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Restructuring Activity
12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Activity Restructuring Activity
In the second quarter of 2025, the Company committed to and approved a reduction of the Company’s workforce by approximately 33% across all areas of the Company, as part of the Company’s decision to streamline operations across the organization and enable the efficient progression of the Company’s portfolio. This decision was made following a strategic review aimed at reducing internal costs while minimally impacting the Company's targeted clinical stage programs to drive value over the next several years by aligning the Company's operations with long-term program development objectives. As of June 30, 2025, these restructuring activities were substantially completed.
In September 2025, the Company announced an update on its collaboration with Pfizer and further actions to support value creation by optimizing organizational and cost structures and streamlining operations in advance of multiple anticipated upcoming value inflection points, including: further limiting additional expenditures on the vepdegestrant program supporting activities required for commercialization readiness and identification, with Pfizer, of a third party for the commercialization and potential further development of vepdegestrant; reducing the Company's workforce by an additional 15% to streamline operations, with the most significant reductions being roles related to vepdegestrant commercialization; and proactively managing pipeline cost by seeking strategic business development opportunities and by identifying further efficiencies across the business. The September 2025 workforce reduction was substantially completed in the first quarter of 2026.
Components of Restructuring Charges
During the year ended December 31, 2025, the Company recognized net restructuring charges of $3.7 million, including $15.3 million of cash severance and other one-time employee related termination benefit related to the workforce reduction, partially offset by a reversal of $11.6 million of non-cash stock compensation and bonus expenses, of which $2.3 million of charges are reflected in research and development expenses and $1.3 million of a reversal of previously recognized expense reflected in general and administrative expenses in the accompanying consolidated statement of operations. The Company recognized no restructuring charges during the years ended December 31, 2024 and 2023.
The Company's restructuring accrual totaled $4.4 million and zero as of December 31, 2025 and 2024, respectively.