In February 2023, the Company announced an updated business strategy, including revisions to the Company’s technology roadmap. In connection with this updated strategy, the Company implemented a workforce reduction in order to focus the organization and its resources on nearer-term strategic priorities. The reduction in the workforce impacted approximately 50 employees or approximately 28% of the Company’s then workforce. Affected employees were offered separation benefits, including severance payments and temporary healthcare coverage assistance. The Company began implementing activities with respect to the revised business plan, updated technology roadmap and reduction in workforce in February 2023.

The following table presents a summary of restructuring activities in the six months ended June 30, 2023:

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The Company currently expects that the remaining balance in its restructuring accrual at June 30, 2023 will be paid by September 30, 2023.

In addition to the charge for restructuring, the Company also incurred $1.0 million for contractual severance benefits related to executive officers of the Company that were terminated in the six months ended June 30, 2023. The remaining balance in the Company’s accrual for contractual severance benefits related to executive officers at June 30, 2023 of $0.7 million will be paid out monthly through February 2024.