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INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Jul. 31, 2025
INVESTMENTS AND FAIR VALUE MEASUREMENTS  
Schedule of current investments

Investments - current

 

July 31, 2025

 

 

April 30, 2025

 

Marketable equity securities

 

$

61,305

 

 

$

55,784

 

U.S. treasury securities

 

 

16,046

 

 

 

33,005

 

Total Investments – current

 

$

77,351

 

 

$

88,789

 
Schedule of noncurrent investments

Investments - noncurrent

 

July 31, 2025

 

 

April 30, 2025

 

Corporate bonds

 

$

13,876

 

 

$

13,880

 

Total Investments – noncurrent

 

$

13,876

 

 

$

13,880

 
Schedule of short-term investments

Marketable securities as of July 31, 2025 and April 30, 2025 consisted of the following (in thousands):

 

 

July 31, 2025

 

 

Cost or
Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

$

67,956

 

 

$

6,659

 

 

$

(13,310

)

 

$

61,305

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

15,907

 

 

 

139

 

 

 

—

 

 

 

16,046

 

Corporate bonds

 

 

13,787

 

 

 

162

 

 

 

(73

)

 

 

13,876

 

Total marketable debt securities

 

 

29,694

 

 

 

301

 

 

 

(73

)

 

 

29,922

 

 

$

97,650

 

 

$

6,960

 

 

$

(13,383

)

 

$

91,227

 

 

 

April 30, 2025

 

 

Cost or
Amortized
Cost

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Fair Value

 

Marketable equity securities

 

 

 

 

 

 

 

 

 

 

 

 

Equity securities

 

$

63,677

 

 

$

6,892

 

 

$

(14,785

)

 

$

55,784

 

Marketable debt securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury securities

 

 

32,674

 

 

 

331

 

 

 

—

 

 

 

33,005

 

Corporate bonds

 

 

13,802

 

 

 

147

 

 

 

(69

)

 

 

13,880

 

Total marketable debt securities

 

 

46,476

 

 

 

478

 

 

 

(69

)

 

 

46,885

 

 

$

110,153

 

 

$

7,370

 

 

$

(14,854

)

 

$

102,669

 
Debt Securities, Available-for-sale

The following summarizes Immersion’s amortized costs and fair value of our marketable securities, by contractual maturity, as of July 31, 2025 (in thousands):

 

 

July 31, 2025

 

 

Amortized Cost

 

 

Fair Value

 

Less than 1 year

 

$

15,907

 

 

$

16,046

 

1 to 5 years

 

 

13,787

 

 

 

13,876

 

More than 5 years

 

 

—

 

 

 

—

 

Total

 

$

29,694

 

 

$

29,922

 
Derivatives Not Designated as Hedging Instruments

Immersion’s derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of July 31, 2025 and April 30, 2025 (in thousands):

 

 

July 31, 2025

 

 

Cost

 

 

Unrealized
(Gains) Losses

 

 

Fair Value

 

Derivative instruments

 

$

4,406

 

 

$

1,133

 

 

$

5,539

 

 

$

4,406

 

 

$

1,133

 

 

$

5,539

 

 

 

April 30, 2025

 

 

Cost

 

 

Unrealized
(Gains) Losses

 

 

Fair Value

 

Derivative instruments

 

$

6,045

 

 

$

3,709

 

 

$

9,754

 

 

$

6,045

 

 

$

3,709

 

 

$

9,754

 
Schedule of realized and unrealized gains and losses from equity securities and derivative instruments and realized gains and losses from marketable debt securities realized and unrealized gains and losses from Immersion’s equity securities and derivative instruments and realized gains and losses from Immersion’s marketable debt securities are as follows (in thousands):

 

Three Months Ended July 31,

 

2025

 

2024

 

Net unrealized gains (losses) recognized on marketable equity securities

$

1,243

 

$

1,630

 

Net realized gains recognized on marketable equity securities

 

960

 

 

3,108

 

Net unrealized gains (losses) recognized on derivative instruments

 

2,577

 

 

(525

)

Net realized gains recognized on derivative instruments

 

1,205

 

 

2,596

 

Net realized gains recognized on marketable debt securities

 

—

 

 

1,273

 

Total net gains recognized in interest and other income (loss), net

$

5,985

 

$

8,082

 
Schedule of financial instruments measured at fair value on recurring basis

Financial instruments measured at fair value on a recurring basis as of July 31, 2025 and April 30, 2025 are classified based on the valuation technique in the table below (in thousands):

 

 

July 31, 2025

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds (within cash and cash equivalents)

 

$

68,635

 

 

$

—

 

 

$

—

 

 

$

68,635

 

U.S. treasury securities

 

 

—

 

 

 

16,046

 

 

 

—

 

 

 

16,046

 

Equity securities

 

 

61,305

 

 

 

—

 

 

 

—

 

 

 

61,305

 

Corporate bonds

 

 

—

 

 

 

13,876

 

 

 

—

 

 

 

13,876

 

Total assets at fair value

 

$

129,940

 

 

$

29,922

 

 

$

—

 

 

$

159,862

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments

 

$

3,697

 

 

$

1,842

 

 

$

—

 

 

$

5,539

 

Total liabilities at fair value

 

$

3,697

 

 

$

1,842

 

 

$

—

 

 

$

5,539

 

 

 

 

April 30, 2025

 

 

 

 

 

Fair Value Measurements Using

 

 

 

 

 

Quoted Prices
in Active Markets for Identical Assets
(Level 1)

 

 

Significant Other Observable Inputs
(Level 2)

 

 

Significant Unobservable Inputs
(Level 3)

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money Market funds (within cash and cash equivalents)

 

$

59,747

 

 

$

—

 

 

$

—

 

 

$

59,747

 

U.S. treasury securities

 

 

-

 

 

 

33,005

 

 

 

—

 

 

 

33,005

 

Equity securities

 

 

55,784

 

 

 

—

 

 

 

—

 

 

 

55,784

 

Corporate bonds

 

 

3,272

 

 

 

10,608

 

 

 

—

 

 

 

13,880

 

Total assets at fair value

 

$

118,803

 

 

$

43,613

 

 

$

—

 

 

$

162,416

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative instruments

 

$

6,456

 

 

$

3,298

 

 

$

—

 

 

$

9,754

 

Total liabilities at fair value

 

$

6,456

 

 

$

3,298

 

 

$

—

 

 

$

9,754