
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2026		2025		2026		2025
Realized and unrealized gain (loss) on equity securities, net	$	54	$	177	$	(625)	$	432
Equity in net (loss) income of investees, net	—		(302)		(987)		(302)
Realized and unrealized gain (loss) on debt securities, net	—		—		40		—
Other income (expense), net	393		294		(4,236)		364
Investment and other income (loss), net	$	447	$	169	$	(5,808)	$	494

In the table above, Other income (expense), net, for the nine months ended September 30, 2026 includes $5.4 million of expense related to the ELOC commitment fee, see Note 11—Stockholders’ Equity for further discussion.


(in thousands)	September 30, 2026		December 31, 2025
Marketable securities	$	631	$	698
Non-marketable securities	630		—
Equity method securities	607		2,136
Debt securities	—		841
Total	$	1,868	$	3,675

On April 21, 2026, the Company entered into a Share Subscription Agreement to purchase 700,000 shares of common stock in Allied Architects, Inc. (“Allied”), a publicly traded Tokyo-based corporation listed on the Tokyo Stock Exchange (TSE Ticker: 6081), for a total purchase price of $1.2 million (using exchange rates as of the investment date).

In December 2025, we received shares of common stock in ZeroStack Corp. (“ZeroStack”), formerly Flora Growth Corp., as part of a Note Settlement Agreement. We initially recorded the common shares at fair value as of the settlement date and have subsequently remeasured to fair value as of the balance sheet date. During the third quarter 2026, we sold the remaining common stock for approximately $146.2 thousand.

For the three and nine months ended September 30, 2026, we recognized a net gain of $53.6 thousand and a net loss of $625.3 thousand related to our marketable securities, respectively. For the three and nine months ended September 30, 2025, we recognized a net gain of $176.7 thousand and $431.9 thousand related to our marketable securities, respectively.

During the first quarter 2026, we invested approximately $630.0 thousand in Peak Consulting Labs Inc. ("Peak"), a privately held company, through a Simple Agreement for Future Equity ("SAFE"). We account for these non-marketable securities in accordance with Accounting Standards Codification Topic 321, Investments—Equity Securities ("ASC 321"). Under ASC 321, the SAFE is an equity security that does not have a readily determinable fair value. We have elected the measurement alternative under ASC 321-10-35-2, under which the investment is carried at cost, less impairment, and adjusted for observable price changes in orderly transactions for identical or similar securities of the same issuer. We concluded that Peak, is a variable interest entity under the framework detailed in Accounting Standards Codification Topic 810, Consolidations ("ASC 810"). Under ASC 810, we determined that consolidation of Peak is not required as we do not have

As of September 30, 2026, no upward adjustments, downward adjustments, impairment charges, or realized gains or losses have been recognized, our carrying value was $630.0 thousand, which is included within Investments on our Condensed Consolidated Balance Sheets.

On August 27, 2025, we entered into a subscription agreement with Cykel AI where we agreed to purchase 10.4 million prepaid warrants for £1.25 million, or $1.7 million (using exchange rates as of the agreement date). Under the terms of the subscription agreement, we would be granted an additional 10.4 million cash warrants exercisable at a 10% premium to the price per share stated in the second capital raise (the "Second Capital Raise") per cash warrant. Additionally, we have the right to appoint two board members to Cykel AI and an additional board member once the Second Capital Raise closes. On June 18, 2026, we entered into an agreement where we sold 100% of our interest in Cykel AI for $268.3 thousand.

In October 2025, we entered into a shareholders’ agreement with HBV Special Opportunities Limited Partnership Fund relating to HBV Special Opportunities Investment Holding 1 Limited (“HBV Investment Holding”), where we agreed to purchase 50 of HBV Investment Holding’s 150 outstanding ordinary shares for $608.3 thousand, representing a 33.33% ownership interest, with the remaining 66.67% owned by HBV Special Opportunities Limited Partnership Fund.

For the three and nine months ended September 30, 2026, we recognized a loss of approximately zero and $986.3 thousand, respectively, resulting from our share of earnings in our investees, which was recorded in Investment and other income (expense), net as stated on our Condensed Consolidated Statements of Operations.

On September 19, 2025, we entered into a securities purchase agreement with ZeroStack in which we agreed to, among other things, purchase convertible notes for 93.3 thousand SOL, or $23.1 million (using the exchange rate as of the agreement date) due September 2030, contingent upon certain closing conditions as described in the agreement. The convertible notes have an interest rate of 8.0% per year, accrued daily and payable in SOL on a quarterly basis, in arrears, on March 31, June 30, September 30 and December 31 each year. On October 24, 2025, the closing conditions were met.

Subsequently, on December 29, 2025, we entered into a note settlement agreement (the "Note Settlement Agreement") with ZeroStack, where we agreed to settle the aforementioned convertible notes, including principal, accrued interest and fees, for approximately $11.0 million in SOL (using exchange rates as of the date the SOL was received), $1.75 million in cash and approximately $0.8 million worth of common shares of ZeroStack.

During the first quarter 2026, we received approximately 6.7 thousand SOL, or $841.0 thousand, related to the remaining balance of the Note Settlement Agreement with ZeroStack and recognized a loss of $425.7 thousand upon settlement.