Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
8. Restruc
On July 29, 2022, the Company initiated a restructuring plan resulting in a reduction in workforce. The restructuring plan was designed to reduce costs and align resources with the Company’s anticipated product development milestones for exebacase and
and to help preserve the value of the Company’s drug discovery operations. The restructuring reduced the Company’s workforce from 43 full-time employees as of June 30, 2022 to 27 full-time employees as of August 15, 2022, when the reduction was completed. The Company recognized a restructuring charge of $7.7 million, including $1.6 million related to employee termination costs, including severance, health benefits and other related expenses from the workforce reduction, and $6.1 million from the
of prepaid manufacturing costs following the suspension of IV exebacase manufacturing activities.
The restructuring costs were included in accounts payable and accrued and other current liabilities. Activity for the three months ended March 31, 2023 is summarized as follows (in thousands):
Three Months
Ended March 31,
Balance at beginning of period
   $ 7,143  
Payments made
Balance at end of period
   $ 6,927  
As of March 31, 2023, the Company had $6.9 
million remaining in accounts payable and accrued and other current liabilities, which the Company expects to be paid by the end of the first quarter of 2024.