Quarterly report pursuant to Section 13 or 15(d)

RESTRUCTURING ACTIVITIES

v3.22.2.2
RESTRUCTURING ACTIVITIES
9 Months Ended
Sep. 30, 2022
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES

 

7. RESTRUCTURING ACTIVITIES

 

In June 2022, as part of a strategic review of our operations, the Company announced a cost reduction and restructuring program (the “2022 restructuring program”). The 2022 restructuring program was primarily comprised of entering into severance and termination agreements with employees. Formal announcements to the relevant employees were made in June and July 2022 and activities were ongoing throughout the three months ended September 30, 2022 and are expected to be complete by December 31, 2022.

 

Restructuring costs are presented separately on the condensed consolidated statements of operations.

 

The following table presents the restructuring costs recognized by the Company under the 2022 restructuring program during both the three and nine months ended September 30, 2022. The Company did not incur any costs under the 2022 restructuring program during the three and nine months ended September 30, 2021.

 

       
    2022  
Severance costs   $ 927  
Other     17  
Total restructuring costs   $ 944  

 

The following table represents the restructuring liabilities, which are presented within accrued expenses and other current liabilities in the condensed consolidated balance sheet:

 

       
    2022  
Balance, December 31, 2021   $ -  
Current period charges     944  
Payments     803  
Balance, September 30, 2022   $ 141