Restructuring Related Expenses |
3 Months Ended | |||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||
| Restructuring And Related Activities [Abstract] | ||||||||||||||||
| Restructuring Related Expenses |
NOTE 12 – RESTRUCTURING RELATED EXPENSES On March 29, 2023, the Company implemented a strategic reprioritization and corresponding reduction in workforce, designed to focus on the clinical development programs for MT-6402, MT-8421 and MT-0169, and preclinical activities related to the Company’s collaboration with Bristol Myers Squibb (the “Restructuring”). The Restructuring reduced the Company’s workforce by approximately 50%, ceased further development of the Company’s MT-5111 clinical development program, and refocused the majority of the Company’s pre-clinical efforts around activities related to the Bristol Myers Squibb collaboration. The Company incurred approximately $0.3 million in expenses related to the Restructuring in the first quarter of 2023, which is included in research and development and general and administrative operating costs in the Condensed Consolidated Statement of Operations. The Company estimates that it will incur an aggregate of approximately $0.4 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits. The Company expects the remaining costs associated with the Restructuring to be incurred during the second quarter of 2023. The following table summarizes the activity for the three months ended March 31, 2023 for expenses related to the restructuring accruals, which are included in Accrued liabilities in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2023 (in thousands):
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