In July 2022, the Company implemented a restructuring of operations, including reductions in both headcount and expenses, to prioritize its clinical development of ixoberogene soroparvovec (“Ixo-vec”), formerly referred to as ADVM-022, and focus its pipeline strategy on certain highly prevalent ocular diseases.

Under the restructuring plan, the Company reduced its workforce by 75 employees (approximately 37%) as of July 6, 2022. Below is a summary of restructuring costs during the year ended December 31, 2022:


	Severance and Benefits Costs		Stock-Based Compensation		Total
	(In thousands)

Charges	$	4,632	$	53	$	4,685
Cash payments made	(4,632)		—		(4,632)
Non-cash	—		(53)		(53)
Balance at December 31, 2022	$	—	$	—	$	—

In the year ended December 31, 2022, the Company recorded $4.7 million of restructuring costs, of which $3.7 million was classified as research and development expenses and $1.0 million was classified as general and administrative expenses. The Company completed the restructuring in the fourth quarter of 2022.