In connection with the Reneo and Anteris License Agreements, the Company has received equity interests representing a minority equity interest in each investee. In each case, the Company’s investment is measured at cost less impairment, adjusted for any changes in observable prices, because the Company owns less than 20% of the voting equity and does not have the ability to exercise significant influence over the investees. The investments were initially recognized at fair value and are classified as long-term investments in the Company’s Consolidated Balance Sheets.

As of December 31, 2020, the Company’s equity investments without readily determinable fair values assessed under the measurement alternative consist of the following:

	December 31,
	2020		2019
Reneo common stock	$	2,480	$	2,480
Anteris preferred stock		4,245		—
Total	$	6,725	$	2,480

The Company received its investment in Anteris preferred stock as consideration under the Anteris License Agreement entered into on December 11, 2020. The fair value of the investment was derived from the transaction prices of other securities sold using a market approach. The investment qualifies as Level 3 under the fair value hierarchy as it was valued using unobservable inputs including volatility and risk-free rate assumptions which were 125.0% and 0.37%, respectively.

No adjustments have been made to the value of the Company’s investment in either Reneo or Anteris since their initial measurement either due to impairment or based on observable price changes.