Subsequent Events |
9 Months Ended |
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Sep. 30, 2023 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Reduction in Force & Facilities Expense
On October 9, 2023, the Company commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which affected 62 employees, representing approximately 21% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.0 million to $2.0 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The majority of the cash payments related to these expenses will be paid out during the fourth quarter of 2023. The reduction in force was completed by the end of October 2023. Additionally, the Company has begun the process of closing down several of its facilities. The carrying value of the right of use asset and leasehold improvements of these facilities is $0.7 million and $0.5 million, respectively, and the period of amortization would be accelerated to the end of term.
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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