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Jun 30, 2025
Atai Q2 2025 Earnings Report
Atai Life Sciences reported a narrower net loss in Q2 2025 compared to the prior year, with slight revenue growth and steady R&D investment amid progress in its psychedelic treatment pipeline.
Key Takeaways
Atai Life Sciences reduced its net loss to $27.7 million in Q2 2025 and posted $719,000 in revenue, while advancing key clinical programs including BPL-003 and VLS-01. The company strengthened its financial position and continued progressing strategic milestones.
Net loss attributable to shareholders narrowed to $27.7 million in Q2 2025 from $57.3 million in Q2 2024.
Q2 2025 revenue was $719,000, up from $273,000 in Q2 2024.
Cash and cash equivalents totaled $61.9 million, with total assets of $189.2 million.
Company expects to fund operations into the second half of 2027 following additional July funding.
Forward Guidance
Atai anticipates topline Phase 2b and 2a data for BPL-003 in Q3 2025 and is planning for a regulatory meeting with the FDA, while its VLS-01 and EMP-01 trials continue enrolling.
Positive Outlook
- BPL-003 met all endpoints in Phase 2b and showed rapid, durable antidepressant effects.
- End-of-Phase 2 FDA meeting for BPL-003 planned for Q3 2025.
- Company expects funding runway into the second half of 2027.
- EMP-01 and VLS-01 clinical trials remain active and progressing.
- Atai plans strategic combination with Beckley Psytech to consolidate leadership in psychedelics.
Challenges Ahead
- Primary endpoint not met in inidascamine Phase 2b trial.
- Delays in site activation and recruitment for VLS-01 Phase 2 trial.
- Higher G&A expenses due to strategic restructuring and redomiciliation efforts.
- Potential risks around pending shareholder approvals for Beckley combination.
Historical Earnings Impact
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