Securities Available-For-Sale

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

On June 4, 2024, the Company sold patents, patent applications, and select technology rights and assets for $3.6 million, consisting of $1.5 million in cash and $2.1 million in common shares of a publicly traded Canadian gold mining company (“Payment Shares”). During the three and nine months ended September 30, 2024, the Company recorded an unrealized loss on securities available-for-sale of $0.3 million and $0.8 million, respectively, as compared to nil for both the same periods ended 2023.

The following table provides the components of Securities available-for-sale (in thousands):


	September 30, 2024		December 31, 2023
Securities available-for-sale, current	$	708	$	—
Securities available-for-sale, non-current(1)	708		—
Total(2)	$	1,416	$	—

(1)Securities available-for-sale, non-current are classified as such because they are restricted from sale within the next 12 months. For one year from closing date of June 4, 2024, the Company will not sell, transfer, assign, or dispose of the Payment Shares without mutual written agreement from both parties. Starting one year after closing, the Company may sell up to 25% of the Payment Shares every three months, subject to certain conditions.

(2)The value of Securities available-for-sale was determined using the closing price on the last day of the period as quoted on the TSX Venture Exchange. See Note 10 – Fair Value Measurements for additional information.