INVESTMENTS

9 Months Ended

Sep. 30, 2026

Investments, All Other Investments [Abstract]

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):


	September 30, 2026
	Cost		Unrealized Gains (Losses)		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities

Cash and cash equivalents, excluding money market accounts	$	21,284	$	—	$	—	$	21,284	$	21,284	$	—

Level 1:
Money market accounts	37,088		—		—		37,088		37,088		—
Government & agency securities	37,106		49		84		37,239		—		37,239

	74,194		49		84		74,327		37,088		37,239

Level 2:
Corporate bonds	76,765		(472)		630		76,923		—		76,923

Total	$	172,243	$	(423)	$	714	$	172,534	$	58,372	$	114,162


	December 31, 2025
	Cost		Unrealized Gains		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities

Cash and cash equivalents, excluding money market accounts	$	50,187	$	—	$	—	$	50,187	$	50,187	$	—

Level 1:
Money market accounts	39,116		—		—		39,116		39,116		—
Government & agency securities	23,247		111		80		23,438		—		23,438
	62,363		111		80		62,554		39,116		23,438

Level 2:
Corporate bonds	53,801		198		533		54,532		—		54,532

Total	$	166,351	$	309	$	613	$	167,273	$	89,303	$	77,970

The Company had $12 thousand and $0 thousand realized gains for the three months ended September 30, 2026 and 2025, respectively. The Company had $27 thousand and $3.3 million realized gains for the nine months ended September 30, 2026 and 2025, respectively.

During the fourth quarter of 2023, the Company entered into an agreement with LifeMD, Inc, (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. During the second quarter of 2025, the Company sold all of its holdings in LifeMD common stock. The net gains recognized during the nine months ended September 30, 2025 were $3.2 million. Prior to the sale, the fair value of the investment was recorded within an equity securities caption in the table above. The net proceeds received from the sale were recorded within cash and cash equivalents of the Condensed Consolidated Balance Sheets.