Cash, cash equivalents and restricted cash

3 Months Ended

Mar. 31, 2026

Cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash

Note 8. Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash balances on hand, cash equivalents, which include short-term investments having a maturity of 90 days or less at time of purchase, and restricted cash reported within the consolidated balance sheets to the total of the amounts shown in the statement of cash flows:

	March 31,		December 31,
	2026			2025
	(in thousands)
Cash and cash equivalents	$	150,829	$	145,451
Long-term restricted cash		10,628		10,627
Total cash, cash equivalents and restricted cash	$	161,457	$	156,078

As of March 31, 2026, we had $10.6 million in restricted cash representing the total of (i) a $5.9 million cash collateralized letter of credit serving as a security deposit for our headquarters lease in Beverly, Massachusetts, (ii) a $3.9 million letter of credit for customs purposes, (iii) a $0.7 million cash collateralized letter of credit relating to workers’ compensation insurance and (iv) a $0.1 million deposit relating to customs activity. See Note 12 for further discussion on the $5.9 million cash collateralized letter of credit.