Reduction in Force

3 Months Ended

Mar. 31, 2025

11. Reduction in Force

In January 2025, our management and board of directors approved a reduction in force, or the January 2025 RIF, to support our new focus on applying our ctLNP delivery technology to develop siRNA therapeutics to silence disease-driving targets in T cells. In connection with the January 2025 RIF, affected employees are eligible to receive one-time severance benefits, including cash severance, temporary healthcare coverage, to the extent they are eligible for and elect such coverage, and transition support services, subject to each such employee entering into an effective separation agreement, which will include a general release of claims against us. We also offered a retention bonus to certain affected employees if such employees remain in continuous employment with us through their respective separation dates and execute a general release of claims against us. Retention amounts are expensed as services are performed.

During the three months ended March 31, 2025, we recorded $0.6 million of restructuring expenses related to the January 2025 RIF in our condensed consolidated statements of operation and comprehensive loss, of which $0.4 million was classified as research and development expense and $0.2 million was classified as general and administrative expense. During the three months ended March 31, 2024, we recorded $0.3 million of restructuring expenses in our condensed consolidated statements of operation and comprehensive loss, all of which was classified as general and administrative expense, and related to our prior strategic reorganization that commenced in November 2023 and was completed during the second quarter of 2024, or the November 2023 RIF.

Below is a summary of accrued restructuring costs recorded and included in accrued expenses and other current liabilities on our condensed consolidated balance sheets:


(in thousands)	Payroll-Related Costs		Stock-Based Compensation		Total
Balance at December 31, 2024	$	446	$	—	$	446
Restructuring expenses		618		13		631
Cash payments		(690)		—		(690)
Non-cash expenses		—		(13)		(13)
Adjustments		(5)		—		(5)
Balance at March 31, 2025	$	369	$	—	$	369

Generation Bio Co. 10-Q