As of Q4'26, PATH's cash and short-term investments stood at $1.47B, reflecting a modest 5.3% increase from $1.40B in Q3'26, while debt decreased slightly to $71M from $72M in the prior quarter. This latest data point indicates improved liquidity relative to short-term obligations, with cash reserves remaining substantially higher than debt levels. Over the period from Q1'24 to Q4'26, cash and short-term investments initially grew from $1.78B to a peak of $1.94B in Q1'25 before declining steadily to $1.47B amid operational or investment pressures, showing an overall downward trend of about 17%. In contrast, debt rose gradually from $57M to $78M by Q2'25, then stabilized and trended lower to $71M, resulting in a net improvement in the cash-to-debt ratio from roughly 31:1 to 21:1, underscoring PATH's prudent debt management despite eroding cash buffers.