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Restructuring

12 Months Ended

Dec. 31, 2019

Restructuring And Related Activities [Abstract]

Restructuring

17. 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. As of December 31, 2019, we have completed our restructuring activities and all costs have been incurred.  

The major components of our restructuring costs are summarized as follows (in thousands):

Components of Restructuring Costs		Total Restructuring Costs Expected to be Incurred				Restructuring Costs Incurred for the Year Ended December 31, 2019				Remaining to be Incurred
Severance and other termination benefits		$	6,277			$	6,277			$	-
Stock-based compensation expense (a)			4,122				4,122				-
Accelerated depreciation			2,957				2,957				-
Total restructuring cost		$	13,356			$	13,356			$	-

(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 consolidated balance sheets. As of December 31, 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		6,277
Cash payments or settlements		(5,602	)
Balance at December 31, 2019	$	675

In January 2017, we implemented organizational restructuring and cost reduction plans to align around our immuno-oncology business while allowing us to advance HEPLISAV-B through the FDA review and approval process. To achieve these cost reductions, we suspended manufacturing activities, commercial preparations and other long term investment related to HEPLISAV-B and reduced our global workforce by approximately 40 percent. In the first quarter of 2017 we recorded charges of $2.8 million related to severance, other termination benefits and outplacement services. All of the $2.8 million was paid in 2017.

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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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