| Cash, cash equivalents, and marketable securities |
Note
4 - Cash, cash equivalents, and marketable securities
Cash,
cash equivalents, and marketable securities consisted of the following as of June 30, 2026 and December 31,
2025 (in thousands):
| Schedule of cash and cash equivalents | |
| | | |
| | |
| |
June 30,
2026 | | |
December 31,
2025 | |
| Cash and cash equivalents: | |
| | | |
| | |
| Cash | |
$ | 30,104 | | |
$ | 1,386 | |
| Corporate bonds | |
| 1,376 | | |
| - | |
| Money market funds | |
| 27,870 | | |
| 4,408 | |
| Total cash and cash equivalents | |
$ | 59,350 | | |
$ | 5,794 | |
| Marketable securities, short-term: | |
| | | |
| | |
| Asset backed securities | |
$ | 1,005 | | |
$ | 1,012 | |
| Commercial paper | |
| 6,814 | | |
| 9,125 | |
| Corporate bonds | |
| 12,807 | | |
| 18,171 | |
| US Treasury securities | |
| 5,964 | | |
| 19,087 | |
| Total marketable securities, short-term | |
$ | 26,590 | | |
$ | 47,395 | |
| Marketable securities, long-term: | |
| | | |
| | |
| Asset backed securities | |
$ | 1,003 | | |
$ | 1,011 | |
| Total marketable securities, long-term | |
$ | 1,003 | | |
$ | 1,011 | |
| Total cash, cash equivalents, and marketable securities | |
$ | 86,943 | | |
$ | 54,200 | |
The following table provides
a reconciliation of cash, cash equivalents, and restricted cash reported within our unaudited condensed consolidated balance sheets as
of June 30, 2026 and 2025, to the total of such amounts as presented in the unaudited condensed consolidated statements of cash flows
(in thousands):
| Schedule reconciliation of cash, cash equivalents, and restricted cash |
| |
| |
| |
|
|
| |
| June 30,
2026 | |
| June 30,
2025 |
|
| Cash and cash equivalents |
| $ |
59,350 | |
| $ |
44,993 |
|
| Restricted cash, noncurrent |
| |
2,604 | |
| |
2,604 |
|
| Total cash, cash equivalents, and restricted cash |
| $ |
61,954 | |
| $ |
47,597 |
|
During the six months ended June
30, 2026 and 2025, marketable securities were sold or matured for proceeds of $43.0 million and $29.1 million, respectively. The Company
recorded an immaterial amount of realized gain during the three and six months ended June 30, 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
June 30, 2026 and December 31, 2025 (in thousands):
| Schedule of unrealized gains and losses | |
| | | |
| | | |
| | | |
| | |
| | |
As of June 30,
2026 | |
| | |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
(losses) | | |
Fair Value | |
| Marketable securities | |
| | | |
| | | |
| | | |
| | |
| Asset backed securities | |
$ | 2,008 | | |
$ | - | | |
$ | - | | |
$ | 2,008 | |
| Commercial paper | |
| 6,815 | | |
| - | | |
| (1 | ) | |
| 6,814 | |
| Corporate bonds | |
| 12,809 | | |
| 1 | | |
| (3 | ) | |
| 12,807 | |
| US Treasury securities | |
| 5,965 | | |
| - | | |
| (1 | ) | |
| 5,964 | |
| Total marketable securities | |
$ | 27,597 | | |
$ | 1 | | |
$ | (5 | ) | |
$ | 27,593 | |
| | |
As of December 31,
2025 | |
| | |
Amortized
Cost | | |
Unrealized
Gains | | |
Unrealized
(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 June
30, 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):
| Schedule of marketable securities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| | |
As of June 30, 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 | |
| Commercial paper | |
$ | 3,561 | | |
$ | (1 | ) | |
$ | - | | |
$ | - | | |
$ | 3,561 | | |
$ | (1 | ) |
| Corporate bonds | |
| 11,013 | | |
| (3 | ) | |
| - | | |
| - | | |
| 11,013 | | |
| (3 | ) |
| US Treasury Securities | |
| 5,355 | | |
| (1 | ) | |
| - | | |
| - | | |
| 5,355 | | |
| (1 | ) |
| Total | |
$ | 19,929 | | |
$ | (5 | ) | |
$ | - | | |
$ | - | | |
$ | 19,929 | | |
$ | (5 | ) |
| | |
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 | | |
$ | - | |
Contractual
maturities of the Company’s marketable securities as of June 30, 2026, were as follows (in thousands):
| Schedule of contractual maturities | |
| | |
| | |
Fair Value | |
| One year or less | |
$ | 26,590 | |
| Two years to three years | |
| 1,003 | |
| Total minimum payments | |
$ | 27,593 | |
|