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Restructuring, Impairment and Related Charges

6 Months Ended

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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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.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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