v3.26.1
Cash, cash equivalents, and marketable securities
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents, and marketable securities

Note 4 - Cash, cash equivalents, and marketable securities

 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our unaudited condensed consolidated balance sheets as of March 31, 2026 and March 31, 2025, to the total of such amounts as presented in the unaudited condensed consolidated statements of cash flows (in thousands):

            
   March 31,
2026		   March 31,
2025		  
Cash and cash equivalents  $6,558   $ 8,899  
Restricted cash, noncurrent   2,604     2,604  
Total cash, cash equivalents, and restricted cash  $9,162   $ 11,503  

 

Cash, cash equivalents, and marketable securities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

          
   March 31,
2026		   December 31,
2025		 
Cash and cash equivalents:          
Cash  $3,251   $1,386 
Money market funds   3,307    4,408 
Total cash and cash equivalents  $6,558   $5,794 
Marketable securities, short-term:          
Asset backed securities  $1,008   $1,012 
Commercial paper   1,783    9,125 
Corporate bonds   12,672    18,171 
US Treasury securities   7,852    19,087 
Total marketable securities, short-term  $23,315   $47,395 
Marketable securities, long-term:          
Asset backed securities  $1,006   $1,011 
Total marketable securities, long-term  $1,006   $1,011 
Total cash, cash equivalents, and marketable securities  $30,879   $54,200 

 

During the three-month period ended March 31, 2026 and 2025, marketable securities were sold or matured for proceeds of $24.2 million and $18.0 million, respectively. The Company recorded an immaterial amount of realized gain during the for the three months ended March 31, 2026 and 2025. See Note 5, “Fair value measurements” for additional information regarding the fair value of cash equivalents and marketable securities.

 

The following tables summarizes the unrealized gains and losses related to the Company’s available-for-sale marketable securities, by major security type, as of March 31, 2026 and December 31, 2025 (in thousands):

                    
   As of March 31, 2026 
   Amortized   Unrealized   Unrealized     
   Cost   Gains   (losses)   Fair Value 
Marketable securities                    
Asset backed securities  $2,015   $-   $(1)  $2,014 
Commercial paper   1,783    -    -    1,783 
Corporate bonds   12,670    3    (1)   12,672 
US Treasury securities   7,848    4    -    7,852 
Total marketable securities  $24,316   $7   $(2)  $24,321 

 

   As of December 31, 2025 
   Amortized   Unrealized   Unrealized     
   Cost   Gains   (losses)   Fair Value 
Marketable securities                    
Asset backed securities  $2,022   $1   $-   $2,023 
Commercial paper   9,120    5    -    9,125 
Corporate bonds   18,148    23    -    18,171 
US Treasury securities   19,062    25    -    19,087 
Total marketable securities  $48,352   $54   $-   $48,406 

 

The following table shows the unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2026 and December 31, 2025, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position (in thousands):

                              
   As of March 31, 2026 
   In Loss Position for Less
Than 12 Months		   In Loss Position for 12
Months or Greater		   Total 
   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		 
Asset backed securities  $2,014   $(1)  $     -   $     -   $2,014   $(1)
Commercial paper   1,190    -    -    -    1,190    - 
Corporate bonds   4,572    (1)   -    -    4,572    (1)
US Treasury Securities   352    -    -    -    352    - 
Total  $8,128   $(2)  $-   $-   $8,128   $(2)

 

   As of December 31, 2025 
   In Loss Position for Less
Than 12 Months		   In Loss Position for 12
Months or Greater		   Total 
   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		 
Commercial paper  $1,000   $     -   $     -   $     -   $1,000   $     - 
Corporate Bonds   298    -    -    -    298    - 
Total  $1,298   $-   $-   $-   $1,298   $- 

 

The contractual maturities of the Company’s marketable securities as of March 31, 2026, were as follows (in thousands):

     
   Fair Value 
One year or less  $23,315 
Two years to three years   1,006 
Total minimum payments  $24,321