XML 22 R12.htm IDEA: XBRL DOCUMENT v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Debt Securities
The Company’s investments in debt securities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
Corporate bonds$16,474 $20 $(1)$16,493 
Total debt securities$16,474 $20 $(1)$16,493 
Included in cash and cash equivalents$— $— $— $— 
Included in marketable securities$16,474 $20 $(1)$16,493 
December 31, 2024
 CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
U.S. treasury securities$10,933 $22 $— $10,955 
Commercial paper19,067 7 — 19,074 
Corporate bonds81,207 166 (16)81,357 
Certificate of deposits1,561 — — 1,561 
Total debt securities$112,768 $195 $(16)$112,947 
Included in cash and cash equivalents$16,280 $5 $— $16,285 
Included in marketable securities$96,488 $190 $(16)$96,662 
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025December 31, 2024
Gross
Unrealized
Losses		Fair ValueGross
Unrealized
Losses		Fair Value
Corporate bonds$(1)$4,503 $(16)$31,546 
Total$(1)$4,503 $(16)$31,546 
Equity Investments
The Company’s equity investments consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands):
Condensed Consolidated Balance Sheets LocationSeptember 30, 2025December 31, 2024
Money market funds(1)
Cash and cash equivalents$21,277 $17,730 
Marketable equity investments(1)
Marketable securities3,015 3,165 
Investment in non-marketable securities(2)
Other non-current assets10,000 10,000 
Total$34,292 $30,895 
(1)    Investments with readily determinable fair values.
(2)    Investment in privately held company without readily determinable fair value.
In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Forterra”) for consideration of $10.0 million, which was settled by issuing 41,261 shares of Class A common stock of the Company. The Company’s investment in Forterra represented less than 5% of Forterra’s capitalization. The Company neither had a significant influence over Forterra nor did its investment amounted to a controlling financial interest in Forterra. In the fourth quarter of 2022, the Company recorded an impairment charge of $6.0 million related to the investment in Forterra. As a result of anticipated losses of preferred rights and decline in enterprise value of Forterra, the Company has recorded an additional impairment charge of $4.0 million related to the said investment in the second quarter of 2024.
In July 2024, the Company and Forterra entered into the Fourth Amended and Restated Limited Liability Company Agreement, pursuant to which the 1,495 Class A Preferred Units issued and outstanding were converted into 3,459 Class A Common Units.
In May 2025, the Company and Forterra entered into the Unit Repurchase Agreement pursuant to which Forterra repurchased 3,459 Class A Common Units for a price per unit of $840.63 for an aggregate purchase price of $2.9 million. The gain on sale of equity investment was recorded in other income (expense), net in the condensed consolidated statements of operations.