Financial Instruments

3 Months Ended

Mar. 31, 2026

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents in bank deposit and other interest-bearing accounts, the balances of which often exceed federally insured limits.

The following table is the reconciliation of the accounting standard that modifies certain aspects of the recognition, measurement, presentation and disclosure of financial instruments as shown on the Company’s consolidated statement of cash flows:


	March 31,
	2026		2025
Cash and cash equivalents	$	178,087	$	66,286
Restricted cash (included in prepaid and other assets)	656		-
Restricted cash (included in other long-term assets)	332		105
Total cash, cash equivalents and restricted cash	179,075		66,391

The Company’s marketable securities are highly liquid and consist of U.S. government agency securities, high-grade corporate obligations and commercial paper with original maturities of more than 90 days. In addition, the Company holds marketable equity securities in Talphera, Inc., (“Talphera”) a publicly traded biotechnology company, and has elected the fair value option for accounting for this investment. The related unrealized loss pertaining to Talphera is recorded in Other Expense. During the fourth quarter of 2025, the Company’s CEO was appointed to the Board of Directors of Talphera, and as such, Talphera is considered a related party for any subsequent transactions. The Company has no related party transactions with Talphera to date.

As of March 31, 2026 and December 31, 2025, all of the Company’s investments had contractual maturities of less than one year. The following table summarizes the amortized cost, unrealized gains and losses and the fair value at March 31, 2026 and December 31, 2025.


	Amortized Cost		Gross Unrealized Losses		Gross Unrealized Gains		Fair Value
March 31, 2026:
Money Market Funds included in Cash Equivalents	$	8,573	$	-	$	-	$	8,573




December 31, 2025:
Money Market Funds included in Cash Equivalents	$	4,805	$	-	$	-	$	4,805
Commercial Paper	3,694		-		-		3,694
Total December 31, 2025 short-term assets	$	8,499	$	-	$	-	$	8,499

Fair Value Measurements

The following table provides the carrying value and fair value of the Company’s financial assets measured at fair value on a reoccurring basis as of March 31, 2026 and December 31, 2025:


	Carrying Value		Level 1		Level 2		Level 3
March 31, 2026:
Money Market Funds and Cash Equivalents	$	8,573	$	8,573	$	-	$	-




Marketable Equity Securities	6,818		6,818		-		-
Contingent Consideration liability	105,573		-		-		105,573
December 31, 2025:
Money Market Funds and Cash Equivalents	$	4,805	$	4,805	$	-	$	-
Commercial Paper	3,694		-		3,694		-
Total December 31, 2025 short-term assets	$	8,499	$	4,805	$	3,694	$	-
Marketable Equity Securities	10,364		10,364		-		-
Contingent Consideration liability	102,116		-		-		102,116