GIMBHI: ATAI Life Sciences (ATAI) Q3 2025 Earnings

Sources: AtaiBeckley, Claude

Additional Information: ATAI Life Sciences (ATAI) Reports Mixed Q3 Results

Financial Performance

• Revenue $749K (vs. $40K YoY)

• Cash & liquid assets $114.6M; $150M public offering closed

• Runway into 2029

• R&D $14.7M (↑ YoY)

• G&A $14.5M (↑ YoY, driven by Beckley Psytech combination + U.S. redomiciling)

• Net loss $(61.1M) including $32.6M non-cash fair value change

Pipeline Progress

• BPL-003 (5-MeO-DMT nasal) Breakthrough Therapy designation for TRD

• Positive Phase 2b OLE: sustained antidepressant effects after second dose

• Positive Phase 2a: two-dose induction regimen improved outcomes

• End-of-Phase 2 FDA meeting scheduled; Phase 3 guidance expected Q1 2026

• Phase 3 initiation targeted Q2 2026

• VLS-01 (buccal DMT) expanding to AU + UK sites; Phase 2 topline 2H 2026

• EMP-01 (R-MDMA) Phase 2a enrollment completed; topline expected Q1 2026

• Novel 5-HT2A/2C agonists program funded by $11.4M NIDA grant

• Early evidence of non-hallucinogenic neuroplastogens

Unit Economics & Engagement (Sci/Clinical Ops Analogues)

• Short-duration psychedelic model → higher session throughput

• Second-dose BPL-003 data suggests extended responder tail

• Scalable interventional psychiatry design (nasal, buccal, oral formats)

• Multiple programs positioned for repeatable clinic workflows

AI/LLM or Tech Differentiation (Discovery & Ops)

• Discovery engine supported by NIDA for receptor-targeted molecules

• Digital assets + equity positions visible on balance sheet

• Building a hybrid drug + platform discovery capability

Network & Operations

• Significant global clinical footprint expansion (U.S., U.K., Australia)

• Increased trial complexity managed across multi-center psychedelic protocols

• Corporate redomiciling to U.S. underway

Market Position & Strategy

• Strategic combination of atai Life Sciences + Beckley Psytech completed

• Positioning as leader in short-duration psychedelic therapies

• Pipeline spans TRD, alcohol use disorder, social anxiety disorder, OUD

• Interventional psychiatry focus with commercially scalable formats

Strategic Acquisitions & Partnerships

• Formal merger forming AtaiBeckley

• Multi-year federally funded program (NIDA) for next-generation 5-HT2A/2C agonists

• Strengthened Board + operational leadership

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