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Impairment of Right of Use Assets | 12 Months Ended
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Dec. 31, 2024
Asset Impairment Charges [Abstract] |
Impairment of Right of Use Assets | 7. Impairment of Right-of-Use Assets In connection with the Company’s Phase 3 ENLIGHTEN 1 trial failing to meet its primary endpoint, in May 2024, the Company engaged a commercial real estate broker to market the Company’s three leased properties for sublease arrangements. Based upon these impairment indicators, the Company has performed a recoverability test over its right-of-use asset and concluded that the right-of-use assets are impaired. As a result, the Company has recorded an impairment charge in the amount of $22.8 million during the second quarter of 2024, which is included as an impairment of right-of-use asset in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. The Company reassessed the need for any further impairment as of December 31, 2024, and determined no additional impairment indicators existed. As of December 31, 2024, the Company has not sublet any of its leased properties. Management conducted a fair value analysis of the Company's right-of-use assets using a discounted cash flow methodology as of May 15, 2024, which included the following range of assumptions:
Discount rate |  | 9.5-10.5% |
Term (years) |  | 2.96-9.13 |
Expected sublease rent increases |  |  | 3.0 | %

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- Definition The entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported. + References No definition available. + Details
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