As of December 31, 2025 and 2024, the carrying values of Other Current investments held at fair value and Other investments held at fair value were as follows (in thousands):


	December 31, 2025		December 31, 2024
Other current investments held at fair value
COMPASS Pathways plc	$	35,389	$	—
Other investments held at fair value
COMPASS Pathways plc		—		26,104
Beckley Psytech Additional Warrants		—		2,783
Total	$	35,389	$	28,887

COMPASS Pathways plc (“COMPASS”) is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. The Company is developing its investigational COMP360 psilocybin treatment through late-stage clinical trials in Europe and North America for patients with treatment-resistant depression. The Company accounts for its COMPASS investment under ASC 321 at fair value. Any changes in fair value of the Company's investment in COMPASS are recognized as a Change in fair value of assets and liabilities, net in its consolidated statements of operations.

During the year ended December 31, 2025, the Company sold 1,777,000 American Depositary shares (“ADS”) of COMPASS at an average price of $5.38 per ADS in an open market transaction, resulting in net proceeds received of $9.0 million. The Company recorded the sales of the ADS shares as a reduction in its COMPASS investment under ASC 321. The Company recognized an immaterial commission expense related to the sale, which is recognized as a General and administrative expense in its consolidated statements of operations.

During 2024, the Company sold 2,660,000 American Depositary shares (“ADS”) of COMPASS at a price of $6.05 per ADS in an open market transaction, resulting in net proceeds received of $16.1 million. The Company recognized a non-cash loss of $2.1 million on the sales during the year ended December 31, 2024, which is recorded as a component of Other income (expense), net in its consolidated statements of operations.

Based on quoted market prices, for the years ended December 31, 2025 and 2024, the fair value of the Company’s COMPASS investment was $35.4 million and $26.1 million, respectively. For the years ended December 31, 2025 and 2024, the Company recorded a $18.3 million gain and a $39.4 million loss related to changes in the fair value of the Company’s investment in Compass within Change in fair value of assets and liabilities, net in its consolidated statements of operations, respectively.

In October 2024, the Company acquired all issued and outstanding shares of Nualtis (see Note 4, Acquisitions). As of December 31, 2025, the Company continues to hold equity instruments in IntelGenx, the former parent company of Nualtis, which consists of IntelGenx Common Stock, 2023 Initial Warrants, 2023 Subsequent Warrants, and 2024 Warrants, (the 2023 Initial Warrants, 2023 Subsequent Warrants, and 2024 Warrants are collectively referred to as the “Warrants”), and Call Option Units, all of which are measured at fair value as the Company had qualified for and elected the fair value option (all IntelGenx equity investments defined below). As of December 31, 2025 and 2024 the Company’s equity instruments were all determined to have a carrying value of zero as IntelGenx continues its bankruptcy proceedings. For the year ended December 31, 2024, the Company recognized losses of $5.2 million and $1.4 million within Change in fair value of assets and liabilities, net relating to the Call Option Units and the Warrants, respectively, in its consolidated statements of operations. The Company’s holding in IntelGenx Common Stock was written down to zero in 2021.

In May 2021, IntelGenx and the Company executed a Securities Purchase Agreement (the “IntelGenx SPA”) after obtaining IntelGenx shareholder approval, whereby IntelGenx issued shares of its common stock (the "IntelGenx Common Stock") and warrants to the Company at a price of approximately $12.3 million.

In August 2023, IntelGenx and the Company entered into a subscription agreement (the “Subscription Agreement”), under which the Company paid IntelGenx $2.2 million for 2,220 convertible debenture units (the "2023 Initial Units") with each convertible debenture unit consisting of:

Pursuant to the Subscription Agreement, the Company agreed to subscribe for an additional 750 convertible debenture units (the “2023 Subsequent Units”) at a price of $750,000 The Subsequent Units contain the same terms as the Initial Units, with each Subsequent Unit consisting of (i) $1,000 principal amount convertible promissory notes (“2023 Subsequent Notes”) and (ii) 5,405 common share purchase warrants of IntelGenx (“2023 Subsequent Warrants”).

Effective September 30, 2023, IntelGenx and the Company amended the Subscription Agreement (the “Amended Subscription Agreement”), allowing the Company, subject to obtaining certain shareholder approvals, the “Call Option” to purchase up to an additional 7,401 convertible debenture units (the “Call Option Units”). The Call Option Units, which had an initial fair value of $5.1 million, contain the same terms as the Initial Units, with each Call Option Unit consisting of (i) $1,000 principal amount convertible promissory notes, and (ii) 5,405 common share purchase warrants of IntelGenx.

As the Call Option was additional value conveyed to the Company relating to its investment in and Strategic Development Agreement with IntelGenx, the Call Option was recognized by the Company as a $5.1 million deferred credit with IntelGenx. The Company accounted for the deferred credit as a reduction of research and development expense in its consolidated statements of operations until the credit is exhausted or until the Company is no longer receiving goods or services from IntelGenx. Pursuant to the acquisition of Nualtis, the Company has determined that it is no longer a customer of IntelGenx. As such, the Company released the $5.1 million deferred credit and recognized a $5.1 million gain, which is included in Gain on settlement of pre-existing contract in the consolidated statements of operations.

In March 2024, the Company and IntelGenx entered into a Third Amendment to the IntelGenx Term Loan as further described in Note 7, Notes Receivable, below. In connection with the Third Amendment, the Company received warrants to purchase up to 4.0 million shares of IntelGenx Common Stock ("2024 Warrants"), which had an initial value of $0.4 million. As the 2024 Warrants were additional value conveyed to the Company relating to its investment in and Strategic Development Agreement with IntelGenx, the 2024 Warrants were recognized by the Company as a $0.4 million deferred credit with IntelGenx. The Company accounted for the deferred credit as a reduction of research and development expense in its consolidated statements of operations until the credit is exhausted or until the Company is no longer receiving goods or services from IntelGenx. Pursuant to the acquisition of Nualtis, the Company has determined that it is no longer a customer of IntelGenx. As such, the Company released the $0.4 million deferred credit and recognized a $0.4 million gain, which is included in Gain on settlement of pre-existing contract in the consolidated statements of operations.

Prior to the Company's acquisition of Nualtis in October 2024 and pursuant to the Strategic Development Agreement, the Company engaged IntelGenx to conduct research and development projects (“Development Projects”) using IntelGenx’s proprietary oral thin film technology. Under the terms of the Strategic Development Agreement, the Company could select four program products. As of the effective date of the Strategic Development Agreement, the Company nominated two program products - DMT and Salvinorin A. 20% of any funds that IntelGenx received or will receive through the Company’s equity investment under the IntelGenx SPA will be available to be credited towards research and development services that IntelGenx conducts for the Company under the Development Projects. The Company was eligible to receive a total credit of $2.5 million. For the year ended December 31, 2024, research and development expense relating to the Strategic Development Agreement was $0.6 million, respectively, which was applied as a reduction in research and development expenses in accordance with the Strategic Development Agreement. After the Company's acquisition of Nualtis in October 2024, any work performed with respect to the Development Projects is recorded as an intercompany transaction and eliminated upon consolidation in accordance with the Company's accounting policies.

The Company’s investments in the preferred stock of Innoplexus, GABA Therapeutics, Inc. (“GABA”), and Beckley Psytech, prior to the Company’s acquisition of Beckley Psytech in November 2025, are not considered as in-substance common stock due to the existence of substantial liquidation preferences, and, therefore, did not have subordination characteristics that were substantially similar to common stock. Accordingly, these investments do not fall under the guidance in ASC 323, and the Company records these investments under the measurement alternative method pursuant to ASC 321 as these investments do not have readily determinable fair values.

As described in Note 4, Acquisitions, the Company holds approximately 33.7% of the outstanding common stock of Eleusis Holdings Limited. The Company does not have the ability to exercise significant influence over Amandala’s operating and financial policy as the Company does not have board representation and has contractually agreed to voting restrictions. Accordingly, the Company determined that the investment does not fall under the guidance on ASC 323 and the Company records these investments under the measurement alternative method pursuant to ASC 321 as these investments do not have readily determinable fair values.

During the years ended December 31, 2025 and 2024 and prior to the Company’s acquisition of Beckley Psytech in November 2025, the Company evaluated all of its Other investments to determine if certain events or changes in circumstance had a significant adverse effect on the fair value of any of its investments in non-consolidated entities. Based on this analysis, the Company did not note any impairment indicators associated with the Company’s Other investments.

During the years ended December 31, 2025 and 2024 there were no observable changes in price recorded related to the Company’s Other investments.

As of December 31, 2025 and 2024, the carrying values of Other investments, which consisted of investments in the investee’s preferred stock not in the scope of ASC 323 as well as investments in the investees common stock not in scope of ASC 323, was zero and $42.1 million, respectively. The 2024 balance relates solely to the Company’s investment in Beckley Psytech.

As discussed in Note 4, Acquisitions, the Company acquired all outstanding shares of Beckley Psytech in November 2025. On the Acquisition Date, the Company derecognized its carrying amount of $53.9 million under Other investments in the consolidated balance sheet related to the Initial Shares, Deferred Shares, and Secondary Shares as Beckley Psytech is a consolidated entity after the completion of the transaction. Further, as part of the SPA, the Company no longer has rights to receive the Additional Warrants as of the Acquisition Date. The Company’s investment in Beckley Psytech prior to the acquisition is described below.

On January 3, 2024, the Company entered into a subscription and shareholders' agreement with Beckley Psytech and certain other shareholders as identified in the agreement (the "SSA"). Pursuant to the terms of the SSA, the Company (a) has the right to acquire 24,096,385 newly issued series C preferred shares, par value £0.0001 per share, of Beckley Psytech (the “Series C Shares”) for a total purchase price of $40 million (the “Primary Investment”); and (b) undertakes to enter into a Share Purchase Deed (the “Secondary Sale SPA”) within 10 business days, pursuant to which the Company will acquire a total of 11,153,246 shares of Beckley Psytech from certain existing shareholders of Beckley Psytech (the “Secondary Sale” and together with the Primary Investment, the “Investment”), all of which will be re-designated into Series C Shares immediately prior to completion of the Secondary Sale, for a total purchase price of $10.0 million.

In connection with the SSA, the Company acquired, pursuant to an equity warrant instrument between the Company and Beckley Psytech, 24,096,385 warrants to purchase an amount of Series C shares equal to the lesser of (i) 24,096,385 Series C Shares; or (ii) such number of Series C Shares (rounded up to the nearest whole number) as immediately after their issuance would, together with all shares held by the Company in the issued share capital of Beckley Psytech, equal to less than 50% of Beckley Psytech’s fully diluted share capital, and each such warrant is exercisable at an exercise price of $2.158 per share ("Series C Warrants").

Also under the SSA, prior to the Acquisition Date, the Company had the right to receive additional warrants to purchase Series C Shares in the event Beckley Psytech issued equity or equity linked securities pursuant to a deferred equity arrangement in connection with a prior acquisition made by Beckley Psytech, with each such warrant exercisable at an exercise price of $1.66 per share (“Additional Warrants”). Each of the warrants described above was exercisable upon delivery of a written notice to Beckley Psytech.

On January 3, 2024, the Company made the initial payment of $25 million for 15,060,241 Series C Shares at a subscription share price of $1.66 (“Initial Shares”) and delivered the executed deferred payment escrow agreement ("Escrow Agreement") to Beckley Psytech which was a condition for the closing or completion of the transaction (“Initial Subscription”).

On January 5, 2024, subject to the terms of the Escrow Agreement, the Company deposited $15.0 million into an escrow account. Prior to April 1, 2025, Beckley Psytech could, at its sole discretion, draw down up to $5.0 million from the escrow account, with the remaining balance to be paid to Beckley Psytech on April 1, 2025. Beckley Psytech was required credit as fully-paid such corresponding number of Series C Shares as corresponds with the value of each draw-down. The total number of deferred payment shares ("Deferred Shares") is 9,036,144 with a share price of $1.66.

On January 18, 2024, the Company and Beckley Psytech entered into the Secondary Sale SPA pursuant to which the Company agreed to purchase 11,153,246, £0.0001 par value, re-designated Series C shares (the “Secondary Sale Shares”) at a price of $0.8966 per share from the existing shareholders for an aggregate consideration of $10.0 million. On January 18, 2024, the Secondary Sale Shares were acquired by the Company.

Upon closing of the Initial Subscription, executed Escrow Agreement, and acquisition of the Secondary Sale Shares, the Company recognized a fair value of $35.3 million in Other Investments in the consolidated balance sheets related to the Initial Shares, Secondary Shares, and Series C Warrants and a fair value of $2.6 million in Other investments held at fair value related to the Additional Warrants.

The Company qualified for and elected to account for the investment acquired per the SSA using the measurement alternative under ASC 321, and is included in Other investments in the consolidated balance sheets. The Company applied a calibrated model for the $35.3 million investment, to account for the Initial Shares, option to purchase the Deferred Shares, Secondary Shares, and Series C Warrants, on a relative fair value basis resulting in no initial gain or loss recognized in the consolidated statements of operations.

Pursuant to the Escrow Agreement, the Company recognized the fair value of the Deferred Shares as additional consideration for its initial investment in Beckley Psytech as the fair value of the Deferred Shares was less than the purchase price of $1.66 per share. The Company recognized a $2.9 million liability for the Deferred Shares recorded within Other current liabilities in its consolidated balance sheets. Upon Beckley Psytech drawing on the Escrow Agreement, the Company will reduce its liability related to the Deferred Shares and recognize gain or loss based on the fair value of the Series C shares as Other income (expense), net in the consolidated statements of operations.

In October 2024, pursuant to the terms of the Escrow Agreement, Beckley Psytech, at its sole discretion, drew $5.0 million from the escrow account and the Company was credited 3,012,048 Series C shares. The Company determined that the fair value of the shares received was $5.3 million, which is recorded as Other investments in the consolidated balance sheets. The Company recognized a gain of $1.3 million related to the investment for the year ended December 31, 2024, which is recognized as Gain on other investments in the consolidated statements of operations.

In April 2025, pursuant to the terms of the Escrow Agreement, Beckley Psytech, at its sole discretion, drew the remaining $10.0 million from the escrow account and the Company was credited 6,024,096 Series C shares. The Company determined that the fair value of the shares received was $11.9 million, which is recorded as Other investments in the consolidated balance sheets. The Company recognized a gain of $3.8 million related to the investment for the year ended December 31, 2025, which is recognized as Gain on other investments in the consolidated statements of operations.

As of the April 2025 escrow draw, the Company has satisfied its obligations under the Escrow Agreement. As of December 31, 2024, The Company reflected the remaining $1.9 million liability related to the Deferred Shares in Other current liabilities within the consolidated balance sheets.

Prior to the acquisition of Beckley Psytech, the Company determined that the Additional Warrants meet the definition of a derivative instrument under ASC 815 and recorded the $2.6 million fair value at the transaction date in Other investments held at fair value in the consolidated balance sheets, with subsequent changes in fair value being reflected through the consolidated statements of operations in the Change in fair value of assets and liabilities, net.

In May 2024, Beckley Psytech issued equity pursuant to the deferred equity arrangement, and, per the SSA, the Company received 4,393,400 warrants. The Company determined that once received the Additional Warrants will no longer meet the definition of a derivative instrument under ASC 815. The Company qualified for and elected to account for the warrants under ASC 321, and recorded the warrants received in Other Investments in the consolidated balance sheets. At the time of receipt, the warrants had a fair value of $1.5 million.

As a result of the Beckley Psytech Acquisition, the Additional Warrants no longer exist as Beckley Psytech is a wholly owned subsidiary as of the Acquisition Date. Accordingly, the Additional Warrants have a fair value of zero as of December 31, 2025 and the Company recognized a $2.8 million loss in the Change in fair value of assets and liabilities, net in its consolidated statements of operations for the year ended December 31, 2025.

As of December 31, 2024, the remaining Additional Warrants had a fair value of $2.8 million recorded in Other investments held at fair value in the consolidated balance sheets.

For the years ended December 31, 2025 and 2024, the Company recognized a $2.8 million loss and a$1.7 million gain, respectively, in the Change in fair value of assets and liabilities, net in its consolidated statements of operations.

Amandala (formerly Eleusis Holdings Limited) was previously a wholly owned subsidiary of Beckley Psytech and operated Beckley Psytech’s ELE-101 program, a novel intravenous formulation of psilocin, the active metabolite of psilocybin, that is being developed to address certain neuropsychiatric disorders such as treatment resistant depression and major depressive disorder.

In October 2025, prior to the Company’s acquisition of Beckley Psytech and pursuant to the terms of the SPA (defined in Note 4, Acquisitions), Beckley Psytech distributed the equity ownership of Amandala as a dividend in specie pro rata among existing Beckley Psytech shareholders based on their current ownership stakes in Beckley Psytech. In October 2025, Beckley Psytech distributed 297,653,598 ordinary

shares of Amandala to its shareholders, and the Company received 100,208,918 ordinary shares, which is equivalent to approximately 33.7% of the total shares distributed.

The Company determined that it does not have the ability to exercise significant influence over Amandala’s operating and financial policy, and, therefore, accounted for its investment in Amandala using the measurement alternative under ASC 321. The Company recognized the fair value of the Amandala common stock as Other investments in the consolidated balance sheet upon receipt as there is no cost basis for dividend in specie. There was no gain or loss recognized upon the receipt of the common stock. The carrying value of the Company’s investment in Amandala was zero as of December 31, 2025.

GABA is a California based biotechnology company focused on developing GRX-917 for the treatment of anxiety, depression and a broad range of other neurological disorders. The Company is deemed to have significant influence over GABA through its total ownership interest in GABA’s equity, including the Company’s investment in GABA’s common and preferred stock, and the Company’s noncontrolling representation on GABA’s board of directors.

The Company’s investment in GABA’s common stock was accounted for in accordance with the equity method, and the carrying value of the investment in GABA common stock was reduced to zero as of December 31, 2020 due to IPR&D charges with no alternative future use and remained zero as of December 31, 2025.

The Company’s investment in GABA’s preferred stock did not meet the criteria for in-substance common stock. As such, the investment in GABA’s preferred stock is accounted for under the measurement alternative pursuant to ASC 321.

As of December 31, 2025, the Company's remaining obligation to purchase additional shares of Series A preferred stock from GABA is for up to $0.9 million at the same price per share as its initial investment upon the achievement of specified contingent milestones. As of December 31, 2025, the contingent milestones have not been met.

GABA’s net losses attributable to the Company were determined based on the Company’s ownership percentage of preferred stock in GABA and recorded to the Company’s investments in GABA preferred stock. As of December 31, 2025 and December 31, 2024, the investment in GABA’s preferred stock had a carrying value of zero. For the years ended December 31, 2025 and 2024, the Company recognized its proportionate share of GABA's net loss of zero and $2.0 million, respectively, as Losses from investments in equity method investees, net of tax on the consolidated statements of operations.

Innoplexus is a technology company that provides “Data as a Service” and “Continuous Analytics as a Service” solutions that aims to help healthcare organizations leverage their technologies and expedite the drug development process across all stages—preclinical, clinical, regulatory and commercial. The Company first acquired investments in Innoplexus in August 2018 with an additional investment in December 2020, bringing its aggregate ownership percentage to 35%. The Company's ownership percentage remains at 35% as of December 31, 2025.

The Company had significant influence over Innoplexus through its noncontrolling representation on the investee’s board. Accordingly, the Company’s investment in Innoplexus’ common stock was accounted for in accordance with the equity method. The Company’s investment in Innoplexus’ preferred stock did not meet the criteria for in-substance common stock. As such, the investment in Innoplexus’ preferred stock was accounted for under the measurement alternative under ASC 321. The carrying value of the Company’s investment in Innoplexus was zero as of December 31, 2025 and December 31, 2024.

In February 2021, the Company entered into a Share Purchase and Assignment Agreement (the “Innoplexus SPA”) to sell its shares of common and preferred stock held in Innoplexus to a current investor of Innoplexus (the “Purchaser”) in exchange for an initial purchase price of approximately $2.4 million. In addition, the Company is entitled to receive contingent payments based on the occurrence of subsequent equity transactions or liquidity events at Innoplexus as determined under the Innoplexus SPA.

Pursuant to the Innoplexus SPA, the Purchaser is required to hold a minimum number of shares equivalent to the number of shares purchased from the Company through December 31, 2026. In the event that the Purchaser is in breach of this requirement, the Purchaser is required to pay the Company an additional purchase price of approximately $9.6 million. The transaction was accounted for as a secured financing as it did not qualify for sale accounting under ASC 860, Transfers and Servicing (“ASC 860”), due to the provision under the Innoplexus SPA which constrained the Purchaser from its right to pledge or exchange the underlying shares and provided more than a trivial benefit to the Company. The initial proceeds from the transaction are reflected as a secured borrowing liability of $2.5 million and $2.2 million as of December 31, 2025 and December 31, 2024, respectively, of which the December 31, 2025 balance is included in Other current liabilities in the Company’s consolidated balance sheets and the December 31, 2024 balance is included in Other liabilities in the Company’s consolidated balance sheet.

In addition, the Innoplexus SPA also provides the right for the Company to receive additional consideration with a maximum payment outcome of $22.3 million should the equity value of Innoplexus exceed certain thresholds upon the occurrence of certain events. The Company concluded that this feature met the definition of a derivative which required bifurcation. As the probability of the occurrence of

certain events defined in the Innoplexus SPA was less than remote, the Company concluded that the fair value of the embedded derivative ascribed to this feature was de minimis as of December 31, 2025.

The following is a summary of financial data for investments accounted for under the equity method of accounting (in thousands):

Balance Sheets


	December 31, 2025		December 31, 2024
	GABA		GABA
Current assets	$	443	$	112
Noncurrent assets		—		—
Total assets	$	443	$	112

Current liabilities	$	3,910	$	2,805
Noncurrent liabilities		—		—
Total liabilities	$	3,910	$	2,805

Statements of Operations


	For the year ended December 31, 2025			For the year ended December 31, 2024
	GABA			GABA
Loss from continuing operations	$	(724	)	$	(3,227	)
Net loss	$	(724	)	$	(3,227	)