Restructuring Costs |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||
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| Restructuring Costs | 13. Restructuring Costs. On April 15, 2024, we announced that the independent Data Monitoring Committee (DMC) completed its review of the interim analysis of the RAISE trial. The trial did not meet the pre-defined interim analysis stopping criteria on the coprimary endpoints. On April 30, 2024, we implemented a reduction-in-force (RIF) which impacted approximately 20% of our workforce, and implemented additional cost reduction activities with impact beginning in the second quarter of 2024. We incurred approximately $2.0 million of restructuring costs in the six months ending June 30, 2024, which primarily consisted of severance payments, employee benefits and related costs, as well as noncash stock compensation expense and contract termination costs related to clinical site equipment no longer being utilized. At June 30, 2024, we had unpaid restructuring costs totaling $1.0 million which are expected to be fully paid in the third quarter of 2024 and are included in accrued expenses at June 30, 2024 (see Note 6). The following table summarizes the restructuring balances at June 30, 2024 (in thousands):
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