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IMUNON EMPLOYEE BENEFIT PLANS
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
IMUNON EMPLOYEE BENEFIT PLANS

15. IMUNON EMPLOYEE BENEFIT PLANS

 

Imunon maintains a defined-contribution plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees over the age of twenty-one. Participating employees may defer a portion of their pretax earnings, up to the IRS annual contribution limit. The Company makes a matching contribution up to a maximum of 3% of an employee’s annual salary. The Company’s total matching contributions for the year ended December 31, 2021 was $117,000 and $107,000, respectively. The Company also provided a discretionary contribution totaling $172,000 in 2021. The discretionary contribution represented 5% of each eligible participant’s annual salary in 2021 and was paid out in January of the following year.