INVESTMENTS

3 Months Ended

Mar. 31, 2025

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 on-going 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):


	March 31, 2025
	Cost		Unrealized Gains (Losses)		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities

Cash and cash equivalents, excluding money market accounts	$	78,246	$	—	$	—	$	78,246	$	78,246	$	—

Level 1:
Money market accounts	13,471		—		—		13,471		13,471		—
Government & agency securities	29,060		47		118		29,225		—		29,225
Equity securities	10,000		(3,339)		—		6,661		—		6,661
	52,531		(3,292)		118		49,357		13,471		35,886

Level 2:
Corporate bonds	36,360		274		356		36,990		—		36,990

Total	$	167,137	$	(3,018)	$	474	$	164,593	$	91,717	$	72,876


	December 31, 2024
	Cost		Unrealized Gains (Losses		Accrued Interest		Estimated Fair Value		Cash & Cash Equivalents		Investment Securities

Cash and cash equivalents, excluding money market accounts	$	77,551	$	—	$	—	$	77,551	$	77,551	$	—

Level 1:
Money market accounts	13,377		—		—		13,377		13,377		—
Government & agency securities	28,920		15		96		29,031		—		29,031
Equity securities	10,000		(3,939)		—		6,061		—		6,061
	52,297		(3,924)		96		48,469		13,377		35,092

Level 2:
Corporate bonds	35,771		227		326		36,324		—		36,324

Total	$	165,619	$	(3,697)	$	422	$	162,344	$	90,928	$	71,416

The Company had $7 thousand of realized gains for the three months ended March 31, 2025 and $9 thousand of realized gains for the three months ended March 31, 2024.

During the fourth quarter of 2023, the Company entered into an agreement with LifeMD (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. The fair value of the investment is recorded

within the investment securities of the accompanying Consolidated Balance Sheets. The gains related to the Company’s LifeMD investment for the three months ended March 31, 2025 and 2024 are summarized in the table below (in thousands):


	March 31, 2025		March 31, 2024

Net gains recognized during the period on equity securities	$	600	$	2,437
Less: Net gains recognized on equity securities sold	—		—
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$	600	$	2,437

The Company concurrently entered into an agreement in which LifeMD would provide services to stand-up the collaboration between LifeMD and the Company. The Company recognized $0 million and $1.3 million within selling, general, and administrative expenses for services performed by LifeMD for the quarters ended March 31, 2025 and March 31, 2024, respectively