Defined Contribution Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Defined Contribution Plan

Defined Contribution Plans

For U.S. employees, the Company sponsors a 401(k) plan that provides for a 100.0% employer matching contribution of the first 3.0% and 50.0% of the next 2.0% of eligible pay that the employee contributes to the plan. Employees contributions are 100.0% vested immediately. The Company’s matching contribution to the 401(k) plan is evenly vested over five years.

The Company paid total matching 401(k) contributions of $0.9 million and $0.7 million in the year ended December 31, 2023 and December 31, 2022 , respectively.

Employees in Italy are entitled to TFR, commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The annual accrual is approximately 7.0% of total pay, with no ceiling, and is revalued each year by applying a pre-

established rate of return of 1.5%, plus 75.0% of the Consumer Price Index, and is recorded by a book reserve. TFR is an unfunded plan. The costs of the retirement benefit obligation are accounted for under the provisions of ASC 715. The amount of the obligation was $0.5 million and $0.5 million at December 31, 2023 and December 31, 2022, respectively.