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Investments | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 15,363 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,363 |
Commercial paper |  | 9,899 |  |  | — |  |  | — |  |  | 9,899 |
Corporate bonds |  | 37,410 |  |  | 30 |  |  | (9) |  |  | 37,431 |
Total debt securities |  | $ | 62,672 |  |  | $ | 30 |  |  | $ | (9) |  |  | $ | 62,693 |
Included in cash and cash equivalents |  | $ | 6,302 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6,303 |
Included in marketable securities |  | $ | 56,370 |  |  | $ | 29 |  |  | $ | (9) |  |  | $ | 56,390 |
|  | December 31, 2024
|  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | 10,933 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 10,955 |
Commercial paper |  | 19,067 |  |  | 7 |  |  | — |  |  | 19,074 |
Corporate bonds |  | 81,207 |  |  | 166 |  |  | (16) |  |  | 81,357 |
Certificate of deposits |  | 1,561 |  |  | — |  |  | — |  |  | 1,561 |
Total debt securities |  | $ | 112,768 |  |  | $ | 195 |  |  | $ | (16) |  |  | $ | 112,947 |
Included in cash and cash equivalents |  | $ | 16,280 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 16,285 |
Included in marketable securities |  | $ | 96,488 |  |  | $ | 190 |  |  | $ | (16) |  |  | $ | 96,662 |
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of June 30, 2025 and December 31, 2024 (in thousands):
|  | June 30, 2025 |  | December 31, 2024
|  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value
U.S. treasury securities |  | $ | — |  |  | $ | 14,064 |  |  | $ | — |  |  | $ | — |
Corporate bonds |  | (9) |  |  | 17,108 |  |  | (16) |  |  | 31,546 |
Total |  | $ | (9) |  |  | $ | 31,172 |  |  | $ | (16) |  |  | $ | 31,546 |
Equity Investments The Company’s equity investments consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):
| Condensed Consolidated Balance Sheets Location |  | June 30, 2025 |  | December 31, 2024
Money market funds(1) | Cash and cash equivalents |  | $ | 18,451 |  |  | $ | 17,730 |
Marketable equity investments(1) | Marketable securities |  | 3,075 |  |  | 3,165 |
Investment in non-marketable securities(2) | Other non-current assets |  | 10,000 |  |  | 10,000 |
Total |  |  | $ | 31,526 |  |  | $ | 30,895 |
(1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Forterra”) for consideration of $10.0 million, which was settled by issuing 41,261 shares of Class A common stock of the Company. The Company’s investment in Forterra represented less than 5% of Forterra’s capitalization. The Company neither had a significant influence over Forterra nor did its investment amounted to a controlling financial interest in Forterra. In the fourth quarter of 2022, the Company recorded an impairment charge of $6.0 million related to the investment in Forterra. As a result of anticipated losses of preferred rights and decline in enterprise value of Forterra, the Company has recorded an additional impairment charge of $4.0 million related to the said investment in the second quarter of 2024. In July 2024, the Company and Forterra entered into the Fourth Amended and Restated Limited Liability Company Agreement, pursuant to which the 1,495 Class A Preferred Units issued and outstanding were converted into 3,459 Class A Common Units. In May 2025, the Company and Forterra entered into the Unit Repurchase Agreement pursuant to which Forterra repurchased 3,459 Class A Common Units for a price per unit of $840.63 for an aggregated purchase price of $2.9 million. The gain on sale of equity investment was recorded in other income (expense), net in the condensed consolidated statements of operations.

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