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Investments and Equity Method Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Investments and Equity Method Investments | Investments consisted of the following (in thousands):
| As of December 31,
| 2025 |  | 2024
Investments: |  |  |
SAFEs | $ | 2,188 |  |  | $ | 16,689 |
Non-marketable equity securities | 11,125 |  |  | 14,218 |
Marketable equity securities | 1,562 |  |  | 17,559 |
Synlogic warrants | 191 |  |  | 238 |
Total | $ | 15,066 |  |  | $ | 48,704 |
Marketable equity securities of $18.7 million are not restricted for sale and are included in marketable securities in the consolidated balance sheet as of December 31, 2025. Loss on investments and equity method investments consisted of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
(Loss) gain on investments: |  |  |  |  |
Genomatica preferred stock | $ | — |  |  | $ | (11,885) |  |  | $ | (33,000) |
Non-marketable equity securities | (4,557) |  |  | (1,735) |  |  | (9,928) |
Marketable equity securities | 2,695 |  |  | (7,583) |  |  | (7,874) |
SAFEs | (14,501) |  |  | (7,208) |  |  | (2,742) |
Synlogic warrants | (48) |  |  | (416) |  |  | (1,283) |
Total loss on investments | $ | (16,411) |  |  | $ | (28,827) |  |  | $ | (54,827) |
Loss on equity method investments: |  |  |  |  |
BiomEdit | $ | — |  |  | $ | — |  |  | $ | (1,461) |
Other | — |  |  | — |  |  | (1,174) |
Total loss on equity method investments | $ | — |  |  | $ | — |  |  | $ | (2,635) |
The carrying value of non-marketable equity securities accounted for using the fair value measurement alternative and still held as of December 31, 2025, including cumulative unrealized losses, were as follows (in thousands):
| As of December 31, 2025
Total initial cost | $ | 109,460 |
Impairment charges | (91,806) |
Downward adjustments from observable price changes | (4,341) |
Carrying value | $ | 13,313 |
Summary of Losses and Gains on Investments | The components of loss on investments for each period were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Impairment charges | $ | (16,345) |  |  | $ | (20,828) |  |  | $ | (44,043) |
Realized and unrealized gains (losses) recognized on marketable equity securities | 2,647 |  |  | (7,999) |  |  | (9,157) |
Downward adjustments from observable price changes | (2,713) |  |  | — |  |  | (1,627) |
Total loss on investments | $ | (16,411) |  |  | $ | (28,827) |  |  | $ | (54,827) |
Total realized and unrealized losses associated with equity investments accounted for at fair value or the fair value measurement alternative consisted of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Realized loss recognized on equity investments sold (1) | $ | — |  |  | $ | (5,957) |  |  | $ | — |
Net unrealized losses recognized on equity investments held as of the end of the period | (16,411) |  |  | (22,870) |  |  | (54,827) |
Total loss on investments | $ | (16,411) |  |  | $ | (28,827) |  |  | $ | (54,827) |
(1) Reflects the difference between the sale proceeds and the carrying value of the equity investments at the beginning of the period or the acquisition date, if later.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 + Details
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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + Details
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