Defined Contribution Plans

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Defined Contribution Plans

15. Defined Contribution Plans

In 2019, we implemented a defined contribution plan (the “401(k) Plan”) for our full-time, U.S. based employees, with eligibility commencing in the month following an employee’s hire date. Employee contributions to the 401(k) Plan are based on a percentage of the employee’s gross compensation, limited by IRS guidelines for such plans. The 401(k) Plan provides for matching and discretionary contributions by us, which are made in the subsequent year. Matching contributions were $0.3 million and less than $0.1 million, for the years ended December 31, 2021 and 2020, respectively.

In 2019, we implemented a defined contribution plan (the “RRSP Matching Program”) for our full-time, Canadian employees, with eligibility commencing on the employee’s hire date. Employee contributions to the RRSP Matching Program are processed according to the instructions of each employee, with no cap on the amount each employee may contribute. Employees are individually responsible for ensuring their contributions from all sources do not exceed their individual RRSP contribution limit for the year, as defined by the Canada Revenue Agency. The RRSP Matching Program provides for matching contributions by us on a 1-to-1 basis within a prescribed limit for each calendar year. Matching contributions were $0.1 million and less than $0.1 million for the years ended December 31, 2021 and 2020, respectively.

In 2020, in connection with the Merger, we assumed a defined contribution plan (the “Aduro 401(k) Plan”) for Aduro’s full-time, U.S. based employees, continuing employment with the Company. Employee contributions to the Aduro 401(k) Plan were based on a percentage of the employee’s gross compensation, limited by IRS guidelines for such plans. The Aduro 401(k) Plan provided for matching and discretionary contributions, which were made in the subsequent year. Matching contributions were $0.2 million for the period beginning at the time of the Merger through December 31, 2020.