Quarterly report pursuant to Section 13 or 15(d)

Employee Retirement Plans

v3.23.3
Employee Retirement Plans
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Employee Retirement Plans Employee Retirement Plans
Defined Contribution Plan
The Company has a 401(k) defined contribution retirement plan (the 401(k) Plan) covering all eligible employees. Participants may voluntarily contribute on a pre-tax basis an amount not to exceed a maximum contribution amount pursuant to Section 401(k) of the Internal Revenue Code. The Company is not required to contribute, nor has it contributed, to the 401(k) Plan for any of the periods presented.
Pension and Other Defined Benefit Retirement Obligations
The Company maintains defined benefit retirement plans, including a pension plan, in certain foreign jurisdictions. During the three months ended September 30, 2023, the Company paid approximately $3.2 million to a third party life insurance and pension provider to fund and administer future benefit payments for substantially all of the employees in one of the Company’s defined benefit retirement plans and recorded a gain on partial settlement of such pension plan of approximately $1.0 million. As of September 30, 2023, the net defined benefit obligation, primarily related to other defined benefit plans, was $0.9 million. As of December 31, 2022, the net defined benefit obligation was $1.7 million. The benefit is based on a formula applied to eligible employee earnings.
Net periodic benefit costs were $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and were recorded to research and development expenses in the consolidated statements of operations.
Net periodic benefit costs were $0.2 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively, and were recorded to research and development expenses in the consolidated statements of operations.