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ATAI Life Sciences N.V. (ATAI)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered improved year-over-year results: net loss narrowed to $27.7M vs. $57.3M in Q2 2024, EPS improved to -$0.14 vs. -$0.36, and revenue rose to $0.72M vs. $0.27M, as management advanced clinical and strategic initiatives .
  • The company announced positive Phase 2b topline data for BPL-003 (mebufotenin benzoate) in TRD and progressed the strategic combination with Beckley Psytech; cash runway for the combined entity is expected to extend into 2H 2027, supported by recent financings and committed funding .
  • Guidance updated: VLS-01 Phase 2 topline shifted to 2H 2026 due to slower site activation, while BPL-003 OLE topline and an End-of-Phase 2 FDA meeting request are targeted for Q3 2025 .
  • Estimate comparison: EPS slightly missed (-$0.14 actual vs. -$0.118 consensus*) while revenue beat ($0.719M actual vs. $0.0 consensus*)—a non-core revenue surprise; investors’ focus remains on clinical catalysts and the Beckley transaction timeline. Values retrieved from S&P Global.
  • Catalysts: Beckley combination path to shareholder vote (Q4 2025), BPL-003 OLE and Phase 2a two-dose readouts (Q3 2025), and EoP2 FDA engagement; US redomiciliation process initiated .

What Went Well and What Went Wrong

What Went Well

  • BPL-003 Phase 2b core stage achieved primary and all key secondary endpoints with rapid, durable antidepressant effects up to 8 weeks after a single dose; 99% TEAEs were mild/moderate and no suicide-related signals were observed .
  • Strategic combination with Beckley Psytech advanced; management expects the combined company to be a leader in short in-clinic psychedelic therapies with extended funding runway into 2H 2027 .
  • Management tone confident on clinical momentum: “We are confident in our ability to drive long-term value for both patients and shareholders,” said CEO Srinivas Rao; Chairman Angermayer highlighted ~$140M raised year-to-date reflecting investor confidence .

What Went Wrong

  • VLS-01 Phase 2 topline delayed to 2H 2026 due to slower-than-anticipated site activation and recruitment, pushing a key internal catalyst by several months .
  • G&A expenses increased to $14.9M in Q2 (vs. $13.4M YoY), largely related to legal/professional services for the Beckley deal and redomiciliation, partially offset by lower personnel costs .
  • EPS modestly missed consensus by ~$0.02, and operating loss remained sizable as R&D programs progress; the revenue beat is non-core and not indicative of commercial traction* . Values retrieved from S&P Global.

Financial Results

MetricQ4 2024Q1 2025Q2 2025
Revenue ($USD Millions)-$0.01 $1.56 $0.72
Net Loss ($USD Millions)$38.96 $26.43 $27.73
EPS ($USD)-$0.24 -$0.15 -$0.14
R&D Expense ($USD Millions)$18.94 $11.33 $11.09
G&A Expense ($USD Millions)$11.32 $10.60 $14.90
Total Operating Expenses ($USD Millions)$30.26 $21.93 $25.99
Loss from Operations ($USD Millions)$30.27 $20.37 $25.27
Cash, Cash Eq. & Short-term Securities ($USD Millions)$72.30 $108.20 $95.90

Q2 Year-over-Year

MetricQ2 2024Q2 2025
Revenue ($USD Millions)$0.27 $0.72
Net Loss ($USD Millions)$57.31 $27.73
EPS ($USD)-$0.36 -$0.14
R&D Expense ($USD Millions)$12.61 $11.09
G&A Expense ($USD Millions)$13.40 $14.90

Segment Breakdown

  • ATAI does not report segment revenues; operations are presented on a consolidated basis .

KPIs

KPIQ4 2024Q1 2025Q2 2025
Weighted Avg Shares Outstanding (Millions)160.71 176.27 196.56
Cash Runway CommentaryRunway into 2027 Runway into 2027 Combined company funded into 2H 2027

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
VLS-01 Phase 2 topline (TRD)FY 2026Q1 2026 2H 2026 Delayed
EMP-01 Phase 2 topline (SAD)FY 2026Q1 2026 Q1 2026 Maintained
BPL-003 Phase 2b OLE toplineQ3 2025N/AQ3 2025 New/Initiated
BPL-003 Phase 2a two-dose toplineQ3 2025Part 2 data 2Q 2025 (SSRIs) Q3 2025 Delayed/Refined
End-of-Phase 2 FDA meeting request (BPL-003)Q3 2025“Coming months” On track for Q3 2025 Firmed timeline
Cash runwayMulti-yearInto 2027 Into 2H 2027 (combined company) Raised/Extended
Strategic combination with BeckleyClose timing2H 2025 close expected Shareholder approval stage in Q4 2025 Timeline refined
Corporate redomiciliation to USProcess timingN/AProcess initiated New

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in our document catalog after targeted searches; we synthesize themes from press releases and prior quarter materials. We searched earnings-call-transcript in the Q2 2025 window and found none.

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Strategic combination with BeckleyNot present in Q4 2024; definitive agreement announced June 2, 2025 Progress to shareholder approval stage in Q4 2025 Advancing toward close
BPL-003 clinical profile (TRD)Enrollment completed; mid-2025 topline expected Phase 2b core met primary & secondary endpoints; strong safety/tolerability; OLE/topline and two-dose readouts in Q3 2025 Positive data momentum
VLS-01 timeline (TRD)Topline Q1 2026 Topline shifted to 2H 2026 due to slower site activation Timing delay
EMP-01 (SAD)Phase 2 initiated; topline Q1 2026 Continued enrollment; topline Q1 2026 On plan
Financing & runwayEquity raise extends runway into 2027 Additional committed funding; combined runway into 2H 2027 Strengthened
Regulatory interactionsPlanning for Phase 3 and regulatory engagement On track to submit EoP2 FDA meeting request in Q3 2025 Firmed timeline
Corporate structureN/AProcess initiated to move domicile to US Simplification underway

Management Commentary

  • CEO Srinivas Rao: “The planned strategic combination with Beckley Psytech is expected to solidify our position as the global leader in the psychedelic mental health space… With multiple clinical milestones on the horizon, we are confident in our ability to drive long-term value for both patients and shareholders.”
  • Chairman Christian Angermayer: “The continued momentum in scientific validation, regulatory landscape and investor support… Our recent fundraises, totaling nearly $140 million so far this year, reflect strong confidence in our strategy.”
  • On BPL-003 results, CEO Srinivas Rao: “These findings strengthen our confidence in the potential of BPL-003 to be a transformative psychedelic therapy… We look forward to engaging with the regulators later this year to advance… into Phase 3.”

Q&A Highlights

  • No Q2 2025 earnings call transcript was available in our catalog despite targeted searches; guidance clarifications are drawn from company press releases. We searched for “earnings-call-transcript” for ATAI in the relevant period and found none.
  • Clarifications from management communications: VLS-01 timing moved to 2H 2026 due to slower site activation ; BPL-003 OLE and two-dose topline data expected Q3 2025, with EoP2 FDA meeting request planned for Q3 2025 ; combined company runway into 2H 2027 and US redomiciliation initiated .

Estimates Context

MetricQ2 2025
EPS Consensus Mean ($)-0.118*
EPS Actual ($)-0.14
Revenue Consensus Mean ($USD Millions)0.00*
Revenue Actual ($USD Millions)0.72
EPS - # of Estimates6*
Revenue - # of Estimates9*
  • EPS modest miss vs. consensus (actual -$0.14 vs. -$0.118*). Revenue beat vs. consensus (actual $0.72M vs. $0.0*), driven by non-core items; revenue is not a primary valuation driver in the clinical stage .
  • With the VLS-01 delay and BPL-003 positive data plus near-term OLE/Phase 2a readouts, models may adjust timelines and probabilities of success. Values retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term catalysts: BPL-003 OLE and two-dose topline readings (Q3 2025) and EoP2 FDA engagement can drive sentiment and define Phase 3 path .
  • Strategic combination with Beckley remains a central narrative; shareholder approval targeted for Q4 2025, with extended runway into 2H 2027 supporting execution .
  • VLS-01 timeline slip to 2H 2026 introduces delay risk but maintains strategic fit within the 2-hour interventional psychiatry paradigm; EMP-01 remains on track for Q1 2026 topline .
  • Operating discipline: R&D down YoY; G&A elevated due to transaction work; expect G&A normalization post-transaction milestones .
  • Trading implication: Stock reactions likely tied to clinical readouts and transaction progress rather than quarterly P&L; watch FDA interactions and OLE/Phase 2a data for directionality .
  • Structural catalysts: US redomiciliation may improve operational efficiency and investor accessibility .
  • Risk factors: Transaction timing/approvals, recruitment pace, regulatory outcomes, and financing environment remain key variables; management outlined forward-looking risks explicitly .

Sources

  • Q2 2025 earnings 8-K press release and financial statements
  • June 2, 2025 press release: strategic combination with Beckley
  • Q1 2025 earnings 8-K press release and financial statements
  • Q4 2024 earnings 8-K press release and financial statements
  • July 1, 2025 press release: BPL-003 Phase 2b topline
  • Estimates: Values retrieved from S&P Global*