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Employee Benefit Plan
 9 Months Ended
Sep. 30, 2023
Employee Benefit Plan  
Employee Benefit Plan

Note 17. Employee Benefit Plan

 

In January 2019, the Company established a defined contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee’s contribution up to 3% and 50% of contributions between 3% and 5%, with the match-eligible contribution limited to 4% of the employee’s eligible compensation. The Company cancelled the 401(k) Plan effective March 10, 2023. The Company had no expenses related to the matching contribution for the three and nine months ended September 30, 2023.  The Company’s expense related to the matching contributions was approximately $0 and $0.2 million for the three and nine months ended September 30, 2022, respectively.