Note 4 – Cash, Cash Equivalents, Restricted Cash and Marketable Debt Securities

The Company considers all highly liquid financial instruments with original maturities of three months or less when purchased to be cash and cash equivalents and all investments with maturities of greater than three months from date of purchase are classified as marketable debt securities. Cash and cash equivalents consist of cash in bank checking and savings accounts, money market funds and short-term U.S. treasury bonds that mature within three months of settlement date.

Cash, Cash Equivalents and Restricted Cash

The Company presents restricted cash with cash and cash equivalents in the Condensed Consolidated Statements of Cash Flows. Restricted cash at both September 30, 2024 and December 31, 2023 of $250 represents funds the Company is required to set aside as collateral, primarily for one of the Company’s operating leases.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the Condensed Consolidated Balance Sheets to the total of the amounts in the Condensed Consolidated Statements of Cash Flows as of September 30, 2024, December 31, 2023, September 30, 2023 and December 31, 2022:

 Schedule of Cash, Cash Equivalents and Restricted Cash

Marketable Debt Securities

The Company has classified its investments in marketable debt securities as available-for-sale and as a current asset. The Company’s investments in marketable debt securities are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Unrealized losses and gains are classified as other comprehensive (loss)/income and costs are determined on a specific identification basis. Realized gains and losses from our marketable debt securities are recorded in other income, net. The Company did not incur any realized gains and losses during the three and nine months ended September 30, 2024 and 2023. For the three and nine months ended September 30, 2024, the Company recorded unrealized gains of $51 and $221, respectively. For the three and nine months ended September 30, 2023, the Company recorded unrealized gains of $155 and $465, respectively. As of September 30, 2024 and December 31, 2023, the Company had net accumulated unrealized losses of $0 and $221, respectively.

The following tables summarize the Company’s marketable debt securities as of September 30, 2024:

 Schedule of Marketable Debt Securities 

All debt securities classified as available-for-sale are due to mature within one year of September 30, 2024.

All debt securities classified as available-for-sale are due to mature within one year of December 31, 2023.