As of June 30, 2026, and December 31, 2025, the fair value of equity investments without readily determinable fair values using the measurement alternative was $14.8 million and $26.3 million, respectively.

The Company acquired a 30% interest in NovAliX’s common stock in 2024, and concurrent with the transaction, the Company entered into an agreement with the remaining shareholders that provides the Company with the right to purchase, and the shareholders with the right to sell, the remaining ownership of NovAliX for cash at a contractually defined redemption value exercisable beginning in 2029 and ending in 2034 (the “put option liability”). The fair value of the put option liability was estimated to be $10.8 million as of June 30, 2026, and $11.0 million as of December 31, 2025. The valuation methodology and significant unobservable inputs used to measure the fair value of the liability as of June 30, 2026, were unchanged from those disclosed in the 2025 Form 10-K.

In April 2026, one of the Company’s equity interest investments completed its initial public offering (“IPO”). Prior to the IPO, the equity position was valued using the measurement alternative. Following the IPO, the investment is measured at fair value with changes recognized in earnings. As of June 30, 2026, the fair value of the investment was $37.6 million. The investment is subject to a 180‑day market lock-up restriction that expires on October 14, 2026. The Company recognized an unrealized gain of $27.6 million for the three and six months ended June 30, 2026, recorded in Interest and other income (expense), net in the unaudited condensed consolidated statements of operations.

During the six months ended June 30, 2026, the Company identified qualitative indicators of impairment for certain of its minority investments, which are accounted for under either the measurement alternative or the equity method. Such qualitative indicators of impairment included updated assessments of the investees’ remaining operating cash runway, the investees’ ability and likelihood of raising additional capital, and the investees’ current business plans. The Company determined the fair value of these investments to be below their carrying amounts, and as a result, the Company recorded impairment charges of $4.1 million and $4.7 million during the three and six months ended June 30, 2026, respectively, to write down the carrying values of these investments. The Company recorded a de minimis impairment charge related to certain minority investments for the three and six months ended June 30, 2025. The impairment charges are included in Interest and other income (expense), net in the unaudited condensed consolidated statements of operations.