ATAI Life Sciences (ATAI) AI Stock Analysis

• Market Cap: $527.98M
• Dividend Yield: N/A
• Average Volume (3M): 4.79M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: -0.90%
• EPS Growth: -89.51%
• Country: US
• Employees: 54
• Sector: Healthcare
• Sector Strength: 40
• Industry: Biotechnology
• EPS (TTM): -0.15
• Shares Outstanding: 200,752,780
• 10 Day Avg. Volume: 8,518,103
• 30 Day Avg. Volume: 4,793,265
• PEG Ratio: -0.30
• Price to Book (P/B): 1.59
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.93
• Enterprise Value/Market Cap: 0.45
• Enterprise Value/Revenue: 82.89
• Enterprise Value/Gross Profit: 145.74
• Enterprise Value/Ebitda: -0.44
• 1Y Price Target: $8.64
• Price Target Upside: 224.81% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

• Rating: 62 Neutral
• Price Target: $3.00 ▲(12.78%Upside)

ATAI's stock score is primarily impacted by its financial struggles, with negative earnings and cash flows posing risks. However, the positive technical indicators and strategic corporate events provide a counterbalance, suggesting potential for future growth if the strategic plans succeed.

Positive Factors

Clinical Trial Results

Positive topline data from the Phase 2b study of BPL-003 shows significant improvements in depression scores for treatment-resistant depression.

Financial Position

A $50M private placement was announced, ensuring funding for Atai Life Sciences into late 2027.

Merger and Acquisition

A merger with Beckley Psytech has been announced, which is expected to enhance ATAI's capabilities by bringing short-acting BPL-003 in-house.

Negative Factors

Clinical Development Risk

Risks include clinical development risk tied to BPL-003, competitor risk in relevant therapeutic areas, government regulatory risk, capital market and dilution risk, commercialization risk, reimbursement risk, pricing risk, business development risk, and clinical trial risk owing to the war in Eastern Europe.

Product Development Challenges

Phase 2b data for RL-007 present some risk due to the challenging nature of cognitive impairment associated with schizophrenia.

ATAI Life Sciences Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

ATAI Life Sciences generates revenue through a combination of strategic partnerships, equity investments, and the development and commercialization of its drug candidates. The company partners with and invests in early-stage mental health-focused biotech companies, providing them with capital, resources, and expertise to advance their research and development efforts. As these drug candidates progress through clinical trials and receive regulatory approval, ATAI can generate revenue through licensing agreements, milestone payments, and royalties from commercialized products. Additionally, the company may also benefit from equity appreciation in its portfolio companies if they achieve successful outcomes or exit through mergers, acquisitions, or public offerings.

ATAI Life Sciences Financial Statement Overview

Summary

ATAI Life Sciences faces significant financial challenges, marked by ongoing losses and a lack of revenue growth. While the company maintains a low leverage position, its persistent negative cash flows and earnings pose substantial risks. The financial sustainability relies on continued access to external funding to support operations.

Income Statement

ATAI Life Sciences has consistently faced challenges with profitability, as indicated by negative EBIT and net income figures across all reported years. The absence of revenue growth further underscores the company's struggle to generate revenue. The gross profit remained negative or negligible, pointing towards significant cost pressures and lack of revenue generation capabilities.

Balance Sheet

The company's balance sheet shows a high level of equity in comparison to its total assets, with an improving trend in stockholders' equity, despite negative earnings. The debt-to-equity ratio is relatively low, suggesting conservative leverage use. However, the continued accumulation of losses poses a risk to financial stability over time.

Cash Flow

ATAI Life Sciences has struggled to generate positive cash flows, with negative operating and free cash flows reported consistently. The cash flow to net income ratios indicate inefficiencies in cash management. The company's ability to sustain operations heavily depends on external financing, evident from periodic positive financing cash flows.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.86M	308.00K	314.00K	233.00K	20.38M	0.00
Gross Profit	1.64M	1.55M	314.00K	65.00K	20.33M	-24.00K
EBITDA	-145.32M	-145.33M	-36.31M	-135.01M	-120.28M	-92.12M
Net Income	-148.99M	-149.27M	-40.22M	-141.41M	-132.61M	-102.12M
Balance Sheet
Total Assets	195.78M	159.39M	293.48M	305.44M	414.17M	111.55M
Cash, Cash Equivalents and Short-Term Investments	58.29M	62.33M	179.26M	273.11M	362.27M	97.25M
Total Debt	14.24M	24.71M	19.14M	15.12M	743.00K	2.18M
Total Liabilities	43.51M	42.83M	49.16M	300.42M	28.21M	16.18M
Stockholders Equity	152.05M	116.30M	242.96M	260.74M	376.91M	90.82M
Cash Flow
Free Cash Flow	-77.80M	-82.53M	-84.71M	-105.49M	-64.37M	-20.82M
Operating Cash Flow	-77.70M	-82.44M	-84.12M	-104.47M	-63.25M	-20.77M
Investing Cash Flow	36.69M	59.17M	-53.30M	-86.85M	-81.28M	-28.27M
Financing Cash Flow	64.98M	5.37M	-8.36M	20.79M	409.86M	113.05M

ATAI Life Sciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.66
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ATAI, the sentiment is Positive. The current price of 2.66 is above the 20-day moving average (MA) of 2.36, above the 50-day MA of 2.05, and above the 200-day MA of 1.61, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 62.17 is Neutral, neither overbought nor oversold. The STOCH value of 66.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ATAI.

ATAI Life Sciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ATAI	62 Neutral	$527.98M	―	-62.43%	―	-0.90%	-89.51%
SEPN	61 Neutral	$505.29M	―	3.77%	―	―	―
GLUE	52 Neutral	$311.24M	78.72	2.88%	―	―	61.09%
Sector *	52 Neutral	$7.49B	0.22	-61.87%	2.28%	16.62%	1.08%
TSHA	50 Neutral	$611.98M	―	-159.34%	―	-48.97%	69.32%
OLMA	46 Neutral	$316.79M	―	-41.59%	―	―	0.42%
TSVT	41 Neutral	$266.15M	―	-1.94%	―	-32.07%	98.22%

ATAI Life Sciences Corporate Events

ATAI Life Sciences Announces $50M PIPE Financing Agreement

On July 1, 2025, atai Life Sciences announced a $50 million PIPE financing agreement to support its corporate operations and advance clinical development programs. The financing is expected to close in the third quarter of 2025 and will not be used for the acquisition of Beckley Psytech, a company with which atai plans a strategic combination. Additionally, Beckley Psytech reported positive results from its Phase IIb study of BPL-003 for treatment-resistant depression, showing significant efficacy and safety, which supports advancing to Phase III trials. This strategic combination aims to establish a global leader in psychedelic-based mental health therapies.

The most recent analyst rating on (ATAI) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on ATAI Life Sciences stock, see the ATAI Stock Forecast page.

ATAI Life Sciences Announces Share Purchase Agreement

On June 2, 2025, atai Life Sciences announced a share purchase agreement to acquire the remaining shares of Beckley Psytech, a clinical-stage biopharmaceutical company developing psychedelic treatments. The acquisition, expected to close in the second half of 2025, aims to create a market leader in psychedelic mental health therapies. Concurrently, atai executed a $30 million private placement with Ferring Ventures and Adage Capital, which is not contingent on the acquisition. The strategic combination is anticipated to enhance atai’s market positioning and accelerate the development of innovative mental health treatments.

The most recent analyst rating on (ATAI) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on ATAI Life Sciences stock, see the ATAI Stock Forecast page.

ATAI Life Sciences Approves Key Governance Changes

On May 15, 2025, atai Life Sciences N.V. held its annual general meeting of shareholders, where key decisions were made regarding the company’s governance and management structure. Shareholders approved the appointment of John Hoffman as a supervisory director and Dr. Srinivas Rao and Anne Johnson as managing directors. Additionally, amendments to the company’s articles of association were approved, including the transition to a one-tier board and changes to the company’s German tax residency limitations. These changes are expected to impact the company’s governance model and operational flexibility.

The most recent analyst rating on (ATAI) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on ATAI Life Sciences stock, see the ATAI Stock Forecast page.

ATAI Life Sciences Repays Hercules Loan Early

On May 2, 2025, atai Life Sciences N.V. and its subsidiaries fully repaid a $21.8 million loan under the Hercules Loan Agreement, which was initially entered on August 9, 2022. The early repayment incurred a prepayment fee of $0.1 million but saved the company approximately $2.1 million in interest, and resulted in the termination of all liens and security interests held by Hercules.

ATAI Life Sciences Finalizes Separation with CBO

On April 2, 2025, Sahil Kirpekar’s role as Chief Business Officer at atai Life Sciences US, Inc. and its affiliates ended. Subsequently, on April 24, 2025, atai US formalized a Separation Agreement with Dr. Kirpekar, which includes severance benefits, legal fee reimbursements, and other compensations. Additionally, a Consulting Agreement was established effective April 3, 2025, allowing Dr. Kirpekar to support transitional business development efforts until December 31, 2025, while retaining certain stock option benefits.