Investments and other assets consisted of the following:


	March 31,		December 31,
	2025		2024
	(In thousands)
Investment in Kyverna	$	2,265	$	4,390
Prepaid rent Tech Square Lease, long-term		26,804		-
Other investments		22,481		22,481
Restricted cash equivalents, long-term		13,776		13,605
Prepaid expenses and other assets, long-term		2,990		3,788
Total investments and other assets	$	68,316	$	44,264

As of March 31, 2025 and December 31, 2024, the carrying value of the Company’s investment in SparingVision was $14.6 million.

As of December 31, 2023, the Company held a 33.33% equity interest in AvenCell and accounted for its investment using the equity method of accounting, as the Company had significant influence, but not control, over AvenCell, and the investment was valued at $11.8 million. During the first quarter of 2024, in conjunction with the completion of a debt financing, AvenCell increased the size of their board, with a single investor having control over AvenCell’s operational and financial decisions. From that point forward, the Company no longer had the ability to exercise significant influence over AvenCell, and therefore the Company’s investment in AvenCell has been accounted for in accordance with Accounting Standard Codification (“ASC”) 321, Investments in Equity Securities (“ASC 321”) and AvenCell is no longer considered to be a related party.

The transition from equity method accounting to ASC 321 required the Company to reclassify $2.1 million from accumulated other comprehensive income (loss) and recognize $21.0 million of previously eliminated intra-entity profit, both of which resulted in an increase in the carrying value of the investment in AvenCell. In the fourth quarter of 2024, AvenCell completed a Series B financing, which represented an observable price change in the investment in AvenCell. As of March 31, 2025 and December 31, 2024, the carrying value of the Company’s investment in AvenCell was $7.9 million.