The Company partners with other investors to form business ventures, including Joyn Bio, LLC (“Joyn”), Motif FoodWorks, Inc. (“Motif”), Allonnia, LLC (“Allonnia”), Arcaea, LLC (“Arcaea”), Verb Biotics, LLC (“Verb”), subsequent to the deconsolidation of Verb as discussed in Note 5, and BiomEdit, LLC ("BiomEdit") (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 holds equity interests in these Platform Ventures and 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 condensed consolidated statements of operations and comprehensive loss. 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 condensed consolidated balance sheet, and from loss on equity method investments to (loss) gain on investments on the condensed 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 consist of preferred stock of Genomatica and 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. During the three months ended June 30, 2022, the Company recorded a $10.1 million impairment charge, included as a component of (loss) gain on investments in the condensed consolidated statements of operations and comprehensive loss, due to the decline in the fair value of the Company's investment in Genomatica preferred stock. There were no impairments recorded during the three or six months ended June 30, 2021 and no adjustment from observable price changes has been recognized during any of the periods presented.

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


	As of June 30,		As of December 31,
	2022		2021
Investments:
Genomatica, Inc. preferred stock	$	44,885	$	55,000
Synlogic, Inc. common stock		7,292		15,345
Synlogic, Inc. warrants		2,930		6,166
Marketable equity securities		16,223		10,331
Non-marketable equity securities		17,738		15,195
Total	$	89,068	$	102,037
Equity method investments (1):
Joyn Bio, LLC	$	1,283	$	11,694
BiomEdit, LLC		4,321		—
Other		1,310		1,500
Total	$	6,914	$	13,194

(1) Equity method investments in Platform Ventures with a carrying value of zero as of June 30, 2022 and December 31, 2021 were excluded from the table.

(Losses) gains on investments and equity method investments consisted of the following (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
(Loss) gain on investments:
Synlogic, Inc. common stock	$	(7,926	)	$	1,965		$	(8,053	)	$	10,969
Synlogic, Inc. warrants		(3,185	)		790			(3,236	)		4,408
Genomatica		(10,115	)		—			(10,115	)		—
Marketable equity securities		(17,447	)		—			(16,819	)		—
Total	$	(38,673	)	$	2,755		$	(38,223	)	$	15,377
Loss on equity method investments:
Joyn Bio, LLC	$	(5,424	)	$	(4,346	)	$	(10,411	)	$	(8,375	)
Allonnia, LLC		—			—			—			(12,698	)
Arcaea, LLC		—			—			—			(11,897	)
Verb Biotics, LLC		—			—			(15,900	)		—
BiomEdit, LLC		(4,552	)		—			(4,552	)		—
Other		(190	)		—			(190	)		—
Total	$	(10,166	)	$	(4,346	)	$	(31,053	)	$	(32,970	)