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Impairment of Right of Use Assets | 6 Months Ended
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Jun. 30, 2025
Asset Impairment Charges [Abstract] |
Impairment of Right of Use Assets | 6. 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. As of June 30, 2024, the Company did not sublet any of its leased properties. Based upon these impairment indicators, the Company performed a recoverability test over its right-of-use asset and concluded the right-of-use assets were impaired. As a result, the Company recorded an impairment charge in the amount of $22.8 million, which was included as an impairment of right-of-use asset in the consolidated statements of operations and comprehensive loss for the three months ended June 30, 2024. The right-of-use asset was valued as of May 15, 2024. The Company reassessed the need for any further impairment as of June 30, 2025, and determined no additional impairment indicators existed. The Company engaged a valuation specialist in 2024 to perform a fair value determination of the right-of-use assets in connection with the impairment recorded in the three months ended June 30, 2024 using a discounted cash flow methodology, 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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