Investments and Other Assets

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

8. Investments and Other Assets

Investments and other assets consisted of the following:


	March 31,		December 31,
	2026		2025
	(In thousands)
Investment in Kyverna	$	10,130	$	11,034
Other investments		11,424		11,424
Restricted cash equivalents, long-term		15,404		12,104
Prepaid expenses and other assets, long-term		1,052		978
Total investments and other assets	$	38,010	$	35,540

Kyverna Therapeutics, Inc.

As of March 31, 2026 and December 31, 2025, the Company’s investment in Kyverna is valued at $10.1 million and $11.0 million, respectively. The Company recognized unrealized losses of $0.9 million and $2.1 million, respectively, recorded within “change in fair value of investments, net” in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2026 and 2025, associated with changes in the fair value of Kyverna’s common stock.

Other Investments

The Company's other investments consist of investments in private companies including SparingVision and AvenCell, both of which are accounted for under ASC 321, Investments in Equity Securities (“ASC 321”), using the measurement alternative at cost minus impairment, adjusted for changes in observable prices. The carrying value of the Company’s investments in SparingVision and AvenCell included within “Other investments” in the table above were $3.5 million and $7.9 million, respectively as of March 31, 2026. There was no change in the carrying value of these investments from December 31, 2025.