Investments

9 Months Ended

Sep. 30, 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:

	September 30, 2025
	Amortized Cost		Gross unrealized				Estimated Fair Value
(In thousands)			Gains		Losses
Available-for-sale securities, current portion
U.S. government securities	$	10,414	$	19	$	—	$	10,433
Corporate debt securities	33,327		55		—		33,382
Other debt securities	5,648		10		—		5,658
Total short-term	49,389		84		—		49,473
Available-for-sale securities, long-term
U.S. government securities	6,456		13		(1)		6,468
Corporate debt securities	7,955		21		—		7,976
Other debt securities	4,985		15		—		5,000
Total long-term	19,396		49		(1)		19,444
Total marketable securities	$	68,785	$	133	$	(1)	$	68,917

	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

	September 30, 2025
(In thousands)	Amortized Cost		Estimated Fair Value
Due in one year or less	$	49,389	$	49,473
Due after one year through five years	19,396		19,444
Total	$	68,785	$	68,917

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:

	September 30, 2025
	Less than 12 months				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Corporate debt securities	$	2,740	$	(1)	$	2,740	$	(1)
U.S. government securities	3,441		(1)		3,441		(1)
Total	$	6,181	$	(2)	$	6,181	$	(2)

	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 September 30, 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 September 30, 2025, none of our available-for-sale marketable securities exhibited risk of credit loss and therefore no allowance for credit losses was recorded.

Convertible promissory note

On July 18, 2025, the Company invested $2.0 million cash in a convertible promissory note issued by an unrelated third party developer of induced pluripotent stem cell ("iPSC") based products for cell therapy manufacturers. The principal and accrued paid in kind ("PIK") interest on the convertible promissory note are payable at maturity on October 1, 2028. The Company also entered into a related agreement with the iPSC developer which provides, among other things, for the Company's right to a board observer seat and certain rights related to any potential future acquisition of the iPSC developer.

The Company elected the FVO to account for the convertible promissory note. For further information on the valuation considerations for the convertible promissory note, see Note 4: Fair value measurement.