12 Currency risk

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. The foreign currency risk is limited to the portion of the Company’s business transactions denominated in currency other than US dollars. The following table provides an indication of the Company’s exposure to the Canadian dollar, which is expressed in US dollars as of December 31:


	2019		2018
Cash	$	149	$	246
Short‑term investments		—		29
Accounts payable and accrued liabilities		1,680		538
Net financial position exposure	$	1,531	$	263

The Company does not enter into arrangements to hedge its currency risk exposure.