ATAI Life Sciences (ATAI) AI Stock Analysis

• Market Cap: $445.67M
• Dividend Yield: N/A
• Average Volume (3M): 2.49M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: -0.90%
• EPS Growth: -89.51%
• Country: US
• Employees: 54
• Sector: Healthcare
• Sector Strength: 48
• Industry: Biotechnology
• EPS (TTM): -0.15
• Shares Outstanding: 200,752,780
• 10 Day Avg. Volume: 2,497,688
• 30 Day Avg. Volume: 2,492,820
• 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: 0.54
• Enterprise Value/Revenue: 82.89
• Enterprise Value/Gross Profit: 145.74
• Enterprise Value/Ebitda: -0.44
• 1Y Price Target: $8.80
• Price Target Upside: 277.68% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 54 Neutral
• Price Target: $2.50 ▲(7.30%Upside)

ATAI's overall stock score is bolstered by strategic corporate events that improve market positioning and financial strategy. However, significant financial challenges and valuation concerns limit the stock's appeal, despite favorable technical indicators.

Positive Factors

Financial Position

The concurrent private placement announced with the merger is expected to raise $30M in gross proceeds, which strengthens the company's financial position.

Pipeline Development

Atai Beckley's lead candidate BPL-003 is one of the most advanced short-duration psychedelics in development for treatment-resistant depression.

Strategic Merger

The merger with Beckley Psytech is expected to enhance ATAI's capabilities by bringing short-acting BPL-003 in-house.

Negative Factors

Clinical Development Risks

Clinical development risks are associated with lead programs like BPL-003 and COMP360, among others.

Regulatory Challenges

There are risks associated with clinical development, regulatory challenges, and potential competition in therapeutic areas.

ATAI Life Sciences Business Overview & Revenue Model

Company Description

ATAI Life Sciences (ATAI) is a biotechnology company focused on the development of psychedelic and non-psychedelic compounds for the treatment of mental health disorders. Founded in 2018, the company aims to transform the treatment of mental health by leveraging innovative science, technology, and academic partnerships. ATAI operates a decentralized platform model, investing in and incubating various subsidiary companies that focus on different aspects of mental health treatment, including drug development and digital therapeutics.

How the Company Makes Money

ATAI Life Sciences makes money primarily through its investments in and the development of its subsidiary companies, each of which focuses on distinct therapeutic areas. The company earns revenue by advancing these subsidiaries' drug candidates through clinical trials and into commercialization, either independently or in partnership with larger pharmaceutical companies. ATAI may also generate income through milestone payments, royalties, and licensing agreements associated with successful drug development. Additionally, strategic partnerships and collaborations with academic institutions and other biotech firms contribute to its revenue streams, allowing the company to leverage external expertise and resources.

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
	EBIT
-98.97M	-102.69M	-125.47M	-144.79M	-135.81M	-104.16M
	EBITDA
-145.32M	-145.33M	-36.31M	-135.01M	-120.28M	-92.12M
	Net Income Common Stockholders
-148.99M	-149.27M	-40.22M	-141.41M	-132.61M	-102.12M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
58.29M	62.33M	179.26M	273.11M	362.27M	97.25M
	Total Assets
195.78M	159.39M	293.48M	305.44M	414.17M	111.55M
	Total Debt
14.24M	24.71M	19.14M	15.12M	743.00K	2.18M
	Net Debt
-34.05M	7.20M	-25.89M	-175.50M	-361.52M	-95.07M
	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: 2.33
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 2.33 is above the 20-day moving average (MA) of 2.26, above the 50-day MA of 1.78, and above the 200-day MA of 1.54, indicating a bullish trend. The MACD of 0.13 indicates Positive momentum. The RSI at 61.47 is Neutral, neither overbought nor oversold. The STOCH value of 41.25 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	54 Neutral	$445.67M	―	-62.43%	―	-0.90%	-89.51%
TSHA	54 Neutral	$666.90M	―	-159.34%	―	-48.97%	69.32%
Sector *	54 Neutral	$5.25B	3.27	-44.35%	6.27%	16.79%	-0.10%
GLUE	52 Neutral	$281.10M	66.82	2.88%	―	―	61.09%
SEPN	50 Neutral	$456.28M	―	3.77%	―	―	―
OLMA	46 Neutral	$274.37M	―	-41.59%	―	―	0.42%

ATAI Life Sciences Corporate Events

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.

ATAI Life Sciences Diversifies Treasury with Bitcoin Investment

On March 20, 2025, ATAI Life Sciences announced its decision to diversify its treasury reserve strategy by investing in Bitcoin, alongside cash and other securities. The company plans an initial investment of $5 million in Bitcoin, which is not expected to affect its drug development timelines or operational runway.