On July 13, 2022, the Company announced a restructuring plan to prioritize its resources on its emerging pre-clinical and early clinical pipeline as well as its existing collaboration partnerships. The restructuring plan resulted in a reduction to its workforce of approximately 40%. Restructuring costs of $2.4 million and $5.3 million were recorded in general and administrative expense and research and development expense, respectively, for the year ended December 31, 2022.

The following is a summary of accrued restructuring costs as of December 31, 2022 (in thousands):


	Severance and Benefits Costs			Contract Termination Cost			Stock Based Compensation			Total
Total restructuring cost recorded	$	7,617		$	178		$	175		$	7,970
Cash payment		(5,812	)		-			-			(5,812	)
Change in estimates		(293	)		(14	)		-			(307	)
Non-cash charges		-			-			(175	)		(175	)
Balance at December 31, 2022	$	1,512		$	164		$	-		$	1,676

The total costs incurred in connection with the restructuring net of the changes in estimates related to certain voluntary departures of employees and reinstatement of employment, are approximately $7.7 million. The restructuring is substantially complete as of December 31, 2022 and the Company expects the remaining accrued restructuring costs will be paid in early 2023.