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Investments and Equity Method Investments (Tables)
 12 Months Ended
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,
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 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$13,313 
Summary of Losses and Gains on Investments
The components of loss on investments for each period were as follows (in thousands):
Year Ended December 31,
202520242023
Impairment charges$(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.