v3.25.1
Defined Benefit Plan
 3 Months Ended
Mar. 31, 2025
Defined Benefit Plan [Abstract]  
Defined Benefit Plan

Note 13 — 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.

 

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

 

   March 31,
2025		   December 31,
2024		 
Discount rate   1.30%   1.00%
Expected long-term rate of return on plan assets   1.30%   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 months ended March 31, 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
March 31,
2025		   For The
Three Months
Ended
March 31,
2024		 
Service cost  $22,728   $24,650 
Interest cost   5,992    7,558 
Expected return on plan assets   (5,295)   (23,495)
Amortization of net (gain)   (7,291)   (15,446)
Total  $16,134   $(6,733)

 

During the three months ended March 31, 2025 and 2024, the Company made pension contributions of approximately $21,000 and $21,400, respectively.

 

The components of accumulated comprehensive loss attributable to the Company’s pension plan for the quarter ended March 31, 2025 and 2024 are as follows:

 

   For the
three months
ended
March 31,
2025		   For the
three months
ended
March 31,
2024		 
Net loss (gain)  $(61,431)  $(109,829)
Prior service cost (credit)   
—
    (59,746)
Amortization of prior service credit   1,436    
—
 
Amortization of net gain   7,260    14,897 
Effect of settlement   21,956    
—
 
Total recorded during the period  $(30,779)  $(154,678)

 

As of March 31, 2025 and December 31, 2024, the funded status of the plan and the amounts recognized in the accompanying consolidated balance sheet are as follows:

 

   March 31,   December 31, 
   2025   2024 
Projected benefit obligation  $2,502,486   $2,593,360 
Fair value of plan assets   2,283,325    2,312,481 
Overfunded (underfunded) status  $(219,161)  $(280,879)

A reconciliation of the beginning and ending balances of the accumulated benefit obligation is provided in the table below:

 

As of December 31, 2024  $2,593,360 
Service cost   22,728 
Interest cost   5,992 
Actuarial (gain) loss   (47,986)
Benefits paid   (4,800)
Ordinary contributions paid by employees   21,029 
Settlements   (87,837)
Projected benefit obligation as of March 31, 2025   2,502,486 
Actuarial (gain)/loss due to assumption changes   (81,004)
Actuarial (gain)/loss due to plan experience   33,018 
Accumulated benefit obligation as of March 31, 2025  $2,454,500 

 

A reconciliation of the beginning and ending balances of the plan assets is provided in the table below:

 

As of December 31, 2024  $2,312,481 
Actual return on plan assets   21,423 
Contributions paid by employer   21,029 
Ordinary contributions paid by employees   21,029 
Benefits paid   (4,800)
Settlements   (87,837)
As of March 31, 2025  $2,283,325 

 

Projected benefit payments for the next five years as of March 31, 2025 are as follows:

 

Years ending December 31,     
2025  $113,000 
2026   111,000 
2027   108,000 
2028   106,000 
2029   104,000 
Thereafter   464,000 
Total  $1,006,000