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Sep 30
Atai Q3 2025 Earnings Report
AtaiBeckley reported a net loss of $61.1 million in Q3 2025 despite positive clinical milestones and strengthened cash position.
Key Takeaways
AtaiBeckley continued advancing its clinical pipeline with promising updates for BPL-003 and EMP-01. Despite increasing R&D and G&A expenses contributing to a higher net loss, the company bolstered its balance sheet through a $150 million public offering, extending its cash runway into 2029.
Net loss increased to $61.1 million in Q3 2025, including a $32.6 million non-cash expense
Revenue for the quarter was $749,000, up from $40,000 in Q3 2024
Cash, cash equivalents and short-term securities totaled $114.6 million at quarter-end
R&D and G&A expenses rose year-over-year due to expanded clinical activity and the Beckley merger
Atai
Atai
Forward Guidance
AtaiBeckley plans to initiate Phase 3 trials for BPL-003 in 2026 and expects its cash position to fund operations into 2029.
Positive Outlook
- Received FDA Breakthrough Therapy designation for BPL-003
- Positive Phase 2a and 2b clinical data for BPL-003 in TRD
- Completed enrollment in Phase 2a trial of EMP-01 for social anxiety
- Received $11.4 million NIDA grant for 5-HT2A/2C agonist development
- Raised $150 million in public offering to support long-term operations
Challenges Ahead
- Q3 net loss significantly increased year-over-year
- High operating expenses driven by increased R&D and G&A costs
- Non-cash fair value adjustment of $32.6 million negatively impacted net income
- Still in early clinical development with no product approvals
- Limited current revenue stream with high dependence on future trial success