INVESTMENTS

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Securities (Marketable Securities)

The Company’s marketable securities by security type are summarized as follows:


	As of March 31, 2026
	Amortized Cost		Gross Unrealized Gain		Estimated Fair Value


U.S. Government debt securities	$	576	$	—	$	576
Total available-for-sale securities	$	576	$	—	$	576

Contractual maturities of the Company’s available-for-sale and trading securities are summarized as follows:


	As of March 31, 2026
	Amortized Cost		Estimated Fair Value
Due in less than one year	$	576	$	576
Due in one to five years	—		—
Total investments	$	576	$	576

The Company did not have any investments in marketable securities as of December 31, 2025.

The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. Investments that are impaired are those that are considered to have losses that are other-than-temporary. Factors considered in determining whether a loss is temporary include:

•the length of time and extent to which fair value has been lower than the cost basis;

•the financial condition, credit quality and near-term prospects of the investee; and

•whether it is more likely than not that the Company will be required to sell the investment prior to recovery.

As of March 31, 2026, the Company had not identified any impairment indicators in its investments.

For the three months ended March 31, 2026, the Company did not receive any proceeds from maturities and call redemptions. The Company received $3.6 million of proceeds from maturities and call redemptions for the three months ended March 31, 2025. Gains and losses are determined using the specific identification method, whereby realized gains and losses are calculated based on the historical cost of the specific available-for-sale securities sold, matured or redeemed.

Investment in Private Company

The Company holds an equity investment in a privately held company consisting of 654,000 shares of common stock. The investment does not have a readily determinable fair value and is accounted for under the measurement alternative in accordance with Accounting Standards Codification (“ASC”) 321, Equity Securities. Accordingly, the investment is carried at cost, adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer, less any impairment. See Note 7. Fair Value Measurements and Concentrations of Credit Risk.

On May 1, 2026, the Company received cash consideration of $1.7 million in connection with the acquisition by a third-party of a privately held company. See Note 22. Subsequent Events.