[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents the unaudited condensed consolidated financial statements for Q1 2025, including balance sheets, operations, and cash flows [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $195.8 million, driven by a significant increase in cash from a recent equity offering Condensed Consolidated Balance Sheets (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $48,287 | $17,505 | | Total current assets | $115,978 | $80,125 | | Digital assets | $4,788 | $— | | **Total assets** | **$195,783** | **$159,387** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $28,501 | $24,951 | | Total liabilities | $43,509 | $42,833 | | Total stockholders' equity | $152,274 | $116,554 | | **Total liabilities and stockholders' equity** | **$195,783** | **$159,387** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported its first-ever revenue of $1.6 million and a stable net loss of $26.4 million for Q1 2025 Condensed Consolidated Statements of Operations (in thousands, except per share data) | | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $1,555 | $— | | Research and development | $11,328 | $11,530 | | General and administrative | $10,597 | $12,555 | | **Loss from operations** | **($20,370)** | **($24,085)** | | **Net loss attributable to ATAI Life Sciences N.V. stockholders** | **($26,431)** | **($26,713)** | | Net loss per share — basic and diluted | ($0.15) | ($0.17) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Financing activities provided $59.6 million, leading to a net cash increase of $30.8 million for the quarter Condensed Consolidated Statements of Cash Flows (in thousands) | | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($17,841) | ($22,573) | | Net cash provided by (used in) investing activities | ($11,014) | $11,471 | | Net cash provided by financing activities | $59,605 | $— | | **Net increase (decrease) in cash, cash equivalents and restricted cash** | **$30,782** | **($11,166)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Details key events including the IGX acquisition, a $59.1M equity offering, and a corporate restructuring - The acquisition of IntelGenx Corp (IGX) in October 2024 is the source of the company's **newly reported license and R&D revenue**[38](index=38&type=chunk)[39](index=39&type=chunk) - The company invested approximately **$5.0 million in Bitcoin** in March 2025 as part of a treasury reserve diversification strategy[47](index=47&type=chunk)[169](index=169&type=chunk) - A public offering of common shares in February 2025 resulted in **net proceeds of approximately $59.1 million**[199](index=199&type=chunk)[200](index=200&type=chunk) - A corporate restructuring in March 2025 eliminated approximately **25% of the global workforce**, incurring $1.1 million in related costs[247](index=247&type=chunk)[248](index=248&type=chunk) - Management expects existing cash and securities of **$108.2 million** will be sufficient to fund operations for at least the next 12 months[39](index=39&type=chunk)[40](index=40&type=chunk) - On May 2, 2025, the company **paid off its outstanding loan with Hercules Capital of approximately $21.8 million**, terminating the loan agreement[260](index=260&type=chunk)[384](index=384&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Discusses pipeline advancements, financial results including first-ever revenue, and an extended cash runway to 2027 - The company is advancing its pipeline with key programs **VLS-01 (DMT for TRD) and EMP-01 (R-MDMA for SAD) now in Phase 2 trials**, with topline data expected in Q1 2026[280](index=280&type=chunk) - Strategic investments are expected to yield near-term data, with topline results from **Beckley Psytech's BPL-003 and Recognify's RL-007 Phase 2b studies anticipated in mid-2025**[280](index=280&type=chunk)[282](index=282&type=chunk) - The company's cash, cash equivalents, and short-term securities are expected to **fund operations into 2027**, bolstered by the ~$59.2 million net proceeds from the February 2025 equity offering[360](index=360&type=chunk)[361](index=361&type=chunk) Comparison of Operating Results (in thousands) | | For the three months ended March 31, 2025 | For the three months ended March 31, 2024 | | :--- | :--- | :--- | | Total revenue | $1,555 | $— | | Research and development | $11,328 | $11,530 | | General and administrative | $10,597 | $12,555 | | **Net loss** | **($26,465)** | **($27,378)** | [Our Pipeline](index=59&type=section&id=Our%20Pipeline) Outlines the clinical pipeline, highlighting key programs in Phase 2 and anticipated data readouts in 2025 Key Clinical Program Status & Milestones | Program | Indication | Status | Anticipated Milestone | | :--- | :--- | :--- | :--- | | VLS-01 (DMT) | TRD | Phase 2 | Topline data in Q1 2026 | | EMP-01 (R-MDMA) | SAD | Phase 2 | Topline data in Q1 2026 | | BPL-003 (Beckley) | TRD | Phase 2b | Topline data in mid-2025 | | RL-007 (Recognify) | CIAS | Phase 2b | Topline data in mid-2025 | [Results of Operations](index=68&type=section&id=Results%20of%20Operations) Details Q1 2025 results, including $1.6M in revenue, reduced operating expenses, and a loss on investments - Revenue of **$1.6 million in Q1 2025** was generated by the IGX subsidiary, with $1.4 million from R&D services and $0.2 million from licensing[321](index=321&type=chunk)[322](index=322&type=chunk) - General and administrative expenses **decreased by $2.0 million (16%) YoY**, mainly due to a $1.3 million reduction in personnel costs and lower professional fees[331](index=331&type=chunk) - Change in fair value of assets and liabilities resulted in a **net loss of $5.5 million**, driven by a $6.3 million loss on the COMPASS investment[338](index=338&type=chunk) Research and Development Expenses by Category (in thousands) | Category | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Direct Program Costs | $6,287 | $5,782 | $505 | | Unallocated R&D Expenses | $5,041 | $5,743 | ($702) | | **Total R&D Expenses** | **$11,328** | **$11,530** | **($202)** | [Liquidity and Capital Resources](index=73&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity was bolstered by a $59.2M offering, ensuring a cash runway into 2027 - The company raised **net proceeds of approximately $59.2 million** from a public offering of common shares in February 2025[358](index=358&type=chunk)[360](index=360&type=chunk) - Based on the current operating plan, the company estimates its existing capital will be **sufficient to fund operations into 2027**[361](index=361&type=chunk) - On May 2, 2025, the company voluntarily **prepaid and terminated its Hercules Loan Agreement**, paying off the outstanding amount of approximately $21.8 million[384](index=384&type=chunk) Liquidity Position as of March 31, 2025 (in millions) | Item | Amount | | :--- | :--- | | Cash and cash equivalents | $48.3 | | Restricted cash | $10.0 | | Short-term securities | $49.9 | | **Total** | **$108.2** | [Quantitative and Qualitative Disclosures About Market Risk](index=83&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks from interest rates and foreign currency are not expected to have a material impact - The company's main market risks are **interest rate sensitivity** on its cash and securities portfolio and **foreign currency exchange risk** from its international operations[390](index=390&type=chunk) - A hypothetical **100 basis point change in interest rates** or a **10% change in foreign exchange rates** would not have a material effect on the company's financial position[391](index=391&type=chunk)[395](index=395&type=chunk) [Controls and Procedures](index=84&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes in the quarter - Management concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[398](index=398&type=chunk) - **No material changes** in internal control over financial reporting occurred during the first quarter of 2025[399](index=399&type=chunk) [PART II. OTHER INFORMATION](index=85&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=85&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company's financials - The company is party to various claims and legal proceedings arising in the ordinary course of business, but **does not anticipate a material adverse effect** from them[400](index=400&type=chunk) [Risk Factors](index=86&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors disclosed in the company's latest Form 10-K - There have been **no material changes** to the risk factors described in the company's Form 10-K for the year ended December 31, 2024[402](index=402&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=87&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - The company did not conduct any unregistered sales of equity securities during the period[404](index=404&type=chunk) [Other Information](index=87&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during the quarter - No director or officer adopted or terminated a **Rule 10b5-1 trading arrangement** during the three months ended March 31, 2025[406](index=406&type=chunk) [Exhibits](index=88&type=section&id=Item%206.%20Exhibits) Lists all exhibits filed with the report, including officer certifications and XBRL data files - Key exhibits filed include **CEO and CFO certifications** (31.1, 31.2, 32.1, 32.2) and Inline XBRL documents[407](index=407&type=chunk)

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive has bureaus and studios in key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Group 2 - The company is focused on sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] - Proactive adopts technology to enhance workflows and improve content production [4] - Automation and software tools, including generative AI, are used, but all content is edited and authored by humans [5]

atai Life Sciences First Quarter 2025 Report [Corporate and Pipeline Highlights](index=1&type=section&id=Corporate%20and%20Pipeline%20Highlights) atai Life Sciences advanced its clinical pipeline in Q1 2025, initiating EMP-01 Phase 2 and anticipating mid-year data for BPL-003 and RL-007, supported by a strong cash runway into 2027 - The company's **cash, cash equivalents, short-term securities, and public equity holdings** are expected to fund operations into **2027**[2](index=2&type=chunk) - Key upcoming data readouts are anticipated **mid-year 2025** for **BPL-003** in treatment-resistant depression (TRD) and **RL-007** in cognitive impairment associated with schizophrenia (CIAS)[3](index=3&type=chunk) - The first patient was dosed in the **Phase 2 study of EMP-01** (oral R-MDMA) for social anxiety, with topline data expected in **Q1 2026**[4](index=4&type=chunk) - Chairman Christian Angermayer has continued to personally increase his investment in atai, signaling **strong internal conviction**[3](index=3&type=chunk) [Clinical Pipeline and Program Updates](index=2&type=section&id=Recent%20Clinical%20Highlights%20and%20Upcoming%20Milestones) atai is advancing a diverse clinical pipeline, with VLS-01 and EMP-01 in Phase 2, and key mid-2025 data readouts expected for BPL-003 and RL-007 - **VLS-01** (buccal film DMT): Enrollment continues in the **Phase 2 trial** for TRD, with topline data anticipated in **Q1 2026**[6](index=6&type=chunk) - **EMP-01** (oral R-MDMA): The first patient was dosed in a **Phase 2 study** for social anxiety disorder (SAD), with topline data expected in **Q1 2026**[6](index=6&type=chunk) - **BPL-003** (intranasal mebufotenin): Topline results from a large **Phase 2b study** in TRD are on track for **mid-year 2025**[6](index=6&type=chunk) - **RL-007** (pro-cognitive neuromodulator): Topline data from the **Phase 2b study** in patients with CIAS are expected in **mid-2025**[13](index=13&type=chunk) - The company is advancing a discovery program of **novel, non-hallucinogenic 5-HT2A receptor agonists** for TRD[6](index=6&type=chunk) [Corporate and Financial Updates](index=3&type=section&id=Corporate%20and%20Financial%20Updates) atai strengthened its financial position in Q1 2025 by repaying debt, increasing cash to **$108.2 million** via equity financing, and reducing operating expenses, resulting in a stable net loss - On May 2, 2025, the company fully repaid **$21.8 million in debt**, saving approximately **$2.1 million** in future interest payments[7](index=7&type=chunk) | Metric (in millions) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and short-term securities | $108.2 | $72.3 | - The increase in cash was driven by **$59.1 million** in net proceeds from equity financings, partially offset by **$17.8 million** used in operations and a **$5.0 million** investment in digital assets[8](index=8&type=chunk) | Expense Category (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | R&D Expenses | $11.3 | $11.5 | | G&A Expenses | $10.6 | $12.6 | - Net loss attributable to stockholders for Q1 2025 was **$26.4 million**, compared to **$26.7 million** for Q1 2024[11](index=11&type=chunk) Financial Statements [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) atai reported **$1.56 million** revenue in Q1 2025, with operating expenses decreasing to **$21.9 million**, leading to a net loss of **$26.4 million** or **($0.15)** per share, a slight improvement from Q1 2024 | Metric (in thousands) | Three Months Ended March 31, 2025 (unaudited) | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Revenue | $1,555 | $— | | Loss from operations | $(20,370) | $(24,085) | | Net loss attributable to stockholders | $(26,431) | $(26,713) | | Net loss per share — basic and diluted | $(0.15) | $(0.17) | [Condensed Consolidated Balance Sheet](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of March 31, 2025, atai's total assets increased to **$195.8 million**, driven by cash and securities, with stockholders' equity rising to **$152.1 million** from equity financing | Key Balance Sheet Items (in thousands) | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $48,287 | $17,505 | | Total assets | $195,783 | $159,387 | | **Liabilities & Equity** | | | | Total liabilities | $43,509 | $42,833 | | Total stockholders' equity | $152,053 | $116,297 |

Core Viewpoint - atai Life Sciences is advancing its position in the mental health treatment sector through a robust pipeline of psychedelic-based therapies aimed at addressing significant unmet needs in mental health conditions [2][3]. Financial Overview - As of March 31, 2025, the company reported cash, cash equivalents, and short-term securities totaling $108.2 million, an increase from $72.3 million at the end of 2024, primarily due to $59.1 million in net proceeds from equity financings [10]. - Research and development (R&D) expenses for Q1 2025 were $11.3 million, slightly down from $11.5 million in the same period the previous year [11]. - General and administrative (G&A) expenses decreased to $10.6 million from $12.6 million year-over-year, reflecting ongoing cost management efforts [12]. - The net loss attributable to stockholders for Q1 2025 was $26.4 million, compared to a loss of $26.7 million in Q1 2024 [13]. Clinical Developments - The company has initiated an exploratory Phase 2 study of EMP-01 for social anxiety disorder, marking a significant milestone in its clinical pipeline [3][6]. - Topline data for BPL-003 in treatment-resistant depression and RL-007 in cognitive impairment associated with schizophrenia are expected mid-year 2025 and in Q1 2026, respectively [3][6]. - VLS-01, an investigational DMT formulation, is currently in a Phase 2 study with topline data anticipated in Q1 2026 [7]. Strategic Positioning - atai is focused on developing innovative, science-driven solutions to address the growing mental health crisis, positioning itself as a leader in mental health innovation [3][4]. - The company has repaid $21.8 million in outstanding debt, saving approximately $2.1 million in interest, which reflects a commitment to financial prudence [9]. - The ongoing development of novel 5-HT2A receptor agonists aims to create non-hallucinogenic treatments for mental health conditions, further diversifying the company's therapeutic offerings [8][14].

Core Insights - atai Life Sciences has initiated a Phase 2 study for EMP-01, an oral formulation of R-MDMA, targeting social anxiety disorder (SAD) [1][2][3] - The Phase 2 study aims to evaluate the safety, tolerability, and efficacy of EMP-01 in approximately 60 adults with SAD, with topline data expected in Q1 2026 [2][3] Company Overview - atai Life Sciences is a clinical-stage biopharmaceutical company focused on developing effective mental health treatments, including EMP-01 for SAD and VLS-01 for treatment-resistant depression [4] - The company is advancing a drug discovery program for novel, non-hallucinogenic 5-HT2AR agonists aimed at addressing complex mental health issues [4] Study Details - The Phase 2 study is randomized, double-blind, and placebo-controlled, with patients receiving either EMP-01 or placebo in a 1:1 ratio [2] - The primary objective is to assess safety and tolerability, while the secondary objective focuses on improvements in social anxiety symptoms compared to placebo [2][3]

Core Insights - atai Life Sciences is focusing on four major clinical readouts in 2025, including VLS-01, BPL-003, RL-007, and EMP-01 [1][2] Clinical Trials - The VLS-01 trial for treatment-resistant depression has commenced, with the first patient dosed and results expected in Q1 of next year [2][5] - BPL-003 trial has completed enrollment, with readouts anticipated in the middle of this year [3][9] - RL-007 trial, addressing cognitive impairment associated with schizophrenia, is also expected to have readouts in the middle of this year [3][9] - EMP-01 trial for social anxiety disorder has been initiated, with results expected around a year from now [3][10] Financial Position - The company has recently raised capital, extending its financial runway into 2027, providing a buffer for future fundraising [4] Unique Aspects of Trials - VLS-01 utilizes a short-duration psychedelic formulation that is easy to administer, resembling a Listerine strip [5][6] - The trial will explore the incremental benefit of a re-dose, with a primary endpoint at four weeks and a long blinded period extending to twelve weeks [7][8]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Mental Health Treatment Development - The company is focused on developing rapid-acting, durable mental health treatments, addressing a significant unmet medical need as approximately 65% of patients do not achieve remission after multiple antidepressant trials [25]. - The global economic cost of mental health disorders is projected to reach $16 trillion by 2030, highlighting the urgent need for effective treatments [25]. - The company has synthesized and screened over 750 compounds in its drug discovery efforts, identifying novel scaffolds for targeting mental health disorders [28]. - The company holds a 51.9% strategic investment in Recognify Life Sciences, which is developing RL-007 for cognitive impairment associated with schizophrenia, a condition with no approved therapies [30]. - The company's pipeline includes multiple neuropsychiatric indications, with ongoing clinical trials and strategic investments aimed at addressing significant mental health challenges [33]. Clinical Trials and Results - VLS-01, an investigational treatment for treatment-resistant depression (TRD), demonstrated favorable safety and tolerability in a Phase 1b trial, with 13 out of 14 participants achieving significant subjective effects [36]. - The Elumina trial for VLS-01 is set to report topline data in Q1 2026, with 142 patients randomized to assess the efficacy of the treatment [39]. - EMP-01, targeting social anxiety disorder (SAD), is undergoing a Phase 2 study in the UK, with topline data expected in Q1 2026 [42]. - In a Phase 2a study of BPL-003 for Treatment-Resistant Depression (TRD), 55% of patients showed a rapid antidepressant response (≥50% reduction in MADRS score) the day after a single 10mg dose [44]. - The Phase 2a study in AUD reported a decrease in mean alcohol consumption from 9.3 units per day to 2.2 units per day at 12 weeks post-dosing, and 50% of participants remained completely abstinent during the follow-up [48]. - Beckley Psytech plans to report topline results from the Phase 2b study of BPL-003 in TRD in mid-2025, with 196 patients enrolled [46]. - ELE-101, an IV formulation of psilocin, showed a 25-point mean reduction in MADRS scores the day after dosing in a Phase 2a study for Major Depressive Disorder (MDD) [49]. - The Phase 2b trial for RL-007 in Cognitive Impairment Associated with Schizophrenia (CIAS) is ongoing with 234 patients, with topline results expected in mid-2025 [57]. - BPL-003 demonstrated a promising safety profile with no serious adverse events reported during the Phase 2a studies [44]. Financial Performance and Projections - The company reported a significant increase in revenue, achieving $1.5 billion in Q3 2023, representing a 25% year-over-year growth [1]. - The company provided an optimistic outlook, projecting a revenue growth of 20% for Q4 2023, aiming for $1.8 billion [3]. - New product launches are expected to contribute an additional $300 million in revenue in the next quarter [4]. - The company reported a 5% decrease in operational costs due to improved efficiency measures implemented in Q3 2023 [9]. - The company anticipates a 10% increase in gross margin due to cost-saving initiatives and higher sales volume [10]. - The net loss attributable to ATAI Life Sciences N.V. stockholders for the years ended December 31, 2024 and 2023 was $149.3 million and $40.2 million, respectively [164]. Regulatory and Compliance Challenges - Regulatory approval from the FDA is required before any drug candidates can be marketed in the U.S., involving substantial time and financial resources [71][72]. - The FDA's IND submission process must be completed before initiating clinical trials, which includes non-clinical studies and approval from an institutional review board [73][74]. - The FDA requires two adequate and well-controlled Phase 3 clinical trials to demonstrate substantial evidence of efficacy for a product candidate [81]. - The FDA has a goal of ten months from the date of filing for a standard NDA review for new molecular entities, typically taking twelve months from submission [83]. - The company must conduct extensive preclinical and clinical testing before obtaining regulatory approval, which is inherently uncertain and costly [195]. - The scheduling of product candidates by the DEA is contingent on FDA approval, and delays in this process could hinder product launches [211]. - If classified as controlled substances, products will be subject to stringent regulations, impacting manufacturing, distribution, and commercial uptake [212]. Intellectual Property and Competitive Landscape - The company has 46 issued U.S. patents and 70 issued non-U.S. patents as of March 2025, supporting its intellectual property portfolio [60]. - Atai Therapeutics, Inc. owns two issued U.S. patents and thirty-one pending foreign patent applications covering DMT compositions and formulations, expected to expire between 2042 and 2044 [61]. - EmpathBio, Inc. holds three issued U.S. patents and nine pending U.S. patent applications related to MDMA, with expiration anticipated between 2042 and 2044 [62][63]. - Beckley Psytech owns two issued U.S. patents and numerous pending applications for BPL-003, covering 5-methoxy-N,N-dimethyltryptamine, with protection until at least 2041 [65]. - The company relies on unpatented trade secrets and know-how alongside patents to maintain its competitive position [70]. Employee and Operational Insights - As of December 31, 2024, the company had 54 full-time employees, with 22 focused on research and development programs [148]. - Approximately two-thirds of the company's employees are located in the U.S., with the remainder in the United Kingdom and Germany [148]. - The company is committed to a talent acquisition strategy that prioritizes agility and alignment with organizational goals [151]. - The total rewards package includes base salary, performance-based bonuses, and employee stock option grants to attract and retain top talent [156]. - The company maintains offices in Berlin and New York to support a flexible, hybrid work culture [159]. Risks and Future Considerations - The company has incurred significant losses since its inception and expects to continue incurring losses for the foreseeable future [164]. - The company may need to seek additional funds sooner than planned due to changing circumstances, which could adversely affect its ability to develop and commercialize product candidates [171]. - The company faces risks related to potential acquisitions, in-licenses, and investments, which could impact its financial condition and operational results [177]. - The company’s overall value may be significantly influenced by a small number of atai companies or clinical programs, posing risks if any of these are adversely affected [182]. - The company may experience increased expenses as it seeks to accomplish its business objectives and develop its product candidate pipeline [174].

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Financial Performance - The net loss attributable to shareholders for the twelve months ended December 31, 2024, was $149.3 million, compared to $40.2 million for the prior year[12]. - The company reported a net loss per share attributable to shareholders of $0.93 for the twelve months ended December 31, 2024[18]. - Total assets decreased from $293,478 million in 2023 to $159,387 million in 2024, a decline of approximately 45.4%[20]. Cash and Liquidity - As of December 31, 2024, the company had cash, cash equivalents, and short-term securities of $72.3 million, a decrease of $81.9 million from $154.2 million as of December 31, 2023[8]. - Cash and cash equivalents dropped significantly from $45,034 million in 2023 to $17,505 million in 2024, representing a decrease of about 61.1%[20]. - The company completed an equity offering in February 2025, generating net proceeds of $59.2 million, extending its operational runway into 2027[6]. Research and Development - Research and development (R&D) expenses for the twelve months ended December 31, 2024, were $55.5 million, down from $62.2 million in the prior year, reflecting a year-over-year decrease of $6.7 million[9]. - The company expects R&D spending to increase as its programs progress into later-stage clinical trials[9]. - Topline data from the Phase 2 Elumina trial of VLS-01 is anticipated in Q1 2026, with the first patient dosed in the trial[7]. - The company initiated a Phase 2 clinical trial of EMP-01 for social anxiety disorder, with topline data also expected in Q1 2026[10]. - Beckley Psytech's BPL-003 Phase 2b study in treatment-resistant depression completed enrollment, with topline results expected in mid-2025[10]. Expenses and Liabilities - General and administrative (G&A) expenses for the twelve months ended December 31, 2024, were $47.5 million, a decrease of $16.0 million compared to $63.6 million in the prior year[11]. - Accounts payable decreased from $4,589 million in 2023 to $2,616 million in 2024, a decline of about 42.7%[20]. - Accrued liabilities decreased from $15,256 million in 2023 to $9,847 million in 2024, representing a reduction of approximately 35.2%[20]. - Long-term debt, net decreased slightly from $15,047 million in 2023 to $14,133 million in 2024, a decrease of about 6.1%[20]. - Other liabilities decreased from $7,918 million in 2023 to $2,695 million in 2024, a significant decline of approximately 66.0%[20]. - The company reported a current portion of long-term debt of $6,374 million in 2024, which was not present in 2023[20]. - The company has short-term convertible promissory notes and derivative liabilities totaling $3,990 million in 2024, which were not reported in 2023[20]. - The company has increased its prepaid expenses and other current assets from $5,830 million in 2023 to $7,795 million in 2024, an increase of approximately 33.7%[20].