Atai Life Sciences N.V. Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Cash Position: Ended Q3 with $304 million in cash including a $15 million initial drawdown from a $175 million credit facility with Hercules Capital. The company reiterated a cash runway into 2025.
  • Q3 Cash Use: Operating cash use totaled $28 million, in line with expectations.
  • Pipeline Overview:
    • 8 drug development programs in the clinic.
    • 4 enabling technologies complementing the therapeutics portfolio.
    • Major focus on neuropsychiatric indications.
  • Clinical Highlights:
    • GRX-917 (deuterated etifoxine) and KUR-101 (deuterated mitragynine): Positive initial Phase 1 results with promising PK/PD data.
    • PCN-101 (R-ketamine): Phase 2a in treatment-resistant depression (TRD) completed enrollment. Data readout expected by end of 2023.
      Targets: Rapid onset (within 24 hours), at-home unsupervised use, intermittent dosing (2x/week).
      Key safety goal: sedation and dissociation risk ratio around 2, based on metrics (MOAA/S and CADSS).
      Efficacy benchmark: 5-point MADRS difference vs. placebo at 24 hours based on comparisons with ketamine/esketamine trials.

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Stephen Bardin: Hi, everyone and welcome to the Atai Life Sciences Third Quarter Earnings Call. I am Stephen Bardin, CFO of Atai and I am very pleased to have you with us. I am joined by our CEO and Co-Founder, Florian Brand as well as our CSO and Co-Founder, Srini Rao. Today, we will be speaking with two of our long-term analysts; Andrew Tsai from Jefferies and Ritu Baral from Cowen. Over the next 30 minutes, Andrew and Ritu will be asking us about recent progress across the pipeline and upcoming catalysts. And now for the standard reminder that our discussion today may include forward-looking statements about Atai’s future results and performance, subject to risks and uncertainties that may cause actual results to differ. Atai does not undertake any obligation to update such statements which speak only as of today. Before kicking off the interview, I’ll comment on the key financial takeaways included in today’s earnings release. First, our Q3 operating use of cash was $28 million and was in line with expectations, so no surprises there. Next, I want to remind everyone of our previously announced debt facility with Hercules, which provides access to up to $175 million. Back in mid-August, when we closed the facility, we drew down an initial $15 million. We ended Q3 with $304 million in cash. This cash balance plus the Hercules facility gives us a strong capital position. We reiterate our cash runway extending into 2025. Let’s start our interview section. I’ll hand the mic ov

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