Note 5. Investments

Marketable Securities

Our marketable equity securities are publicly traded stocks measured at fair value using quoted prices for identical assets in active markets and classified as Level 1 within the fair value hierarchy. Marketable equity securities as of June 30, 2025 and December 31, 2024, and activity for the six months ended June 30, 2025 and year ended December 31, 2024, are as follows:

No marketable securities were sold during the six months ended June 30, 2025 and 2024.

Long-term investments held to maturity in equity securities consist of the following:

LMF Acquisition Opportunities Inc. and SeaStar Medical - Warrants

The Company, through its affiliate LMFA Sponsor LLC (“Sponsor”), owns an aggregate 229,520 private placement warrants in SeaStar Medical Holding Corporation, a Delaware corporation (“SeaStar Medical”). For the three and six months ended June 30, 2025 and 2024, our re-measurement of the fair value of the private placement warrants resulted in an unrealized loss of approximately $3 thousand and $144, respectively, for 2025 and an unrealized loss of approximately $742 thousand and $146 thousand, respectively, for 2024. The unrealized loss is included within “Unrealized loss on investment and equity securities” within the consolidated statements of operations.

SeaStar Medical Holding Corporation - Common Stock

As of June 30, 2025 and December 31, 2024, Sponsor holds 103,500 shares or approximately 0.9% of the total outstanding common shares of SeaStar Medical. Taking into consideration the approximately 30% minority interest in Sponsor, the percentage of ownership in the total outstanding common shares of SeaStar Medical that is attributable to the Company is approximately 0.6%.

The Company remeasures our retained interest in SeaStar Medical at fair value and include any resulting adjustments as part of a gain or loss on investment. The fair value of our retained interest in SeaStar Medical's common stock is classified as Level 1 in the fair value hierarchy as the fair value is based upon the observable trading price of Seastar Medical (NASDAQ: ICU) common stock. The trading price of ICU common stock as of June 30, 2025 and 2024 was $0.43 and $7.59 per share, respectively.

For the three and six months ended June 30, 2025 and 2024, our re-measurement of the fair value of ICU common stock resulted in an unrealized loss of $128 thousand and $157 thousand, respectively for 2025 and unrealized loss of $1.1 million and $0.4 million, respectively for 2024. The unrealized loss is included within “Unrealized loss on investment and equity securities” within the consolidated statements of operations.

The net unrealized loss on securities from the Company’s investment in SeaStar Medical's common stock and warrants for the three and six months ended June 30, 2025 and 2024 totaled $131 thousand and $157 thousand, respectively for 2025 and $1.9 million and $0.5 million, respectively for 2024.

Receivable from the sale of Symbiont assets

On December 26, 2023, the Company entered into an asset purchase agreement with Platonic Holdings, Inc. (“Platonic”) pursuant to which we agreed to sell Symbiont intangible assets to Platonic. The sale closed on December 27, 2023. The sales proceeds were $2.0 million, of which $0.2 million was held in a customary indemnity escrow. Amounts held in escrow were recorded as “Receivable from the sale of Symbiont assets” in the consolidated balance sheets as of December 31, 2024. The $0.2 million escrow amount was received in January 2025.