12. Employee Benefit Plans

Under Korean law, the Company is required to make severance payments to Korean employees leaving their employment. The Company’s severance pay liability to its Korean employees, which is a function of the employee’s salary, years of employment, and severance factor, is reflected in the accompanying unaudited condensed consolidated balance sheets as the net defined benefit liabilities on an accrual basis. The net liability for severance payments was as follows (in thousands):


	June 30, 2025			December 31, 2024
Liability for severance payments, gross	$	8,327		$	7,304
Plan assets		(275	)		(249	)
Liability for severance payments, net	$	8,052		$	7,055