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RESTRUCTURING
12 Months Ended
Dec. 31, 2016
RESTRUCTURING  
RESTRUCTURING

 

6. RESTRUCTURING

        With projected reduced operational demands as a result of the Collaboration Agreement with Janssen, on March 3, 2015, we announced an organizational resizing to reduce our workforce. For the year ended December 31, 2015, we recorded restructuring charges of approximately $1,306,000, net of non-cash adjustments, related to one-time termination benefits. These charges included $307,000 of non-cash stock-based compensation expense relating to the extension of the post-termination exercise period for certain stock options previously granted to employees affected by the restructuring. The restructuring resulted in aggregate cash expenditures of approximately $988,000 after adjustments and non-cash credits. All actions associated with this restructuring were completed in 2015, and we do not anticipate incurring any further charges in connection with this restructuring. As of December 31, 2016, we had no remaining obligations related to the restructuring.