Immersion (IMMR) 10-Q11 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 04, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Fiscal Year Focus	2023
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-38334
Entity Registrant Name	Immersion Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-3180138
Entity Address, Address Line One	2999 N.E. 191st Street
Entity Address, Address Line Two	Suite 610
Entity Address, City or Town	Aventura
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33180
City Area Code	408
Local Phone Number	467-1900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,241,498
Entity Central Index Key	0001058811
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	IMMR
Security Exchange Name	NASDAQ
Series B
Entity Information [Line Items]
Title of 12(b) Security	Series B Junior Participating Preferred Stock Purchase Rights
Trading Symbol	IMMR
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 25,820	$ 48,820
Investments - current	131,718	100,918
Accounts and other receivables	2,343	1,235
Prepaid expenses and other current assets	8,135	9,347
Total current assets	168,016	160,320
Property and equipment, net	252	293
Investments - noncurrent	20,249	17,040
Long-term deposits	6,304	4,324
Deferred tax assets	7,217	7,217
Other assets	455	916
Total assets	202,493	190,110
Current liabilities:
Accounts payable	54	86
Accrued compensation	1,306	2,029
Deferred revenue - current	4,766	4,766
Other current liabilities	15,734	12,465
Total current liabilities	21,860	19,346
Deferred revenue - noncurrent	10,250	12,629
Other long-term liabilities	347	435
Total liabilities	32,457	32,410
Commitments and contingencies (Note 5)
Stockholders’ equity:
Common stock and additional paid-in capital	322,870	322,714
Accumulated other comprehensive income	875	202
Accumulated deficit	(54,710)	(70,016)
Treasury stock	(98,999)	(95,200)
Total stockholders’ equity	170,036	157,700
Total liabilities and stockholders’ equity	$ 202,493	$ 190,110

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Total revenues	$ 6,983	$ 7,983	$ 14,057	$ 15,291
Operating expenses:
Sales and marketing	398	218	494	704
Research and development	99	355	229	868
General and administrative	3,373	3,304	6,962	6,010
Total operating expenses	3,870	3,877	7,685	7,582
Operating income	3,113	4,106	6,372	7,709
Interest and other income (loss), net	6,759	(6,099)	13,285	(4,065)
Income (loss) before benefit from (provision for) income taxes	9,872	(1,993)	19,657	3,644
Benefit from (provision for) income taxes	(2,844)	174	(4,351)	(387)
Net income (loss)	$ 7,028	$ (1,819)	$ 15,306	$ 3,257
Basic net income (loss) per share (in dollars per share)	$ 0.22	$ (0.05)	$ 0.47	$ 0.1
Shares used in calculating basic net income (loss) per share (in shares)	32,583	33,616	32,474	33,638
Diluted net income (loss) per share (in dollars per share)	$ 0.21	$ (0.05)	$ 0.47	$ 0.1
Shares used in calculating diluted net income (loss) per share (in shares)	32,810	33,616	32,839	33,955
Other comprehensive income (loss), net of tax
Deferred gains on available-for-sale marketable debt securities	$ 365	$ 0	$ 929	$ 530
Realized losses on available-for-sale marketable debt securities reclassified to net income	(67)	(1,054)	(257)	(1,343)
Total other comprehensive income (loss)	298	(1,054)	672	(813)
Total comprehensive income (loss)	7,326	(2,873)	15,978	2,444
Royalty and license
Revenues:
Total revenues	6,918	7,918	13,927	15,148
Development, services, and other revenue
Revenues:
Total revenues	$ 65	$ 65	$ 130	$ 143

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock and Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock
Beginning balance (in shares) at Dec. 31, 2021		46,534,198			12,143,433
Beginning balance at Dec. 31, 2021	$ 141,295	$ 323,296	$ 412	$ (100,680)	$ (81,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,257			3,257
Unrealized gain (loss) on available-for-sale securities, net of taxes	(813)		(813)
Stock repurchases (in shares)					1,220,546
Stock repurchases					$ (5,977)
Release of restricted stock units and awards, net of shares withheld (in shares)		293,069			14,549
Release of restricted stock units and awards, net of shares withheld	(80)				$ (80)
Issuance of stock for ESPP purchase (in shares)		7,725
Issuance of stock for ESPP purchase	34	$ 34
Shares issued to an employee in lieu of cash compensation (in shares)		16,517
Shares issued to an employee in lieu of cash compensation	84	$ 84
Shares issued in connection with public offering, net of issuance costs	5	5
Stock-based compensation	1,932	$ 1,932
Ending balance (in shares) at Jun. 30, 2022		46,851,509			13,378,528
Ending balance at Jun. 30, 2022	139,737	$ 325,351	(401)	(97,423)	$ (87,790)
Beginning balance (in shares) at Mar. 31, 2022		46,658,734			13,082,214
Beginning balance at Mar. 31, 2022	143,350	$ 324,476	653	(95,604)	$ (86,175)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,819)			(1,819)
Unrealized gain (loss) on available-for-sale securities, net of taxes	(1,054)		(1,054)
Stock repurchases (in shares)					281,765
Stock repurchases					$ (1,535)
Release of restricted stock units and awards, net of shares withheld (in shares)		176,258			14,549
Release of restricted stock units and awards, net of shares withheld	(80)				$ (80)
Shares issued to an employee in lieu of cash compensation (in shares)		16,517
Shares issued to an employee in lieu of cash compensation	84	$ 84
Stock-based compensation	791	$ 791
Ending balance (in shares) at Jun. 30, 2022		46,851,509			13,378,528
Ending balance at Jun. 30, 2022	139,737	$ 325,351	(401)	(97,423)	$ (87,790)
Beginning balance (in shares) at Dec. 31, 2022		46,974,598			14,727,582
Beginning balance at Dec. 31, 2022	157,700	$ 322,714	202	(70,016)	$ (95,200)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15,306			15,306
Unrealized gain (loss) on available-for-sale securities, net of taxes	673		673
Stock repurchases (in shares)					413,696
Stock repurchases					$ (2,852)
Release of restricted stock units and awards, net of shares withheld (in shares)		456,469			119,174
Release of restricted stock units and awards, net of shares withheld	(947)				$ (947)
Proceeds from stock options exercises (in shares)		21,222
Proceeds from stock options exercises	160	$ 160
Issuance of stock for ESPP purchase (in shares)		1,298
Issuance of stock for ESPP purchase	6	$ 6
Shares issued to an employee in lieu of cash compensation (in shares)		65,477
Shares issued to an employee in lieu of cash compensation	490	$ 490
Dividend declared	(2,207)	(2,207)
Stock-based compensation	1,707	$ 1,707
Ending balance (in shares) at Jun. 30, 2023		47,519,064			15,260,452
Ending balance at Jun. 30, 2023	170,036	$ 322,870	875	(54,710)	$ (98,999)
Beginning balance (in shares) at Mar. 31, 2023		47,428,494			14,825,518
Beginning balance at Mar. 31, 2023	165,729	$ 322,847	577	(61,738)	$ (95,957)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,028			7,028
Unrealized gain (loss) on available-for-sale securities, net of taxes	298		298
Stock repurchases (in shares)					413,696
Stock repurchases					$ (2,852)
Release of restricted stock units and awards, net of shares withheld (in shares)		54,514			21,238
Release of restricted stock units and awards, net of shares withheld	(190)				$ (190)
Proceeds from stock options exercises (in shares)		21,222
Proceeds from stock options exercises	160	$ 160
Shares issued to an employee in lieu of cash compensation (in shares)		14,834
Shares issued to an employee in lieu of cash compensation	106	$ 106
Dividend declared	(1,003)	(1,003)
Stock-based compensation	760	$ 760
Ending balance (in shares) at Jun. 30, 2023		47,519,064			15,260,452
Ending balance at Jun. 30, 2023	$ 170,036	$ 322,870	$ 875	$ (54,710)	$ (98,999)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows provided by (used in) operating activities:
Net income	$ 15,306	$ 3,257
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation of property and equipment	42	68
Reduction in carrying value of right of use assets	231	353
Stock-based compensation	1,707	1,932
Net (gains) losses on investment in marketable securities	(7,206)	3,644
Net (gain) loss on derivative instruments	(2,044)	2,728
Deferred income taxes	0	(124)
Foreign currency remeasurement gains (losses)	(2)	139
Shares issued to an employee in lieu of cash compensation	490	84
Other non cash	(55)	5
Changes in operating assets and liabilities:
Accounts and other receivables	(1,109)	47
Prepaid expenses and other current assets	2,467	3,882
Long-term deposits	(1,980)	5,072
Other assets	231	997
Accounts payable	(33)	74
Accrued compensation	(723)	570
Other current liabilities	3,845	(872)
Deferred revenue	(2,379)	(2,542)
Other long-term liabilities	(34)	(675)
Net cash and cash equivalents provided by operating activities	8,754	18,639
Cash flows provided by (used in) investing activities:
Purchases of marketable securities and other investments	(99,766)	(71,959)
Proceeds from sale or maturities of marketable securities and other investments	72,442	64,876
Proceeds from sale of derivative instruments	9,487	9,272
Payments for settlement of derivative instruments	(4,869)	(8,903)
Purchases of property and equipment	0	(8)
Net cash and cash equivalents used in investing activities	(22,706)	(6,722)
Cash flows provided by (used in) financing activities:
Dividend payments to stockholders	(5,415)	0
Payment for purchases of treasury stock	(2,852)	(5,976)
Proceeds from issuance of common stock under employee stock purchase plan	6	34
Proceeds from stock options exercises	160	0
Shares withheld to cover payroll taxes	(947)	(80)
Other financing activities	0	5
Net cash and cash equivalents used in financing activities	(9,048)	(6,017)
Net increase (decrease) in cash and cash equivalents	(23,000)	5,900
Cash and cash equivalents:
Beginning of period	48,820	51,490
End of period	25,820	57,390
Supplemental disclosure of cash flow information:
Cash paid for income taxes	636	647
Supplemental disclosure of non-cash investing, and financing activities:
Dividends declared but not yet paid	1,003	0
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 120

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	1. SIGNIFICANT ACCOUNTING POLICIES Description of Business Immersion Corporation (the “Company”, “Immersion”, “we” or “us”) was incorporated in 1993 in California and reincorporated in Delaware in 1999. We focus on the creation, design, development, and licensing of innovative haptic technologies that allow people to use their sense of touch more fully as they engage with products and experience the digital world around them. We have adopted a business model under which we provide advanced tactile software, related tools and technical assistance designed to help integrate our patented technology into our customers’ products or enhance the functionality of our patented technology to certain customers, and offer licenses for our patented technology to other customers. Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Immersion and our wholly-owned subsidiaries. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ” Use of Estimates The preparation of condensed consolidated financial statements and related disclosures requires management to make estimates and assumptions that affect the reported amounts of the condensed consolidated financial statements. Significant estimates include revenue recognition, fair value of financial instruments, useful lives of property and equipment, valuation of income taxes including uncertain tax provisions, stock-based compensation and long-term deposits for withholding taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. Segment Information We develop, license, and support a wide range of software and intellectual property (“IP”) that more fully engage users’ sense of touch when operating digital devices. We focus on the following target application areas: mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical; and commercial. We manage these application areas in one operating and reporting segment with only one set of management, development, and administrative personnel. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM approves budgets and allocates resources to and assesses the performance of our business using information about our revenue and operating loss. There is only one segment that is reported to management. Recent Account Pronouncements We do not expect recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2023, to have significant impact on our financial positions and results of operations.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
REVENUE RECOGNITION	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	2. REVENUE RECOGNITION Disaggregated Revenue The following table presents the disaggregation of our revenue for the three and six months ended , and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed fee $ 1,189 $ 1,246 $ 2,404 $ 2,991 Per-unit royalty revenue 5,729 6,672 11,523 12,157 Total royalty and license revenue 6,918 7,918 13,927 15,148 Development, services, and other revenue 65 65 130 143 Total revenues $ 6,983 $ 7,983 $ 14,057 $ 15,291 Per-unit Royalty Revenue We record per-unit royalty revenue in the same period in which the licensee’s underlying sales occur. When we do not receive the per-unit licensee royalty reports for sales during a given quarter within the time frame that allows us to adequately review the reports and include the actual amounts in our quarterly results for such quarter, we accrue the related revenue based on estimates of our licensees’ underlying sales, subject to certain constraints on our ability to estimate such amounts. We develop such estimates based on a combination of available data including, but not limited to, approved customer forecasts, a look back at historical royalty reporting for each of our customers, and industry information available for the licensed products. As a result of accruing per-unit royalty revenue for the quarter based on such estimates, adjustments will be required in the following quarter to true up revenue to the actual amounts reported by our licensees. In the three months ended June 30, 2023, we recorded adjustments of $0.3 million to increase royalty revenue. We recorded adjustments of $0.5 million to increase royalty revenue during the three months ended June 30, 2022. Contract Assets As of , we had contract assets of $5.8 million included within Prepaid expenses and other current asset s, and $0.3 million included within Other assets on the Condensed Consolidated Balance Sheets . As of December 31, 2022, we had contract assets of $7.7 million included within Prepaid expenses and other current assets , and $0.5 million included within Other assets on the Condensed Consolidated Balance Sheets . Contract assets decreased by $2.1 million from January 1, 2023, to June 30 Deferred Revenue We recognize revenue from a fixed fee license agreement when we have satisfied our performance obligations, which typically occurs upon the transfer of rights to our technology upon the execution of the license agreement. However, in certain contracts, we grant a license to our existing patent portfolio at the inception of the license agreement as well as rights to the portfolio as it evolves throughout the contract term. For such arrangements, we have concluded that there are two separate performance obligations: • Performance Obligation A: Transfer of rights to our patent portfolio as it exists when the contract is executed; and • Performance Obligation B: Transfer of rights to our patent portfolio as it evolves over the term of the contract, including access to new patent applications that the licensee can benefit from over the term of the contract. If a fixed fee license agreement contains only Performance Obligation A, we recognize the revenue from the agreement at the inception of the contract. For fixed fee license agreements that contain both Performance Obligation A and B, we allocate the transaction price based on the standalone price for each of the two performance obligations. We use a number of factors primarily related to the attributes of our patent portfolio to estimate standalone prices related to Performance Obligation A and B. Once the transaction price is allocated, the portion of the transaction price allocable to Performance Obligation A is recognized in the period the license agreement is signed and the customer can benefit from rights provided in the contract. The portion allocable to Performance Obligation B is recognized on a straight-line basis over the contract term which best represents the ongoing and continuous nature of the patent prosecution process. For such contracts, a contract liability account is established and included within Deferred revenue on the Condensed Consolidated Balance Sheet s. As the rights and obligations in a contract are interdependent, contract assets and contract liabilities that arise in the same contract are presented on a net basis. Based on contracts signed and payments received as of June 30, 2023, we expect to recognize $15.0 million in revenue related to Performance Obligation B under our fixed fee license agreements, which are satisfied over time, including $9.3 million over one to three years and $5.7 million over more than three years. As of December 31, 2022, total deferred revenue was $17.4

INVESTMENTS AND FAIR VALUE MEAS

INVESTMENTS AND FAIR VALUE MEASUREMENTS	6 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS AND FAIR VALUE MEASUREMENTS	3. INVESTMENTS AND FAIR VALUE MEASUREMENTS Marketable Securities We invest surplus funds in excess of operational requirements in a diversified portfolio of marketable securities, with the objectives of delivering competitive returns, maintaining a high degree of liquidity, and seeking to avoid the permanent impairment of principal. We regularly review our investment portfolio to identify and evaluate investments that have indicators of possible impairment. Investments are considered impaired when a decline in fair value is judged to be other-than-temporary. If the cost of an individual investment exceeds its fair value, we evaluate, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment. Once a decline in fair value is determined to be other-than-temporary, we will record an impairment charge and establish a new cost basis for the investment. Marketable securities as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands): June 30, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 27,020 $ — $ (2,955 ) $ 24,065 Equity securities 67,800 3,214 (5,703 ) 65,311 Total marketable equity securities 94,820 3,214 (8,658 ) 89,376 Marketable debt securities U.S. treasury securities 48,534 807 (43 ) 49,298 Corporate bonds 13,305 87 (99 ) 13,293 Total marketable debt securities 61,839 894 (142 ) 62,591 $ 156,659 $ 4,108 $ (8,800 ) $ 151,967 December 31, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,352 $ — $ (3,143 ) $ 23,209 Equity securities 53,273 2,776 (5,836 ) 50,213 Total marketable equity securities 79,625 2,776 (8,979 ) 73,422 Marketable debt securities U.S. treasury securities 25,640 182 (24 ) 25,798 Corporate bonds 13,496 48 (106 ) 13,438 Total marketable debt securities 39,136 230 (130 ) 39,236 $ 118,761 $ 3,006 $ (9,109 ) $ 112,658 The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of (in thousands) are as follows: June 30, 2023 Amortized Cost Fair Value Less than 1 year $ 41,559 $ 42,342 1 to 5 years 20,280 20,249 More than 5 years — — Total $ 61,839 $ 62,591 Derivative Financial Instruments Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2023 and (in thousands): June 30, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 5,471 $ 752 $ 6,223 $ 5,471 $ 752 $ 6,223 December 31, 2022 Cost Unrealized Losses Fair Value Derivative instruments $ 2,987 $ 662 $ 3,649 $ 2,987 $ 662 $ 3,649 A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net unrealized gains (losses) recognized on marketable equity securities $ (1,255 ) $ (6,923 ) $ 759 $ (4,784 ) Net realized gains (losses) recognized on marketable equity securities 4,561 (254 ) 6,230 772 Net unrealized losses recognized on derivative instruments (91 ) (1,943 ) (194 ) (4,603 ) Net realized gains recognized on derivative instruments 1,520 2,009 2,237 1,875 Net realized gains recognized on marketable debt securities 217 — 217 368 Total net gains (losses) recognized in interest and other income (loss), net $ 4,952 $ (7,111 ) $ 9,249 $ (6,372 ) Fair Value Measurements Our financial instruments measured at fair value on a recurring basis consisted of money-market funds, mutual funds, equity securities, corporate debt securities and derivatives. Equity securities are classified within Level 1 of the fair value hierarchy as they are valued based on quoted market price in an active market. Corporate debt securities and derivative instruments are valued based on quoted prices in markets that are less active, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency are generally classified within Level 2 of the fair value hierarchy. Financial instruments valued based on unobservable inputs which reflect the reporting entity’s own assumptions or data that market participants would use in valuing an instrument are generally classified within Level 3 of the fair value hierarchy. We did not hold Level 3 financial instruments as of June 30, 2023 , and . Financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands): June 30, 2023 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. treasury securities $ 49,298 $ — $ — $ 49,298 Mutual funds 24,065 — — 24,065 Equity securities 65,311 — — 65,311 Corporate bonds — 13,293 — 13,293 Total assets at fair value $ 138,674 $ 13,293 $ — $ 151,967 Liabilities Derivative instruments $ — $ 6,223 $ — $ 6,223 Total liabilities at fair value $ — $ 6,223 $ — $ 6,223 December 31, 2022 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Certificate of deposit $ — $ 5,300 $ — $ 5,300 U.S. treasury securities 25,798 — — 25,798 Mutual funds 23,209 — — 23,209 Equity securities 50,213 — — 50,213 Corporate bonds — 13,438 — 13,438 Total assets at fair value $ 99,220 $ 18,738 $ — $ 117,958 Liabilities Derivative instruments $ — $ 3,649 $ — $ 3,649 Total liabilities at fair value $ — $ 3,649 $ — $ 3,649

BALANCE SHEET DETAILS

BALANCE SHEET DETAILS	6 Months Ended
BALANCE SHEET DETAILS	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET DETAILS	4. BALANCE SHEETS DETAILS Cash and Cash Equivalents Cash and cash equivalents were as follows (in thousands): June 30, 2023 December 31, 2022 Cash $ 5,269 $ 9,630 Money market funds 20,551 13,586 Certificates of deposit (1) — 25,604 Cash and cash equivalents $ 25,820 $ 48,820 (1) Represents certificates of deposit with initial maturity days of 90 Investments - Current Investments - current were as follows (in thousands): June 30, 2023 December 31, 2022 Certificates of deposit (2) $ — $ 5,300 Marketable securities 89,376 73,422 U.S. treasury securities 42,342 22,196 Short-term investments $ 131,718 $ 100,918 (2) 91 one Accounts and Other Receivables Accounts and other receivables were as follows (in thousands): June 30, 2023 December 31, 2022 Trade accounts receivables $ 626 $ 1,003 Other receivables 1,717 232 Accounts and other receivables $ 2,343 $ 1,235 Allowance for credit losses as of June 30, 2023 and December 31, 2022 were not material. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets were as follows (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 2,284 $ 1,576 Contract assets - current 5,787 7,671 Other current assets 64 100 Prepaid expenses and other current assets $ 8,135 $ 9,347 Investments - noncurrent Investments- noncurrent were as follows (in thousands): June 30, 2023 December 31, 2022 U.S. treasury securities $ 6,956 $ 3,602 Marketable debt securities 13,293 13,438 Investments- noncurrent $ 20,249 $ 17,040 Other Assets Other assets were as follows (in thousands): June 30, 2023 December 31, 2022 Contract assets - long-term 326 545 Lease right-of-use assets 129 360 Other assets — 11 Total other assets $ 455 $ 916 Other Current Liabilities Other current liabilities were as follows (in thousands): June 30, 2023 December 31, 2022 Derivative instruments $ 6,223 $ 3,649 Lease liabilities - current 137 486 Income taxes payable 6,708 2,700 Dividends payable 1,003 4,212 Other current liabilities 1,663 1,418 Total other current liabilities $ 15,734 $ 12,465

CONTINGENCIES

CONTINGENCIES	6 Months Ended
CONTINGENCIES	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	5. CONTINGENCIES From time to time, we receive claims from third parties asserting that our technologies, or those of our licensees, infringe on the other parties’ IP rights. Management believes that these claims are without merit. Additionally, periodically, we are involved in routine legal matters and contractual disputes incidental to our normal operations. In management’s opinion, unless we disclosed otherwise, the resolution of such matters will not have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. In the normal course of business, we provide indemnification of varying scope to customers, most commonly to licensees in connection with licensing arrangements that include our IP, although these provisions can cover additional matters. Historically, costs related to these guarantees have not been significant, and we are unable to estimate the maximum potential impact of these guarantees on our future results of operations. LGE Korean Withholding Tax Matter On October 16, 2017, we received a letter from LG Electronics Inc. (“LGE”) requesting that we reimburse LGE with respect to withholding tax imposed on LGE by the Korean tax authorities following an investigation where the tax authority determined that LGE failed to withhold on LGE’s royalty payments to Immersion Software Ireland, a subsidiary of the Company, from 2012 to 2014 . Pursuant to an agreement reached with LGE, on April 8, 2020, we provided a provisional deposit to LGE in the amount of KRW 5,916,845,454 (approximately $ 5.0 million) representing the amount of such withholding tax that was imposed on LGE, which provisional deposit would be returned to us to the extent we ultimately prevail in the appeal in the Korean courts. In the second quarter of 2020 , we recorded this deposit in Long-term deposits on our Condensed Consolidated Balance Sheets . In the fourth quarter of 2021 , we recorded an impairment charge of $0.8 On November 3, 2017, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding their findings with respect to the withholding taxes related to the 2012 to 2014 period. The Korea Tax Tribunal hearing took place on March 5, 2019. On March 19, 2019, the Korea Tax Tribunal issued its ruling in which it decided not to accept our arguments with respect to the Korean tax authorities’ assessment of withholding tax and penalties imposed on LGE. On behalf of LGE, we filed an appeal with the Korea Administrative Court on June 10, 2019. We have had numerous hearings before the Korea Administrative Court in the years 2019 2022 On April 25, 2023, we received notice from LGE requesting us to reimburse LGE with respect to withholding tax imposed on LGE by the Korean tax authorities following a recent tax audit of LGE for the years 2018 2022 3,024,877,044 2.3 Long-term deposits Condensed Consolidated Balance Sheets On June 29, 2023, on behalf of LGE, we filed an appeal with the Korea Tax Tribunal regarding their findings with respect to the withholding taxes related to the 2018 to 2022 period. As of June 30, 2023, we have accrued $ 0.3 These withholding taxes have been reclassified and reported as an impairment reduction to the Long-term deposit Based on th e developments in these cases, we regularly reassess the likelihood that we will prevail in the claims from the Korean tax authorities with respect to the LGE case. To the extent that we determine that it is more likely than not that we will prevail against the claims from the Korean tax authorities, then no additional tax expense is provided for in our Condensed Consolidated Statements of Income and Comprehensive Income . In the event that we determine that it is more likely than not that we will not prevail against the claims from the Korean tax authorities, or a portion thereof, then we would estimate the anticipated additional tax expense associated with that outcome and record it as additional income tax expense in our Condensed Consolidated Statements of Income and Comprehensive Income in the period of the new determination. If the additional income tax expense was related to the periods assessed by Korean tax authorities and for which we recorded a Long-term deposits on our Condensed Consolidated Balance Sheets , then the additional income tax expense would be recorded as an impairment to the Long-term deposits . If the additional income tax expense was not related to the periods assessed by Korean tax authorities and for which we recorded in Long-term deposits on our Condensed Consolidated Balance Sheets , then the additional income tax expense would be accrued as an Other current liabilities . In the event that we do not ultimately prevail in our appeal in the Korean courts with respect to this case, the applicable deposits included in Long-term deposits Condensed Consolidated Statements of Income and Comprehensive Income Immersion Corporation vs. Meta Platforms, Inc., f/k/a Facebook, Inc. On May 26, 2022, we filed a complaint against Meta Platforms, Inc. (formerly known as Facebook, Inc.) (“Meta”) in the United States District Court for the Western District of Texas. The complaint alleges that Meta’s augmented and virtual reality (“AR/VR”) systems, including the Meta Quest 2, infringe six of our patents that cover various uses of haptic effects in connection with such AR/VR systems. We are seeking to enjoin Meta from further infringement and to recover a reasonable royalty for such infringement. The complaint against Meta asserts infringement of the following patents: • U.S. Patent No. 8,469,806: “System and method for providing complex haptic stimulation during input of control gestures, and relating to control of virtual equipment” • U.S. Patent No. 8,896,524: “Context-dependent haptic confirmation system” • U.S. Patent No. 9,727,217: “Haptically enhanced interactivity with interactive content” • U.S. Patent No. 10,248,298: “Haptically enhanced interactivity with interactive content” • U.S. Patent No. 10,269,222: “System with wearable device and haptic output device” • U.S. Patent No. 10,664,143: “Haptically enhanced interactivity with interactive content” Meta responded to the Company’s complaint on August 1, 2022. On September 12, 2022, Meta filed a motion to transfer the lawsuit to the Northern District of California or, in the alternative, to the Austin Division of the Western District of Texas. The Court denied Meta’s motion on May 30, 2023, and held the claim construction hearing on the same day. The Court adopted certain claim constructions during the hearing, and issued a formal claim construction order consistent with those constructions on July 7, 2023. Fact discovery is ongoing, and is set to close on September 6, 2023. In addition, Meta filed inter partes reviews (“IPRs”), are directed to U.S. Patent Nos. 8,469,806; 8,896,524; and 10,269,222, respectively. The Company’s response to IPR2023-00942 and IPR2023-0094 is due on September 8, 2023, and to IPR2023-00944 is due on September 12, 2023. Meta filed IPR2023-00945; IPR2023-00946; and IPR2023-00947 on May 26, 2023. These IPRs are directed to United States Patent Nos. 10,664,143; 9,727,217; and 10,248,298, respectively. Our response to IPR2023-00945 is due on September 8, 2023, and our response to IPR2023-00946 and IPR2023-00947 is due on September 12, 2023. Immersion Corporation vs. Xiaomi Group On or about March 3, 2023, we initiated patent infringement lawsuits against several companies of the Xiaomi-Group (the “Xiaomi-Group”) Tribunal judiciaire de Paris The complaints allege that the Xiaomi-Group’s devices, including the Xiaomi 12, infringe our patents that cover various uses of haptic effects in connection with such devices. We are seeking injunctions that would allow us to prohibit Xiaomi-Group from selling the infringing devices in Germany, France and India, as well as costs and damages as compensation for such infringement. The complaints against the Xiaomi-Group assert infringement of the following patents: • EP 2 463 752 B1 (German part) titled “ Haptisches Feedback-System mit gespeicherten Effekten • EP 2 463 752 B1 (French part) titled “ Système de rendu haptique avec stockage d’effets • IN 304 396 (India) titled “ Haptic Feedback System With Stored Effects” On June 19, 2023, Xiaomi filed an initial response to the Company’s lawsuit in India. On July 7, 2023, the Indian litigation was listed before the Learned Joint Registrar (“JR”), Mr. Siddharth Mathur. Immersion’s preliminary response to Xiaomi’s initial response is due on August 11, 2023. On July 11, 2023, in the German proceeding Xiaomi filed its nullity action in the German Federal Patent Court, which was served on Immersion on July 27, 2023. Immersion Corporation vs. Valve Corporation On May 15, 2023, we filed a complaint against Valve Corporation (“ Valve The complaint against Valve asserts infringement of the following patents: • • • • • • • Valve responded to the Complaint on July 24, 2023 with a motion to dismiss. Immersion’s response to the motion is due on August 14, 2023.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
STOCK-BASED COMPENSATION	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	6. STOCK-BASED COMPENSATION Stock Options and Awards Our equity incentive program is a long-term retention program that is intended to attract, retain, and provide incentives for employees, consultants, officers, and directors and to align stockholder and employee interests. We may grant time-based options, market condition-based options, stock appreciation rights, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance shares, market condition-based performance restricted stock units (“PSUs”), and other stock-based equity awards to employees, officers, directors, and consultants. On January 18, 2022, our stockholders approved the 2021 Equity Incentive Plan (the “2021 Plan”), which provides for a total number of shares reserved and available for grant and issuance equal to 3,525,119 shares plus up to an additional 855,351 shares that are subject to stock options or other awards granted under the 2011 Equity Incentive Plan. On March 30, 2023, our stockholders approved an amendment to the 2021 Plan to increase the number of shares reserved for issuance under the 2021 Plan by 4,621,488 shares. Under our equity incentive plans, stock options may be granted at prices not less than the fair market value on the date of grant for such stock options. Stock options generally vest over four seven one three A summary of our equity incentive program as of is as follows (in thousands): Common stock shares available for grant 5,056 Stock options outstanding 119 RSUs outstanding 751 RSAs outstanding 75 PSUs outstanding 411 Time-Based Stock Options The following summarizes time-based stock options activities for the six months ended June 30, 2023: Number of Shares Underlying Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 140 $ 7.57 4.03 $ — Granted — — Exercised (21 ) 7.54 Canceled or expired — — Outstanding as of June 30, 2023 119 $ 7.57 3.54 $ — Vested and expected to vest at June 30, 2023 118 $ 7.57 3.54 $ — Exercisable at June 30, 2023 99 $ 7.57 3.54 $ — The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the exercise price of our common stock for the options that were in-the-money. We did not grant stock options in the six months ended June 30, 2023. Restricted Stock Units The following summarizes RSU activities for the six months ended June 30, 2023: Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 887 $ 5.85 2.38 $ 6,226 Granted 50 7.76 Released (134 ) 5.35 Forfeited (52 ) 6.91 Outstanding at June 30, 2023 751 $ 5.99 1.72 $ 5,317 The aggregate intrinsic value is calculated as the market value as of the end of the reporting period. Restricted Stock Awards The following summarizes RSA activities for the six months ended June 30, 2023: Number of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 119 $ 5.47 0.39 Granted 75 8.31 Released (119 ) 5.47 Forfeited — — Outstanding at June 30, 2023 75 $ 8.31 0.75 Market Condition-Based Performance Stock Units The following summarizes PSU activities for the six months ended June 30, 2023: Number of Market Condition-Based Performance Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 615 $ 3.69 1.12 Granted — — Released (204 ) — Forfeited — — Outstanding at June 30, 2023 411 $ 3.70 0.87 Employee Stock Purchase Plan Under our 1999 Employee Stock Purchase Plan (“ESPP”), eligible employees may purchase common stock through payroll deductions at a purchase price of 85% of the lower of the fair market value of our common stock at the beginning of the offering period or the purchase date. Participants may not purchase more than 2,000 shares in a six shares of common stock have been reserved for issuance under the ESPP. During the six months ended June 30, 2023 , 1,298 shares were purchased under the ESPP. Effective February 1, 2023, our ESPP was discontinued and 193,134 shares expired following the ESPP termination. Stock-based Compensation Expense Valuation and amortization methods Stock-based compensation is based on the estimated fair value of awards, net of estimated forfeitures, and recognized over the requisite service period. Estimated forfeitures are based on historical experience at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The stock-based compensation related to all of our stock-based awards and ESPP for the three and six months ended June 30, 2023, and 2022 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options $ 16 $ 52 $ (40 ) $ 15 RSUs, RSAs and PSUs 744 734 1,747 1,915 ESPP — 5 0 2 Total $ 760 $ 791 $ 1,707 $ 1,932 Sales and marketing $ 97 $ (99 ) $ (2 ) $ (2 ) Research and development 1 (23 ) (73 ) 81 General and administrative 662 913 1,782 1,853 Total $ 760 $ 791 $ 1,707 $ 1,932 As of June 30, 2023 ,

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
STOCKHOLDERS' EQUITY	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS' EQUITY	7 STOCKHOLDERS’ EQUITY Stock Repurchase Program On February 23, 2022, our Board of Directors ( the “ Board” (the “February 2022 Stock Repurchase Program”). Additionally, the Board authorized the use of derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases depended on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program did not obligate us to repurchase any dollar amount or number of shares, and the program could be suspended or discontinued at any time. In the year ended December 31, 2022, we repurchased 1,637,566 shares of our common stock for $8.9 million at an average purchase price of $5.46 per share. The February 2022 Stock Repurchase Program was terminated on December 29, 2022. On December 29, 2022, the Board approved a stock repurchase program of up to $50.0 million of our common stock for a period of up to twelve months (the “December 2022 Stock Repurchase Program”), which terminated and superseded the stock repurchase program that had been approved by the Board on February 23, 2022. Any stock repurchases may be made through open market and privately negotiated transactions, at such times and in such amounts as management deems appropriate, including pursuant to one or more Rule 10b5-1 trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Additionally, the Board authorized the use of any derivative or similar instrument to effect stock repurchase transactions, including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, naked put options, floor transactions or other similar transactions or any combination of the foregoing transactions. The stock repurchase program was implemented as a method to return value to our stockholders. The timing, pricing and sizes of any repurchases will depend on a number of factors, including the market price of our common stock and general market and economic conditions. The stock repurchase program does not obligate us to repurchase any dollar amount or number of shares, and the program may be suspended or discontinued at any time. On August 8, 2023, the Board approved an amendment to extend the expiration date of the December 2022 Stock Repurchase Program that was set to expire on December 29, 2023 to December 29, 2024. We repurchased 413,696 shares of our common stock for $2.9 million at average purchase price of $6.88 per share during the six months ended June 30, 2023. As of June 30, 2023, we had $47.1 million available for repurchase under the December 2022 Stock Repurchase Program. Dividends Payment On November 14, 2022, our Board declared a quarterly dividend in the amount of $0.03 per share, which was paid on January 30, 2023, to stockholders of record on January 15, 2023. In addition, on December 29, 2022, the Board declared a special dividend in the amount of $0.10 per share, which was paid on January 30, 2023 to stockholders of record on January 15, 2023. On February 21, 2023, the Board declared a second quarterly dividend, in the amount of $0.03 per share, which was paid on April 28, 2023 to stockholders of record on April 13, 2023. On May 10, 2023, the Board declared a third quarterly dividend in the amount of $0.03 per share which was paid on July 28, 2023, to shareholders of record on July 13, 2023. On August 11, 2023 October 27 , 2023 to shareholders of record on October 16 , 2023 . In the first half of 2023, the total dividends paid was $5.4 million.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES Provision for income taxes the three and six months ended Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) before provision for income taxes $ 9,872 $ ( 1,993 ) $ 19,657 $ 3,644 Benefit from (provision for) income taxes ( 2,844 ) 174 ( 4,351 ) ( 387 ) Effective tax rate 28.8 % 8.7 % 22.1 % 10.6 % Provision for income taxes for the three and six months ended June 30, 2023 resulted primarily from estimated domestic and foreign taxes included in the calculation of the effective tax rate. Benefit from income taxes for the three months ended June 30, 2022 resulted primarily from estimated foreign taxes included in the calculation of the effective tax rate. Provision for income taxes for the six months ended June 30, 2022 resulted primarily from estimated foreign taxes included in the calculation of the effective tax rate. As of June 30, 2023, we had unrecognized tax benefits under Accounting Standards Certification (“ASC”) 740 Income Taxes As of June 30, 2023, we had net deferred income tax assets of $7.0 million and deferred income tax liabilities of $0.1 million. Because we have net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state, and foreign taxing authorities may examine our tax returns for all years from 2005 through the current period. We maintain a valuation allowance against certain of our deferred tax assets, including certain federal, all state, and certain foreign deferred tax assets because of uncertainties regarding the realization of the asset balance due to historical losses, the variability of operating results, and uncertainty regarding near term projected results. If we determine the deferred tax assets are realizable based on our assessment of relevant factors, an adjustment to the valuation allowance may increase income in the period such determination is made.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	6 Months Ended
NET INCOME (LOSS) PER SHARE	Jun. 30, 2023
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	9. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed using the weighted average number of shares of common stock, adjusted for any dilutive effect of potential common stock. Potential common stock, computed using the treasury stock method, includes stock options, stock awards and ESPP. The following is a reconciliation of the denominators used in computing basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Denominator: Weighted-average shares outstanding, basic 32,583 33,616 32,474 33,638 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 227 — 365 317 Weighted average shares outstanding, diluted 32,810 33,616 32,839 33,955 We include PSUs in the calculation of diluted earnings per share if the applicable performance condition has been satisfied as of the end of the reporting period and exclude stock equity awards if the performance condition has not been met. For the three and six months ended June 30, 2023 and 2022, we had stock options, RSUs, PSUs and RSAs outstanding that could potentially dilute basic earnings per share in the future, but these were excluded from the computation of diluted net income per share because their effect would have been anti-dilutive. These outstanding securities consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 136 210 138 224 RSUs, RSAs and PSUs 10 17 5 35 Total 146 227 143 259

LEASES

LEASES	6 Months Ended
LEASES	Jun. 30, 2023
Leases [Abstract]
LEASES	10. LEASES We lease our office space under lease arrangements with expiration dates on or before March 31, 2024. We recognize lease expense on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Balance Sheets Below is a summary of our right-of-use assets and lease liabilities (in thousands): Balance Sheets Classification June 30, 2023 December 31, 2022 Assets Right-of-use assets Other assets $ 129 $ 360 Liabilities Operating lease liabilities - current Other current liabilities 137 486 Operating lease liabilities - long-term Other long-term liabilities — 56 Total lease liabilities $ 137 $ 542 The table below provides supplemental information related to operating leases during the six months ended June 30, 2023 and 2022 (in thousands except for lease term): Six Months Ended June 30, 2023 2022 Cash paid within operating cash flow $ 409 $ 674 Weighted average lease terms (in years) 0.69 1.07 Weighted average discount rates N/A 3.93 % On June 6, 2022, we entered into a sublease agreement with Innovobot Fund LLP for our facility located in Montreal Canada (the “ ” On November 12, 2014, we entered into an amendment to the lease of approximately 42,000 square feet office space in San Jose, California facilities (the "SJ Facility"). The lease commenced in May 2015 and expired as of April 2023. for the SJ facility. This sublease commenced in June 2020 and ended on April 30, 2023, which is the lease termination date of the San Jose Facility. Both SJ Facility lease and related sublease expired in April 2023. In accordance with provisions of ASC 842, we treated each sublease as a separate lease as we were not relieved of the primary obligation under each original lease. We continue to account for each original lease as a lessee, in the same manner as prior to the commencement date of the sublease. We accounted for each sublease as a lessor of such lease. We classified each sublease as an operating lease as it did not meet the criteria of a Sale-Type or Direct Financing lease. We recognize operating lease expense and lease payments from the sublease, on a straight-line basis, in our Condensed Consolidated Statements of Income and Comprehensive Income Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 110 $ 63 $ 170 $ 288 Variable lease payments 41 93 169 230 Sublease income (136 ) (275 ) (393) (614 ) Total lease cost $ 15 $ (119 ) $ (54) $ (96 ) Minimum future lease payments obligations as of June 30, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 $ 121 2024 39 Total lease payments 160 Less: Interest (23 ) Total lease liability $ 137 Future cash receipts from our sublease agreements as of June 30, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 102 2024 34 Total $ 136

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Immersion and our wholly-owned subsidiaries. All intercompany accounts, transactions, and balances have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( “ ”
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements and related disclosures requires management to make estimates and assumptions that affect the reported amounts of the condensed consolidated financial statements. Significant estimates include revenue recognition, fair value of financial instruments, useful lives of property and equipment, valuation of income taxes including uncertain tax provisions, stock-based compensation and long-term deposits for withholding taxes. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation.
Segment Information	Segment Information We develop, license, and support a wide range of software and intellectual property (“IP”) that more fully engage users’ sense of touch when operating digital devices. We focus on the following target application areas: mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical; and commercial. We manage these application areas in one operating and reporting segment with only one set of management, development, and administrative personnel. Our chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM approves budgets and allocates resources to and assesses the performance of our business using information about our revenue and operating loss. There is only one segment that is reported to management.
Recently Adopted Pronouncements	Recent Account Pronouncements We do not expect recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2023, to have significant impact on our financial positions and results of operations.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
REVENUE RECOGNITION (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregated revenue	The following table presents the disaggregation of our revenue for the three and six months ended , and 2022 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed fee $ 1,189 $ 1,246 $ 2,404 $ 2,991 Per-unit royalty revenue 5,729 6,672 11,523 12,157 Total royalty and license revenue 6,918 7,918 13,927 15,148 Development, services, and other revenue 65 65 130 143 Total revenues $ 6,983 $ 7,983 $ 14,057 $ 15,291

INVESTMENTS AND FAIR VALUE ME_2

INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of short-term investments	Marketable securities as of June 30, 2023 and December 31, 2022 consisted of the following (in thousands): June 30, 2023 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 27,020 $ — $ (2,955 ) $ 24,065 Equity securities 67,800 3,214 (5,703 ) 65,311 Total marketable equity securities 94,820 3,214 (8,658 ) 89,376 Marketable debt securities U.S. treasury securities 48,534 807 (43 ) 49,298 Corporate bonds 13,305 87 (99 ) 13,293 Total marketable debt securities 61,839 894 (142 ) 62,591 $ 156,659 $ 4,108 $ (8,800 ) $ 151,967 December 31, 2022 Cost or Amortized Cost Unrealized Gains Unrealized Losses Fair Value Marketable equity securities Mutual funds $ 26,352 $ — $ (3,143 ) $ 23,209 Equity securities 53,273 2,776 (5,836 ) 50,213 Total marketable equity securities 79,625 2,776 (8,979 ) 73,422 Marketable debt securities U.S. treasury securities 25,640 182 (24 ) 25,798 Corporate bonds 13,496 48 (106 ) 13,438 Total marketable debt securities 39,136 230 (130 ) 39,236 $ 118,761 $ 3,006 $ (9,109 ) $ 112,658
Debt Securities, Available-for-sale	The amortized costs and fair value of our marketable debt securities, by contractual maturity, as of (in thousands) are as follows: June 30, 2023 Amortized Cost Fair Value Less than 1 year $ 41,559 $ 42,342 1 to 5 years 20,280 20,249 More than 5 years — — Total $ 61,839 $ 62,591
Derivatives Not Designated as Hedging Instruments	Our derivative instruments consisted of call and put options sold at their fair value as of the balance sheet date. These derivative instruments are reported as Other current liabilities on our Condensed Consolidated Balance Sheets as of June 30, 2023 and (in thousands): June 30, 2023 Cost Unrealized Losses Fair Value Derivative instruments $ 5,471 $ 752 $ 6,223 $ 5,471 $ 752 $ 6,223 December 31, 2022 Cost Unrealized Losses Fair Value Derivative instruments $ 2,987 $ 662 $ 3,649 $ 2,987 $ 662 $ 3,649
Realized and Unrealized Gains and Losses From Our Equity Securities and Derivative Instruments	A summary of realized and unrealized gains and losses from our equity securities and derivative instruments are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net unrealized gains (losses) recognized on marketable equity securities $ (1,255 ) $ (6,923 ) $ 759 $ (4,784 ) Net realized gains (losses) recognized on marketable equity securities 4,561 (254 ) 6,230 772 Net unrealized losses recognized on derivative instruments (91 ) (1,943 ) (194 ) (4,603 ) Net realized gains recognized on derivative instruments 1,520 2,009 2,237 1,875 Net realized gains recognized on marketable debt securities 217 — 217 368 Total net gains (losses) recognized in interest and other income (loss), net $ 4,952 $ (7,111 ) $ 9,249 $ (6,372 )
Schedule of financial instruments measured at fair value on recurring basis	Financial instruments measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022 are classified based on the valuation technique in the table below (in thousands): June 30, 2023 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: U.S. treasury securities $ 49,298 $ — $ — $ 49,298 Mutual funds 24,065 — — 24,065 Equity securities 65,311 — — 65,311 Corporate bonds — 13,293 — 13,293 Total assets at fair value $ 138,674 $ 13,293 $ — $ 151,967 Liabilities Derivative instruments $ — $ 6,223 $ — $ 6,223 Total liabilities at fair value $ — $ 6,223 $ — $ 6,223 December 31, 2022 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Certificate of deposit $ — $ 5,300 $ — $ 5,300 U.S. treasury securities 25,798 — — 25,798 Mutual funds 23,209 — — 23,209 Equity securities 50,213 — — 50,213 Corporate bonds — 13,438 — 13,438 Total assets at fair value $ 99,220 $ 18,738 $ — $ 117,958 Liabilities Derivative instruments $ — $ 3,649 $ — $ 3,649 Total liabilities at fair value $ — $ 3,649 $ — $ 3,649

BALANCE SHEET DETAILS (Tables)

BALANCE SHEET DETAILS (Tables)	6 Months Ended
BALANCE SHEET DETAILS (Tables)	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of cash and cash equivalents	Cash and cash equivalents were as follows (in thousands): June 30, 2023 December 31, 2022 Cash $ 5,269 $ 9,630 Money market funds 20,551 13,586 Certificates of deposit (1) — 25,604 Cash and cash equivalents $ 25,820 $ 48,820 (1) Represents certificates of deposit with initial maturity days of 90
Schedule of current investments	Investments - current were as follows (in thousands): June 30, 2023 December 31, 2022 Certificates of deposit (2) $ — $ 5,300 Marketable securities 89,376 73,422 U.S. treasury securities 42,342 22,196 Short-term investments $ 131,718 $ 100,918 (2) 91 one
Schedule of accounts and other receivables	Accounts and other receivables were as follows (in thousands): June 30, 2023 December 31, 2022 Trade accounts receivables $ 626 $ 1,003 Other receivables 1,717 232 Accounts and other receivables $ 2,343 $ 1,235
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets were as follows (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 2,284 $ 1,576 Contract assets - current 5,787 7,671 Other current assets 64 100 Prepaid expenses and other current assets $ 8,135 $ 9,347
Schedule of noncurrent investments	Investments- noncurrent were as follows (in thousands): June 30, 2023 December 31, 2022 U.S. treasury securities $ 6,956 $ 3,602 Marketable debt securities 13,293 13,438 Investments- noncurrent $ 20,249 $ 17,040
Schedule of other assets, net	Other assets were as follows (in thousands): June 30, 2023 December 31, 2022 Contract assets - long-term 326 545 Lease right-of-use assets 129 360 Other assets — 11 Total other assets $ 455 $ 916
Schedule of other current liabilities	Other current liabilities were as follows (in thousands): June 30, 2023 December 31, 2022 Derivative instruments $ 6,223 $ 3,649 Lease liabilities - current 137 486 Income taxes payable 6,708 2,700 Dividends payable 1,003 4,212 Other current liabilities 1,663 1,418 Total other current liabilities $ 15,734 $ 12,465

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
STOCK-BASED COMPENSATION (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of equity incentive program	A summary of our equity incentive program as of is as follows (in thousands): Common stock shares available for grant 5,056 Stock options outstanding 119 RSUs outstanding 751 RSAs outstanding 75 PSUs outstanding 411
Summary of time-based stock options	The following summarizes time-based stock options activities for the six months ended June 30, 2023: Number of Shares Underlying Stock Options (in thousands) Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 140 $ 7.57 4.03 $ — Granted — — Exercised (21 ) 7.54 Canceled or expired — — Outstanding as of June 30, 2023 119 $ 7.57 3.54 $ — Vested and expected to vest at June 30, 2023 118 $ 7.57 3.54 $ — Exercisable at June 30, 2023 99 $ 7.57 3.54 $ —
Summary of restricted stock units activities	The following summarizes RSU activities for the six months ended June 30, 2023: Number of Restricted Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2022 887 $ 5.85 2.38 $ 6,226 Granted 50 7.76 Released (134 ) 5.35 Forfeited (52 ) 6.91 Outstanding at June 30, 2023 751 $ 5.99 1.72 $ 5,317
Summary of restricted stock awards activities	The following summarizes RSA activities for the six months ended June 30, 2023: Number of Restricted Stock Awards (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 119 $ 5.47 0.39 Granted 75 8.31 Released (119 ) 5.47 Forfeited — — Outstanding at June 30, 2023 75 $ 8.31 0.75
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	The following summarizes PSU activities for the six months ended June 30, 2023: Number of Market Condition-Based Performance Stock Units (in thousands) Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Outstanding at December 31, 2022 615 $ 3.69 1.12 Granted — — Released (204 ) — Forfeited — — Outstanding at June 30, 2023 411 $ 3.70 0.87
Summary of stock-based compensation expenses	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options $ 16 $ 52 $ (40 ) $ 15 RSUs, RSAs and PSUs 744 734 1,747 1,915 ESPP — 5 0 2 Total $ 760 $ 791 $ 1,707 $ 1,932 Sales and marketing $ 97 $ (99 ) $ (2 ) $ (2 ) Research and development 1 (23 ) (73 ) 81 General and administrative 662 913 1,782 1,853 Total $ 760 $ 791 $ 1,707 $ 1,932

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
INCOME TAXES (Tables)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of income tax provisions	Provision for income taxes the three and six months ended Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income (loss) before provision for income taxes $ 9,872 $ ( 1,993 ) $ 19,657 $ 3,644 Benefit from (provision for) income taxes ( 2,844 ) 174 ( 4,351 ) ( 387 ) Effective tax rate 28.8 % 8.7 % 22.1 % 10.6 %

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of reconciliation used in computing basic and diluted net income per share	The following is a reconciliation of the denominators used in computing basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Denominator: Weighted-average shares outstanding, basic 32,583 33,616 32,474 33,638 Shares related to outstanding options, unvested RSUs, RSAs, and PSUs 227 — 365 317 Weighted average shares outstanding, diluted 32,810 33,616 32,839 33,955
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Stock options 136 210 138 224 RSUs, RSAs and PSUs 10 17 5 35 Total 146 227 143 259

LEASES (Tables)

LEASES (Tables)	6 Months Ended
LEASES (Tables)	Jun. 30, 2023
Leases [Abstract]
Summary of ROU assets and lease liabilities	Below is a summary of our right-of-use assets and lease liabilities (in thousands): Balance Sheets Classification June 30, 2023 December 31, 2022 Assets Right-of-use assets Other assets $ 129 $ 360 Liabilities Operating lease liabilities - current Other current liabilities 137 486 Operating lease liabilities - long-term Other long-term liabilities — 56 Total lease liabilities $ 137 $ 542
Schedule of Supplemental Information to Operating Lease Expense	The table below provides supplemental information related to operating leases during the six months ended June 30, 2023 and 2022 (in thousands except for lease term): Six Months Ended June 30, 2023 2022 Cash paid within operating cash flow $ 409 $ 674 Weighted average lease terms (in years) 0.69 1.07 Weighted average discount rates N/A 3.93 %
Schedule of supplemental information related to operating leases and expenses	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 110 $ 63 $ 170 $ 288 Variable lease payments 41 93 169 230 Sublease income (136 ) (275 ) (393) (614 ) Total lease cost $ 15 $ (119 ) $ (54) $ (96 )
Schedule of minimum future lease payment obligations	Minimum future lease payments obligations as of June 30, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 $ 121 2024 39 Total lease payments 160 Less: Interest (23 ) Total lease liability $ 137
Schedule of future cash receipts from our sublease agreements	Future cash receipts from our sublease agreements as of June 30, 2023 were as follows (in thousands): For the Years Ending December 31, 2023 102 2024 34 Total $ 136

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 6,983	$ 7,983	$ 14,057	$ 15,291
Royalty and license
Disaggregation of Revenue [Line Items]
Total revenues	6,918	7,918	13,927	15,148
Fixed fee license revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,189	1,246	2,404	2,991
Per-unit royalty revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,729	6,672	11,523	12,157
Development, services, and other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 65	$ 65	$ 130	$ 143

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Royalty revenue, adjustment	$ 300	$ 500
Contract assets - current	5,787		$ 7,671
Contract assets - long-term	326		$ 545
Increase (decrease) in contract with customer, asset	$ (2,100)

REVENUE RECOGNITION - Performan

REVENUE RECOGNITION - Performance Obligation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) Number	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Deferred revenue, revenue recognized	$ 2.3
Deferred revenue		$ 17.4
Number of performance obligations \| Number	2
Fixed fee license revenue \| Performance Obligation B
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 15
Fixed fee license revenue \| Performance Obligation B \| One to three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	9.3
Fixed fee license revenue \| Performance Obligation B \| More than three years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 5.7

INVESTMENTS AND FAIR VALUE ME_3

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	$ 156,659	$ 118,761
Unrealized Gains	4,108	3,006
Unrealized Losses	(8,800)	(9,109)
Fair Value	151,967	112,658
Marketable Equity Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	94,820	79,625
Unrealized Gains	3,214	2,776
Unrealized Losses	(8,658)	(8,979)
Fair Value	89,376	73,422
Marketable Equity Securities \| Mutual Fund
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	27,020	26,352
Unrealized Gains	0	0
Unrealized Losses	(2,955)	(3,143)
Fair Value	24,065	23,209
Marketable Equity Securities \| Equity Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	67,800	53,273
Unrealized Gains	3,214	2,776
Unrealized Losses	(5,703)	(5,836)
Fair Value	65,311	50,213
Marketable Debt Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	61,839	39,136
Unrealized Gains	894	230
Unrealized Losses	(142)	(130)
Fair Value	62,591	39,236
Marketable Debt Securities \| Corporate Bond Securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	13,305	13,496
Unrealized Gains	87	48
Unrealized Losses	(99)	(106)
Fair Value	13,293	13,438
Marketable Debt Securities \| U.S. treasury securities
Debt and Equity Securities, FV-NI
Cost or Amortized Cost	48,534	25,640
Unrealized Gains	807	182
Unrealized Losses	(43)	(24)
Fair Value	$ 49,298	$ 25,798

INVESTMENTS AND FAIR VALUE ME_4

INVESTMENTS AND FAIR VALUE MEASUREMENTS - AMORTIZED COST AND FAIR VALUE BY MATURITY (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Amortized Cost
Less than 1 year	$ 41,559
1 to 5 years	20,280
More than 5 years	0
Total	61,839
Fair Value
Less than 1 year	42,342
1 to 5 years	20,249
More than 5 years	0
Debt securities, fair value	$ 62,591

INVESTMENTS AND FAIR VALUE ME_5

INVESTMENTS AND FAIR VALUE MEASUREMENTS - DERIVATIVE INSTRUMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Cost	$ 5,471	$ 2,987
Unrealized Gains	752	662
Derivative instruments	6,223	3,649
Total financial liability, cost	5,471	2,987
Unrealized Gains	752	662
Total liabilities at fair value	$ 6,223	$ 3,649

INVESTMENTS AND FAIR VALUE ME_6

INVESTMENTS AND FAIR VALUE MEASUREMENTS - REALIZED AND UNREALIZED GAINS AND LOSSES EQUITY AND DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net unrealized gains (losses) recognized on marketable equity securities	$ (1,255)	$ (6,923)	$ 759	$ (4,784)
Net realized gains (losses) recognized on marketable equity securities	4,561	(254)	6,230	772
Net unrealized losses recognized on derivative instruments	(91)	(1,943)	(194)	(4,603)
Net realized gains recognized on derivative instruments	1,520	2,009	2,237	1,875
Net realized gains recognized on marketable debt securities	217	0	217	368
Total net gains (losses) recognized in interest and other income (loss), net	$ 4,952	$ (7,111)	$ 9,249	$ (6,372)

INVESTMENTS AND FAIR VALUE ME_7

INVESTMENTS AND FAIR VALUE MEASUREMENTS - FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit	[1]	$ 0	$ 25,604
Corporate bonds		62,591
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		6,223	3,649
Total liabilities at fair value		6,223	3,649
Fair value, measurements, recurring
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			5,300
U.S. treasury securities		49,298	25,798
Mutual funds		24,065	23,209
Equity securities		65,311	50,213
Corporate bonds		13,293	13,438
Total assets at fair value		151,967	117,958
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		6,223	3,649
Total liabilities at fair value		6,223	3,649
Fair value, measurements, recurring \| Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			0
U.S. treasury securities		49,298	25,798
Mutual funds		24,065	23,209
Equity securities		65,311	50,213
Corporate bonds		0	0
Total assets at fair value		138,674	99,220
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		0	0
Total liabilities at fair value		0	0
Fair value, measurements, recurring \| Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			5,300
U.S. treasury securities		0	0
Mutual funds		0	0
Equity securities		0	0
Corporate bonds		13,293	13,438
Total assets at fair value		13,293	18,738
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		6,223	3,649
Total liabilities at fair value		6,223	3,649
Fair value, measurements, recurring \| Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Certificates of deposit			0
U.S. treasury securities		0	0
Mutual funds		0	0
Equity securities		0	0
Corporate bonds		0	0
Total assets at fair value		0	0
Liabilities, Fair Value Disclosure [Abstract]
Derivative instruments		0	0
Total liabilities at fair value		$ 0	$ 0

[1] Represents certificates of deposit with initial maturity days of 90

BALANCE SHEET DETAILS - Cash an

BALANCE SHEET DETAILS - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents, at Carrying Value [Abstract]
Cash		$ 5,269	$ 9,630
Money market funds		20,551	13,586
Certificates of deposit	[1]	0	25,604
Cash and cash equivalents		$ 25,820	$ 48,820

[1] Represents certificates of deposit with initial maturity days of 90

BALANCE SHEET DETAILS - Current

BALANCE SHEET DETAILS - Current Investments (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certificates of deposit	[1]	$ 0	$ 5,300
Marketable securities		89,376	73,422
U.S. treasury securities		42,342	22,196
Short-term investments		$ 131,718	$ 100,918

[1]Represents investments with initial maturity days between 91 one

BALANCE SHEET DETAILS - Account

BALANCE SHEET DETAILS - Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade accounts receivables	$ 626	$ 1,003
Other receivables	1,717	232
Accounts and other receivables	$ 2,343	$ 1,235

BALANCE SHEET DETAILS - Prepaid

BALANCE SHEET DETAILS - Prepaid Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 2,284	$ 1,576
Contract assets - current	5,787	7,671
Other current assets	64	100
Prepaid expenses and other current assets	$ 8,135	$ 9,347

BALANCE SHEET DETAILS - Noncurr

BALANCE SHEET DETAILS - Noncurrent Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
U.S. treasury securities	$ 6,956	$ 3,602
Marketable debt securities	13,293	13,438
Investments- noncurrent	$ 20,249	$ 17,040

BALANCE SHEET DETAILS - Other A

BALANCE SHEET DETAILS - Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets, Net [Abstract]
Contract assets - long-term	$ 326	$ 545
Lease right-of-use assets	129	360
Other assets	0	11
Total other assets	$ 455	$ 916

BALANCE SHEET DETAILS - Other C

BALANCE SHEET DETAILS - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities, Current [Abstract]
Derivative instruments	$ 6,223	$ 3,649
Lease liabilities - current	137	486
Income taxes payable	6,708	2,700
Dividends payable	1,003	4,212
Other current liabilities	1,663	1,418
Total other current liabilities	$ 15,734	$ 12,465

CONTINGENCIES (Details)

CONTINGENCIES (Details) - LGE $ in Millions					3 Months Ended
CONTINGENCIES (Details) - LGE $ in Millions	Jun. 02, 2023 KRW (₩)	Jun. 02, 2023 USD ($)	Apr. 08, 2020 KRW (₩)	Apr. 08, 2020 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)
Loss Contingencies [Line Items]
Impairment of long-term deposits					$ 0.8
Long-term deposits			₩ 5,916,845,454	$ 5
Loss contingency, accrued withholding taxes, interest and penalties						$ 0.3
Withholding taxes on royalty payments \| Pending Litigation
Loss Contingencies [Line Items]
Long-term deposits	₩ 3,024,877,044	$ 2.3

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands		6 Months Ended
	Jan. 18, 2022 shares	Jun. 30, 2023 USD ($) shares	Mar. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of available shares consumed for each restricted stock and restricted stock units issued	1.75
Unrecognized compensation cost \| $		$ 3,800
Unrecognized compensation cost, recognized over an estimated weighted-average period		1 year 8 months 12 days
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	3,525,119
Increase in number of common shares reserved for issuance (in shares)	855,351
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	4 years
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award expiration period	7 years
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	1 year
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based payment award vesting period	3 years
Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		1,000,000
Stock-based payment award expiration period		6 months
Percentage of fair market value on the purchase date		85%
Maximum number of shares per employee (in shares)		2,000
Maximum value of shares per employee \| $		$ 25,000
Shares available for purchase (in shares)		193,134
Employee stock purchase plan \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized			4,621,488

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Equity Incentive Program (Details)1 - shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares available for grant (in shares)	5,056
Time-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Standard and market condition-based stock options outstanding (in shares)	119	140
RSUs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	751	887
RSAs outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	75	119
Market Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive shares outstanding (in shares)	411

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Time-based Stock Options (Details) - Time-based stock options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Number of Shares Underlying Stock Options
Beginning outstanding balance (in shares) \| shares	140
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(21)
Canceled or expired (in shares) \| shares	0
Ending outstanding balance (in shares) \| shares	119	140
Number of shares underlying stock options, vested and expected to vest (in shares) \| shares	118
Number of shares underlying stock options, exercisable (in shares) \| shares	99
Weighted Average Exercise Price Per Share
Beginning outstanding balance (in dollars per share) \| $ / shares	$ 7.57
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	7.54
Canceled or expired (in dollars per share) \| $ / shares	0
Ending outstanding balance (in dollars per share) \| $ / shares	7.57	$ 7.57
Weighted average exercise price, vested and expected to vest (in dollars per share) \| $ / shares	7.57
Weighted average exercise price, exercisable (in dollars per share) \| $ / shares	$ 7.57
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted average remaining contractual life, outstanding	3 years 6 months 14 days	4 years 10 days
Weighted average remaining contractual life, vested and expected to vest	3 years 6 months 14 days
Weighted average remaining contractual life, exercisable	3 years 6 months 14 days
Aggregate intrinsic value, outstanding \| $	$ 0	$ 0
Aggregate intrinsic value, vested and expected to vest \| $	0
Aggregate intrinsic value, exercisable \| $	$ 0

STOCK-BASED COMPENSATION - Su_3

STOCK-BASED COMPENSATION - Summary of Restricted Stock Units and Restricted Stock Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
RSUs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	887
Granted (in shares)	50
Released (in shares)	(134)
Forfeited (in shares)	(52)
Ending outstanding balance (in shares)	751	887
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 5.85
Granted (in dollars per share)	7.76
Released (in dollars per share)	5.35
Forfeited (in dollars per share)	6.91
Ending outstanding balance (in dollars per share)	$ 5.99	$ 5.85
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	1 year 8 months 19 days	2 years 4 months 17 days
Aggregate intrinsic value, outstanding	$ 5,317	$ 6,226
RSAs outstanding
Number of Restricted Stock Units / Awards
Beginning outstanding balance (in shares)	119
Granted (in shares)	75
Released (in shares)	(119)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	75	119
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 5.47
Granted (in dollars per share)	8.31
Released (in dollars per share)	5.47
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 8.31	$ 5.47
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	9 months	4 months 20 days

STOCK-BASED COMPENSATION - PSU

STOCK-BASED COMPENSATION - PSU Activity (Details) - Performance Shares - $ / shares shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Beginning outstanding balance (in shares)	615
Granted (in shares)	0
Released (in shares)	(204)
Forfeited (in shares)	0
Ending outstanding balance (in shares)	411	615
Weighted Average Grant Date Fair Value
Beginning outstanding balance (in dollars per share)	$ 3.69
Granted (in dollars per share)	0
Released (in dollars per share)	0
Forfeited (in dollars per share)	0
Ending outstanding balance (in dollars per share)	$ 3.7	$ 3.69
Share-based Compensation Arrangement by Share-based Payment Award, Additional Disclosures [Abstract]
Weighted average remaining contractual life / recognition period, outstanding	10 months 13 days	1 year 1 month 13 days

STOCK-BASED COMPENSATION - Su_4

STOCK-BASED COMPENSATION - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 760	$ 791	$ 1,707	$ 1,932
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	97	(99)	(2)	(2)
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	1	(23)	(73)	81
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	662	913	1,782	1,853
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	16	52	(40)	15
RSUs, RSAs and PSUs
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	744	734	1,747	1,915
Employee stock purchase plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation, total	$ 0	$ 5	$ 0	$ 2

STOCKHOLDERS' EQUITY - Narrativ

STOCKHOLDERS' EQUITY - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

12 Months Ended

Aug. 11, 2023

Aug. 08, 2023

May 10, 2023

Feb. 21, 2023

Dec. 29, 2022

Nov. 14, 2022

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Feb. 23, 2022

Class of Stock [Line Items]

Repurchased shares, value

$ 2,852

$ 1,535

$ 2,852

$ 5,977

Dividends paid (in dollars per share)

$ 0.03

Special dividends paid (in dollards per share)

$ 0.1

Dividends paid

$ 5,400

Subsequent Event

Class of Stock [Line Items]

Dividends paid (in dollars per share)

$ 0.03

Stock Repurchase Program

Class of Stock [Line Items]

Stock repurchase program, average cost (in dollars per share)

$ 5.46

Stock repurchase program, authorized amount

$ 30,000

Repurchased shares, value

$ 8,900

Common Stock | Stock Repurchase Program

Class of Stock [Line Items]

Stock repurchase program, average cost (in dollars per share)

$ 6.88

Repurchase of stock (in shares)

413,696

1,637,566

Repurchased shares, value

$ 2,900

Common Stock | December 2022 Stock Repurchase Program

Class of Stock [Line Items]

Stock repurchase program, authorized amount

$ 50,000

Stock repurchase program, remaining authorized repurchase amount

$ 47,100

Common Stock | December 2022 Stock Repurchase Program | Subsequent Event | Minimum

Class of Stock [Line Items]

Stock repurchase program expiration date

Dec. 29, 2023

Common Stock | December 2022 Stock Repurchase Program | Subsequent Event | Maximum

Class of Stock [Line Items]

Stock repurchase program expiration date

Dec. 29, 2024

INCOME TAXES - Schedule of Inco

INCOME TAXES - Schedule of Income Tax Provisions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income (loss) before provision for income taxes	$ 9,872	$ (1,993)	$ 19,657	$ 3,644
Benefit from (provision for) income taxes	$ (2,844)	$ 174	$ (4,351)	$ (387)
Effective tax rate	28.80%	8.70%	22.10%	10.60%

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail) $ in Millions	Jun. 30, 2023 USD ($)
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 7.2
Unrecognized tax benefits, interest on income taxes accrued	0.1
Total amount of unrecognized tax benefits	3.2
Deferred Tax Assets, Net	7
Deferred Tax Liabilities, Gross	$ 0.1

NET INCOME (LOSS) PER SHARE - R

NET INCOME (LOSS) PER SHARE - Reconciliation used in Computing Basic and Diluted Net Income (Loss) per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Weighted-average shares outstanding, basic	32,583	33,616	32,474	33,638
Shares related to outstanding options, unvested RSUs, RSAs, and PSUs	227	0	365	317
Weighted average shares outstanding, diluted	32,810	33,616	32,839	33,955

NET INCOME (LOSS) PER SHARE - O

NET INCOME (LOSS) PER SHARE - Outstanding Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	146	227	143	259
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	136	210	138	224
RSUs, RSAs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Options to purchase shares of common stock (in shares)	10	17	5	35

LEASES - Narrative (Details)

LEASES - Narrative (Details) - ft²	Jun. 30, 2023	Nov. 14, 2014
Lessee, Lease, Description [Line Items]
Initial term of lease	12 months
SJ Facility
Lessee, Lease, Description [Line Items]
Area (in square feet)		42,000

LEASES - Summary of Right of Us

LEASES - Summary of Right of Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Right-of-use assets	$ 129	$ 360
Liabilities
Operating lease liabilities - current	137	486
Operating lease liabilities - long-term	0	56
Total lease liabilities	$ 137	$ 542
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

LEASES - Schedule of Supplement

LEASES - Schedule of Supplemental Information Related To Operating Leases and Expenses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Cash paid within operating cash flow	$ 409	$ 674
Weighted average lease terms (in years)	8 months 8 days	1 year 25 days
Weighted average discount rates		3.93%

LEASES - Schedule of Net Operat

LEASES - Schedule of Net Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 110	$ 63	$ 170	$ 288
Variable lease payments	41	93	169	230
Sublease income	(136)	(275)	(393)	(614)
Total lease cost	$ 15	$ (119)	$ (54)	$ (96)

LEASES - Schedule of Minimum Fu

LEASES - Schedule of Minimum Future Lease Payment Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 121
2024	39
Total lease payments	160
Less: Interest	(23)
Total lease liability	$ 137	$ 542

LEASES - Future Minimum Subleas

LEASES - Future Minimum Sublease Payments 840 (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 102
2024	34
Total	$ 136