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Sep 30, 2024
Atai Q3 2024 Earnings Report
Atai Life Sciences reported third quarter results and provided corporate updates.
Key Takeaways
Atai Life Sciences reported a net loss of $26.3 million for the third quarter of 2024. The company's cash, cash equivalents, and short-term securities totaled $101.0 million as of September 30, 2024, expected to fund operations into 2026.
FDA cleared the investigational new drug application for VLS-01 (buccal film DMT).
Atai expects to initiate a Phase 2 study in treatment-resistant depression patients around YE’24.
Remain on track to initiate a Phase 2 study of EMP-01 (oral R-MDMA) in social anxiety disorder patients around YE’24.
Cash, marketable securities, and committed term loan funding expected to fund operations into 2026.
Atai
Atai
Forward Guidance
Atai Life Sciences anticipates several R&D catalysts in the near term, including the initiation of Phase 2 trials for VLS-01 and EMP-01 around year-end 2024, and topline data readouts for multiple programs in 2025.
Positive Outlook
- VLS-01 TRD: Phase 2 initiation (around YE’24)
- EMP-01 SAD: Phase 2 initiation (around YE’24)
- BPL-003 alcohol use disorder (AUD): Phase 2a topline open-label data
- ELE-101 major depressive disorder (MDD): Phase 2a topline open-label data
- BPL-003 TRD: Phase 2b topline data (Q2’25)
Challenges Ahead
- RL-007 cognitive impairment associated with schizophrenia (CIAS): Phase 2b topline data (mid’25)
- VLS-01 TRD: Phase 2 topline data (around YE’25)
- EMP-01 SAD: Phase 2 topline data (around YE’25)