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Defined Benefit Plan
 9 Months Ended
Sep. 30, 2025
Defined Benefit Plan [Abstract]  
Defined Benefit Plan

Note 14 — Defined Benefit Plan

 

Proteomedix sponsors a defined benefit pension plan (the “Swiss Plan”) covering certain eligible employees. The Swiss Plan provides retirement benefits based on years of service and compensation levels. As of September 30, 2025, the Company’s defined benefit pension plan was fully terminated and settled. As a result of this settlement, all curtailment and settlement gains have been recognized in the current period. Accordingly, the projected benefit obligation is zero, and there are no remaining assets or liabilities associated with the defined benefit plan as of the reporting date.

 

The following significant actuarial assumptions were used in calculating the benefit obligation and the net periodic benefit cost as of September 30, 2025 and December 31, 2024:

 

   September 30,
2025		   December 31,
2024		 
Discount rate   1.10%   1.00%
Expected long-term rate of return on plan assets   1.10%   1.00%
Rate of compensation increase   1.50%   1.50%

 

Changes in these assumptions may have a material impact on the plan’s obligations and costs.

 

The components of net periodic benefit cost for the three and nine months ended September 30, 2025 and 2024, which is included within selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss, are as follows:

 

   For The
Three Months
Ended
September 30,
2025		   For The
Three Months
Ended
September 30,
2024		 
Service cost  $9,703   $24,912 
Interest cost   5,549    7,638 
Expected return on plan assets   (2,260)   5,606 
Amortization of net (gain)   (6,719)   3,686 
Curtailment (gain) recognized   (146,804)   
—
 
Settlement gains*   (284,647)   
—
 
Total  $(425,178)  $41,842 

 

* Settlement gains of $284,647 were primarily attributable to a reduction in projected future benefit obligations resulting from a termination and full settlement of the plan.

 

   For The
Nine Months
Ended
September 30,
2025		   For The
Nine Months
Ended
September 30,
2024		 
Service cost  $56,867   $73,356 
Interest cost   14,992    22,489 
Expected return on plan assets   (13,250)   (17,480)
Amortization of net (gain)   (21,850)   (11,491)
Curtailment (gain) recognized   (146,804)   
—
 
Settlement gains   (795,594)   
—
 
Total  $(905,639)  $66,874 

 

During the three months ended September 30, 2025 and 2024, the Company made pension contributions of approximately $3,000 and $23,000, respectively.

 

During the nine months ended September 30, 2025 and 2024, the Company made pension contributions of approximately $45,000 and $66,000, respectively.