Note 3 - Cash, Cash Equivalents, and Restricted Cash

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Cash and Cash Equivalents Disclosure [Text Block]

3. CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

Cash, cash equivalents, and restricted cash as of  September 30, 2024 and  December 31, 2023 were as follows (in thousands):

	September 30, 2024		December 31, 2023
	(unaudited)
Cash and cash equivalents	$	5,851	$	16,932
Restricted cash		—		2,150
Total cash, cash equivalents, and restricted cash	$	5,851	$	19,082

Restricted cash of $2,150 as of December 31, 2023 consisted of funds that were contractually restricted as to usage or withdrawal due to a contractual agreement. The Company had a letter of credit in the amount of $2,150 with Citibank N.A. as security for the payment of rent on its headquarters. In August 2024, the landlord drew down on the letter of credit and the restricted cash was used to offset the letter of credit draw (see further discussion in Note 6, Leases).