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Restructuring | 9 Months Ended
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Sep. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | Restructuring In June 2025, the Company commenced a restructuring plan following the Company’s May 23, 2025 announcement of its decision to discontinue further development of birtamimab. The Company incurred aggregate restructuring charges of approximately $0.5 million and $33.1 million for the three and nine months ended September 30, 2025. Restructuring charges primarily consisted of employee termination benefits in connection with the reduction in force announced in June 2025 and contract termination costs primarily associated with exit fees relating to third-party manufacturers that were contracted for commercial supplies of birtamimab. Employee termination benefits include severance costs, employee-related benefits, and non-cash share-based compensation expense related to the acceleration of the vesting of certain stock options. Charges and other costs related to the restructuring plan are presented as restructuring costs in the Condensed Consolidated Statements of Operations. Substantially all of the cash payments are expected to be paid out by the end of the fourth quarter of 2025. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring plan. The following table summarizes the restructuring liability and utilization by cost type associated with the restructuring activities during the three and nine months ended September 30, 2025 (in thousands):
|  | Restructuring Liability
|  | Termination Benefits |  | Contract Termination Costs |  | Other |  | Total
Balance at March 31, 2025 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Restructuring Charges |  | 18,342 |  |  | 14,097 |  |  | 170 |  |  | 32,609 |
Adjustment for non-cash charges |  | (2,081) |  |  | (37) |  |  | (161) |  |  | (2,279) |
Balance at June 30, 2025 |  | $ | 16,261 |  |  | $ | 14,060 |  |  | $ | 9 |  |  | $ | 30,330 |
Restructuring Charges |  | (639) |  |  | 921 |  |  | 197 |  |  | 479 |
Adjustment for non-cash charges |  | — |  |  | — |  |  | (197) |  |  | (197) |
Reduction for cash payments |  | (12,944) |  |  | (38) |  |  | (9) |  |  | (12,991) |
Foreign Exchange |  | — |  |  | (7) |  |  | — |  |  | (7) |
Balance at September 30, 2025 |  | $ | 2,678 |  |  | $ | 14,936 |  |  | $ | — |  |  | $ | 17,614 |
The total amount expected to be incurred in connection with the restructuring plan was $32.6 million. The cumulative amount incurred to date was $33.1 million as of September 30, 2025. The restructuring liability is included in current liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2025.

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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) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -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 -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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