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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, All Other Investments [Abstract] |
INVESTMENTS | INVESTMENTS 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):
| September 30, 2025
| Cost |  | Unrealized Gains |  | Accrued Interest |  | Estimated Fair Value |  | Cash & Cash Equivalents |  | Investment Securities
Cash and cash equivalents, excluding money market accounts | $ | 82,584 |  | $ | — |  | $ | — |  | $ | 82,584 |  | $ | 82,584 |  | $ | —
Level 1: |  |  |  |  |  |  |  |  |  |  |
Money market accounts | 16,942 |  | — |  | — |  | 16,942 |  | 16,942 |  | —
Government & agency securities | 32,095 |  | 115 |  | 77 |  | 32,287 |  | — |  | 32,287
| 49,037 |  | 115 |  | 77 |  | 49,229 |  | 16,942 |  | 32,287
Level 2: |  |  |  |  |  |  |  |  |  |  |
Corporate bonds | 41,191 |  | 179 |  | 329 |  | 41,699 |  | — |  | 41,699
Total | $ | 172,812 |  | $ | 294 |  | $ | 406 |  | $ | 173,512 |  | $ | 99,526 |  | $ | 73,986
| 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 $0 and $8 thousand realized gains for the three months ended September 30, 2025 and 2024. The Company had $3.3 million and $82 thousand realized gains for the nine months ended September 30, 2025 and 2024. During the fourth quarter of 2023, the Company entered into an agreement with LifeMD, Inc, (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. During the second quarter of 2025, the Company sold all of its holdings in LifeMD common stock. Prior to the sale, the fair value of the investment was recorded within the investment securities of the Condensed Consolidated Balance Sheets. The net proceeds received from the sale are recorded within cash and cash equivalents of the Condensed Consolidated Balance Sheets at September 30, 2025. The gains and losses related to the Company’s LifeMD investment for the three and nine months ended September 30, 2025 and 2024 are summarized in the table below (in thousands):
| Three months ended September 30, |  |
| 2025 |  | 2024 |  |
Net losses recognized during the period on equity securities | $ | — |  |  | $ | (1,984) |  |  |
Less: Net losses recognized on equity securities sold | — |  |  | — |  |  |
Unrealized losses recognized during the reporting period on equity securities still held at the reporting date | $ | — |  |  | $ | (1,984) |  |  |
| Nine months ended September 30,
| 2025 |  | 2024
Net gains (losses) recognized during the period on equity securities | $ | 3,222 |  |  | $ | (3,734) |
Less: Net gains recognized on equity securities sold | 3,222 |  |  | — |
Unrealized losses recognized during the reporting period on equity securities still held at the reporting date | $ | — |  |  | $ | (3,734) |
During the fourth quarter of 2023, the Company entered into an agreement in which LifeMD would provide services to stand-up the collaboration between LifeMD and the Company. The Company recognized $0.0 million and $5.0 million within selling, general, and administrative expenses for services performed by LifeMD for the nine months ended September 30, 2025 and 2024. The Company recognized $0.0 million and $1.7 million within selling, general, and administrative expenses for services performed by LifeMD for the three months ended September 30, 2025 and 2024. Although the Company sold all of its equity holdings in LifeMD common stock during the quarter ended June 30, 2025, the collaboration between LifeMD and the Company continues and remains unchanged.

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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