On July 30, 2026, the Board of Directors (the "Board") of the Company approved a restructuring plan to continue to better align the Company’s organizational structure and resources with its strategic initiatives. The restructuring includes operating expense reductions and a reduction in force (the "Reduction in Force"). These restructuring actions are expected to result in a workforce reduction of approximately 40 employees, or approximately 8% of the Company's workforce, as the Company aligns its organizational structure with its strategic priorities. Including the Reduction in Force and related non-headcount cost actions, the Company expects to reduce its annualized operating expenses by $30 million to $40 million by the end of 2027.

The Company estimates that it will incur aggregate pre-tax charges of approximately $2.0 million in connection with the Reduction in Force, primarily consisting of severance payments, employee benefits, outplacement services and related costs. The Company expects that the Reduction in Force will be completed and that these charges will be incurred in the third quarter of 2026.