- First participant dosed in Phase 1b trial of VLS-01 with data expected in 2H’24; Phase 2 study in TRD patients anticipated to initiate around YE’24
- Beckley Psytech’s Phase 2a study of BPL-003 in TRD patients showed rapid and durable antidepressant effects; Phase 2b topline data expected in 2H’24
- Compass Pathways’ Phase 2 study of COMP360 in PTSD patients demonstrated durable improvement in symptoms; Phase 3 data of COMP360 in TRD patients expected in 4Q’24
- Co-Founder
Florian Brand to step down as CEO as part of a planned transition by YE’24 and to be succeeded by Co-Founder and current Chief Scientific OfficerSrinivas Rao , M.D., Ph.D. - Cash, marketable securities, and committed term loan funding expected to fund operations into 2026
“I co-founded atai in 2018 with the bold mission to transform mental health care, and I am immensely proud of our accomplishments and continuous progress made across our R&D programs over the last six years. To that end, looking at the recent months, we have achieved many clinical milestones, with dosing in our VLS-01 Phase 1b program well underway and encouraging Phase 2 data readouts from both BPL-003 and COMP360,” said
“As I prepare to turn my focus to new entrepreneurial ventures in other areas of significant unmet medical needs, I am confident in passing the torch to my Co-Founder Srini by year-end. His exceptional leadership and deep expertise in neuropsychiatric drug development have been pivotal to our success, and I am delighted that he will be leading atai into its next phase, where his experience in late stage clinical development will be especially relevant and impactful.”
“It is an honor to follow in the footsteps of my dear friend and Co-Founder, Florian. I am deeply grateful for the opportunity to continue to work with him as Co-CEOs until the end of the year and build upon our shared vision, ensuring atai’s continued success in addressing challenging mental health conditions,” said
Founder and Chairman
Florian successfully led the company from its early days through numerous R&D, business development and financing milestones, including an IPO in 2021. Florian's leadership and execution focus have been foundational to the success of atai. We look forward to seeing the new heights he will achieve.
As Florian transitions, we are deeply grateful for the enduring impact he made on our company, and while he will leave as CEO at the end of this year, he will always be part of the atai family and our success story. With his extensive experience in late stage drug development, Srini has the right profile and skillset to lead atai into its next evolutionary phase.”
Corporate Updates
Florian Brand , Co-Founder and current CEO of atai, will assume the role of Co-CEO effectiveJune 1, 2024 and will step down as CEO by the end of this year.- Co-Founder
Srinivas Rao , currently the Chief Scientific Officer of atai, will be promoted to Co-CEO effectiveJune 1, 2024 , and intends to assume the role of CEO by the end of the year subject to appointment as required by local law.
Clinical Highlights
VLS-01: N,N-dimethyltryptamine (DMT) for Treatment-Resistant Depression (TRD)
- VLS-01 is an oral transmucosal film (OTF) formulation of DMT designed to fit within the two-hour in-clinic treatment paradigm successfully established by Spravato®
- In
March 2024 , we announced the initiation of dosing in a Phase 1b study that is designed to evaluate the relative safety, tolerability, pharmacokinetics (PK) and pharmacodynamics (PD) of an optimized OTF formulation of VLS-01, compared to intravenous (IV) DMT. - Results of the Phase 1b study are anticipated in 2H 2024.
- The Company plans to initiate a randomized, placebo-controlled Phase 2 trial of VLS-01 in TRD patients around YE’24.
BPL-003: 5-MeO-DMT for TRD as primary indication
- Beckley Psytech’s BPL-003 is an intranasal formulation of 5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) designed to fit within an approximately two hour in-clinic treatment paradigm.
- In
March 2024 , Part 1 of a Phase 2a open-label (OL) study showed that a single administration of BPL-003 resulted in rapid and durable antidepressant effects, with 45% of patients in remission three months after dosing. Acute effects resolved on average in less than two hours, and BPL-003 was found to be well-tolerated, with no serious adverse events reported. - In
April 2024 , Part 2 of the Phase 2a OL study initiated to investigate BPL-003 as an adjunctive therapy to Selective Serotonin Reuptake Inhibitors in TRD patients. - A randomized, controlled Phase 2b study of BPL-003 in TRD patients is underway with topline data expected in 2H 2024.
COMP360: Psilocybin Therapy for TRD as primary indication
- Compass Pathways’ COMP360 is an oral formulation of synthetic psilocybin that is currently being evaluated in multiple clinical studies.
- In
May 2024 , results from an OL Phase 2 study in 22 patients with PTSD showed that COMP360 met its primary safety endpoint and was well tolerated, with no serious adverse events. COMP360 demonstrated a rapid and durable improvement in PTSD symptoms.- Week 4 and 12 reductions in the CAPS-5 total score of 29.9 and 29.5, respectively, were observed.
- The response rate, as defined by patients experiencing a ≥ 15-point improvement on CAPS-5 score, was 81.8% at week 4 and 77.3% at week 12.
- The remission rate, as defined by CAPS-5 total score of ≤ 20, was 63.6% at week 4 and 54.5% at week 12.
- The Phase 3 program of COMP360 in TRD patients is composed of two pivotal trials, each with a long-term follow-up component. Pivotal Trial 1 (COMP005) topline data is expected in the fourth quarter of 2024 and Pivotal Trial 2 (COMP006) topline data is anticipated mid-2025.
Upcoming R&D Catalysts
- 1H’24
- ELE-101 MDD Phase 1/2a initial data
- 2H’24
- VLS-01 Phase 1b topline data
- BPL-003 AUD Phase 2a OL data (mid’24)
- COMP360 TRD Phase 3 Pivotal Trial 1 topline data
- BPL-003 TRD Phase 2b data
- IBX-210 OUD Phase 1/2a initiation
- VLS-01 TRD Phase 2 initiation (around YE’24)
- 2025
- RL-007 CIAS Phase 2b topline data (mid’25)
- COMP360 TRD Phase 3 Pivotal Trial 2 topline data (mid’25)
Consolidated Financial Results
Cash, cash equivalents, and short-term investments: As of
Research and development (R&D) expenses: R&D expenses were
General and administrative (G&A) expenses: G&A expenses for the three months ended
Net loss: Net loss attributable to stockholders for the three months ended
atai is a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders and was founded as a response to the significant unmet need and lack of innovation in the mental health treatment landscape. atai is dedicated to efficiently developing innovative therapeutics to treat depression, anxiety, addiction, and other mental health disorders. By pooling resources and best practices, atai aims to responsibly accelerate the development of new medicines to achieve clinically meaningful and sustained behavioral change in mental health patients. atai's vision is to heal mental health disorders so that everyone, everywhere can live a more fulfilled life. For more information, please visit www.atai.life.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “anticipate,” “initiate,” “could,” “would,” “project,” “plan,” “potentially,” “preliminary,” “likely,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things: our business strategy and plans; transition plans for our CEO and Co-CEO; the potential, success, cost and timing of development of our product candidates, including the progress of preclinical and clinical trials and related milestones; expectations regarding our strategic investment in Beckley Psytech; expectations regarding our cash runway; and the plans and objectives of management for future operations, research and development and capital expenditures.
Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation, the important factors described in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the
Contact Information
Investor Contact:
IR@atai.life
Media Contact:
PR@atai.life
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
(Amounts in thousands, except share and per share amounts) | |||||||||
Three Months Ended | |||||||||
2024 | 2023 | ||||||||
(unaudited) | |||||||||
License revenue | $ | — | $ | 37 | |||||
Operating expenses: | |||||||||
Research and development | 11,530 | 19,281 | |||||||
General and administrative | 12,555 | 13,970 | |||||||
Total operating expenses | 24,085 | 33,251 | |||||||
Loss from operations | (24,085 | ) | (33,214 | ) | |||||
Other income (expense), net | (1,596 | ) | 58 | ||||||
Loss before income taxes | (25,681 | ) | (33,156 | ) | |||||
Benefit from (provision for) income taxes | 4 | (165 | ) | ||||||
Losses from investments in equity method investees, net of tax | (1,701 | ) | (1,033 | ) | |||||
Net loss | (27,378 | ) | (34,354 | ) | |||||
Net loss attributable to noncontrolling interests | (665 | ) | (1,219 | ) | |||||
Net loss attributable to | $ | (26,713 | ) | $ | (33,135 | ) | |||
Net loss per share attributable to | $ | (0.17 | ) | $ | (0.21 | ) | |||
Weighted average common shares outstanding attributable to | 158,891,067 | 155,792,490 | |||||||
CONDENSED CONSOLIDATED BALANCE SHEET | ||||||
(Amounts in thousands) | ||||||
(unaudited) | ||||||
2024 | 2023 | |||||
Assets | ||||||
Cash and cash equivalents | $ | 18,867 | $ | 45,034 | ||
Short term restricted cash for other investments | 5,000 | - | ||||
Securities carried at fair value | 87,379 | 109,223 | ||||
Committed Investment Funds | - | 25,000 | ||||
Prepaid expenses and other current assets | 5,732 | 5,830 | ||||
Short term notes receivable - related party, net | 522 | 505 | ||||
Long term restricted cash for other investments | 10,000 | - | ||||
Property and equipment, net | 920 | 981 | ||||
Operating lease right-of-use asset, net | 1,115 | 1,223 | ||||
Other investments held at fair value | 90,205 | 89,825 | ||||
Other investments | 32,807 | 1,838 | ||||
Long term notes receivable - related parties, net | 98 | 97 | ||||
Convertible notes receivable - related party | 13,902 | 11,202 | ||||
Other assets | 2,574 | 2,720 | ||||
Total assets | $ | 269,121 | $ | 293,478 | ||
Liabilities and Stockholders' Equity | ||||||
Accounts payable | 3,843 | 4,589 | ||||
Accrued liabilities | 10,926 | 15,256 | ||||
Current portion of lease liability | 244 | 275 | ||||
Contingent consideration liability - related parties | 607 | 620 | ||||
Contingent consideration liability | 1,406 | 1,637 | ||||
Noncurrent portion of lease liability | 907 | 990 | ||||
Convertible promissory notes - related parties | 417 | 164 | ||||
Convertible promissory notes and derivative liability | 4,099 | 2,666 | ||||
Long term debt, net | 15,140 | 15,047 | ||||
Other liabilities | 8,275 | 7,918 | ||||
Total stockholders' equity attributable to | 222,544 | 242,962 | ||||
Noncontrolling interests | 713 | 1,354 | ||||
Total liabilities and stockholders' equity | 269,121 | 293,478 | ||||
Source:
2024 GlobeNewswire, Inc., source