16. Defined Contribution Plan

The Company sponsors a 401(k) Plan whereby eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations, on a pretax basis. Effective from January 1, 2022, the Company commenced matching employee contributions at a rate of 50%, with a maximum matching employer contribution of up to 3% of employee contributions. The Company made matching contributions to the 401(k) Plan on behalf of participants of $0.8 million and $0.8 million for the years ended December 31, 2025 and 2024, respectively.