The Company’s restricted cash primarily consists of RMB-denominated cash deposits held in designated bank accounts as collateral for letters of credit and cash used to settle employee benefit obligations and related taxes. The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of March 31, 2026 and December 31, 2025 was as follows:


	As of
	March 31,	December 31,
	2026	2025
	$	$
Short-term restricted cash	40,839	41,284
Long-term restricted cash	20,910	20,833
Total	61,749	62,117

In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from its offering on the STAR Market of the Shanghai Stock Exchange (the “STAR Offering”) in strict compliance with the planned uses as disclosed in the PRC offering prospectus as well as those disclosed in the Company’s proceeds management policy approved by the board of directors. As of March 31, 2026, the Company had cash remaining related to the STAR Offering proceeds of $6,735.


	As of
	March 31,	December 31,
	2026	2025
	$	$
Equity securities with readily determinable fair values	2	2
Equity securities without readily determinable fair values	37,232	33,154
Equity-method investments 1	22,753	22,387
Total	59,987	55,543

1 In the first quarter of 2025, in connection with the wind-down of the operations and related financial obligations of one of the Company’s equity-method investments, the investment’s fair value was assessed to be zero. The Company recognized an other-than-temporary impairment loss of $12,376 during the three months ended March 31, 2025, within unrealized losses from equity-method investments.

The following table summarizes unrealized gains and losses related to investments in equity securities recorded in other income, net for the three months ended March 31, 2026 and 2025:


	Three Months Ended
	March 31,
	2026	2025
	$	$

Equity securities with readily determinable fair values	—	(2,056)
Equity securities without readily determinable fair values	54	—
Equity-method investments	(5)	(13,375)