Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Fair Value Measurement on Recurring Basis

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation (in thousands):


	Fair Value Measurements as of
	September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	5,119	$	—	$	—	$	5,119
Investment in securities at fair value:
U.S. treasuries		—		84,204		—		84,204
Digital assets		11,383		—		—		11,383
Other investments held at fair value		34,413		—		—		34,413
	$	50,915	$	84,204	$	—	$	135,119
Liabilities:
Contingent consideration liability - related party		—		—		110		110
Contingent consideration liabilities		—		—		212		212
Pre-funded warrant liabilities		57,432		—		—		57,432
	$	57,432	$	—	$	322	$	57,754


	Fair Value Measurements as of
	December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	6,196	$	—	$	—	$	6,196
Investment in securities at fair value:
U.S. treasuries		—		44,825		—		44,825
Other investments held at fair value		26,104		—		2,783		28,887
	$	32,300	$	44,825	$	2,783	$	79,908
Liabilities:
Short-term convertible promissory note conversion option - related party	$	—	$	—	$	995	$	995
Short-term convertible promissory note conversion option		—		—		1,616		1,616
Contingent consideration liability - related party		—		—		110		110
Contingent consideration liabilities		—		—		212		212
	$	—	$	—	$	2,934	$	2,934

Summary of Fair Value Measurement Inputs and Valuation Techniques

The fair value of the Perception contingent consideration liability – related parties was calculated using the following significant unobservable inputs:


		September 30, 2025	December 31, 2024

Valuation Technique	Significant Unobservable Inputs	Input Range	Input Range
Discounted cash flow	Milestone contingent consideration:
	Discount rate	11.6%	11.6%
	Probability of the milestone	5.0%	5.0%
Discounted cash flow with scenario-based method	Royalty contingent consideration:
	Discount rate for royalties	3.8% - 4.3%	3.8% - 4.3%
	Discount rate for royalties on milestones	3.8% - 4.3%	3.8% - 4.3%
	Probability of success rate	5.0%	5.0%

Fair value of Contingent Consideration liability

The fair value of the DemeRx contingent consideration liability – related parties was calculated using the following significant unobservable inputs:


		September 30, 2025	December 31, 2024

Valuation Technique	Significant Unobservable Inputs	Input Range	Input Range
Discounted cash flow	Milestone contingent consideration:
	Discount rate	11.7%-11.8%	11.7%-11.8%
	Probability of the milestone	4.0% - 5.0%	4.0% - 5.0%

Summary of Fair Value Measurement on Recurring Basis, Unobservable Input Reconciliation

The following table provides a roll forward of the aggregate fair values of the Company’s financial instruments described above, for which fair value is determined using Level 3 inputs (in thousands):


	Beckley Psytech Additional Warrants			New NV Notes Conversion Feature			Contingent Consideration Liability - Related Parties (i)		Contingent Consideration Liabilities (ii)
Balance as of December 31, 2024	$	2,783		$	2,611		$	110	$	212
Change in fair value		519			122			—		—
Balance as of March 31, 2025	$	3,302		$	2,733		$	110	$	212
Change in fair value		(3,302	)		3,050			—		—
Balance as of June 30, 2025	$	—		$	5,783		$	110	$	212
Change in fair value		—			17,077			—		—
Conversion of convertible notes		—			(22,860	)		—		—
Balance as of September 30, 2025	$	—		$	—		$	110	$	212

(i) Includes Perception milestone based contingent consideration liability.
(ii) Includes contingent consideration liability related to DemeRx IB Stock Purchase as well as contingent consideration liability related to the TryptageniX research and development milestone success fee payments and royalties payments.


	IntelGenx Convertible Notes Receivable			IntelGenx Investments Held at Fair Value (i)			IntelGenx Subsequent DIP Loan Commitment			Contingent Consideration Liability - Related Parties (ii)			Contingent Consideration Liabilities (iii)			New NV Notes Conversion Feature			Beckley Psytech Additional Warrants
Balance as of December 31, 2023	$	11,202		$	6,124		$	—		$	620		$	1,637		$	2,385		$	—
Initial fair value of instrument		988			420			—			—			—			—			2,645
Change in fair value, including interest		1,712			1,429			—			(13	)		(231	)		1,734			—
Balance as of March 31, 2024	$	13,902		$	7,973		$	—		$	607		$	1,406		$	4,119		$	2,645
Initial fair value of instrument		3,425			—			680			—			—			3,590			—
Change in fair value, including interest		(7,455	)		(7,973	)		—			(27	)		(32	)		(4,780	)		720
Balance as of June 30, 2024	$	9,872		$	—		$	680		$	580		$	1,373		$	2,929		$	3,364
Initial fair value of instrument	$	3,830			—			—			—			—			—			—
Additional Warrants received	$	—			—			—			—			—			—			(1,538	)
Change in fair value, including interest	$	(8,002	)		—			(533	)		70			15			(932	)		(105	)
Balance as of September 30, 2024	$	5,700		$	—		$	147		$	650		$	1,388		$	1,997		$	1,721

(i) Includes, Initial Warrants, Additional Unit Awards, 2023 Initial Warrants, 2023 Subsequent Warrants, and Call Option Units.
(ii) Includes Perception's milestone-based contingent consideration liability.
(iii) Includes the contingent consideration liability related to DemeRx IB Stock Purchase and the contingent consideration liability related to the TryptageniX
research and development milestone success fee payments and royalties payments.

Atai Beckley N.V. 10-Q