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Restructuring
12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
In April 2023, in light of current market conditions, the Board of Directors took steps to extend the Company’s cash runway by pausing further development of the Company’s product candidate, SEL-302, for the treatment of methylmalonic acidemia and conducting a targeted headcount reduction. On August 17, 2023, the Company announced additional steps to extend cash runway and maximize value for stockholders by continuing to prioritize development of the Company’s product candidate, SEL-212, and support of its collaboration with Astellas for Xork, and pausing further development of all of the Company’s other clinical and preclinical product candidates that it was no longer actively advancing.
As a result of these measures, the Company implemented a restructuring plan that resulted in an approximate 90% reduction of the Company’s existing headcount as of December 31, 2024.
The following table summarizes the change in the Company’s accrued restructuring balance included in accrued expenses and other current liabilities on its consolidated balance sheets (in thousands):
December 31, 2022ChargesCash PaymentsDecember 31, 2023
Severance liability$— $6,431 $(2,535)$3,896 
December 31, 2023ChargesCash PaymentsDecember 31, 2024
Severance liability$3,896 $798 $(4,614)$80 
The Company recognized restructuring expenses consisting of one-time cash severance payments and other employee-related costs. The Company recorded these restructuring charges based on each employee’s role to the respective research and development and general and administrative operating expense categories on its consolidated statements of operations and comprehensive loss. For the years ended December 31, 2024 and 2023, the Company recognized $0.2 million and $5.6 million in research and development expenses, respectively, and $0.6 million and $0.8 million in general and administrative expenses, respectively. Payments for the restructuring plan were substantially complete by June 30, 2024.