Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures about Market Risk.
Concentration of Credit Risk
We received 100% and approximately 96% of our total revenue through grants from government organizations for the years ended December 31, 2021 and 2020, respectively, and approximately 4% of our total revenue through a grant from a non-government organization for the years ended December 31, 2020. To date, no receivables have been written off.
Interest Rate Risk
As of December 31, 2021 and December 31, 2020, we had a cash and cash equivalents of $33.2 million and $12.6 million, respectively, all of which was maintained in bank accounts and money market funds in the U.S. Our primary exposure to market risk is to interest income volatility, which is affected by changes in the general level of interest rates. As such rates are at a near record low, a 10% change in the market interest rates would not have a material effect on our business, financial condition or results of operations. Additionally, as of December 31, 2021, we had $6.3 million in restricted cash.
Foreign Currency Risk
We conduct our business in U.S. dollars and, thus, are not exposed to financial risks from exchange rate fluctuations between the U.S. dollar and other currencies.
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