Quarterly report [Sections 13 or 15(d)]

Concentrations of Risk

v3.26.1
Concentrations of Risk
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Concentrations of Risk

17. Concentrations of Risk

 

For the three months ended March 31, 2026, the Company had no revenue from customers that approximated 10% of total revenue. For the three months ended March 31, 2025, the Company had revenue from one customer that approximated 10% of total revenue.

 

The Company had three customers with accounts receivable balances that were 18%, 18% and 38% of total accounts receivable as of March 31, 2026. The Company had two customers with accounts receivable balances that were 26% and 49% of total accounts receivable as of March 31, 2025.

 

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 March 31, 2026, there is a $361,210 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.