The Company’s restricted cash primarily consists of RMB-denominated cash deposits held in designated bank accounts as collateral for letters of credit. The Company classifies restricted cash as current or non-current based on the term of the restriction. Restricted cash as of June 30, 2025 and December 31, 2024 was as follows:

In addition to the restricted cash balances above, the Company is required by the PRC securities law to use the proceeds from its offering on the STAR Market of the Shanghai Stock Exchange (the “STAR Offering”) in strict compliance with the planned uses as disclosed in the PRC offering prospectus as well as those disclosed in the Company’s proceeds management policy approved by the board of directors. As of June 30, 2025, the Company had cash remaining related to the STAR Offering proceeds of $359,544.


	As of
	June 30,	December 31,
	2025	2024
	$	$
Equity securities with readily determinable fair values 1
Fair value of Leap common stock	218	2,113
Fair value of Leap warrants	—	168
Equity securities without readily determinable fair values
Pi Health, Inc. 2	40,798	40,798
Other	47,378	48,157
Equity-method investments 3	22,289	33,081
Total	110,683	124,317

1 Represents common stock and warrants to purchase additional shares of common stock of Leap. The Company measures the investment in the common stock and warrants at fair value, with changes in fair value recorded to other income (expense), net.

2 In the first quarter of 2024, the Company divested the net assets comprising substantially all of its Pi Health business with a carrying value of $38,063. The consideration received for the divestiture consisted of preferred stock in a newly formed entity, Pi Health, Inc., with a fair value of $40,798 and cash consideration of $1,000. The transaction resulted in a pre-tax gain of $3,735 recorded within other income (expense), net during the six months ended June 30, 2024. The Company accounts for its investment as a private equity security without a readily determinable fair value, and the divestiture was not treated as a discontinued operation in the Statement of Operations and therefore the historical results of operations of the Pi Health business will remain in the Company’s continuing operations.

3 In the first quarter of 2025, in connection with the wind-down of the operations and related financial obligations of one of the Company’s equity-method investments, the investment’s fair value was assessed to be zero. The Company recognized an other-than-temporary impairment loss of $12,376 during the six months ended June 30, 2025, within unrealized losses from equity-method investments.

The following table summarizes unrealized losses related to investments in equity securities recorded in other income (expense), net for the three and six months ended June 30, 2025 and 2024:


	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
	$	$	$	$

Equity securities with readily determinable fair values	(7)	(621)	(2,063)	(2,033)
Equity securities without readily determinable fair values	(3,118)	—	(3,118)	(797)
Equity-method investments	(1,899)	(4,017)	(15,274)	(4,873)