Quarterly report pursuant to Section 13 or 15(d)

Restructuring Charges

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Restructuring Charges
6 Months Ended
Jun. 30, 2020
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 determined that the total costs related to the restructuring were approximately $1.4 million, all of which resulted in future cash outlays, primarily related to severance costs and benefit-related expenses. The Company recorded these charges in the fourth quarter of 2018.

The following table summarizes the restructuring balances at June 30, 2020 and 2019 (in thousands):

Six Months Ended June 30, 

    

2020

    

2019

Balance, January 1

$

$

1,419

Current year restructuring costs

Payment of employee severance costs

 

 

(1,419)

Balance, June 30

$

$