17. Concentrations of Risk

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

For the year ended December 31, 2023, the Company had revenue from one customer that approximated 20% of total revenue. For the year ended December 31, 2022, the Company had revenue from one customer that approximated 29% of total revenue.

The Company had one customer with accounts receivable balances that approximated 69% of total accounts receivable as of December 31, 2023. The Company had three customers with accounts receivable balances that approximated 40%, 22% and 18% of total accounts receivable as of December 31, 2022.

The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, cash equivalents 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. Such cash balances are currently in excess of the FDIC insurance limit of $250 thousand. As of December 31, 2023, the total amount exceeding such limit was $106 thousand. 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.