Atai Life Sciences Hopes Hercules Can Help 'Sustain' Operations Until 2026

Biopharma company Atai Life Sciences' ATAI fourth quarter and full year 2022 consolidated financial results show:

• Cash, cash equivalents, and short-term investments totaling $273.1 million as of Dec. 31, 2022, lower than the $362.3 million in Dec. 31, 2021. The company expects its term loan facility with Hercules Capital Inc. to sustain operations into the first half of 2026.

• R&D expenses totaled $21.9 million and $74.3 million for the three and twelve months ended Dec. 31, 2022, respectively, as compared to $13 million and $48.0 million for the same periods in 2021.

• G&A expenses were $15.7 million and $70.4 million for the three and twelve months ended Dec. 31, 2022, respectively, as compared to $25.9 million and $92.7 million in the same periods in 2021.

• Net loss attributable to shareholders was $45 million and $152.4 million for the three and twelve months ended Dec. 31, 2022, respectively, as compared to $88.9 million and $167.8 million for the comparable periods in 2021.

Clinical Psychedelics Pipeline Update

• Synthetic psilocybin (COMP360) therapy for Treatment-Resistant Depression (TRD): program developer COMPASS Pathways CMPS will accelerate the Pivotal Trial 1 part of the Phase 3 study, expecting topline data in summer 2024.

See Also: COMPASS Pathways - New Data & Insight On Psilocybin Therapy For Treatment-Resistant Depression

• Oral transmucosal DMT film VLS-01 for TRD: First subject was dosed in a Phase 1 study on 4Q 2022, with initial study results expected in H1 2023. The two-part trial assesses safety, tolerability and relative bioavailability of oral transmucosal film (OTF) versus intravenous (IV) formulations of VLS-01.

• Ibogaine DMX-1002 for Opioid Use Disorder (OUD): First subject was dosed in a Phase 1/2 study on 3Q 2022, with initial results expected in H1 2023. 

MDMA derivative EMP-01 for PTSD: A Phase 1 study began in Q3 2022, with initial results expected in H2 2023.

Photo: Benzinga edit with photo by chrissmith12 and Bru-nO on Pixabay.