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Restructuring

9 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring

13. Restructuring

On May 23, 2019, we implemented a strategic organizational restructuring, principally to align our operations around our vaccine business and significantly curtail further investment in our immuno-oncology business. In connection with the restructuring, we reduced our workforce by approximately 80 positions, or approximately 36%, of U.S.-based personnel. Also, in connection with the restructuring, our Chief Executive Officer, also a member of the Board of Directors (the “Board”), submitted notice of his retirement from the Company and the Board, effective August 1, 2019. We expect the restructuring to be substantially complete and the costs incurred and paid by December 31, 2019. We are exploring strategic alternatives for our immuno-oncology business.

During the three months ended September 30, 2019, we identified certain long-lived assets installed at the Horton Street Premises that were or will be disposed of by the Subtenant. We recorded accelerated depreciation charges of $3.0 million on these assets.

The major components of our restructuring costs are summarized as follows (in thousands). The remaining $0.8 million is expected to be recognized by the end of 2019.

Components of Restructuring Costs		Total Restructuring Costs Expected to be Incurred				Restructuring Costs Incurred for the Nine Months Ended September 30, 2019				Remaining to be Incurred
Severance and other termination benefits		$	6,389			$	5,635			$	754
Stock-based compensation expense (a)			4,122				4,122				-
Accelerated depreciation			2,957				2,957				-
Total restructuring cost		$	13,468			$	12,714			$	754

(a) As a result of accelerated vesting of stock awards and the extension of exercise period of stock options

The outstanding restructuring liabilities are included in accrued liabilities on the condensed consolidated balance sheets. As of September 30, 2019, the components of the restructuring liabilities were as follows (in thousands):

	Severance and Other Termination Benefits
Balance at December 31, 2018	$	-
Severance and other termination benefits		5,635
Cash payments or settlements		(2,289	)
Balance at September 30, 2019	$	3,346

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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