Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges

v3.19.3
Restructuring Charges
9 Months Ended
Sep. 30, 2019
Restructuring Charges  
Restructuring Charges

10. Restructuring Charges

 

On November 8, 2018, upon the approval of the Company's Board of Directors, the Company announced a restructuring of approximately one-third of the Company's workforce, or 14 employees, as well as other cost-saving initiatives intended to lower the Company's annualized net operating cash burn. The Company completed the restructuring on December 31, 2018. The Company recorded restructuring charges of approximately $1.4 million in the fourth quarter of 2018, all of which resulted in future cash outlays, primarily related to severance costs and benefit-related expenses.

 

The following table summarizes the restructuring balances at September 30, 2019 and 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 

 

    

2019

    

2018

Balance, January 1

 

$

1,419

 

$

1,077

Current year restructuring costs

 

 

 —

 

 

 —

Payment of employee severance costs

 

 

(1,419)

 

 

(999)

Balance, September 30

 

$

 —

 

$

78