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Equity Investment
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Equity Investment

Note 14—Equity Investment

The Company holds a preferred share equity investment in Valo Health, Inc. (“Valo Health”) which the Company received, among other consideration, in connection with the Company’s divesture of select hit discovery capabilities to Valo Health during the year ended December 31, 2020. As the preferred shares do not have a readily determinable fair value and the Company does not have a significant influence on the operating and financial policies of Valo Health, the Company accounted for its equity investment in Valo Health by applying the measurement alternative under ASC 321, Equity Securities (“ASC 321”). As of March 31, 2022, no impairments, nor any upward or downward adjustments have been recognized on the equity investment in Valo Health as there have been no observable price changes. The carrying value of the Company’s equity investment in Valo Health, which is classified in other assets in the condensed consolidated balance sheets, was equal to $10.0 million as of March 31, 2022 and December 31, 2021.