EQUITY INVESTMENTS AND LOANS TO ASSOCIATES |
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| Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY INVESTMENTS AND LOANS TO ASSOCIATES | NOTE 4 – EQUITY INVESTMENTS AND LOANS TO ASSOCIATES
As of December 31, 2024, and December 31, 2023, the balances of our equity-method investments were $ and $8, respectively, and are as follows:
Since the date of deconsolidation, until the date of reconsolidation, the Company recorded its equity interest in Octomera as an equity method investment. As of January 31, 2024, the balance of our equity-method investment related to Octomera was approximately $0. The Company therefore did not provide for additional losses once the investment was reduced to zero since the Company did not guarantee obligations of Octomera and is not otherwise committed to provide further financial support to Octomera.
The following table presents summarized results of operations for the period that the investment in Octomera was recorded under the equity method:
There were no significant transactions in Butterfly Biosciences Sarl (“BB”), a Swiss corporation in which the Company holds a 49% participating interest incorporated pursuant to a joint venture agreement (“KC JVA”) with Kidney Cure Ltd (“KC”) in both of the years ending December 31, 2023 and 2024. In 2023, the Company and KC decided to terminate the KC JVA and liquidate BB. As of December 31, 2024, BB was not yet liquidated.
During 2021, the Company and Revatis S.A (“Revatis”), pursuant to the Revatis JVA incorporated the Revatis JV Entity known as RevaCel Srl (“RevaCel”) in Belgium. RevaCel will develop products in the field of muscle-derived mesenchymal stem/progenitor cells. The Company holds a 51% participating interest in RevaCel and Revatis holds the remaining 49% and is entitled to appoint 2 of the 5 members of RevaCel’s board. Due to the Company’s significant influence over the JVE, the Company applies the equity method of accounting and is treated as an associated company.
The table below sets forth a summary of the changes in the investments and loans for the years ended December 31, 2024 and December 31, 2023
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