Quarterly report pursuant to Section 13 or 15(d)

Restructuring

v3.23.3
Restructuring
9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring

Note 12 – Restructuring

 

In January 2023, the Company commenced a strategic restructuring program aimed at capital preservation. In April 2023, the Company approved the implementation of additional cost cutting measures, including an executive reorganization and other cuts in clinical expenses, in connection with its ongoing efforts to reduce operating expenses. In addition, the non-management members of the Board agreed to defer their Board fees until a future date. During the three and nine months ended September 30, 2023, the Company recorded charges of $0 and $1,517, respectively, related to the strategic restructuring program. Of that amount, the Company paid the remaining $94 during the three months ended September 30, 2023.

 

The components of the restructuring charges included in the condensed consolidated statements of comprehensive loss for the nine months ended September 30, 2023 were as follows:

    Employee
Severance and
Other Benefits (1)
 
Restructuring expenses- Sales and Marketing   $ 566  
Restructuring expenses- Research and Development     449  
Restructuring expenses- General and Administrative     502  
         

Total restructuring charges

  $ 1,517