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Restructuring, Impairment and Related Charges | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring, Impairment and Related Charges | 16. Restructuring, Impairment and Related Charges From time to time management may decide to restructure our business to streamline costs and expenses. We also continue to explore business opportunities to partner, divest or delay certain research and development programs to drive operational changes in our business processes, efficiencies and cost savings to advance our corporate strategy and development programs. We expect that these initiatives, including restructuring, will reduce our operating expenses. Upon entering into the Bayer License Agreement and termination of the Navire-BMS License Agreement in March 2024 (refer to Note 11 for details regarding these transactions) and our announced decision to cease pursuing development of BBP-631 for CAH in September 2024, we committed to restructuring plans to reprioritize and advance our corporate strategy and development programs. The restructuring plans included, among other components, consolidation and rationalization of our facilities, reprioritization of development programs and the reduction in our workforce. We estimate that remaining restructuring charges associated with previously announced programs are immaterial, consisting primarily of wind-down costs, exit costs, and other related expenses. Our estimate of the costs is subject to certain assumptions and actual results may differ from those estimates or assumptions. We may also incur additional costs that are not currently foreseeable as we continue to evaluate our restructuring alternatives to drive operational changes in business processes, efficiencies and cost savings. “Restructuring, impairment and related charges” included on our condensed consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 consisted of the following:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |
Winding down, exit and other related costs |  | $ | 712 |  |  | $ | 2,353 |  |  | $ | 1,146 |  |  | $ | 3,517 |
Severance and employee-related costs |  |  | 93 |  |  |  | 538 |  |  |  | 229 |  |  |  | 2,503 |
Long-lived assets impairments and write-offs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 271 |
Total |  | $ | 805 |  |  | $ | 2,891 |  |  | $ | 1,375 |  |  | $ | 6,291 |
The following table summarizes the activity related to the restructuring liabilities associated with our restructuring plans for the six months ended June 30, 2025 and 2024:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Beginning balance |  | $ | 1,848 |  |  | $ | 55 |
Restructuring, impairment and related charges |  |  | 1,375 |  |  |  | 6,291 |
Cash payments |  |  | (2,648 | ) |  |  | (3,121 | )
Noncash activities |  |  | (49 | ) |  |  | (318 | )
Ending balance |  | $ | 526 |  |  | $ | 2,907 |
Restructuring liabilities are presented on our condensed consolidated balance sheets as follows:
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | (in thousands) |
Accounts payable |  | $ | 81 |  |  | $ | 330 |
Accrued compensation and benefits |  |  | 103 |  |  |  | 332 |
Accrued research and development liabilities |  |  | 314 |  |  |  | 1,020 |
Other current liabilities |  |  | 28 |  |  |  | 166 |
Total |  | $ | 526 |  |  | $ | 1,848 |

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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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