In January 2023, the Company implemented a restructuring plan approved by the board of directors to prioritize and focus its resources on key clinical and discovery programs. The plan included a reduction of the Company’s overall workforce by approximately 25% in the first quarter of 2023. In connection with the workforce reduction, the Company incurred one-time restructuring charges, including employee severance and other termination benefits, of approximately $1.2 million in the first quarter of 2023.

In July 2023, the Company implemented a restructuring plan approved by the board of directors to further reduce its overall workforce by approximately 38% to better align its workforce with the business needs and focus more of its capital resources on its clinical stage programs. The Company expects to substantially complete the workforce reduction by the end of 2023 and incurred one-time restructuring charges, including employee severance and other termination benefits, of approximately $1.6 million to be recognized ratably over the requisite service period, with $1.5 million recognized during the three and nine months ended September 30, 2023.

The outstanding restructuring liabilities are included in accrued and other liabilities on the condensed consolidated balance sheet. The following table summarizes activity during the nine months ended September 30, 2023 (in thousands):


	Employee Severance and Other Benefits
Balance, December 31, 2022	$	—
Restructuring charges		1,207
Cash payments		(726	)
Balance, March 31, 2023		481
Cash payments		(457	)
Balance, June 30, 2023		24
Restructuring charges		1,505
Cash payments		(1,304	)
Balance, September 30, 2023	$	225