v3.26.1
Investments and Equity Method Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Investments and Equity Method Investments
Investments consisted of the following (in thousands):
As of June 30, 2026As of December 31, 2025
SAFEs$2,188 $2,188 
Non-marketable equity securities11,125 11,125 
Marketable equity securities1,343 1,562 
Synlogic warrants119 191 
Total$14,775 $15,066 
The carrying value of non-marketable equity securities accounted for using the fair value measurement alternative and still held as of June 30, 2026, including cumulative unrealized losses, were as follows (in thousands):
As of June 30, 2026
Total initial cost$109,460 
Impairment charges(91,806)
Downward adjustments from observable price changes(4,341)
Carrying value$13,313 
Gain (Loss) on Securities
The components of gain (loss) on investments for each period were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Impairment charges$— $— $— $(1,844)
Unrealized gains (losses) recognized on marketable equity securities and warrants1,987 (229)773 (2,078)
Gain (loss) on investments$1,987 $(229)$773 $(3,922)