v3.26.3
Short-Term Investments
9 Months Ended
Sep. 30, 2026
Short-Term Investments [Abstract]  
SHORT-TERM INVESTMENTS

5. SHORT-TERM INVESTMENTS

 

Short-term investments consist of held-to-maturity investments.

 

Held-to-maturity investments consist of a certificate of deposit with Cathay Bank, which is classified as held to maturity because the Company has positive intent and ability to hold the investment to maturity. The certificate of deposit was purchased at par for $1.0 million, bears a fixed annual interest rate of 3.78%, compounds monthly with interest paid in kind by addition to principal, and matures on August 21, 2027.

 

The certificate of deposit is classified as a short-term investment on the condensed consolidated balance sheets because its original contractual maturity is within one year from the date of issuance. The deposit is not publicly traded. Based on its short contractual term, fixed rate, and the creditworthiness of the issuing bank, the Company estimates that the fair value of the certificate of deposit approximates its amortized cost of $1.0 million as of September 30, 2026. No other-than-temporary impairment loss was recognized for the three and nine months ended September 30, 2026.