ATAI Life Sciences(ATAI) - 2025 Q1 - Quarterly Results

atai Life Sciences First Quarter 2025 Report Corporate and Pipeline Highlights 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] - 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] - 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] - Chairman Christian Angermayer has continued to personally increase his investment in atai, signaling strong internal conviction[3] Clinical Pipeline and Program Updates 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] - 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] - BPL-003 (intranasal mebufotenin): Topline results from a large Phase 2b study in TRD are on track for mid-year 2025[6] - RL-007 (pro-cognitive neuromodulator): Topline data from the Phase 2b study in patients with CIAS are expected in mid-2025[13] - The company is advancing a discovery program of novel, non-hallucinogenic 5-HT2A receptor agonists for TRD[6] Corporate and Financial Updates 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] | 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] | 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] Financial Statements Condensed Consolidated Statements of Operations 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 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 |