Restructuring and Impairment
|9 Months Ended|
Sep. 30, 2023
|Restructuring and Impairment|
|Restructuring and Impairment||
8. Restructuring and Impairment
Restructuring and impairment charges consist of the following:
Restructuring charges relate primarily to the Company’s strategic restructurings announced in October 2022 to expand its focus to include the advancement of the differentiated gene editing capabilities of its platform and the announcement in August 2023 to halt further development of the Company’s programs and to conduct a comprehensive exploration of strategic alternatives focused on maximizing shareholder value.
The following table summarizes activity in the Company’s restructuring-related liability during the nine months ended September 30, 2023:
In August 2023, as a result of halting further development of the Company’s programs as discussed above, the Company committed to a plan to actively sell certain chemistry and biology lab equipment, and as a result classified such equipment as held for sale as current assets on the consolidated balance sheet. The sale was completed in October 2023.
For the three and nine months ended September 30, 2023, the Company recorded long-lived impairment charges of $0.9 million, which reflects the difference between the carrying amount of the assets sold and their fair value, less costs to sell.
The entire disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.
No definition available.