The Company partners with other investors to form new ventures, including Joyn, Motif Foodworks, Inc. (“Motif”), Allonnia, LLC (“Allonnia”) and Arcaea LLC (“Arcaea”, FKA Kalo Ingredients LLC) (collectively "Platform Ventures"). The Company also partners with existing entities, including Genomatica, Inc. (“Genomatica”) and Synlogic, Inc. (“Synlogic”) (collectively, "Structured Partnerships"), with complementary assets for high potential synthetic biology applications. The Company or its subsidiaries hold equity interests in these Platform Ventures and Structured Partnerships. The Company's investments in Platform Ventures are accounted for under the equity method. The Company's investments in Synlogic, a publicly traded company, are carried at fair value. As of December 31, 2021 and 2020, the Company held 6,340,771 shares of Synlogic common stock and warrants to purchase an aggregate of 2,548,117 shares of Synlogic common stock. Prior to the third quarter of 2021, the Company's investment in Synlogic common stock was classified as an equity method investment based on the Company’s ownership interest in Synlogic and accounted for under the fair value option. Due to a decrease in the level of ownership interest during the third quarter of 2021, the investment was reclassified from equity method investments to investments on the Consolidated Balance Sheets, and from loss on equity method investments to (loss) gain on investments on the Consolidated Statements of Operations and Comprehensive Loss for all periods presented. However, the Company continues to account for its investments in Synlogic at fair value.

The Company’s non-marketable equity securities are investments in privately held companies without readily determinable fair values. The investment in Genomatica preferred stock and other non-marketable equity securities are initially recorded using the measurement alternative at cost and subsequently adjusted to fair value for any impairment and observable price changes in orderly transactions for identical or similar investments of the same issuer. As of December 31, 2021 and 2020, no impairment or adjustment from observable price changes were recognized related to investments accounted for under the measurement alternative.

Investments and equity method investments consisted of the following (in thousands):


	As of December 31,
	2021		2020
Investments:
Genomatica, Inc. preferred stock	$	55,000	$	55,000
Synlogic, Inc. common stock		15,345		13,696
Synlogic, Inc. warrants		6,166		5,504
Cronos Group Inc. common stock		10,331		—
Non-marketable equity securities		15,195		—
Total	$	102,037	$	74,200
Equity method investments (1):
Joyn Bio, LLC	$	11,694	$	28,924
Other		1,500		—
Total	$	13,194	$	28,924

(1) Equity method investments in Platform Ventures with a carrying value of zero as of December 31, 2021 and 2020 were excluded from the table above.

(Loss) gain on investments and equity method investments consisted of the following (in thousands):


	Year Ended December 31,
	2021			2020			2019
(Loss) gain on investments:
Synlogic, Inc. common stock	$	1,649		$	(2,663	)	$	(19,403	)
Synlogic, Inc. warrants		662			(1,070	)		(7,797	)
Cronos Group Inc.		(13,854	)		—			—
Total	$	(11,543	)	$	(3,733	)	$	(27,200	)
Loss on equity method investments:
Joyn Bio, LLC	$	(17,230	)	$	(396	)	$	(1,730	)
Allonnia, LLC		(12,698	)		—			(24,480	)
Arcaea, LLC		(47,356	)		—			—
Glycosyn, LLC		—			—			(1,323	)
Total	$	(77,284	)	$	(396	)	$	(27,533	)