Atai Life Sciences N.V., through its subsidiary, ATAI Life Sciences AG, operates as a clinical-stage biopharmaceutical company. It engages in developing various therapeutic candidates that focuses on various mental health disorders. The company's therapeutic candidates include PCN-101, a subcutaneous formulation of R-ketamine for the treatment of treatment-resistant depression (TRD); RL-007, a cholinergic, glutamatergic, and GABA-B receptor modulator to treat cognitive impairment associated with schizophrenia; DMX-1002, an oral formulation of ibogaine for treating opioid use disorder (OUD); GRX-917, an oral formulation of a deuterated version of etifoxine for the generalized anxiety disorder treatment; and NN-101, a novel intranasal formulation of N-acetylcysteine to treat mild traumatic brain injuries. Its therapeutic candidates also comprise VLS-01, a formulation of N,N-dimethyltryptamine for treating TRD; EMP-01, an oral formulation of an 3,4-methyl enedioxy methamphetamine for the treatment of post-traumatic stress disorder; RLS-01, a formulation of Salvinorin A for TRD; KUR-101, an oral formulation of deuterated mitragynine to treat OUD; and DMX-1001, an oral formulation of noribogaine for the treatment of OUD. The company was formerly known as Adripa Holding B.V. Atai Life Sciences N.V. was founded in 2018 and is headquartered in Berlin, Germany.
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Here are 1-3 brief analogies to describe Atai Life Sciences:
- The CRISPR Therapeutics of psychedelic mental health treatments.
- An early-stage Gilead Sciences, but pioneering psychedelic medicines for mental health.
- The Moderna of mental health psychedelics.
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- RL-007: A compound being developed for the treatment of cognitive impairment associated with schizophrenia (CIAS), aiming to improve cognitive function.
- DMX-1002 (Ibogaine): This drug candidate is in development for opioid use disorder (OUD) to potentially aid in addiction treatment and harm reduction.
- EMP-01 (MDMA Derivative): An empathogen-like compound being advanced for post-traumatic stress disorder (PTSD) and other mental health conditions.
- ETX-101 (DMT): A short-acting psychedelic compound in development for treatment-resistant depression (TRD) and other mood disorders.
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Atai Life Sciences (ATAI) is a clinical-stage biopharmaceutical company focused on developing psychedelic and non-psychedelic compounds for mental health disorders. As a company primarily engaged in research and development, ATAI does not currently have major customers in the traditional sense that purchase its products or services.
At its current stage, ATAI's primary activities involve:
- Conducting clinical trials for its drug candidates.
- Research and development of new therapeutic compounds.
- Seeking regulatory approvals for its drug pipeline.
Therefore, Atai Life Sciences does not sell primarily to other companies or individuals, and thus does not have a list of major customer companies or categories of individual customers to describe. Its potential future revenue streams would come from successful commercialization, which might involve partnerships with larger pharmaceutical companies for manufacturing, distribution, or licensing agreements, or eventually sales to healthcare providers and payers once products are approved.
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Florian Brand, CEO & Co-Founder
Florian Brand is the CEO and co-founder of Atai Life Sciences. Before co-founding ATAI, he co-founded and served as managing director of Sense of SouL UG. He was also the co-founder and CEO of the pharmaceutical company, LivaNova PLC (formerly GenSight Biologics SA).
Stephen Bardin, Chief Financial Officer
Stephen Bardin joined Atai Life Sciences as Chief Financial Officer in October 2021. Prior to ATAI, he served as CFO at aTyr Pharma, Inc., a biotherapeutics company. He has also held CFO roles at publicly traded companies, including Adverum Biotechnologies, Inc. and Allon Therapeutics Inc. Bardin was also the Chief Business Officer at Pendulum Therapeutics.
Srinivas Rao, Chief Scientific Officer
Dr. Srinivas Rao serves as the Chief Scientific Officer at Atai Life Sciences. Previously, he was the CSO of Brighthall LLC. He also founded and served as CEO of IndusDose. Dr. Rao has held various scientific and leadership roles, including Head of Discovery & Early Clinical Development at Dr. Reddy's Laboratories.
Glenn Short, Chief Medical Officer
Dr. Glenn Short is the Chief Medical Officer at Atai Life Sciences. Prior to joining ATAI, he served as the Chief Medical Officer at Perception Neuroscience. He also held the position of Vice President, Clinical Development at Kadmon Pharmaceuticals. Dr. Short has experience as an Assistant Clinical Professor of Psychiatry at Columbia University.
Greg Clark, Chief Business Officer
Greg Clark is the Chief Business Officer at Atai Life Sciences. Before joining ATAI, he served as the Chief Business Officer at Passage Bio. He also held leadership positions at Shire PLC, including Head of Business Development, Neuroscience and Rare Diseases. His background includes roles at Receptos Inc. (acquired by Celgene) and various finance and business development roles at Pfizer Inc.
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A clear emerging threat for Atai Life Sciences (ATAI) is the advanced clinical development and positive trial results of competing psychedelic and non-psychedelic compounds targeting mental health indications that ATAI is also pursuing, particularly where competitors hold a significant lead in bringing their therapies to market.
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Generalized Anxiety Disorder (GAD): MindMed (MNMD) has significantly advanced its MM-120 (lysergide D-tartrate) program for GAD, completing a positive Phase 2b study and moving towards Phase 3. Atai's own VLS-01 (DMT analog) for GAD is currently in Phase 1, creating a clear competitive disadvantage and potential for market pre-emption.
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Treatment-Resistant Depression (TRD): GH Research (GHRS) has progressed its GH001 (5-MeO-DMT) program for TRD, completing Phase 2 and preparing for Phase 3. This places GHRS substantially ahead in developing a novel psychedelic therapy for TRD, competing with therapies in ATAI's broader pipeline and its significant investment in COMPASS Pathways (CMPS), which is developing psilocybin for TRD.
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Atai Beckley (formerly Atai Life Sciences) is a biopharmaceutical company focused on developing treatments for various mental health disorders. The addressable markets for their main products and services, including those from their strategic partnerships and wholly-owned pipeline, are detailed below:
- BPL-003 (mebufotenin benzoate nasal spray) for Treatment-Resistant Depression (TRD): The market for treatment-resistant depression is projected to reach $4.06 billion by 2030. Needham analysts estimate that BPL-003 could generate over $2.5 billion in sales by 2035 by capturing approximately 20% of the market. (Region: Global, often discussed with U.S. context).
- VLS-01 (buccal film DMT) for Treatment-Resistant Depression (TRD): The market for treatment-resistant depression is projected to reach $4.06 billion by 2030. The global psilocybin assisted therapy market, which includes psychedelic treatments, was valued at $3.1 billion in 2025 and is projected to reach $11.8 billion by the end of 2035. (Region: Global).
- EMP-01 (oral R-MDMA) for Social Anxiety Disorder (SAD): The global anxiety market, which encompasses social anxiety disorder, is projected to surpass $16 billion by 2029. The social anxiety disorder segment alone may exceed $16 billion by 2030. (Region: Global).
- RL-007 (pro-cognitive neuromodulator) for Cognitive Impairment Associated with Schizophrenia (CIAS): The market size for cognitive impairment associated with schizophrenia was approximately $8 billion in 2021, with projections to rise to $10 billion by 2027. It could also represent a $7.87 billion opportunity by 2032. (Region: Global).
- IBX-210 (IV ibogaine) for Opioid Use Disorder (OUD): The market for opioid use disorder is projected to reach $7.5 billion in 2032. (Region: Global).
- ELE-101 (IV psilocin) for Major Depressive Disorder (MDD): The depression application segment of the psilocybin assisted therapy market was valued at $0.8 billion in 2023 and is forecasted to reach $3.0 billion by 2032. (Region: Global).
- COMP360 (psilocybin therapy) for Treatment-Resistant Depression (TRD) and other conditions (via Atai's stake in Compass Pathways): The market for treatment-resistant depression is projected to reach $4.06 billion by 2030. The global psilocybin assisted therapy market was valued at $3.1 billion in 2025 and is projected to reach $11.8 billion by the end of 2035. (Region: Global, often discussed with U.S. context).
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Atai Life Sciences (ATAI) is a clinical-stage biopharmaceutical company focused on developing mental health treatments. Its future revenue growth over the next 2-3 years is expected to be primarily driven by the advancement and potential commercialization of its diverse pipeline of psychedelic and non-psychedelic drug candidates, regulatory successes, strategic partnerships, and its focus on addressing significant unmet medical needs in the mental health market.
Here are 3-5 expected drivers of future revenue growth for Atai Life Sciences:
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Advancement and Potential Commercialization of Lead Pipeline Candidates: Atai's pipeline includes several promising drug candidates in Phase 2 clinical development, with key data readouts anticipated in the next 2-3 years. Specifically, BPL-003 (intranasal mebufotenin benzoate) for treatment-resistant depression (TRD) has shown rapid, robust, and durable antidepressant effects in Phase 2b trials, with topline results from the open-label extension expected in Q3 2025. VLS-01 (buccal film DMT) for TRD and EMP-01 (oral R-MDMA) for social anxiety disorder are also in Phase 2 trials, with data expected in early 2026. Additionally, RL-007, targeting cognitive impairment associated with schizophrenia, is in a Phase 2b study with results anticipated in mid-2025. Successful clinical development and subsequent market approval and launch of these therapies would be a significant driver of revenue.
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Regulatory Approvals and Designations: The U.S. FDA granted Breakthrough Therapy Designation to BPL-003 for TRD in October 2025. This designation is a substantial catalyst, as it is intended to expedite the development and review of drugs for serious conditions that have demonstrated preliminary clinical evidence of substantial improvement over available therapies. This acceleration could lead to an earlier market entry and thus contribute to revenue growth within the projected timeframe.
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Strategic Combination with Beckley Psytech: A planned strategic combination between Atai Life Sciences and Beckley Psytech is expected to solidify Atai's position as a global leader in short in-clinic psychedelic-based mental health therapies. This merger is anticipated to combine experienced teams, psychedelic expertise, and add a late-stage, clinically validated asset like BPL-003 to Atai's wholly-owned psychedelic programs. This combined firepower could accelerate the ability to bring novel, effective treatments to patients, thereby enhancing market share and revenue potential.
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Addressing Unmet Medical Needs in Large Mental Health Markets: Atai's focus on mental health disorders such as treatment-resistant depression, social anxiety disorder, and cognitive impairment in schizophrenia addresses substantial unmet medical needs. The global mental health treatments market was estimated at $421 billion in 2024 and is projected to rise to $439.5 billion in 2025. By developing novel therapies for these conditions, Atai positions itself to capture a significant share of a growing market, which could translate into considerable revenue growth upon successful product launches.
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Share Issuance
- Atai Life Sciences closed a public offering on October 20, 2025, issuing 27,283,750 common shares at $5.48 per share, generating approximately $149.5 million in aggregate gross proceeds.
- On July 1, 2025, the company announced a $50 million private placement financing through the sale of 18,264,840 ordinary shares and pre-funded warrants for an additional 4,566,210 shares.
- On February 13, 2025, Atai Life Sciences priced an underwritten offering of 26.19 million common shares at $2.10 per share, with gross proceeds expected to be approximately $55 million.
Inbound Investments
- Atai Life Sciences completed a Series D funding round in March 2021, raising $157 million, led by Apeiron Investment Group.
- In November 2020, the company closed its Series C financing round, securing $125 million, co-led by Apeiron Investment Group, Peter Thiel, and Catalio Capital Management.
- On July 1, 2025, Atai Life Sciences announced a $50 million private placement financing that was co-led by Ferring Ventures S.A. and Apeiron Investment Group, with participation from Ally Bridge Group and ADAR1.
Outbound Investments
- Atai Life Sciences completed the acquisition of Beckley Psytech Limited on November 5, 2025, through an all-stock transaction. As consideration, the company issued an aggregate of 103,000,066 ordinary shares directly or as underlying replacement awards.
