ATAI Life Sciences(US:ATAI)2025-11-12 21:11Financial Performance - Total revenue for the three months ended September 30, 2025, was $749,000, compared to $40,000 for the same period in 2024, indicating a significant increase[23] - The net loss attributable to Atai Beckley N.V. stockholders for the three months ended September 30, 2025, was $61.074 million, compared to a loss of $26.286 million for the same period in 2024, reflecting an increase in losses[23] - For the three months ended September 30, 2025, the net loss was $61,098 thousand, compared to a net loss of $26,311 thousand for the same period in 2024, representing an increase of 132%[25] - For the nine months ended September 30, 2025, the net loss was $115,309 thousand, slightly higher than the net loss of $111,058 thousand for the same period in 2024, indicating a 4% increase[25] - The comprehensive loss attributable to Atai Beckley N.V. stockholders for the three months ended September 30, 2025, was $61,104 thousand, compared to $27,249 thousand for the same period in 2024, reflecting a 124% increase[25] - The total comprehensive loss for the nine months ended September 30, 2025, was $117,807 thousand, compared to $111,754 thousand for the same period in 2024, marking a 5% increase[25] Assets and Liabilities - Total current assets increased to $130.666 million as of September 30, 2025, up from $80.125 million on December 31, 2024, representing a growth of 63%[20] - Cash and cash equivalents rose to $30.402 million as of September 30, 2025, compared to $17.505 million on December 31, 2024, marking a 73% increase[20] - Total liabilities increased to $79.912 million as of September 30, 2025, from $42.833 million on December 31, 2024, representing an increase of 86%[20] - The company reported a total stockholders' equity of $159.908 million as of September 30, 2025, up from $116.554 million on December 31, 2024, indicating a growth of 37%[20] Cash Flow and Funding - Cash flows used in operating activities amounted to $55.2 million for the nine months ended September 30, 2025, slightly improved from $58.1 million in the prior year[32] - The company expects its existing cash and cash equivalents and short-term securities will be sufficient to fund operating expenses for at least the next 12 months[45] - The company raised $118.2 million from equity offerings during the nine months ended September 30, 2025[32] - The company raised approximately $50.0 million through the July 2025 PIPE Financing by issuing 18,264,840 common shares at a price of $2.19 per share[176] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $37.1 million, slightly up from $36.5 million in the same period of 2024[23] - The company is focused on developing a pipeline of interventional psychiatric product candidates aimed at treating difficult-to-treat mental health conditions[35] - The company has not generated any revenues from its core psychedelic product candidates and does not anticipate doing so until successful development and regulatory approval[44] Acquisitions and Investments - The company completed the acquisition of Beckley Psytech Limited on November 5, 2025, enhancing its capabilities in psychedelic-based medicines[42] - The company acquired IntelGenx Corp. in October 2024, which has since been rebranded to Nualtis Corp., focusing on novel oral thin film products[43] - The Company acquired Nualtis Corp. on October 2, 2024, for a total consideration of $5.7 million, which was the fair value of the discharged debt[93] - The estimated fair value of the net assets acquired from Nualtis at the acquisition date totaled $5.384 million, with goodwill recognized at $0.331 million[94] Stockholder Equity and Shares - The weighted average common shares outstanding attributable to Atai Beckley N.V. stockholders increased to 217,601,496 for the three months ended September 30, 2025, compared to 160,621,817 for the same period in 2024[23] - The company issued 30,119,048 common shares, net of issuance costs of $4.1 million, resulting in an increase of $59,117 thousand in additional paid-in capital[29] Financial Challenges - The company expects to continue incurring losses for the foreseeable future and may never achieve profitability, highlighting ongoing financial challenges[10] - The accumulated deficit as of September 30, 2025, was $815,441 thousand, up from $661,249 thousand as of September 30, 2024, indicating a significant increase in losses[29] Revenue Recognition - For the three and nine months ended September 30, 2025, the Company did not recognize revenue from its primary operations and does not expect to do so for at least the next several years[74] - The Company recognized $0.2 million of license revenue pursuant to the Rizafilm Asset Purchase Agreement during the nine months ended September 30, 2025[78] - The Company recognized $0.7 million and $2.8 million in revenue from research and development services for the three and nine months ended September 30, 2025, respectively[79] Digital Assets - The Company expects to hold its digital assets as a long-term investment, classifying them as non-current assets as of September 30, 2025[60] - The Company held digital assets valued at approximately $10.0 million, consisting exclusively of Bitcoin[196] - The Company recognized a gain of $0.2 million and $1.4 million for the three and nine months ended September 30, 2025, respectively, related to the change in fair value of its digital assets[150] Lease Obligations - The company recognized operating lease right-of-use assets of $2,662,000 and lease liabilities of $2,958,000 as of September 30, 2025, compared to $1,334,000 and $1,209,000 respectively at December 31, 2024[205] - The weighted-average remaining lease term for the company's operating leases is 4.5 years, with a weighted-average discount rate of 10.2% as of September 30, 2025[205]