Quarterly report [Sections 13 or 15(d)]

Concentrations of Risk

v3.25.3
Concentrations of Risk
 9 Months Ended
Sep. 30, 2025
Risks and Uncertainties [Abstract]  
Concentrations of Risk

18. Concentrations of Risk

 

The Company’s revenues are concentrated in a small group of customers with some individually having more than 10% of total revenues.

 

For the nine months ended September 30, 2025, the Company had no revenue from customers that approximated 10% of total revenue. For the nine months ended September 30, 2024, the Company had revenue from one customer that approximated 10% of total revenue.

 

The Company had one customer with accounts receivable balances that was 50% of total accounts receivable as of September 30, 2025. The Company had four customers with accounts receivable balances that were 25%, 23%, 13% and 10% of total accounts receivable as of September 30, 2024.

 

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, and marketable securities. Cash balances are maintained principally at major U.S. financial institutions and are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to regulatory limits. As of September 30, 2025, there is no balance exceeding such limit. The Company has not experienced any credit losses associated with its cash balances in the past. The Company invests its cash equivalents in U.S. treasury bills with original maturities of three months or less.

 

Marketable securities are comprised of U.S. treasury bills with original maturities greater than three months. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash, cash equivalents, and marketable securities and performs periodic evaluations of the credit standing of such institutions.