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Subsequent Events
3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

13. Subsequent Events

 

On May 5, 2025, the Company’s board of directors approved the wind down of the Company’s clinical and manufacturing operations as the Company conducts a process to explore strategic alternatives to maximize shareholder value. The Company publicly announced this plan on May 8, 2025.

 

In conjunction with this strategic process, the Company also announced a reduction of its workforce by 147 full-time employees, or approximately 95% of the Company’s then-current employee base. The reduction of workforce is expected to result in approximately $10.9 million in severance costs and such costs are primarily expected to be incurred in the second quarter of 2025. In addition, the Company expects to incur impairment charges, losses on disposals of assets, contract termination costs and other incremental expenses as a result of the strategic process and the amount of such charges and costs could be material to the Company’s results of operations and financial condition. The exact amounts and timing of recognition of such charges and costs is not yet known.