Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Opportunity - Wall Street is investing heavily in AI, but there is a looming energy crisis as AI technologies require vast amounts of electricity, comparable to the consumption of small cities [2][3] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI data centers, making it a potentially lucrative investment [3][8] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses significant nuclear energy infrastructure assets, which are crucial for America's future power strategy, and is capable of executing large-scale engineering projects across various energy sectors [7][8] Financial Health - The company is noted for being debt-free and holding a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also has a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities in the AI sector [9][10] Market Trends - The article discusses the broader trends of AI, energy, tariffs, and onshoring, indicating that this company is strategically aligned with these developments [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of investing in AI-related companies [12][13]

Core Insights - atai Life Sciences has been awarded a multi-year grant worth up to $11.4 million by the National Institute on Drug Abuse (NIDA) to support the development of non-hallucinogenic 5-HT2A/2C receptor agonists for opioid use disorder (OUD) [1][2][9] Company Overview - atai Life Sciences is a clinical-stage biopharmaceutical company focused on developing effective mental health treatments, including psychedelic-based therapies for conditions such as treatment-resistant depression and social anxiety disorder [5] - The company is advancing a drug discovery program aimed at identifying novel, non-hallucinogenic 5-HT2A receptor agonists for treatment-resistant depression [5] Industry Context - OUD affects approximately 16 million people globally and incurs costs exceeding $750 billion annually, with over 120,000 opioid-related deaths occurring each year [3] - The grant highlights the urgent need for innovative and evidence-based treatment options for OUD, reflecting the ongoing crisis's impact on individuals and communities [2][3] Research and Development Focus - The grant will fund the optimization and early-stage development of atai's 5-HT2A/2C agonist program, which aims to create compounds that modulate serotonin receptors involved in addiction while minimizing hallucinogenic effects [2][3] - The funding will support lead optimization, proof-of-concept studies, and necessary toxicology and manufacturing work to file an Investigational New Drug (IND) application [2] Future Plans - If early-stage development milestones are achieved, atai plans to advance the program into a first-in-human Phase 1 study [2] - The company is committed to developing safer, polypharmacologic treatments for mental health conditions, including substance use disorders, anxiety, and depression [4]

Summary of Atai Life Sciences FY Conference Call Company Overview - **Company**: Atai Life Sciences (NasdaqGM: ATAI) - **Event**: FY Conference on September 17, 2025 - **Key Speakers**: CEO Srinivas Rao, Chief Medical Officer Kevin Craig Key Industry and Company Insights Recent Developments - Atai Life Sciences reported positive Phase 2b data for BPL-003, a treatment for treatment-resistant depression (TRD) in partnership with Beckley Psytech Limited, which has now been acquired by Atai [1][2] Phase 2b Trial Results - The eight-milligram dose of BPL-003 showed a significant MADRS (Montgomery-Åsberg Depression Rating Scale) difference of 6.3 compared to a subclinical control of 0.3 at day 29 [2] - The trial demonstrated good response rates at four weeks, with durability extending to eight weeks [2][4] - Expectations for the open-label data include confirmation of durability and potential incremental improvement with a second dose, aiming for remission rates of 40% to 50% [4][5] Additional Analyses - The trial also assessed anxiety and anhedonia, with interest in how these comorbid conditions respond to treatment [5][8] - Patient-reported outcomes were collected using GAD-7 for anxiety and SHAPS for anhedonia, focusing on the absence of positive enjoyment in life [8][9] Regulatory Considerations - Atai plans to submit a request for an end-of-phase two meeting with the FDA within the current quarter [11] - The company is considering applying for breakthrough therapy designation, having gathered sufficient double-blind placebo-controlled data [12][14] Treatment Paradigm - BPL-003 is positioned as a treatment option with less frequent dosing compared to Spravato, targeting patients who are relatively high functioning and require less commitment to treatment [17] - The ideal patient profile includes those needing to return to daily life with less frequent treatment visits [17] Safety and Monitoring - Similar safety profiles are expected between BPL-003 and Spravato, with attention to cardiovascular effects and psychiatric comorbidities [18] - Monitoring requirements post-dosing are being refined to ensure safety while maintaining a reasonable approach [19] Phase 3 Trial Design - The design for the Phase 3 trial is evolving, with a preference for using a true placebo as a control arm and a middle dose that is psychedelic but less effective [21][23] - The anticipated timeline for the Phase 3 trial initiation is early next year, with patient dosing expected around mid-next year [30] Market Opportunities - Atai is also developing VLS-01, an oral transmucosal DMT for TRD, which has shown a favorable safety profile in early trials [47][51] - The company is exploring EMP-01 for social anxiety disorder, targeting a market of over 13 million individuals, which is larger than the TRD market [59][60] Challenges - Recruitment for trials has been slower than expected due to a limited number of psychedelic experience sites and variability in Schedule I approval timelines [55][56] Conclusion Atai Life Sciences is making significant strides in the development of psychedelic treatments for mental health conditions, with promising data from BPL-003 and plans for future trials. The company is navigating regulatory landscapes and market opportunities while addressing challenges in recruitment and site activation.

Group 1 - The core focus of atai Life Sciences is on developing effective mental health treatments, particularly through short-duration psychedelics [1] - The company aims to transform patient outcomes by providing commercially scalable interventional psychiatry therapies that can be integrated into healthcare systems [1] - The presentation took place at H.C. Wainwright's 27th Annual Global Investment Conference, highlighting the significance of the event for investors and stakeholders [1][2]

Summary of Atai Life Sciences FY Conference Call Company Overview - **Company**: Atai Life Sciences (NasdaqGM: ATAI) - **Industry**: Clinical-stage biopharmaceutical company focused on mental health treatments - **Core Focus**: Development of short-duration psychedelics for interventional psychiatry therapies that can integrate into healthcare systems [1][4] Pipeline and Strategic Focus - **Clinical Stage Assets**: - **BPL-003**: Phase 2B results in treatment-resistant depression (TRD), a formulation of 5-MeO-DMT - **VLS-01**: Phase 2B, a formulation of DMT - **EMP-01**: R-MDMA, an oral formulation for social anxiety disorder - **Discovery Program**: Includes both psychedelic and non-psychedelic compounds [4][4][4] Competitive Positioning - Atai aims to position VLS-01 within the Spravato paradigm, focusing on a single administration with effects lasting around two hours, allowing for patient monitoring and discharge [5][6] - The goal is to improve dosing frequency, targeting every 8 to 12 weeks compared to Spravato's weekly or bi-weekly dosing [6][6] Mechanism of Action and Differentiation - **BPL-003**: More potent activation of the 5-HT1A receptor compared to DMT, with subjective differences noted in phase 1 studies [10] - **Formulation**: BPL-003 uses an intranasal delivery system, while VLS-01 employs an oral thin film technology [11] Phase 2B Trial Insights - The phase 2B trial for BPL-003 showed comparable efficacy to psilocybin, with no negative impact from the shorter psychedelic duration [12][13] - Both 8 mg and 12 mg doses demonstrated similar efficacy, with the 8 mg dose showing slightly better tolerability [16] Scalability and Interventional Psychiatry Model - Majority of patients were eligible for discharge at 90 minutes, aligning with Spravato's discharge criteria [17][29] - Higher monitoring requirements for psychedelics compared to Spravato, but potential for scaling back over time [17] Future Development Plans - Plans to submit an end-of-phase 2 meeting request, with potential dosing for phase 3 trials expected in late 2026 [21] - VLS-01 is anticipated to provide additional efficacy with a two-dose induction model [27] Market Opportunity - The total addressable market for TRD is substantial, with Spravato achieving $1 billion in sales from a small patient population [31] - Social anxiety disorder is identified as a significant unmet need, especially post-COVID [36] EMP-01 Development - R-MDMA is being explored for social anxiety disorder, with a phase 2A study ongoing [33][37] - The compound is also relevant for PTSD, with potential for significant impact [39] Industry Validation - Recent M&A activity, such as AbbVie's acquisition of Gilgamesh Pharmaceuticals, indicates growing interest in the psychedelics space, particularly short-duration psychedelics [41] Upcoming Catalysts - Key upcoming catalysts include trial readouts for BPL-003 and VLS-01, as well as the end-of-phase 2 meeting minutes [43][44] Conclusion - Atai Life Sciences is positioned uniquely within the emerging psychedelics market, with a strong pipeline and strategic focus on addressing significant mental health needs through innovative therapies [1][4][41]

Group 1 - Company atai Life Sciences is a clinical-stage biopharmaceutical firm focused on developing effective mental health treatments to improve patient outcomes [1][3] - The company has a pipeline of psychedelic-based therapies, including BPL-003 for treatment-resistant depression (TRD), VLS-01 for TRD, and EMP-01 for social anxiety disorder, all currently in Phase 2 clinical development [3] - atai is also working on a drug discovery program to identify novel, non-hallucinogenic 5-HT2AR agonists for TRD, aiming to provide scalable interventional psychiatry therapies [3] Group 2 - atai Life Sciences will participate in several investor conferences in September, including the Cantor Global Healthcare Conference on September 5, H.C. Wainwright Annual Global Investment Conference on September 8, and TD Cowen Annual Novel Mechanisms in Neuropsychiatry & Epilepsy Summit on September 17 [1][2] - The format for these conferences will be fireside chats, and webcasts will be available on the company's website [2]

Group 1: Stock Performance and Technical Analysis - Shares of atai Life Sciences N.V. (ATAI) have lost 6.1% over the past week, but a hammer chart pattern formed in the last trading session suggests potential support and a possible trend reversal [1] - The hammer pattern indicates a nearing bottom with potential exhaustion of selling pressure, which is a technical signal that could enhance the prospects of a trend reversal for the stock [2][5] - The hammer pattern occurs during a downtrend, where the stock opens lower, makes a new low, but then finds support and closes near or above the opening price, indicating that bears may have lost control [4][5] Group 2: Earnings Estimates and Analyst Sentiment - There has been an upward trend in earnings estimate revisions for ATAI, which is considered a bullish indicator and is strongly correlated with near-term stock price movements [7] - The consensus EPS estimate for the current year has increased by 6% over the last 30 days, indicating that Wall Street analysts are optimistic about the company's potential to report better earnings than previously predicted [8] - ATAI currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, highlighting a net loss of $27.7 million for Q2 2025 and total assets of $189.2 million [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) | Financial Metric | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 61,940 | 17,505 | | Total current assets | 102,681 | 80,125 | | **Total assets** | **189,204** | **159,387** | | **Liabilities & Equity** | | | | Total current liabilities | 25,547 | 24,951 | | **Total liabilities** | **45,279** | **42,833** | | **Total stockholders' equity** | **143,925** | **116,554** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) | Metric ($ thousands, except per share) | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | 719 | 273 | 2,274 | 273 | | Research and development | 11,092 | 12,605 | 22,420 | 24,136 | | General and administrative | 14,900 | 13,397 | 25,497 | 25,952 | | Loss from operations | (25,273) | (25,729) | (45,643) | (49,815) | | Net loss attributable to ATAI | (27,729) | (57,312) | (54,160) | (84,025) | | Net loss per share — basic and diluted | (0.14) | (0.36) | (0.29) | (0.53) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Activity ($ thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | (31,935) | (38,801) | | Net cash provided by (used in) investing activities | (1,230) | 27,772 | | Net cash provided by financing activities | 67,362 | 326 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - In June 2025, the company entered into a share purchase agreement to acquire the entire issued share capital of Beckley Psytech Limited not already owned. The transaction is expected to close in Q4 2025[37](index=37&type=chunk) - As of June 30, 2025, the company had cash and cash equivalents of **$61.9 million** and short-term securities of **$34.0 million**, which are expected to be sufficient to fund operations for at least the next 12 months[40](index=40&type=chunk)[41](index=41&type=chunk) - In February 2025, the company raised net proceeds of approximately **$59.1 million** from a public offering of common shares. In June 2025, it raised aggregate gross proceeds of approximately **$29.9 million** through a PIPE financing of common shares and pre-funded warrants[215](index=215&type=chunk)[216](index=216&type=chunk) - In May 2025, the company voluntarily prepaid and terminated its Hercules Loan Agreement, paying off the outstanding **$21.8 million** and recognizing a **$1.3 million** loss on extinguishment of debt[209](index=209&type=chunk) - The company invested approximately **$5.0 million** in Bitcoin in February 2025 as part of its treasury reserve diversification strategy[186](index=186&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=67&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition and operations, covering business overview, pipeline progress, strategic initiatives, and comparative financial results for Q2 and H1 2025 versus 2024 [Business Overview](index=67&type=section&id=Business%20Overview) - atai is a clinical-stage biopharmaceutical company focused on developing effective mental health treatments, with a pipeline of psychedelic and non-psychedelic product candidates[293](index=293&type=chunk)[295](index=295&type=chunk) - Key strategic initiatives include the pending acquisition of Beckley Psytech, expected to close in Q4 2025, and a planned corporate redomiciliation from the Netherlands to Delaware[302](index=302&type=chunk)[303](index=303&type=chunk) - The company is prioritizing clinical-phase programs with near-term data readouts, including BPL-003 for TRD, VLS-01 for TRD, and EMP-01 for Social Anxiety Disorder[306](index=306&type=chunk)[309](index=309&type=chunk) [Results of Operations](index=78&type=section&id=Results%20of%20Operations) | Metric ($ thousands) | Q2 2025 | Q2 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 719 | 273 | 163% | | Research and development | 11,092 | 12,605 | (12%) | | General and administrative | 14,900 | 13,397 | 11% | | Loss from operations | (25,273) | (25,729) | (2%) | | Net loss | (27,746) | (57,369) | (52%) | | Metric ($ thousands) | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Total revenue | 2,274 | 273 | 733% | | Research and development | 22,420 | 24,136 | (7%) | | General and administrative | 25,497 | 25,952 | (2%) | | Loss from operations | (45,643) | (49,815) | (8%) | | Net loss | (54,211) | (84,747) | (36%) | - R&D expenses for Q2 2025 decreased by **$1.5 million** year-over-year, primarily due to a **$2.6 million** reduction in personnel expenses, partially offset by a **$1.6 million** increase in clinical development costs for the EMP-01 program[358](index=358&type=chunk)[360](index=360&type=chunk) - G&A expenses for Q2 2025 increased by **$1.5 million** year-over-year, driven by a **$4.3 million** increase in legal and professional fees related to the Beckley Psytech transaction and redomiciliation[365](index=365&type=chunk) [Liquidity and Capital Resources](index=92&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company had cash, cash equivalents, and short-term securities totaling **$95.9 million**[434](index=434&type=chunk) - Management believes the current cash position is sufficient to fund operations into the second half of 2027[434](index=434&type=chunk) - Net cash used in operating activities for the first six months of 2025 was **$31.9 million**, a decrease from **$38.8 million** in the same period of 2024[440](index=440&type=chunk)[441](index=441&type=chunk)[442](index=442&type=chunk) - Net cash provided by financing activities was **$67.3 million** for the first six months of 2025, primarily from equity offerings, compared to **$0.3 million** in the prior-year period[440](index=440&type=chunk)[445](index=445&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=101&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risks include interest rate sensitivity and foreign currency exchange risk, neither of which is expected to materially impact financial statements - The company's main market risks are interest rate sensitivity on its cash and investments, and foreign currency exchange risk from its international operations[461](index=461&type=chunk) - Due to the nature of its cash and investment portfolio, a hypothetical 100 basis point change in interest rates is not expected to materially affect their fair value[462](index=462&type=chunk) - A hypothetical 10% change in the U.S. dollar's value relative to other currencies would not have had a material effect on the consolidated financial statements for the periods presented[466](index=466&type=chunk) [Controls and Procedures](index=102&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[468](index=468&type=chunk) - There were no material changes in the company's internal control over financial reporting during the fiscal quarter ended June 30, 2025[469](index=469&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=103&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial condition - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business or financial condition[470](index=470&type=chunk) [Risk Factors](index=104&type=section&id=Item%201A.%20Risk%20Factors) New risk factors include those related to the Beckley Psytech acquisition and corporate redomiciliation, such as transaction completion and integration challenges - New risks have been introduced related to the strategic combination with Beckley Psytech, including potential failure to complete the deal, reduced ownership for existing atai shareholders, and challenges in realizing anticipated benefits[472](index=472&type=chunk)[473](index=473&type=chunk)[478](index=478&type=chunk) - The company highlights risks associated with its planned redomiciliation to Delaware, such as the possibility that the expected benefits may not be realized or that the process could be delayed or abandoned[481](index=481&type=chunk)[482](index=482&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=106&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - The company reported no unregistered sales of equity securities for the period[485](index=485&type=chunk) [Other Information](index=106&type=section&id=Item%205.%20Other%20Information) Disclosures include a $10.0 million unsecured promissory note issued to Beckley Psytech and confirmation of no Rule 10b5-1 trading plan changes - On August 13, 2025, the company issued a **$10.0 million** unsecured promissory note to Beckley Psytech to fund product development milestones, bearing interest at 12% per annum[487](index=487&type=chunk)[488](index=488&type=chunk) - No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the six months ended June 30, 2025[491](index=491&type=chunk) [Exhibits](index=107&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including agreements for the Beckley Psytech transaction and PIPE financings - Key exhibits filed include the Share Purchase Agreement with Beckley Psytech, various subscription and voting agreements, and the Senior Promissory Note issued to Beckley Psytech[492](index=492&type=chunk)[493](index=493&type=chunk)

Company Overview - Proactive is a provider of fast, accessible, informative, and actionable business and finance news content aimed at a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the team includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]

[Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlights the transformative Beckley Psytech combination, solidifying atai's leadership in psychedelic mental health and advancing its clinical pipeline with strong investor confidence - The planned strategic combination with Beckley Psytech is expected to establish atai as a **global leader** in psychedelic mental health[3](index=3&type=chunk) - The combination adds **BPL-003**, a late-stage, clinically-validated asset for treatment-resistant depression (TRD), to atai's wholly owned pipeline[3](index=3&type=chunk) - Recent fundraising efforts in 2025 totaled nearly **$140 million**, reflecting strong investor confidence in the company's strategy[3](index=3&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) Positive topline data for BPL-003 in TRD demonstrated rapid, durable effects, with cash expected to fund operations into H2 2027, and key milestones anticipated in Q3 2025 - Positive topline data from the **Phase 2b trial of BPL-003** in TRD met primary and key secondary endpoints, showing single-dose effects for up to **8 weeks**[4](index=4&type=chunk) - Topline data from the eight-week open-label extension of the BPL-003 Phase 2b trial is expected in **Q3 2025**[4](index=4&type=chunk) - The company's cash, securities, and other assets are expected to fund combined operations into the **second half of 2027**[4](index=4&type=chunk) [Recent Clinical Highlights and Upcoming Milestones](index=2&type=section&id=Recent%20Clinical%20Highlights%20and%20Upcoming%20Milestones) Updates on key clinical programs include positive BPL-003 Phase 2b results, VLS-01 data delay to H2 2026, ongoing EMP-01 enrollment, and Inidascamine's Phase 2b trial not meeting its primary endpoint [BPL-003 (Intranasal Mebufotenin)](index=2&type=section&id=BPL-003) BPL-003's Phase 2b study in TRD met all endpoints, showing rapid, durable antidepressant effects for up to 8 weeks, with the 8 mg dose selected for Phase 3 - The Phase 2b study met its primary endpoint, demonstrating rapid and durable antidepressant effects for up to **8 weeks** with a single dose[5](index=5&type=chunk) - BPL-003 was generally well-tolerated, with **99%** of treatment-emergent adverse events being mild or moderate, and no drug-related serious adverse events[5](index=5&type=chunk) - The **8 mg dose** has been selected for Phase 3 advancement, with an End-of-Phase 2 meeting request planned for **Q3 2025**[5](index=5&type=chunk) [VLS-01 (Buccal Film DMT)](index=2&type=section&id=VLS-01) Topline data for VLS-01 in TRD is delayed to H2 2026 due to slower site activation and patient recruitment in its Phase 2 trial - Topline data from the Phase 2 trial of VLS-01 in TRD patients is now anticipated in the **second half of 2026**[5](index=5&type=chunk) - The delay is attributed to slower-than-anticipated site activation and patient recruitment[5](index=5&type=chunk) [EMP-01 (Oral R-MDMA)](index=2&type=section&id=EMP-01) Enrollment continues for the Phase 2 study of EMP-01 for social anxiety disorder, with topline data expected in Q1 2026 - Patient enrollment continues in the Phase 2 study of EMP-01 for social anxiety disorder (SAD)[5](index=5&type=chunk) - Topline data from the Phase 2 study are anticipated in the **first quarter of 2026**[5](index=5&type=chunk) [Inidascamine (RL-007)](index=3&type=section&id=Inidascamine) Inidascamine's Phase 2b trial for CIAS did not meet its primary endpoint, leading atai to reallocate resources to its wholly owned psychedelic programs - The Phase 2b trial of inidascamine for CIAS did not meet its primary endpoint with statistical significance[10](index=10&type=chunk) - atai plans to allocate resources to its wholly owned pipeline of psychedelic product candidates focused on affective disorders[10](index=10&type=chunk) [Novel 5-HT2A Receptor Agonists](index=2&type=section&id=Novel%205-HT2A%20Receptor%20Agonists) Novel 5-HT2A receptor agonists with non-hallucinogenic potential in rodent studies are undergoing further optimization and evaluation for therapeutic use - Discovered novel **5-HT2A receptor agonists** that maintain non-hallucinogenic potential in rodent drug discrimination studies[6](index=6&type=chunk) [Corporate Updates](index=3&type=section&id=Corporate%20Updates) atai is advancing its strategic combination with Beckley Psytech for Q4 2025 shareholder approval and initiating US redomiciliation for structural and operational efficiencies - The planned strategic combination with Beckley Psytech is expected to proceed to shareholder approval in **Q4 2025**[10](index=10&type=chunk) - The company has initiated the process to move its corporate domicile to the US for structural simplification and operational efficiencies[10](index=10&type=chunk) [Consolidated Financial Results](index=3&type=section&id=Consolidated%20Financial%20Results) Q2 2025 net loss significantly narrowed to $27.7 million, cash increased to $95.9 million, R&D expenses decreased, and G&A expenses rose due to strategic transactions [Financial Position and Liquidity](index=3&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2025, cash and equivalents totaled $95.9 million, an increase driven by $89.2 million in equity issuances, funding operations into H2 2027 Cash, Cash Equivalents, and Short-Term Securities | Metric | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Cash, cash equivalents and short-term securities | $95.9 million | $72.3 million | - The **$23.6 million** increase in cash is primarily due to **$89.2 million** in net proceeds from equity issuances, offset by cash used in operations and debt payoff[7](index=7&type=chunk) - The company's cash runway is expected to fund operations for the combined company into the **second half of 2027**[7](index=7&type=chunk) [Operating Expenses and Net Loss](index=3&type=section&id=Operating%20Expenses%20and%20Net%20Loss) Q2 2025 saw R&D expenses decrease to $11.1 million, G&A expenses increase to $14.9 million, and net loss narrow significantly to $27.7 million Operating Expenses and Net Loss (Q2) | Expense Category | 2025 (Millions USD) | 2024 (Millions USD) | Change (Millions USD) | | :--- | :--- | :--- | :--- | | R&D Expenses | $11.1 | $12.6 | ($1.5) | | G&A Expenses | $14.9 | $13.4 | +$1.5 | | Net Loss | ($27.7) | ($57.3) | $29.6 | - The decrease in R&D expenses was primarily due to lower personnel-related expenses and consulting services[8](index=8&type=chunk) - The increase in G&A expenses was largely due to legal and professional service costs related to the planned Beckley Psytech combination and US redomiciliation[9](index=9&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Condensed consolidated financial statements detail a Q2 2025 net loss of $27.7 million, with total assets of $189.2 million and stockholders' equity of $143.9 million [Condensed Consolidated Statements of Operations](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q2 2025 statements show revenue of $0.7 million, total operating expenses of $26.0 million, and a net loss of $27.7 million, or ($0.14) per share Condensed Consolidated Statements of Operations (Three Months Ended June 30) | Metric | 2025 (unaudited) | 2024 | | :--- | :--- | :--- | | Revenue (Thousands USD) | $719 | $273 | | Total operating expenses (Thousands USD) | $25,992 | $26,002 | | Loss from operations (Thousands USD) | ($25,273) | ($25,729) | | Net loss attributable to stockholders (Thousands USD) | ($27,729) | ($57,312) | | Net loss per share — basic and diluted (USD) | ($0.14) | ($0.36) | [Condensed Consolidated Balance Sheet](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2025, the balance sheet reports total assets of $189.2 million, total liabilities of $45.3 million, and stockholders' equity of $143.9 million Condensed Consolidated Balance Sheet (Thousands USD) | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $61,940 | $17,505 | | Total assets | $189,204 | $159,387 | | Total liabilities | $45,279 | $42,833 | | Total stockholders' equity | $143,925 | $116,554 | [Legal Disclaimers and Forward-Looking Statements](index=4&type=section&id=Legal%20Disclaimers) This section outlines forward-looking statements regarding business strategy, clinical development, the Beckley Psytech transaction, and financial projections, all subject to significant risks and uncertainties - The press release includes forward-looking statements regarding business strategy, product candidate development, the proposed transaction with Beckley Psytech, and cash runway[13](index=13&type=chunk) - These statements involve risks and uncertainties, including the possibility that proposed transactions may not be completed or their anticipated benefits realized[14](index=14&type=chunk) - Investors are urged to read the S-4 Registration Statement and Proxy Statement, when available, for important information about the proposed transactions[16](index=16&type=chunk)