XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2023
Restructuring Charges.  
Restructuring Charges

13.      Restructuring Charges

On March 3, 2023, the Company committed to a plan to reduce its workforce to focus resources on strategic priorities including the commercialization of its diversified product portfolio and development of innovative immuno-oncology product candidates. The reduction in force impacted approximately 50 full-time and part-time employees,

effective March 10, 2023 for most of these employees. In the first quarter of 2023, non-recurring restructuring charges associated with the reduction in force consisted of $3.9 million in cash expenses related to personnel expenses such as salaries, severance payments and other benefits; and $1.5 million in non-cash stock-based compensation related to acceleration of vesting and extension of the stock option exercise windows for two impacted executives; partially offset by $0.5 million in non-cash stock-based compensation forfeiture credits. Restructuring charges in the second quarter of 2023 were insignificant, and the reduction in force was completed as of June 30, 2023.

For the six months ended June 30, 2023, the condensed consolidated statement of operations includes $3.6 million in research and development expense and $1.3 million in selling, general and administrative expense related to the reduction in force.

​