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Restructuring Charges
 9 Months Ended
Sep. 30, 2024
Restructuring Charges  
Restructuring Charges

13. Restructuring Charges

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In December 2023, the Company’s board of directors approved a reduction of the Company’s workforce by approximately 46%, which was substantially completed as of June 30, 2024. This action was taken in order to streamline operations, reduce costs and preserve capital. As a result, the Company terminated certain employees (“terminated employees”) and gave notice to additional employees (“noticed employees”) who were asked to provide transition services through termination dates ranging between one to thirteen months from the date notice was given.  The terminated employees were entitled to receive cash severance payments and other benefits. The noticed employees are entitled to receive cash severance payments and other benefits, which are contingent upon providing additional services to the Company.

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During the three and nine months ended September 30, 2024, the Company recognized severance expense of $26 thousand and $2.6 million, respectively. During the nine months ended September 30, 2024, the Company made cash severance payments of $5.2 million to impacted employees.