Restructuring |
3 Months Ended | |||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||
| Restructuring |
Note 12 – Restructuring
In January 2023, the Company commenced a strategic restructuring program aimed at capital preservation. It reduced its quarterly cash expenditures by approximately 35% by eliminating approximately 45% of its workforce during the first quarter of 2023. In addition, the non-management members of the Board agreed to defer their Board fees until a future date. During the three months ended March 31, 2023, the Company recorded charges of $1,250 related to the strategic restructuring program. Of that amount, the Company paid $1,007 during the three months ended March 31, 2023. The Company expects to pay the remaining $244 in the second quarter of 2023.
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. The Company expects to incur non-recurring charges related to these cost-cutting measures of approximately $400 in the second quarter of 2023. See Note 13.
The outstanding restructuring liabilities are included in accounts payable and accrued expenses on the condensed consolidated balance sheet. As of March 31, 2023, the components of the liabilities were as follows:
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