Atai posts $26M loss, but progresses on psychedelic clinical trials

New York-based Atai Life Sciences (Nasdaq: ATAI) reported a net loss of $26.3 million for the third quarter, down year-over-year from its net income of $43.3 million, but the clinical-stage biopharmaceutical company also noted it’s well-positioned to bring multiple mental health drugs to market in the not-too-distant future.

Atai said in a release that it’s made progress toward obtaining federal approval on several psychedelic drugs, including its versions of DMT, MDMA, ibogaine and two other drugs still in development. All of the drugs are projected to hit testing milestones this year or next year, Atai forecast.

The company noted in an investor presentation that it believes it has enough cash to reach the milestones laid out through 2025.

“We continue to see progress and momentum across our pipeline,” Dr. Srinivas Rao, co-chief executive officer and co-founder of Atai, said in a release. “Our team is focused on executing these trials with the utmost scientific rigor and is driven by our goal of being the leader in developing new psychedelic treatment options to mental health patients.”

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https://www.greenmarketreport.com/atai-posts-26m-loss-but-progresses-on-psychedelic-clinical-trials/