Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

The Company accounts for restructuring costs in accordance with ASC Subtopic 420-10, “Exit or Disposal Cost Obligations” and ASC Section 360-10-35, “Property, Plant and Equipment-Subsequent Measurement.” The costs are recorded to the “Restructuring costs” line item within the Company's Consolidated Statements of Operations and Comprehensive Loss as they are recognized.

The Company recorded $18.8 million of restructuring costs during the year ended December 31, 2025, of which $12.7 million was related to employee transition, severance, employee benefits, and related costs and $6.1 million was related to costs associated with office space reductions, including $4.8 million of right-of-use asset impairment charges. The Company recorded $20.4 million of restructuring costs during the year ended December 31, 2024, of which $11.2 million was related to employee transition, severance, employee benefits, and related costs and $6.3 million was related to costs associated with office space reductions, including $3.9 million of right-of-use asset impairment charges.

Subsequent to December 31, 2025 and as a result of its review of the business to drive further efficiency, better align resources, and improve profitability, the Company expects to incur pre-tax restructuring costs under its plan in the range of $15.0 million to $20.0 million for the year ending December 31, 2026, of which approximately $9.0 million to $11.0 million is expected to be incurred in the three months ending March 31, 2026. The charges will primarily relate to employee transition, severance, employee benefits, and other costs, including costs associated with office space reductions.

The portion of these expenses that are to be settled by cash disbursements was accounted for as a restructuring liability under the line item “Accrued expenses and other current liabilities” in the Company's Consolidated Balance Sheets.

The table below summarizes the accrual and charges incurred and cash payments made with respect to the Company's restructurings, with the severance related portion included in the line item “Accrued compensation” and the lease termination and other related portion included in the line item “Accrued expenses and other current liabilities” in the Company's Consolidated Balance Sheets as of December 31, 2025 (in thousands):


	Restructuring Plan
	Severance		Lease Termination		Other (1)		Total
Accrued Balance, December 31, 2023	$	—	$	3,800	$	—	$	3,800
Additions	11,156		2,361		2,857		16,374
Cash payments	(10,004)		(1,125)		(2,857)		(13,986)
Accrued Balance, December 31, 2024	$	1,152	$	5,036	$	—	$	6,188
Additions	12,718		1,230		12		13,960
Cash payments	(11,549)		(1,823)		(12)		(13,384)
Accrued Balance, December 31, 2025	$	2,321	$	4,443	$	—	$	6,764

(1)Reflects amounts associated with other restructuring related costs.