Quarterly report [Sections 13 or 15(d)]

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

3 Months Ended

Mar. 31, 2025

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within 90 days from the date of purchase to be cash equivalents. At March 31, 2025 and December 31, 2024, cash equivalents were comprised of money market funds and corporate debt securities with maturities less than 90 days from the date of purchase.

Restricted cash as of March 31, 2025 included security for a stand-by letter of credit issued in favor of a landlord for $0.7 million of which $0.3 million was classified in current assets and $0.4 million was classified in noncurrent assets as of March 31, 2025.

Cash, cash equivalents, and restricted cash consist of the following (in thousands):


	March 31, 2025		December 31, 2024
Cash	$	2,355	$	5,047
Cash equivalents		16,545		12,151
Cash and cash equivalents		18,900		17,198

Restricted cash, current		285		285
Restricted cash, noncurrent		385		385
Restricted cash		670		670
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$	19,570	$	17,868

As of March 31, 2025, the Company’s cash and cash equivalents held in the U.S. was approximately $16.7 million and approximately $2.2 million of cash was held in its subsidiaries in the U.K. and Australia. As of December 31, 2024, all of the Company’s cash was held in the U.S., except for approximately $4.9 million of cash which was held in its subsidiaries in the U.K. and Australia.