Defined Contribution Plan

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plan

13. Defined Contribution Plan

La Jolla has a defined contribution plan (the “La Jolla 401(k) Plan”) covering substantially all of the Company’s employees. The La Jolla 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 eligible annual compensation (as defined) or the limit prescribed by the Internal Revenue Service (the “IRS”) to the La Jolla 401(k) Plan on a before-tax basis. The Company matches employee contributions to the La Jolla 401(k) Plan based on each participant’s contribution during the plan year, up to 3.5% of each participant’s annual compensation.

Tetraphase had a defined contribution plan (the “Tetraphase 401(k) Plan”) covering substantially all of the Tetraphase employees through December 31, 2020. The Tetraphase 401(k) Plan was a tax-qualified retirement saving plan, pursuant to which all employees were able to contribute the lesser of 92% of their eligible annual compensation (as defined) or the limit prescribed by the IRS to the Tetraphase 401(k) Plan on a before-tax basis. The Company matched 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, 2020 and 2019, the Company made matching contributions to the La Jolla and Tetraphase 401(k) Plans of $0.5 million and $0.9 million, respectively.