The workforce reduction is expected to be substantially completed on December 31, 2024.
In connection with the reduction in workforce, the Company expects to incur a charge of approximately $3.7 million relating to the cash-based expense of the employee severance, benefits, and related costs.
The Company anticipates payments associated with the workforce reduction will be substantially complete by the end of the first quarter of 2025.
On November 22, 2024, Deborah Knobelman, the Company's Chief Financial Officer and Chief Operating Officer, was appointed to serve as President and Interim Chief Executive Officer, effective December 3, 2024. Knobelman will also continue to serve as the Company's Chief Financial Officer and Chief Operating Officer.
