Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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.