Investments and Equity Method Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Investments and Equity Method Investments

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

	As of December 31,
	2023		2022
Investments:
SAFEs	$	23,898	$	22,108
Non-marketable equity securities	22,938		17,544
Marketable equity securities	17,563		20,895
Genomatica preferred stock	11,885		44,885
Synlogic common stock	1,627		4,819
Synlogic warrants	654		1,937
Total	$	78,565	$	112,188
Equity method investments (1):
BiomEdit	$	—	$	369
Other	—		1,174
Total	$	—	$	1,543

(1)Equity method investments in Platform Ventures with a carrying value of zero as of December 31, 2023 and 2022 were excluded from the table.

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

	Year Ended December 31,
	2023		2022		2021
(Loss) gain on investments:
Genomatica	$	(33,000)	$	(10,115)	$	—
Non-marketable equity securities	(9,928)		(195)		—
Marketable equity securities	(4,682)		(28,269)		(13,854)
Synlogic common stock	(3,192)		(10,526)		1,649
SAFEs	(2,742)		—		—
Synlogic warrants	(1,283)		(4,230)		662
Total	$	(54,827)	$	(53,335)	$	(11,543)
Loss on equity method investments:
BiomEdit	$	(1,461)	$	(8,503)	$	—
Joyn Bio (1)	—		(3,043)		(17,230)
Allonnia	—		—		(12,698)
Arcaea	—		—		(47,356)
Verb Biotics	—		(15,900)		—
Ayana	—		(15,989)		—
Other	(1,174)		(326)		—
Total	$	(2,635)	$	(43,761)	$	(77,284)

(1)The loss on equity method investment in Joyn Bio for the year ended December 31, 2022 is comprised of a $17.0 million loss offset by a $14.0 gain on the remeasurement of the retained equity interest in Joyn Bio at fair value as of the acquisition date (see Note 3). The loss on equity method investment in excess over the carrying value of zero of the equity method investment in Joyn Bio during

the year ended December 31, 2022 was recorded as a reduction in the convertible promissory notes receivable from Joyn Bio (see Note 20).

The carrying value for non-marketable equity securities accounted for using the fair value measurement alternative and held as of December 31, 2023, including cumulative unrealized losses, were as follows (in thousands):

	As of December 31, 2023
Total initial cost	$	114,701
Impairment charges	(54,353)
Downward adjustments from observable price changes	(1,627)
Carrying value	$	58,721

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,
	2023		2022		2021
Impairment charges	$	(44,043)	$	(10,310)	$	—
Ongoing mark-to-market adjustments on marketable equity securities	(9,157)		(43,025)		(11,543)
Downward adjustments from observable price changes	(1,627)		—		—
Total loss on investments	$	(54,827)	$	(53,335)	$	(11,543)