3.      Equity Method and Other Investments

The Company’s investments consist of the following (in thousands):

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On April 20, 2026, the Company completed the initial closing of its strategic collaboration with Hologen and recognized a 39% equity interest in Reogen. The Company accounts for its investment in Reogen under the equity method of accounting because it has the ability to exercise significant influence over Reogen’s operating and financial policies but does not control the entity. As part of the accounting for the strategic collaboration arrangement, the initial carrying amount of the investment was measured based on the fair value of the underlying 39% equity interest acquired. Thereafter, the carrying amount of the investment is adjusted to recognize the Company’s proportionate share of Reogen’s net income or loss and other comprehensive income or loss. As of June 30, 2026, the carrying amount of the Company’s investment in Reogen was $26.3 million. During the three and six months ended June 30, 2026, the Company recognized a loss of $71.9 million under the equity method of accounting, representing its proportionate share of Reogen’s operating results associated with the acquired in-process research

and development assets relating to the Clinical Programs and the Delivery Device, as well as Reogen’s ongoing research and development activities.

Below is the summarized financial information of Reogen for the period between April 20, 2026 and June 30, 2026 (in thousands):

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In connection with the strategic collaboration, the Company acquired an aggregate of 500,000 ordinary shares of Hologen, representing an ownership interest of approximately 3%. The investment is accounted for as an equity investment in accordance with ASC 321, Investments – Equity Securities. As part of the accounting for the strategic collaboration arrangement, the investment was initially recognized based on the fair value assigned to the underlying equity interest acquired. Because Hologen is a privately held company without a readily determinable fair value and has multiple classes of shares with differing economic rights and preferences, the fair value assigned to the Company's investment reflects the rights and characteristics of the specific ordinary shares acquired. Subsequently, the investment is measured using the measurement alternative under ASC 321, at cost, less impairment, if any, adjusted for observable price changes in orderly transactions for an identical or similar investment of the same issuer. As of June 30, 2026, the carrying amount of the Company’s investment in Hologen was $6.8 million. Accordingly, the carrying amount of the investment should not be used to infer the overall equity value of Hologen or the value of other classes of Hologen shares.