INVESTMENT IN EQUITY SECURITIES

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENT IN EQUITY SECURITIES

INVESTMENT IN EQUITY SECURITIES

The Company holds an investment in equity securities of a privately held company (the “Investment”). The Investment is considered a VIE in which the Company is not the primary beneficiary, as the governance structure of this entity does not allow the Company to direct the activities that would significantly affect the economic performance of the investment. There are currently no future funding commitments to the Investment. The Investment is recorded at fair value on a non-recurring basis and evaluated for impairment at each reporting period. The estimation of fair value for the Investment requires the use of significant unobservable inputs, such as the issuance of new equity, and as a result, the Company deems these assets as Level 3 financial instruments within the fair value measurement framework.

There have been no cumulative upward adjustments or cumulative downward adjustments to the Investment, including impairment, as of September 30, 2025. There were no sales of equity securities during the three and nine months ended September 30, 2025. The Investment is accounted for using the measurement alternative. The carrying value of the Investment as of September 30, 2025 is $27.7 million, inclusive of transaction costs.