As of Q4'25, SMR's cash and short-term investments reached $1.25B, marking a substantial increase from the prior quarter and reflecting strong liquidity growth. Debt remained at $0 throughout the period, indicating no leverage or borrowing obligations. From Q1'23 to Q4'25, cash and short-term investments exhibited a volatile yet overall upward trend, starting at $218M and declining to a low of $117M in Q3'23 before steadily climbing, with notable accelerations to $442M in Q4'24 and $1.25B in Q4'25 driven by apparent funding inflows. The absence of debt across all quarters underscores a debt-free balance sheet, enhancing financial flexibility amid the cash buildup, though early-period fluctuations suggest operational cash burn prior to later gains.