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Severance Accrual
9 Months Ended
Sep. 30, 2015
Severance Accrual  
Severance Accrual

 

8.Severance Accrual. During the three months ended September 30, 2015, the Company recorded a net charge of $223,000 to general and administrative expenses relating to the resignation of the Company’s Chief Executive Officer. This net charge consisted of severance costs of $350,000, reduced by the effect of forfeitures of previously expensed unvested stock options and restricted stock unit awards and a reduction to the bonus accrual that together totaled $127,000. A severance accrual of $350,000 was included in accrued compensation on the Company’s condensed balance sheet as of September 30, 2015.