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Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments

Note 4 Investments

Below is a summary of investments, which are measured at fair value as of September 30, 2025 (in thousands):

 

 

 

Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

Corporate bonds

 

$

1,480

 

 

$

-

 

 

$

(10

)

 

$

1,470

 

Government securities

 

 

40,091

 

 

 

285

 

 

 

-

 

 

 

40,376

 

Total

 

$

41,571

 

 

$

285

 

 

$

(10

)

 

$

41,846

 

 

Below is a summary of investments, which are measured at fair value as of December 31, 2024 (in thousands):

 

 

 

Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

Corporate bonds

 

$

4,249

 

 

$

1

 

 

$

(38

)

 

$

4,212

 

 

Government securities

 

 

36,003

 

 

 

258

 

 

 

-

 

 

 

36,261

 

 

Total

 

$

40,252

 

 

$

259

 

 

$

(38

)

 

$

40,473

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The gross unrealized losses and fair values of available-for-sale investment securities that were in unrealized loss positions were as follows (in thousands):

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

As of September 30, 2025

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

762

 

 

$

(4

)

 

$

708

 

 

$

(6

)

 

$

1,470

 

 

$

(10

)

Total

 

$

762

 

 

$

(4

)

 

$

708

 

 

$

(6

)

 

$

1,470

 

 

$

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less Than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

 

Fair Value

 

 

Unrealized Loss

 

December 31, 2024

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

2,257

 

 

$

(19

)

 

$

1,043

 

 

$

(19

)

 

$

3,300

 

 

$

(38

)

Total

 

$

2,257

 

 

$

(19

)

 

$

1,043

 

 

$

(19

)

 

$

3,300

 

 

$

(38

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains recorded in connection with the investments for the three and nine months ended September 30, 2025 were $0.002 million and $0.01 million, respectively, and were recorded as a component of interest income in the condensed consolidated statements of operations. Net realized gains (losses) recorded in connection with the investments for the three and nine months ended September 30, 2024 were ($0.01) million and $0.8 million, respectively, and were recorded as a component of interest income in the condensed consolidated statements of operations.

Accrued interest of $0.02 million and $0.1 million is included in investments within the condensed consolidated balance sheets for the periods ended September 30, 2025 and 2024, respectively.

During the periods when the Company held available-for-sale investment securities, the Company did not intend to sell nor anticipate that it would be required to sell these investments before recovery of the amortized cost basis. As such, unrealized losses were determined not to be related to credit losses and the Company did not record any credit-related impairment losses on the available-for-sale investment securities during the three and nine months ended September 30, 2025 and 2024.

As of September 30, 2025, the contractual maturities of available-for-sale investment securities were as follows (in thousands):

 

 

 

Amortized Cost

 

 

Fair Value

 

Due in one year or less

 

$

40,857

 

 

$

41,138

 

Due after one year through five years

 

$

714

 

 

$

708

 

Total

 

$

41,571

 

 

$

41,846