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Restructuring Expense

6 Months Ended

Jun. 30, 2020

Restructuring And Related Activities [Abstract]

Restructuring Expense

Note 7. Restructuring Expense

On June 11, 2020, following the announcement regarding the topline results from the phase 2a clinical trial of OP0201, in June 2020, Novus announced that its board of directors approved a plan to reduce the size of its workforce. The workforce reduction, which was completed in June 2020, was designed to reduce the Company’s operating expenses while it is conducting a review of development and strategic alternatives. For the three months ended June 30, 2020, Novus incurred $0.5 million in expenses related to the workforce reduction and expects to pay these amounts in the next nine months.

Total liability for restructuring expenses and their utilization are summarized as follows (in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2020				2019				2020				2019
Restructuring charges at beginning of period		$	—			$	—			$	—			$	—
Charged			490				—				490				—
Paid			—				—				—				—
Restructuring charges at end of period		$	490			$	—			$	490			$	—

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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