6.INVESTMENTS

Available-for-Sale Securities (Marketable Securities)

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

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

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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:

As of June 30, 2026, the Company had not identified any impairment indicators in its investments.

For the three and six months ended June 30, 2026, the Company received $0.6 million and $0.6 million of proceeds from maturities and call redemptions. The Company received $4.7 million and $8.3 million of proceeds from maturities and call redemptions for the three and six months ended June 30, 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 held an equity investment consisting of 654,000 shares of common stock of a privately held company until May 1, 2026, when the company was acquired by a third party. Upon the closing of the acquisition, the Company received cash proceeds of $1.7 million and recognized a realized gain of $0.8 million, which is presented within realized gain on equity investment in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss.

Prior to the acquisition, the investment did not have a readily determinable fair value and was accounted for under the measurement alternative in accordance with Accounting Standards Codification (“ASC”) 321, Equity Securities. Accordingly, the investment was carried at cost, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer, less any impairment. See Note 7. Fair Value Measurements and Concentrations of Credit Risk.