Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Employee Benefit Plans

Employee Benefit Plans

13.  Employee Benefit Plans

Pension Plan

The Company operates a defined contribution group personal pension plan for all of its UK based employees. Company contributions to the plan totaled approximately $52,000 and $44,000 for the years ended December 31, 2023 and 2022, respectively.

401(k) Plan

The 401(k) Plan provides for matching contributions by the Company in an amount equal to the lesser of 100% of the employee’s deferral or 6% of the U.S. employee’s qualifying compensation. The 401(k) Plan is intended to qualify under Section 401(k) of the Internal Revenue Code, so that contributions to the 401(k) Plan by employees or by the Company, and the investment earnings thereon, are not taxable to the employees until withdrawn. Company matching contributions are tax deductible by the Company when made. In 2023, Company employees could elect to reduce their current compensation by up to the statutorily prescribed annual limit of $22,500 if under 50 years old and $30,000 if over 50 years old and to have those funds contributed to the 401(k) Plan. The Company made contributions of approximately $103,000 and $95,000 to the 401(k) Plan for the years ended December 31, 2023 and 2022, respectively.