In May 2024, the Company implemented a reduction-in-force of approximately 67% of its total workforce as a result of the recently announced research and development program prioritization under which the Company’s HSCT-TMA program with investigational nomacopan was suspended. The reduction-in-force was part of an operational restructuring plan (the “May 2024 Restructuring Plan”) which also included the elimination of certain senior management positions. The May 2024 Restructuring Plan was completed in the third quarter of 2024. The purpose of the May 2024 Restructuring Plan, including the reduction-in-force, was to reduce HSCT-TMA program related operating costs, while supporting the execution of the Company’s long-term strategic plan including the acquisition of Peak Bio. As of March 31, 2025, the Company does not expect to incur additional restructuring-related expenses related to the May 2024 Restructuring Plan.

The following table presents the restructuring reserve and accrual activity for the three months ended March 31, 2025:


	Severance and			Other
(In thousands)	Employee Benefit Costs			Restructuring Charges		Total
Balance at December 31, 2024	$	450		$	—	$	450
Restructuring adjustment		(50	)		—		(50	)
Cash payments		—			—		—
Balance at March 31, 2025	$	400		$	—	$	400

The restructuring reserve is presented within “accrued expenses” in the Company’s condensed consolidated balance sheets.

No restructuring activities occurred during the three months ended March 31, 2024.