Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans

v3.24.1
Employee Benefit Plans
12 Months Ended
Dec. 31, 2023
Postemployment Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company has an employee benefit plan for its United States-based employees under Section 401(k) of the Internal Revenue Code. The Plan allows all eligible employees to make contributions up to a specified percentage of their compensation. Under the Plan, the Company may, but is not obligated to, match a portion of the employee contribution up to a defined maximum. The Company made no matching contribution for the year ended December 31, 2023.
As a result of the 401(k) plan compliance review for the year ended December 31, 2021, the Company contributed approximately $29.2 thousand to eligible participants during the third quarter of 2022. As of December 31, 2022, the Company accrued an additional estimate of $8.5 thousand for contributions that were expected to be owed as a result of the 401(k) plan compliance review, however upon completion of the review no additional payments were owed and the accrual was reversed in the first quarter of 2023. No payments are accrued for the 401(k) plan compliance review for the year ended December 31, 2023.