Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Available-for-sale securities

The Company’s portfolio of available-for-sale marketable securities consists of the following:


	December 31, 2024
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	1,493	$	1	$	—	$	1,494
Corporate debt securities	5,775		14		(1)		5,788
Other debt securities	1,912		4		—		1,916
Total short-term	9,180		19		(1)		9,198

Available-for-sale securities, long-term
Corporate debt securities	3,210		4		(2)		3,212
Other debt securities	1,412		5		(1)		1,416
Total available-for-sale securities	$	13,802	$	28	$	(4)	$	13,826


	December 31, 2023
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	5,169	$	1	$	—	$	5,170
Corporate debt securities	9,673		5		(4)		9,674
Other debt securities	1,443		1		—		1,444
Total short-term	16,285		7		(4)		16,288

Available-for-sale securities, long-term
Other debt securities	545		3		—		548
Total available-for-sale securities	$	16,830	$	10	$	(4)	$	16,836

The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of December 31, 2024:


(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	9,180	$	9,198
Due after one year through five years	4,622		4,628
Total	$	13,802	$	13,826

The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 months:


	December 31, 2024
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	2,091	$	(3)	$	2,091	$	(3)
Other debt securities	1,030		(1)		1,030		(1)
Total	$	3,121	$	(4)	$	3,121	$	(4)


	December 31, 2023
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	5,871	$	(4)	$	5,871	$	(4)
Other debt securities	906		(1)		906		(1)
Total	$	6,777	$	(5)	$	6,777	$	(5)

As of December 31, 2024 and 2023, all available-for-sale securities investments presented above with unrealized losses have been in an unrealized loss position for less than 12 months.

As of December 31, 2024, none of our available-for-sale marketable securities exhibited risk of credit loss and therefore no allowance for credit losses was recorded.

Equity investments

The Company periodically invests in non-marketable equity securities of private companies without a readily determinable fair value to promote business and strategic objectives. The non-marketable equity securities are carried at cost minus impairment, if any, plus or minus changes resulting from observable process changes in orderly transactions for identical or similar investments of the same issuer. These securities included Series E Preferred Stock in PanTHERA CryoSolutions, Inc. with a fair value of $1.0 million as of December 31, 2024 and December 31, 2023.

The Company also owned securities of Series A-1 and A-2 Preferred Stock in iVexSol, Inc "iVexSol". During the six months ended June 30, 2024, the Company received communications that triggered a going concern for the investment. As of June 30, 2024, the Company determined that the fair value of its equity interest was less than its carrying amount, and no longer recoverable, triggering an impairment charge of $4.1 million, which represented the entirety of the value of the investment. As of December 31, 2023, the carrying value of the iVexSol, Inc. securities was $4.1 million.