Annual report pursuant to Section 13 and 15(d)

RESTRUCTURING ACTIVITIES

v3.24.3
RESTRUCTURING ACTIVITIES
 12 Months Ended
Dec. 31, 2023
Restructuring and Related Activities [Abstract]  
RESTRUCTURING ACTIVITIES

 

8. RESTRUCTURING ACTIVITIES

 

In the second quarter of 2023, as part of a strategic review of our operations, the Company implemented a cost reduction and restructuring program (the “2023 Restructuring Program”). The 2023 Restructuring Program was primarily comprised of entering into severance and termination agreements with employees. The payments related to severance costs were completed by March 31, 2024 and the payments related to the building costs should be completed by December 31, 2024.

 

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

 

The following table presents the restructuring costs recognized by the Company under the 2023 Restructuring Program for the years ended December 31, 2023 and 2022.

 

               
    2023     2022  
Severance costs   $ 4,961     $ 1,262  
Other     355       17  
Total restructuring costs   $ 5,316     $ 1,279  

 

The following table represents the restructuring liabilities, which are presented within other accrued expenses in the consolidated balance sheets:

 

               
    2023     2022  
Beginning balance   $ 231     $ -  
Current period charges     5,316       1,279  
Payments     (2,605 )     (1,048 )
Ending balance   $ 2,942     $ 231