Restructuring and Related Charges

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

13. Restructuring and Related Charges

On August 28, 2025, the Company determined to consolidate its South San Francisco-based R&D capabilities into its Singapore facility to co-locate with its manufacturing operations and implemented a reduction in force of certain U.S. employees in the Company's R&D function, including members of its management team. As part of this consolidation, the Company will vacate its South San Francisco office and transfer its headquarters to Boston, Massachusetts. Management currently expects this process to be completed by December 31, 2025.

On September 13, 2025, the Company commenced an additional restructuring plan, including an additional reduction in force to align operating costs with revenue projections for its continuing operations.

Both restructuring actions are designed to improve operational efficiency while supporting the execution of the Company's long-term strategic plan. When combined, the reductions-in-force impacted approximately 20% of the Company’s total global workforce.

During the nine months ended September 30, 2025, the Company recognized restructuring charges of approximately $10.8 million resulting from the reductions in force described above, and incurred approximately $2.2 million in restructuring expenses for facility-related costs resulting from the Company’s 2022 restructuring plan. The Company anticipates ongoing similar restructuring expenses until the related lease terminates.

The following table summarizes the change in the Company’s restructuring and other related liabilities for the nine months ended September 30, 2025 (in thousands):


	Severance and other employee- related benefits(1)			Facility Costs			Other			Total
Balance at December 31, 2024	$	1,581		$	—		$	—		$	1,581
Restructuring and related charges		10,475			2,179			53			12,707
Cash payments		(5,745	)		(2,179	)		(53	)		(7,977	)
Balance at September 30, 2025	$	6,311		$	—		$	—		$	6,311

(1)

Restructuring liabilities are recorded in accrued liabilities on the condensed consolidated balance sheets. Substantially all severance and other employee-related benefits related to ongoing benefit arrangements and were recorded pursuant to ASC 712, Termination and Other Postemployment Benefits. The beginning balance reflects costs incurred in connection with restructuring plans undertaken in 2024.