Executive Summary

Q1 2025 EPS of -$0.15 beat consensus -$0.18 by $0.03, and revenue of $1.56M exceeded a $0.0 consensus; operating expenses declined YoY with G&A down $2.0M, narrowing YoY loss per share to -$0.15 from -$0.17 . Consensus figures marked with asterisk; values retrieved from S&P Global.*
Liquidity improved: cash, cash equivalents, restricted cash and short-term securities rose to $108.2M (from $72.3M at 12/31/24) after ~$59M net equity proceeds; runway guided “into 2027” .
Post-quarter, atai repaid $21.8M under the Hercules loan agreement, eliminating related commitments and saving ~$2.1M of interest versus the amortization schedule .
Clinical momentum intact: EMP-01 first patient dosed in Phase 2 (SAD), VLS-01 Phase 2 enrollment ongoing (TRD); mid‑2025 toplines expected for BPL‑003 (TRD, via Beckley Psytech) and RL‑007 (CIAS) – key stock catalysts .

What Went Well and What Went Wrong

What Went Well
- Cost discipline: G&A fell to $10.6M from $12.6M YoY; total OpEx down to $21.9M from $24.1M YoY .
- Strengthened balance sheet/runway: cash and short-term securities $108.2M with funding runway “into 2027” .
- Pipeline execution and tone: First patient dosed in EMP‑01 Phase 2 (SAD) and continued VLS‑01 Phase 2 enrollment; CEO: “we made meaningful progress across our pipeline… excited about upcoming mid‑year data readouts for BPL‑003 … and RL‑007” .
What Went Wrong
- Still pre-commercial P&L: revenue de minimis ($1.56M) and net loss remains sizable (-$26.5M) .
- Non-operating drag: other expense, net worsened to -$5.94M vs -$1.60M in Q1’24, weighing on bottom line .
- Dilution from financing: weighted average shares rose to 176.3M (from 160.7M in Q4’24) following equity raise .

P&L trend (oldest → newest)

Metric ($USD Thousands, except per-share)	Q3 2024	Q4 2024	Q1 2025
Revenue	$40	$(5)	$1,555
R&D Expense	$12,377	$18,942	$11,328
G&A Expense	$10,265	$11,318	$10,597
Total Operating Expenses	$22,642	$30,260	$21,925
Loss from Operations	$(22,602)	$(30,265)	$(20,370)
Other Income (Expense), net	$(3,861)	$(8,919)	$(5,939)
Net Loss Attributable to Stockholders	$(26,286)	$(38,958)	$(26,431)
EPS (Basic & Diluted, $)	$(0.16)	$(0.24)	$(0.15)
Weighted Avg Shares (Basic)	160,621,817	160,711,543	176,271,176

YoY comparison

Metric ($USD Thousands, except per-share)	Q1 2024	Q1 2025
Revenue	$0	$1,555
R&D Expense	$11,530	$11,328
G&A Expense	$12,555	$10,597
Net Loss Attributable to Stockholders	$(26,713)	$(26,431)
EPS (Basic & Diluted, $)	$(0.17)	$(0.15)

Liquidity and capitalization (point-in-time)

Metric ($USD Thousands)	Q3 2024	Q4 2024	Q1 2025
Cash & Cash Equivalents	$29,963	$17,505	$48,287
Securities (FV)	$55,957	$44,825	$49,917
Restricted Cash (ST)	$15,000	$10,000	$10,000
Digital Assets	—	—	$4,788
Current Portion of Long‑Term Debt	—	$6,374	$11,366
Long‑Term Debt, net	$20,336	$14,133	$9,300
Stockholders’ Equity (ATAI)	$145,720	$116,297	$152,053

Notes: Gross margin/margins not meaningful given minimal revenue and no COGS disclosure in press materials .

Estimate vs actual (Q1 2025)

Metric	Consensus	Actual	Surprise
EPS ($)	-0.18*	-0.15	+$0.03
Revenue ($M)	0.00*	1.56	+$1.56

Values retrieved from S&P Global.*

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi‑year	Into 2027 (post Feb’25 raise)	Into 2027	Maintained
G&A trend	FY 2025+	Reduction vs prior years to continue	Reduction vs prior years to continue	Maintained
R&D trend	FY 2025+	Anticipated to increase as programs advance	Not reiterated in Q1 PR	N/A
Interest expense/Leverage	2025	N/A	Repaid $21.8M Hercules loan on May 2, saving ~$2.1M interest vs schedule	Lower interest burden
Revenue/EPS	FY/Q	Not provided	Not provided	—

Note: No Q1 2025 earnings call transcript was available in the corpus; themes reflect company communications across recent quarters.

Topic	Previous Mentions (Q3’24, Q4’24)	Current Period (Q1’25)	Trend
VLS‑01 (DMT, TRD)	FDA-cleared IND; Phase 2 initiation YE’24	Phase 2 enrollment ongoing; topline Q1’26	On track
EMP‑01 (R‑MDMA, SAD)	Phase 2 initiation YE’24	First patient dosed; topline Q1’26	Advancing
BPL‑003 (mebufotenin, TRD/AUD via Beckley)	TRD Ph2b topline expected Q2’25	TRD Ph2b topline mid‑2025; additional AUD Ph2a positive data in Jan’25	Approaching catalyst
RL‑007 (CIAS)	Mid‑2025 topline expected	Mid‑2025 topline expected	Stable
Cost discipline	Runway into 2026; G&A declining	Runway into 2027; G&A down YoY	Improved
Discovery (non‑hallucinogenic 5‑HT2A)	AI/ML discovery highlighted	New agonists with non‑hallucinogenic potential identified; ongoing optimization	Incremental progress
Capital structure	Pre-Q4 equity raise	Equity proceeds in Feb’25; post‑quarter debt repayment	Strengthened

“In the first quarter of 2025, we made meaningful progress across our pipeline… Looking ahead, we are excited about the upcoming mid-year data readouts for BPL‑003 in treatment‑resistant depression and RL‑007 in cognitive impairment associated with schizophrenia.” — Srinivas Rao, CEO & Co‑founder .
“Our progress this year reinforces my conviction… which is why I’ve continued to personally increase my investment in atai.” — Christian Angermayer, Co‑founder & Chairman .

The company did not publish a Q1 2025 earnings call transcript in the document set; no Q&A content was available to review [ListDocuments returned none for earnings-call-transcript in the period].

Q1 2025 EPS beat by $0.03 (-$0.15 vs -$0.18*), and revenue exceeded consensus by ~$1.56M ($1.56M vs $0.0*) . Consensus counts: EPS (3*), Revenue (5*) for Q1 2025.
Implications: With modest recognized revenue and a narrower YoY loss per share, Street models may lift near-term EPS slightly and recognize lower interest expense after the Hercules loan repayment; core valuation, however, remains catalyst-driven (BPL‑003, RL‑007 mid‑2025) . Values retrieved from S&P Global.*

Runway extended “into 2027” post-February equity raise; quarter-end cash/securities $108.2M supports execution through multiple readouts .
Cost discipline evident with G&A down $2.0M YoY; total OpEx fell YoY; expect continued focus on opex efficiency .
Post-quarter de‑leveraging: repaid $21.8M Hercules loan, lowering future interest expense and simplifying the capital structure .
Catalyst-rich 2025: BPL‑003 (TRD) Phase 2b and RL‑007 (CIAS) toplines mid‑year, with atai’s VLS‑01 and EMP‑01 toplines in Q1’26 to drive medium‑term thesis .
Q1 outperformed consensus on EPS and revenue; Street may modestly recalibrate near-term loss trajectory while maintaining a binary focus on clinical outcomes . Values retrieved from S&P Global.*
Share count rose after equity financing (WASO 176.3M vs 160.7M in Q4), an important consideration for per-share modeling and dilution sensitivity .
No non‑GAAP metrics or formal revenue/EPS guidance; focus remains on clinical milestones and cost control .

Leadership transitions completed: Srinivas Rao named sole CEO; additional senior appointments to support Phase 2 execution .
Positive BPL‑003 AUD Phase 2a open‑label results (strategic investment): sustained abstinence in 50% at 12 weeks; well tolerated .