In the speculative world of ‘psychedelic’ biotech, companies that are under-capitalized or lacking pipeline diversity face an uphill battle to reach the finish line. However, such complexities are not a concern for atai Life Sciences N.V. (NASDAQ: ATAI), as the company boasts a robust treasury and pipeline diversification that is the envy of the industry. In fact, atai is aiming to advance no less than 10 psychedelic compounds into the clinic this year, thus setting itself up for multiple shots on goal for the long term. Atai Life Sciences CEO Florian Brand joined TDR to talk about the company’s latest milestone achievements.
The focus of the interview focuses around atai Life Sciences first quarter 2022 financial results. At this early operational stage, cash on the balance sheet (OPEX) and milestone achievements are the most watched activities by investors during a quarterly earnings release, and atai Life Sciences did not disappoint. The company ended Q1 2022 with ended with $335 million cash—on budget and with two years of operational runway, according to CFO Greg Weaver.
Furthermore, atai reported progress on three clinical trial programs. The company expects topline Phase I data for GABA Therapeutics compound GRX-917 and Kures compound KUR-101 in the second half of 2022. It also anticipates Recognify Life Sciences (RL-007) will initiate a Phase 2a proof-of concept trial in Cognitive Impairment Associated with Schizophrenia (CIAS) in 2H 2022.
According to CEO Florian Brand, atai should have much more clinical trial activity to report on in subsequent quarters. On a go-forward basis in 2022, atai Life Sciences is attempting to get up to 10 different psychedelic compounds into the clinic:
What investors should focus on this year is really—so we will be in the clinic—we anticipate to be in the clinic with 10 compounds. We will have a lot of readouts coming out on Phase I… And we will have the first drug, at combination, in the clinic with Viridia (Life Sciences)—our DMT assisted-therapy—by mid of this year. And then the biggest catalyst is what we discussed earlier… certainly PCN-101, the Phase 2a proof-of-concept trial, that is reading out towards the end of this year that we are very much looking forward to.
Click on the embedded link to view our newest interview with atai Life Sciences CEO Florian Brand, in his own words.