Annual report [Section 13 and 15(d), not S-K Item 405]

Concentrations of Risk

v3.26.1
Concentrations of Risk
 12 Months Ended
Dec. 31, 2025
Risks and Uncertainties [Abstract]  
Concentrations of Risk

19. Concentrations of Risk

 

For the years ended December 31, 2025 and 2024, the Company had no revenue from customers that approximated 10% of total revenue.

 

The Company had one customer with accounts receivable balances that was 50% of total accounts receivable as of December 31, 2025. The Company had three customers with accounts receivable balances that were 50%, 10% and 22% of the total accounts receivable as of December 31, 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 December 31, 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.