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INVESTMENTS
 12 Months Ended
Dec. 31, 2024
Investments, All Other Investments [Abstract]  
INVESTMENTS INVESTMENTS
Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value:
Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies.
Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant.
The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands):
December 31, 2024
Cost
Unrealized
Gains (Losses)
Accrued
Interest		Estimated
Fair Value		Cash & Cash
Equivalents		Investment
Securities
Cash and cash equivalents, excluding money market accounts
$77,551 $— $— $77,551 $77,551 $— 
Level 1:
Money market accounts13,377 — — 13,377 13,377 — 
Government & agency securities28,920 15 96 29,031 — 29,031 
Equity securities
10,000 (3,939)— 6,061 — 6,061 
52,297 (3,924)96 48,469 13,377 35,092 
Level 2:
Corporate bonds
35,771 227 326 36,324 — 36,324 
Total$165,619 $(3,697)$422 $162,344 $90,928 $71,416 
December 31, 2023
Cost
Unrealized
Gains (Losses)
Accrued
Interest		Estimated
Fair Value		Cash & Cash
Equivalents		Investment
Securities
Cash and cash equivalents, excluding money market accounts
$88,778 $— $— $88,778 $88,778 $— 
Level 1:
Money market accounts5,662 — — 5,662 5,662 — 
Government & agency securities15,282 126 40 15,448 — 15,448 
Equity securities
10,000 150 — 10,150 — 10,150 
30,944 276 40 31,260 5,662 25,598 
Level 2:
Corporate bonds
29,440 293 270 30,003 — 30,003 
Total$149,162 $569 $310 $150,041 $94,440 $55,601 
The Company had $95 thousand in realized gains for the year ended December 31, 2024, and no realized gains or losses for the years ended December 31, 2023, and 2022.
During the fourth quarter of 2023, the Company entered into an agreement with LifeMD (Nasdaq: LFMD), a leading provider of virtual primary care, to purchase shares of common stock of LifeMD for $10 million. The 180-day lock-up period expired on June 8, 2024, and the registration process was completed, effective July 18, 2024. The fair value of the investment is recorded within the investment securities of the accompanying Consolidated Balance Sheets. The losses related to the Company’s LifeMD investment for the year ended December 31, 2024, 2023, and 2022 are summarized in the table below (in thousands):
Twelve months ended December 31,
202420232022
Net (losses) gains recognized during the period on equity securities
$(4,089)$150 $— 
Less: Net gains (losses) recognized on equity securities sold
— — — 
Unrealized (losses) gains recognized during the reporting period on equity securities still held at the reporting date
$(4,089)$150 $— 
The Company concurrently entered into an agreement in which LifeMD would provide services to stand-up the collaboration between LifeMD and the Company. The Company made payments of $5 million in each of the years ended December 31, 2024 and 2023. This amount was included in the Company's selling, general, and administrative expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2024 and 2023, respectively.