In January 2024, the Company adopted a new 401(k) defined contribution plan for the benefit for all U.S. employees. All eligible employees of the Company are able to immediately participate in the plan (with an entry date of the first day of any month), with no minimum service requirement. The 401(k) plan provides that the Company make non-discretionary matching contributions of 50% of the first 6% of elective contributions. Participants are immediately vested in their contributions, as well as any earnings thereon. Vesting in the employer match contribution portion of their accounts, as well as any earnings thereon, is based on years of credited service, vesting over a one-year period. Prior to January 2024, the Company was a participating employer of a multiple employer defined contribution retirement plan that complied with Section 401(k) of the Code.

The Company’s expense under both of the 401(k) plans, representing its employer matching contributions and additional contributions in accordance with regulatory compliance requirements, totaled $152 and $126 for the years ended December 31, 2024 and 2023, respectively.