AtaiBeckley (ATAI) Q2 2026 earnings summary

Executive summary

• Entered into a definitive merger agreement with Eli Lilly, offering $6.75 per share plus up to $2.50 per share in CVRs tied to clinical/regulatory milestones for BPL-003 and VLS-01; closing expected in Q3 2026, pending approvals.

• Focused on developing psychedelic and non-psychedelic therapies for mental health, with a diversified pipeline including BPL-003 (mebufotenin nasal spray), VLS-01 (DMT buccal film), and EMP-01 (oral R-MDMA).

• Completed strategic combination with Beckley Psytech in late 2025, expanding pipeline and capabilities.

Financial highlights

• Total revenue for Q2 2026 was $1.7M, up 137% year-over-year, driven by license and R&D services revenue from Nualtis.

• Net loss for Q2 2026 was $32.5M, compared to $27.7M in Q2 2025; net loss for the six months ended June 30, 2026 was $62.3M, up from $54.2M year-over-year.

• Research and development expenses rose 153% year-over-year to $28.1M in Q2 2026, reflecting increased clinical activity and headcount post-Beckley Psytech acquisition.

• General and administrative expenses increased 19% year-over-year to $17.8M in Q2 2026, mainly due to higher personnel and legal costs.

• Cash and cash equivalents were $168.8M as of June 30, 2026, with short-term securities of $23.0M; accumulated deficit reached $1.4B.

Outlook and guidance

• Existing cash, equivalents, and securities expected to fund operations for at least 12 months from the reporting date.

• Pending merger with Eli Lilly anticipated to close in Q3 2026; if not completed, company expects to seek additional financing through equity, debt, or partnerships.

• Continued focus on advancing BPL-003 and VLS-01 clinical programs, with key data readouts expected in Q4 2026.