ended
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Sep. 30, 2021
Severance and Retention Costs [Abstract] |
Severance and Retention Costs | 7. Severance and Retention Costs Akcea Merger As a result of the Akcea Merger in October 2020, we began recognizing severance and retention expenses in the fourth quarter of 2020. The following table summarizes our total estimated severance and retention expenses related to the Akcea Merger (in millions):
|  | Severance and Retention Expenses |
Total estimated expenses |  | $ | 27.2 |
Expenses incurred from inception to September 30, 2021 |  |  | 27.0 |
Remaining estimated expenses to be recognized through October 2021 |  | $ | 0.2 |
The following table summarizes our severance and retention expenses related to the Akcea Merger that we recognized during the three and nine months ended September 30, 2021 (in millions):
|  | Three Months Ended September 30, 2021 |  |  | Nine Months Ended September 30, 2021 |
Research, development and patent expenses |  | $ | 1.3 |  |  | $ | 5.1 |
Selling, general and administrative expenses |  |  | 0.6 |  |  |  | 6.6 |
Total |  | $ | 1.9 |  |  | $ | 11.7 |
The following table summarizes the severance and retention reserve amounts related to the Akcea Merger that we included in accrued compensation for the period indicated (in millions):
|  | Nine Months Ended September 30, 2021 |
Beginning balance as of January 1, 2021 |  | $ | 14.7 |
Amounts expensed during the period |  |  | 13.5 |
Reserve adjustments during the period |  |  | (1.8 | )
Net amount expensed during the period |  |  | 11.7 |
Amounts paid during the period |  |  | (20.6 | )
Ending balance as of September 30, 2021 |  | $ | 5.8 |
The reserve adjustments during the period primarily related to forfeitures of severance and retention payments as a result of employee terminations before they earned the amounts. Restructured European Operations In December 2020, we entered into a distribution agreement with Sobi for TEGSEDI and WAYLIVRA in Europe. As a result, we restructured our European Operations, or Restructured European Operations. In the fourth quarter of 2020, we began recognizing severance and retention expenses related to our Restructured European Operations. The following table summarizes our total severance and retention expenses related to our Restructured European Operations (in millions):
|  | Severance and Retention Expenses |
Total estimated expenses |  | $ | 14.2 |
Expenses incurred from inception to September 30, 2021 |  |  | 14.0 |
Remaining estimated expenses to be recognized through October 2021 |  | $ | 0.2 |
The following table summarizes the severance and retention expenses related to our Restructured European Operations that we recognized during the three and nine months ended September 30, 2021 (in millions):
|  | Three Months Ended September 30, 2021 |  |  | Nine Months Ended September 30, 2021 |
Research, development and patent expenses |  | $ | 0.5 |  |  | $ | 0.6 |
Selling, general and administrative expenses |  |  | 0.1 |  |  |  | 1.1 |
Total |  | $ | 0.6 |  |  | $ | 1.7 |
The following table summarizes the severance and retention reserve amounts related to our Restructured European Operations that we included in accrued compensation for the period indicated (in millions):
|  | Nine Months Ended September 30, 2021 |
Beginning balance as of January 1, 2021 |  | $ | 12.4 |
Amounts expensed during the period |  |  | 2.5 |
Reserve adjustments during the period |  |  | (0.8 | )
Net amount expensed during the period |  |  | 1.7 |
Amounts paid during the period |  |  | (13.4 | )
Ending balance as of September 30, 2021 |  | $ | 0.7 |
The reserve adjustments during the period primarily related to tax expense adjustments. Restructured North American TEGSEDI Operations In April 2021, we entered into a distribution agreement with Sobi for TEGSEDI in North America. Under the terms of the distribution agreement, we will retain the marketing authorizations for TEGSEDI in the U.S. and Canada. We will continue to supply commercial product to Sobi and manage regulatory and manufacturing processes, as well as relationships with key opinion leaders. We will also continue to lead the TEGSEDI global commercial strategy. Sobi will otherwise have responsibility for commercializing TEGSEDI in the U.S. and Canada. In connection with restructuring our North American TEGSEDI operations, or Restructured North American TEGSEDI Operations, we enacted a plan to reorganize our Akcea workforce in North America to better align with the needs of our business and to focus on our wholly owned pipeline. The following table summarizes the severance expenses related to our Restructured North American TEGSEDI Operations that we recognized during the second quarter of 2021 (in millions):
|  | Three Months Ended June 30, 2021 |
Research, development and patent expenses |  | $ | 2.3 |
Selling, general and administrative expenses |  |  | 7.1 |
Total |  | $ | 9.4 |
We recognized all severance expenses related to our Restructured North American TEGSEDI Operations during the three months ended June 30, 2021. The following table summarizes the severance reserve amounts related to our Restructured North American TEGSEDI Operations that we included in accrued compensation for the period indicated (in millions):
|  | Nine Months Ended September 30, 2021 |
Beginning balance as of January 1, 2021 |  | $ | — |
Amounts expensed during the period |  |  | 9.4 |
Amounts paid during the period |  |  | (9.2 | )
Ending balance as of September 30, 2021 |  | $ | 0.2 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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