Investments and other assets consisted of the following:


	December 31,
	2024		2023
	(In thousands)
Investment in Kyverna	$	4,390	$	10,000
Other investments		22,481		14,760
Restricted cash equivalents, long-term		13,605		13,605
Prepaid expenses and other assets, long-term		3,788		4,518
Total investments and other assets	$	44,264	$	42,883

In February 2024, Kyverna completed an initial public offering of its common stock (the “Kyverna IPO”). Prior to the Kyverna IPO, the Company accounted for its investment in Kyverna using the measurement alternative as Kyverna was a private company with no readily observable transaction price, and the investment was valued at $10.0 million as of December 31, 2023 and 2022. As of December 31, 2024, the Company’s investment in Kyverna is valued at $4.4 million. The Company recognized an unrealized loss of $5.6 million, recorded within “change in fair value of investments, net” in the consolidated statement of operations and comprehensive loss during the year ended December 31, 2024, associated with changes in the fair value of Kyverna’s common stock.

As of December 31, 2023, the Company held a 33.33% equity interest in AvenCell and accounted for its investment using the equity method of accounting, as the Company had significant influence, but not control, over AvenCell, and the investment was valued at $11.8 million. During the first quarter of 2024, in conjunction with the completion of a debt financing, AvenCell increased the size of their board, with a single investor having control over AvenCell’s operational and financial decisions. From that point forward, the Company no longer had the ability to exercise significant influence over AvenCell, and therefore the Company’s investment in AvenCell has been accounted for in accordance with ASC 321, Investments in Equity Securities (“ASC 321”) and AvenCell is no longer considered to be a related party.

The transition from equity method accounting to ASC 321 required the Company to reclassify $2.1 million from accumulated other comprehensive loss amounts and recognize $21.0 million of previously eliminated intra-entity profit, both of which resulted in an increase in the carrying value of the investment in AvenCell. In the fourth quarter of 2024, AvenCell completed a Series B

financing, which represented an observable price change in the investment in AvenCell. As a result of this observable price change, the carrying value of the Company’s investment in AvenCell was reduced to $7.9 million. The Company recognized an unrealized loss of $27.0 million, recorded within “Change in fair value of investments, net” in the consolidated statement of operations and comprehensive loss during the year ended December 31, 2024, associated with changes in the fair value of its investment in AvenCell.

As of December 31, 2024 and December 31, 2023, the carrying value of the Company’s investment in SparingVision, included within “Other investments” in the table above, was $14.6 million.