EQUITY SECURITIES PORTFOLIO INVESTMENT

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

EQUITY SECURITIES

Equity securities for the periods presented were comprised of the following:


Security Type	Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
	(In thousands)
March 31, 2026:

Equity securities - other common stock	$	16,436	$	835	$	(3,065)	$	14,206


December 31, 2025:

Equity securities - other common stock	$	18,227	$	71	$	(747)	$	17,551

Equity Securities Portfolio Investment

On April 3, 2020, the Company entered into an Option Agreement with LF Equity Income Fund, which included general terms through which the Company was provided the option to purchase a portfolio of investments in 18 public and private life sciences companies (the “Life Sciences Portfolio”) for an aggregate purchase price of £223.9 million, approximately $277.5 million at the exchange rate on April 3, 2020. The total fair value of the remaining Life Sciences Portfolio investment of $25.7 million, which primarily consists of private life sciences companies, was included in our consolidated balance sheets as of March 31, 2026 and December 31, 2025. Unrealized and realized gains or losses from our investment in the Life Sciences Portfolio are recorded in the change in fair value of equity securities and gain or loss on sale of equity securities, respectively, in the consolidated statements of operations and comprehensive income (loss). There are no unrealized and realized gains or losses from our investment in the Life Sciences Portfolio for the three months ended March 31, 2026 and 2025.

As part of the Company’s acquisition of equity securities in the Life Sciences Portfolio, the Company acquired a majority interest in the equity securities of MalinJ1 (63.9%), which were transferred to the Company on December 3, 2020. The acquisition of the MalinJ1 securities was accounted for as an asset acquisition as there was a change of control of MalinJ1 and substantially all of the fair value of the assets acquired was concentrated in a single identifiable asset, an investment in Viamet Pharmaceuticals Holdings, LLC (“Viamet”). As such, the cost basis of the MalinJ1 securities was used to allocate to the Viamet investment, the single identifiable asset, and no goodwill was recognized. The Company through its consolidation of MalinJ1 accounts for the Viamet investment under the equity method as MalinJ1 owns 41.0% of outstanding shares of Viamet. As of March 31, 2026 and December 31, 2025, this investment did not meet the significance thresholds for additional summarized income statement disclosures, as defined by the SEC. No distributions were received during the three months ended March 31, 2026 and 2025.