The Company holds various equity investments, which are recorded in Other assets on our Condensed Consolidated Balance Sheets. The following table summarizes our investment balances:


(in thousands)	March 31, 2026		December 31, 2025
Equity investments under the equity method of accounting	$	2,283	$	753
Equity investments without readily determinable fair values	21,767		21,712

Total equity investments	$	24,050	$	22,465

As of December 31, 2025, the Company owned 49% of NAMI’s common stock. In February 2026, the investee issued additional shares to another equity investor, which diluted our ownership share to 34.3% of the joint ventures common stock as of March 31, 2026. The Company recognized a gain on the investee’s share issuance of $2.6 million, reported in Other income (loss), net for the three months ending March 31, 2026. The gain related to the difference between our share of the proceeds from the additional investment and the impact of the dilution on the carrying value of our investment.

In December 2024, the Company entered into a short-term, non-interest bearing loan agreement with NAMI whereby NAMI borrowed $2.0 million to finance its working capital and capital expenditures requirements. The loan originally matured on June 30, 2025. During the quarter ended September 30, 2025, the parties amended the loan agreement to extend the maturity date to June 30, 2026, and increase the total related party note receivable to $4.4 million.

The loan is recorded at cost, which approximates fair value as of March 31, 2026. The carrying value of the related party note receivable was $4.4 million as of March 31, 2026 and December 31, 2025. The note receivable is reported in Prepaid expenses and other current assets, on our Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

Additionally, during the three months ended March 31, 2026 and 2025, the Company entered into related party transactions with Enhatch Inc. ("Enhatch") in the ordinary course of business. During the three months ended March 31, 2026, the Company made purchases from Enhatch of $0.4 million. For the three months ended March 31, 2026, the outstanding related party payable balances attributable to our purchases from Enhatch were not material.

In February 2025, the Company provided financing of $1.0 million to Hull Legacy Media Corporation, a production company co-owned by Charles W. Hull, EVP, Chief Technology Officer for the Company's Regenerative Medicine business and a related party of the Company. The financing is recorded in Other assets on our Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

The Company concluded that three of its investments are VIEs. These investments are not consolidated as we concluded that the Company is not the primary beneficiary. As of March 31, 2026, our maximum exposure to losses associated with the VIEs is limited to the $21.6 million carrying value of our investments in the VIEs, $4.4 million of which is included in Prepaid expenses and other current assets, with the remaining in Other assets on our Condensed Consolidated Balance Sheets. We have no other investments in unconsolidated entities that have been determined to be a VIE.