Investments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Available-for-sale securities

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

	March 31, 2025
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	6,509	$	3	$	-	$	6,512
Corporate debt securities	11,638		13		(1)		11,650
Other debt securities	3,472		2		(1)		3,473
Total short-term	21,619		18		(2)		21,635
Available-for-sale securities, long-term
U.S. government securities	1,779		7		-		1,786
Corporate debt securities	12,631		14		(4)		12,641
Other debt securities	4,628		3		(3)		4,628
Total long-term	19,038		24		(7)		19,055
Total marketable securities	$	40,657	$	42	$	(9)	$	40,690

	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 long-term	4,622		9		(3)		4,628
Total marketable securities	$	13,802	$	28	$	(4)	$	13,826

	March 31, 2025
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	21,619	$	21,636
Due after one year through five years	19,038		19,054
Total	$	40,657	$	40,690

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:

	March 31, 2025
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	4,913	$	(4)	$	4,913	$	(4)
Other debt securities	5,082		(2)		5,082		(2)
Total	$	9,995	$	(6)	$	9,995	$	(6)

	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)

As of March 31, 2025 and December 31, 2024, 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 March 31, 2025, 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 Company has adopted the measurement alternative whereby 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 transactions of the same issuer. These securities included Series E Preferred Stock in PanTHERA carried at $1.0 million as of March 31, 2025 and December 31, 2024.

On April 4, 2025, the Company purchased the remaining 90% of PanTHERA common shares it did not own as of March 31, 2025 for an $10.0 million in cash and 213,361 shares of the Company's Common stock and other contingent consideration. For additional details on the transaction, see Note 19: Subsequent events.