The carrying values of the Company's investments, by accounting category, were as follows (in millions):


Date	Equity Method (1)		Fair Value (2)		Measurement Alternative (3)		Total
December 31, 2025	$	0.9	$	—	$	0.9	$	1.8
December 31, 2024	$	0.9	$	1.8	$	0.9	$	3.6

(1) The Company's equity method investments were comprised of MediBeacon and Scaled Cell as of both December 31, 2025 and 2024.

(2) The Company's fair value investments in common stock were comprised of marketable equity securities in two publicly traded companies that were purchased in October 2024 and March 2025, all of which were sold in July 2025.

(3) The Company's measurement alternative method investment was comprised of Triple Ring as of both December 31, 2025 and 2024.

The Company's recognized share of net losses from its equity method investments was $5.9 million and $2.3 million for the years ended December 31, 2025 and 2024, respectively.

Pansend accounts for its preferred stock investment in MediBeacon under the equity method of accounting, inclusive of any fixed maturity securities (notes) issued by MediBeacon to Pansend.

On January 17, 2025, MediBeacon received approval from the U.S. Food and Drug Administration ("FDA") for its Transdermal GFR Measurement System ("TGFR"). Pursuant to the terms of MediBeacon's convertible notes, upon the FDA approval, Pansend's convertible notes of $11.4 million and the related accrued interest of $1.5 million, together totaling $12.9 million, were converted into Series 3 Preferred Stock. In addition, pursuant to its amended commercial partnership with Huadong and, as a result of FDA approval, a $7.5 million milestone payment from Huadong Medicine Co. Ltd ("Huadong"), a publicly traded company on the Shenzhen Stock Exchange, to MediBeacon for MediBeacon preferred stock was received in the first quarter of 2025. As a result of these transactions, Pansend's ownership in MediBeacon decreased from 45.9% prior to the transactions to 44.7% subsequent to the transactions. On a fully diluted basis, Pansend's ownership in MediBeacon decreased from 40.1% prior to the transactions to 39.7% subsequent to the transactions. As a result of these transactions, Pansend recognized a step-up gain of $4.4 million which is reflected in Other income, net in the Consolidated Statements of Operations for the year ended December 31, 2025, which increased Pansend's carrying amount of its investment in MediBeacon. Concurrently, Pansend recognized equity method losses of $5.9 million, driven by the $4.4 million step-up gain and $1.5 million of interest from the conversion of the convertible notes, which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon had been previously reduced to zero.

During the year ended December 31, 2024, MediBeacon issued an aggregate $2.3 million of 12% convertible notes to Pansend with each note due to Pansend in three years from date of issuance. As a result of these note issuances with MediBeacon, during the year ended December 31, 2024, Pansend recognized $2.3 million of equity method losses which were previously unrecognized because Pansend's carrying amount of its investment in MediBeacon, including the notes, had been previously reduced to zero.

MediBeacon's total outstanding principal amount of notes due to Pansend was $0.5 million and $12.0 million, as of December 31, 2025 and 2024, respectively. Interest income earned by Pansend from the MediBeacon notes totaled $0.1 million and $1.4 million for the years ended December 31, 2025 and 2024, respectively. The related accrued interest receivable was $0.4 million and $1.7 million, as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, Pansend's carrying amount of its investment in MediBeacon remained at zero, inclusive for December 31, 2025 and 2024, of the $0.5 million and $12.0 million, respectively, in convertible and secured promissory notes which has been offset against recognized equity method losses, and Pansend has cumulative unrecognized equity method losses relating to MediBeacon of $19.8 million as of December 31, 2025.

As of both December 31, 2025 and 2024, the Company held 240,613 shares of Scaled Cell, representing a 20.1% interest. Scaled Cell is an immunotherapy company developing a novel autologous cell therapy system to potentially improve current chimeric antigen receptor T-cell ("CAR-T") treatments.

As of both December 31, 2025 and 2024, the Company held a 7.2% common interest (1.6% on a fully diluted basis) in Triple Ring, which is accounted for using the measurement alternative method. The Company accounts for its equity securities without readily determinable fair values under the measurement alternative election of ASC 321, Investments—Equity Securities, whereby the Company can elect to measure an equity security without a readily determinable fair value that does not qualify for the practical expedient to estimate fair value (net asset value) at its cost minus impairment, if any.

Marketable Securities

In October 2024, the Company purchased common shares in the open market of a publicly traded company for approximately $2.0 million, and in March 2025, the Company purchased common shares in the open market of another publicly traded company for $0.3 million. Both purchases represented less than 1% of the total outstanding equity of the respective issuers. In July 2025, all of these shares were sold for aggregate proceeds of $2.9 million. Prior to their disposal, these securities were remeasured at fair value each reporting period using the externally quoted market prices, Fair Value Level 1 inputs. For the years ended December 31, 2025 and 2024, fair value gains of $0.8 million and unrealized fair value losses of $0.2 million, respectively, related to these securities were included in Other income, net in the Consolidated Financial Statements.