v3.25.2
Pension and post-retirement benefit obligations
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension and post-retirement benefit obligations Pension and post-retirement benefit obligations
The pension plan for Swiss employees is a defined benefit pension plan. The Company contracted with the Swiss Life Collective BVG Foundation based in Zurich for the provision of occupational benefits. All benefits in accordance with the regulations are reinsured in their entirety with Swiss Life SA within the framework of the corresponding contract. This pension solution fully reinsures the risks of disability, death and longevity with Swiss Life. Swiss Life invests the vested pension capital and provides a 100% capital and interest guarantee. The pension plan is entitled to an annual bonus from Swiss Life comprising the effective savings, risk and cost results.
Although, as is the case with many Swiss pension plans, the amount of ultimate pension benefit is not defined, certain legal obligations of the plan create constructive obligations on the employer to pay further contributions to fund an eventual deficit; this results in the plan nevertheless being accounted for as a defined benefit plan.

The net periodic benefit cost for the three and six months ended June 30, 2025 and 2024 is as follows:

Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net periodic benefit cost:
Service cost$209 $183 $397 $347 
Interest cost28 37 53 75 
Expected return on plan assets(72)(59)(137)(118)
Amortization of prior service cost(47)(40)(89)(81)
Amortization of actuarial losses5 — 10 — 
  Net periodic benefit cost$123 $121 $234 $223 

The components of net periodic benefit cost are included in operating expense on the unaudited condensed consolidated statements of operations.