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Restructuring | 3 Months Ended
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Mar. 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring | 17. Restructuring On February 13, 2023, the Company announced the topline results for the Phase 2b study of FX-322 (FX-322-208) which failed to achieve its primary efficacy endpoint of an improvement in speech perception. As a result, the Company also announced that it would be discontinuing the FX-322 and FX-345 hearing development programs and focusing resources on its remyelination in MS development program. This restructuring resulted in a 55% reduction in the Company’s workforce. The Company expects to incur a total of approximately $4,329 in restructuring-related expenses, of which $3,970 was expensed in the three months ended March 31, 2023. The total estimated restructuring charges consist of accelerated depreciation expense of $360, accelerated hearing program expense of $129, and severance and other benefit-related costs of $3,840, of which $3,481 was expensed in the three months ended March 31, 2023 and the remaining $359 will be expensed in the second quarter of 2023. During the three months ended March 31, 2023, the following restructuring-related charges were included in the Consolidated Statement of Operations:
|  | Severance and other benefit-related costs |  |  | Accelerated depreciation charges |  |  | Accelerated hearing program charges |  |  | Total |
Research and development |  | $ | 1,932 |  |  | $ | 360 |  |  | $ | 129 |  |  | $ | 2,421 |
General and administrative |  |  | 1,549 |  |  |  | — |  |  |  | — |  |  |  | 1,549 |
Total |  | $ | 3,481 |  |  | $ | 360 |  |  | $ | 129 |  |  | $ | 3,970 |
At March 31, 2023, the liability for the restructuring is classified as current and included in accrued expenses in the Consolidated Balance Sheets.
|  | Accelerated hearing program charges |  |  | Severance and other benefit-related costs |  |  | Total |
Liability balance as of December 31, 2022 |  | $ | — |  |  | $ | — |  |  | $ | — |
Net charges |  |  | 129 |  |  |  | 3,329 |  |  |  | 3,458 |
Liability balance as of March 31, 2023 |  | $ | 129 |  |  | $ | 3,329 |  |  | $ | 3,458 |

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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 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: 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 Reference 5: 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 + Details
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