As of September 30, 2025, the aggregate amount of equity investments without readily determinable fair value using the measurement alternative is $27.3 million. During the nine months ended September 30, 2025, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):

         Name

         Financial
Statement
Classification

         Date Acquired

         Total
Consideration

         Cash
Consideration

Other minority investments

Other long-term assets

Various

7.9

6.6

During the third quarter of 2025, the Company revalued the put option liability related to the potential obligation to acquire the remaining equity interests in NovAliX using the discounted cash flow method. The fair value of the liability was estimated to be $15.0 million as of September 30, 2025, and $16.0 million as of December 31, 2024.

The fair value measurement of the liability includes significant unobservable inputs as follows:


Instrument	Valuation Technique	Unobservable Input	Value
Equity interest purchase option liability	Discounted Cash Flow	Revenue Risk Premium	2.3%
		EBITDA Risk Premium	9.0%

On a quarterly basis, the Company reviews its minority and equity method investments to determine if there have been any events and conditions that could indicate an impairment or other than temporary impairment. During the three and nine months ended September 30, 2025, the Company identified qualitative indicators of impairment for certain minority investments which are accounted for under the measurement alternative. Such qualitative indicators of impairment included an updated assessment of the investee’s remaining operating cash runway, the likelihood and ability to raise additional capital, and current business plans. The Company has determined the fair value of these investments to be below their carrying amounts, and that such declines are other than temporary. As a result, the Company recorded impairment charges of $15.9 million and $17.8 million during the three and nine months ended September 30, 2025, respectively, to write down the carrying values of these investments. The impairment charges are included in “Interest and other income (expense), net” in the unaudited condensed consolidated statements of income and comprehensive income (loss).

As of December 31, 2024, the aggregate amount of equity investments without a readily determinable fair value using the measurement alternative was $35.6 million. During the year ended December 31, 2024, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):


Name	Financial Statement Classification	Date Acquired	Total Consideration		Cash Consideration
NovAliX	Other long-term assets	July 31, 2024	$	50.1	$	34.1
Other minority investments	Other long-term assets	Various		14.2		14.2
			$	64.3	$	48.3

On July 31, 2024, the Company acquired a minority equity interest in NovAliX a preclinical contract research organization specializing in expert drug discovery services, headquartered in Strasbourg, France. The Company obtained a 30% interest in NovAliX’s common stock in exchange for consideration of $34.1 million. The Company accounts for its investment in NovAliX using the equity-method of accounting. 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 Company recognized a liability, classified in other long-term liabilities in the consolidated balance sheet, related to the potential

obligation to acquire the remaining equity interests if the purchase option is exercised, estimated at $16.0 million using the discounted cash flow method.

During the three and nine months ended September 30, 2024, the Company recognized $4.4 million and $24.6 million of impairment charges, respectively, to write down the carrying value of certain minority investments which are accounted for under the measurement alternative. Included in these impairment charges are changes in value of certain investments based on established pricing for additional financing rounds. The impairment charges are included in “Interest and other income (expense), net” in the unaudited condensed consolidated statements of income and comprehensive income (loss).