DEFINED CONTRIBUTION PENSION PLAN

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

DEFINED CONTRIBUTION PENSION PLAN

15. DEFINED CONTRIBUTION PENSION PLAN

The Company maintains a qualified employee savings plans (the “401(k) Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code and which covers all eligible employees. Employees generally become eligible to participate in the 401(k) Plan two months following the employee’s hire date. Employees may contribute a percentage of their earnings, subject to the limitations of the Internal Revenue Code. Commencing on January 1, 2018, the Company matched 100% of the first 1% of employee contributions, then 50% of additional contributions up to an aggregate maximum match of 3.5%. The total matching contributions for 2022 and 2021 were approximately $124,000 and $99,000, respectively.