Restructuring Plan

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

On July 30, 2024, the Company committed to a restructuring plan, effective August 1, 2024, intended to reduce the Company’s operating expenses and better position the Company to execute its long-term strategic initiatives (the Restructuring Plan). The Restructuring Plan was substantially completed during the three months ended September 30, 2024, and reduced the size of the Company’s workforce by approximately 15% of its full-time employees, as compared to its headcount as of December 31, 2023. The Company incurred a pre-tax restructuring charge of $7.8 million for the three and nine months ended September 30, 2024 in connection with the Restructuring Plan, which primarily consisted of severance payments, employee benefits and related expenses for impacted employees, and is presented in the condensed consolidated statement of operations as $5.6 million of research and development expenses, $1.2 million of sales and marketing expenses and $1.0 million of general and administrative expenses.

The changes in the restructuring reserve, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheet, are as follows:


(in millions)
Three and Nine Months Ended September 30, 2024	Amount
Balance as of beginning of period	$	—
Charge	7.8
Cash payments	(6.0)
Stock-based compensation	(1.5)
Balance as of September 30, 2024	$	0.3