Accounts payable and accrued expenses consisted of the following (rounded in millions):

In March 2020, as a precautionary measure to maximize liquidity and to increase available cash on hand for future periods, the Company reduced its budget for discretionary spending for certain general and administrative expenses, revised research and development strategies to reduce costs and reduced payroll and related benefit costs through employee layoffs and the conversion of some employees to consultants. The related one-time accrued severance benefits were approximately $0.2 million at March 31, 2020.