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CORPORATE RESTRUCTURING

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Corporate Restructuring

Corporate Restructuring

In May 2025, the Board formally approved a plan to reduce the overall workforce by approximately 45% (the "2025 Restructuring"). In connection with the 2025 Restructuring, the Company will incur one-time employee termination benefits, including severance, retention and benefits costs. The Company approximates total costs associated with the 2025 Restructuring will be $3.1 million, which includes severance, retention and benefits costs of which $2.4 million and $0.5 million were recognized as part of total research and development and general and administrative expenses, respectively, during the nine months ended September 30, 2025. All costs have been incurred under the Company’s single reportable segment. The Company expects the 2025 Restructuring will be substantially complete by the fourth quarter of 2025.

The estimates of the charges and expenditures that we expect to incur in connection with the 2025 Restructuring, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates.

In addition, we may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the 2025 Restructuring.

Accrued compensation and benefits costs as of September 30, 2025 and December 31, 2024 is as follows (in thousands):

			RESTRUCTURING LIABILITY
Balance as of December 31, 2024			—
Expenses incurred			2,971
Cash payments			(1,329)
Balance as of September 30, 2025			1,642

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4.e)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
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-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482017/420-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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