Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts, the balances of which often exceed federally insured limits.

The following table reconciles cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets to the corresponding total amounts presented in the condensed consolidated statements of cash flows.


	June 30,
	2026		2025
Cash and cash equivalents	$	256,692	$	159,309
Restricted cash (included in prepaid and other assets)	656		-
Restricted cash (included in other long-term assets)	332		105
Total cash, cash equivalents and restricted cash	257,680		159,414

The Company’s marketable securities are highly liquid and consist of U.S. government agency securities, high-grade corporate obligations and commercial paper with original maturities of more than 90 days. In addition, the Company holds marketable equity securities in Talphera, Inc., (“Talphera”) a publicly traded biotechnology company, and has elected the fair value option for accounting for this investment. The related change in the fair value pertaining to Talphera is recorded in Other Expense. During the fourth quarter of 2025, the Company’s CEO was appointed to the Board of Directors of Talphera, and as such, Talphera is considered a related party for any subsequent transactions. The Company has no related party transactions with Talphera to date.

As of June 30, 2026 and December 31, 2025, all of the Company’s investments had contractual maturities of less than one year. The following table summarizes the amortized cost, unrealized gains and losses and the fair value at June 30, 2026 and December 31, 2025.


	Amortized Cost		Gross Unrealized Losses		Gross Unrealized Gains		Fair Value
June 30, 2026:
Money Market Funds included in Cash Equivalents	$	8,649	$	-	$	-	$	8,649




December 31, 2025:
Money Market Funds included in Cash Equivalents	$	4,805	$	-	$	-	$	4,805
Commercial Paper	3,694		-		-		3,694
Total December 31, 2025 short-term assets	$	8,499	$	-	$	-	$	8,499

The following table provides the carrying value and fair value of the Company’s financial assets and liabilities measured at fair value on a reoccurring basis as of June 30, 2026 and December 31, 2025:


	Carrying Value		Level 1		Level 2		Level 3
June 30, 2026:
Money Market Funds and Cash Equivalents	$	8,649	$	8,649	$	-	$	-




Marketable Equity Securities	9,364		9,364		-		-
Contingent Consideration liability	111,619		-		-		111,619
December 31, 2025:
Money Market Funds and Cash Equivalents	$	4,805	$	4,805	$	-	$	-
Commercial Paper	3,694		-		3,694		-
Total December 31, 2025 short-term assets	$	8,499	$	4,805	$	3,694	$	-
Marketable Equity Securities	10,364		10,364		-		-
Contingent Consideration liability	102,116		-		-		102,116