Risks and Liquidity

6 Months Ended

Jun. 30, 2023

Risks And Liquidity [Abstract]

Risks and Liquidity

Risks and Liquidity

The Company believes that its $217.7 million of cash and cash equivalents, and marketable securities as of June 30, 2023 will enable it to fund its planned operations for at least twelve months from the issuance date of these unaudited condensed consolidated financial statements.

Over the last several years, our operations have been impacted by the COVID-19 pandemic, inflationary pressures and ongoing geopolitical conflicts. We continue to monitor the impact of any lingering effects of the COVID-19 pandemic on our business, operations and access to supply and raw materials. In February 2022, Russia began a military intervention in Ukraine. In response, global sanctions were imposed against Russia. These sanctions and the related global ramifications could increase the cost of transportation or limit the availability of certain materials of construction, such as metals used in alloys, that are sourced from Russia or Ukraine and used in our manufacturing facilities.

Inflation rates continue to have an effect on worldwide economies. Inflationary pressures and any shortages in the labor market could increase labor costs, which could in turn materially impact our financial condition.