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Dec 31, 2023
Atai Q4 2023 Earnings Report
Atai Life Sciences reported financial results for Q4 2023, including a net loss attributable to shareholders of $18.3 million and R&D expenses of $14.2 million.
Key Takeaways
Atai Life Sciences reported Q4 2023 financial results, highlighting a net loss of $18.3 million and R&D expenses of $14.2 million. The company is focused on developing psychedelic-based therapies for mental health disorders and anticipates several clinical milestones in the coming year.
Strategic investment made in Beckley Psytech to advance psychedelic-based therapies.
Phase 2a open-label results for BPL-003 (intranasal 5-MeO-DMT) showed rapid and durable antidepressant effects.
Dosing commenced in Phase 1b study for VLS-01 (oral transmucosal DMT) with an optimized formulation.
Cash, marketable securities, and committed term loan funding are expected to fund operations into 2026.
Atai
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Atai Revenue by Segment
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CapyFin.com Forward Guidance
Atai anticipates several important milestones throughout the next year, including the Phase 2b readout from BPL-003.
Positive Outlook
- Top-line results from a controlled Phase 2b TRD study anticipated in 2H 2024
- Data from a Phase 2a open-label study in Alcohol Use Disorder patients is expected mid-2024.
- Initial results from the ELE-01 Phase 1/2a study are anticipated in H1 2024.
- Pivotal Trial 1 (COMP005) top-line data is expected in the fourth quarter of 2024
- A Phase 1/2a study of IBX-210 for the treatment of OUD is anticipated to initiate in the second half of this year.
Challenges Ahead
- High degree of inter-individual PK variability and significant QT prolongation were noted across all doses for IBX-210
- Both factors have the potential to increase site burden and limit scalability.
- The ongoing Phase 2b study will evaluate 20mg and 40mg of RL-007 vs. placebo in patients living with CIAS. Topline results are expected mid-2025.
- Pivotal Trial 2 (COMP006) top-line data is anticipated mid-2025.
- Phase 2 open-label efficacy data in PTSD is expected in Spring 2024.