Annual report pursuant to Section 13 and 15(d)

Defined Contribution Plan

v3.24.1
Defined Contribution Plan
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined Contribution Plan

16. Defined Contribution Plan

The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax or post-tax basis. Company contributions to the plan may be made at the discretion of the board of directors. The 401(k) plan includes an employer match of 100% of the amount the employees contribute to the 401(k) plan for each payroll period up to the first 2% of plan compensation plus 50% of the amount the employees contribute between 2% and 6% of plan compensation. For the years ended December 31, 2023 and 2022, the Company contributed $0.9 million and $1.1 million, respectively, to the 401(k) plan.