Annual report pursuant to Section 13 and 15(d)

Defined Contribution Plan

Defined Contribution Plan
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Defined Contribution Plan

11. Defined Contribution Plan

The Company has a qualified 401(k) Savings and Investment Plan (the “Plan”) whereby employees may contribute up to the lesser of $56,000 or 100% of their pre-tax compensation. The total contributed amount from the employees is only up to Federal annual limits. The Company matches $1.00 for every $1.00 contributed to the Plan by participants up to the first 4% of base compensation and incentive cash bonus (subject to statutory limits). During the years ended December 31, 2019, 2018 and 2017, the Company recorded matching contributions of approximately $249,000, $167,000 and $77,000, respectively.