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Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company operates a defined benefit pension plan in Switzerland (the "Plan”) and a defined contribution pension plan in the United Kingdom, in accordance with local regulations and practices. As of September 30, 2024, the Plan covers the Company’s employees in Switzerland with benefits in the event of death, disability, retirement, or termination of employment.

Components of Net Periodic Benefit Cost under the Plan

						Three Months Ended September 30, 2024						Three Months Ended September 30, 2023						Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Service cost						$	71,107					$	31,175					$	210,387					$	91,596
Interest cost						8,387						7,784						24,814						22,872
Expected return on plan assets						(15,338)						(9,280)						(45,380)						(27,265)
Amortization of unrecognized loss						2,609						—						7,717						—
Prior service credit recognized in current year						(2,582)						—						(7,639)						—
Total net periodic benefit cost						$	64,183					$	29,679					$	189,899					$	87,203

The components of net periodic benefit cost other than the service cost component are included in general and administrative expense in the Company's unaudited condensed consolidated statements of operations and comprehensive loss.

Employer Contributions under the Plan

For the nine months ended September 30, 2024, contributions of $192,563 (CHF 169,455) were made to the Plan. The Company presently anticipates contributing an additional estimated amount of $64,188 (CHF 56,485) to fund the Plan in 2024 for a total of $256,751 (CHF 225,940).

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

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-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/710/tableOfContent

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-Topic 712
-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/715/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/718/tableOfContent

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