Defined Contribution Plan

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Defined Contribution Plan

Defined Contribution Plan

The Company has a defined contribution plan (the “401(k) Plan”) covering substantially all of the Company’s employees. The 401(k) Plan is a tax-qualified retirement saving plan, pursuant to which all employees are able to contribute the lesser of 50% of their annual compensation (as defined) or the limit prescribed by the Internal Revenue Service to the 401(k) Plan on a before-tax basis. The Company matches employee contributions to the 401(k) Plan based on each participant’s contribution during the plan year, up to 3.5% of each participant’s annual compensation.

For the years ended December 31, 2019 and 2018, the Company made matching contributions to the 401(k) Plan of $0.9 million and $1.4 million, respectively.