Note 7 - Investments |
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| Investment in Debt and Equity Securities and Other Trading Assets [Text Block] |
Note 7 – Investments
The following table summarizes the Company’s investments as of September 30, 2026 (in thousands):
The Company classifies its investments in marketable debt securities as available-for-sale. As of September 30, 2026, the amortized cost of investments included an immaterial amount of accrued interest. As of September 30, 2026, marketable securities were in a net unrealized loss position. Unrealized gains and losses on available-for-sale debt securities are included as a component of comprehensive loss.
As of September 30, 2026, the aggregate fair value of marketable securities held by the Company in an unrealized loss position was $5.0 million which consisted of one security. The unrealized loss was primarily driven by minor fluctuations in the fair value of U.S. government securities. The Company does not expect to settle the debentures at a price less than the amortized cost basis of the investment; the Company expects to recover the entire amortized cost basis of the security. In accordance with the Company’s general investment strategy, the Company does not intend to sell the marketable securities before maturity. As of September 30, 2026, the Company believes the cost basis for its marketable securities was recoverable in all material aspects and no allowance for credit losses was recognized in the period.
The Company’s marketable securities as of September 30, 2026 mature in October 2026. The fair values of investments by contractual maturity consist of the following (in thousands):
In August 2026, the Company invested $1.0 million in a Simple Agreement for Future Equity (a "SAFE") issued by IntraGel Therapeutics Ltd., a privately held biotechnology company. In September 2026, the Company invested an additional $3.0 million in SAFEs of IntraGel Therapeutics Ltd. The investments are accounted for under ASC Topic 321 using the measurement alternative and are measured at cost, less impairment, plus or minus adjustments for observable price changes in orderly transactions for identical or similar securities of the issuer. As of September 30, 2026, the carrying value of the investments was $4.0 million and was included within other non-current assets on the condensed consolidated balance sheet as of September 30, 2026. No impairment or observable price adjustments were recognized during the period.
In connection with the investment, the Company also entered into an agreement for (i) an option to obtain an exclusive, worldwide license to develop, commercialize and exploit IntraGel's TumoCure product, formulated with IntraGel's proprietary, biodegradable hydrogel sustained-release delivery platform (collectively, the "SRGel platform"), for the treatment of advanced head and neck cancer, (ii) options to obtain exclusive, worldwide licenses to develop and commercialize additional products combining the SRGel platform with compounds the Company designates, and (iii) a non-exclusive license to research and evaluate the SRGel platform. The Company has no obligation to exercise the options.
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