atai Life Sciences Announces Fourth Quarter and Full Year 2021 Financial Results

atai Life Sciences N.V. ATAI has announced its financial results for the fourth quarter and full year ended December 31, 2021.

2021 Financial Results

Highlights included: 

• Positive Phase 2b data with COMP360 from a ground-breaking treatment-resistant depression (TRD) trial, highly encouraging Phase 2a proof-of-mechanism data with RL-007 in cognitive impairment associated with schizophrenia (CIAS), clinical trial initiations with PCN-101, GRX-917 and DMX-1002, and successful completion of 2 cohorts in the Introspect Digital Therapeutics ketamine trials
• Eight new programs added to platform since January 2021 bringing total to 13 discovery and drug development programs and four enabling technologies
• Ended 2021 very well capitalized with $362 million to execute our strategy to achieve clinically meaningful and sustained behavioral change in mental health patients through the combination of rapid-acting interventions, ongoing digital support and biomarker-driven precision mental health
• At least 14 drug development and enabling technology catalysts anticipated over the next two years, including Phase 2a proof-of-concept topline data from PCN-101 in TRD

Cash and cash equivalents totaled $362.3 million as of December 31, 2021, compared to $97.2 million as of December 31, 2020. The twelve-month increase of $265.1 million is attributed to net proceeds of $409.9 million from the June IPO, Series C and Series D equity raises and other financing activities and $20.0 million of license revenue proceeds. Offsetting were cash payments of $52.5 million of additional investment in Compass Pathways CMPS, $14.9 million investment in and loan to IntelGenx IGXT, $10.6 million additional investment in GABA Therapeutics, $3.5 million for investments in other platform companies and assets, and $83.3 million in net operating expenses and effect of foreign exchange rate changes.

Research and development (R&D) expenses were $13.0 million and $48.0 million for the three and twelve months ended December 31, 2021, respectively, as compared to $3.4 million and $11.4 million for the same prior-year periods. The year-over-year full-year increase of $36.6 million was attributable to an increase of $23.4 million in R&D personnel costs. 

General and administrative (G&A) expenses for the three and twelve months ended December 31, 2021, were $25.9 million and $92.7 million, respectively, as compared to $72.0 million and $80.7 million in the same prior-year periods. 

Total stock-based compensation expense for the three and twelve months ended December 31, 2021, was $13.4 million and $63.4 million, respectively. 

Net loss attributable to shareholders for the three and twelve months ended December 31, 2021, was $88.9 million and $167.8 million, respectively, as compared to $86.6 million and $169.8 million for the comparable prior year periods.

“2021 was a transformative year for atai. We expanded our pipeline with the launch of seven new programs, bringing our total number of development programs to 12 by end of 2021," said Greg Weaver, CFO of atai Life Sciences. "Meanwhile, our approach to value creation and capture was validated through a significant licensing deal with Otsuka Pharmaceuticals for PCN-101. We raised over $410 million in our June 2021 IPO, Series D and other financings, and closed out 2021 well-capitalized with a cash position of $362 million.”

Photo by micheile on Unsplash.