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Investments and Equity Method Investments
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments and Equity Method Investments Investments and Equity Method Investments
The Company has partnered with other investors to form business ventures, including Motif FoodWorks, Inc. (“Motif”), Allonnia, LLC (“Allonnia”), Arcaea, LLC (“Arcaea”), Verb Biotics, LLC (“Verb Biotics”), BiomEdit, LLC (“BiomEdit”) and Ayana Bio, LLC (“Ayana Bio”) (collectively “Platform Ventures”). The Company has also partnered with existing entities, including Genomatica, Inc. (“Genomatica”) and Synlogic, Inc. (“Synlogic”) (collectively, “Legacy Structured Partnerships”) with complementary assets for synthetic biology applications. The Company holds equity interests in these Platform Ventures and Legacy Structured Partnerships. The Company also holds equity interests in other public and private companies as a result of entering into collaboration and license revenue arrangements with these entities.
The Company accounts for its investments in Platform Ventures under the equity method. The Company's marketable equity securities consist of Synlogic common stock, Synlogic warrants and the shares of common stock of other publicly traded companies. Marketable equity securities are measured at fair value with changes in fair value recorded in other income (expense) in the consolidated statements of operations and comprehensive loss. The Company’s non-marketable equity securities consist of preferred stock of Genomatica and preferred and common stock of other privately held companies without readily determinable fair values. Non-marketable equity securities are initially recorded using the measurement alternative at cost and subsequently adjusted for any impairment and observable price changes in orderly transactions for the identical or a similar security of the same issuer. Impairment losses and adjustments from observable price changes are recorded in loss on investments in the consolidated statements of operations and comprehensive loss.
The Company also holds investments in early-stage synthetic biology product companies via SAFEs. The Company entered into SAFE agreements in conjunction with a revenue contract with a customer under which the Company grants the customer a prepaid Cell Engineering services credit equal to the principal amount of the SAFE (the “Purchase Amount”), which may be used and drawn down as payment for the Company’s research and development services. The SAFEs will automatically convert into shares of preferred stock equal to the Purchase Amount divided by the discount price, which is calculated as the price per share sold in a qualified equity financing multiplied by a discount rate. The SAFEs also provide the Company with the right to future equity of the entity in a liquidation scenario or the cash-out amount in liquidation and dissolution scenarios or at the election of the SAFE issuer prior to an agreed outside date. The Company initially records SAFEs at fair value (see Note 5) and adjusts the carrying amount of the instrument at each reporting period for any impairments.
Investments consisted of the following (in thousands):
As of December 31,
20252024
Investments:
SAFEs$2,188 $16,689 
Non-marketable equity securities11,125 14,218 
Marketable equity securities1,562 17,559 
Synlogic warrants191 238 
Total$15,066 $48,704 
Marketable equity securities of $18.7 million are not restricted for sale and are included in marketable securities in the consolidated balance sheet as of December 31, 2025.
Loss on investments and equity method investments consisted of the following (in thousands):
Year Ended December 31,
202520242023
(Loss) gain on investments:
Genomatica preferred stock$— $(11,885)$(33,000)
Non-marketable equity securities(4,557)(1,735)(9,928)
Marketable equity securities2,695 (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)$(54,827)
Loss on equity method investments:
BiomEdit$— $— $(1,461)
Other— — (1,174)
Total loss on equity method investments$— $— $(2,635)
The components of loss on investments for each period were as follows (in thousands):
Year Ended December 31,
202520242023
Impairment charges$(16,345)$(20,828)$(44,043)
Realized and unrealized gains (losses) recognized on marketable equity securities2,647 (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,
202520242023
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.
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