Quarterly report pursuant to Section 13 or 15(d)

Restructuring Costs

v3.19.2
Restructuring Costs
6 Months Ended
Jun. 30, 2019
Restructuring And Related Activities [Abstract]  
Restructuring Costs

 

10.

Restructuring Costs

In June 2019, the Company announced a restructuring plan that included reducing staff and suspending development of its inflammasome disease candidate, CTS-2090, in order to extend the Company’s resources. As a result, during the three months ended June 30, 2019, the Company recognized one-time employee severance expenses of $1.2 million, which are included in accounts payable and accrued expenses on the balance sheet, and noncash stock compensation expenses related to accelerated vesting of certain employee stock options of $0.3 million, both of which were recorded as operating expenses on the statement of operations and comprehensive loss. As of June 30, 2019, no payments have been made related to the accrued employee severance expenses of $1.2 million.