10-Q · May 12, 2026
AtaiBeckley reported a revenue of $954,000 for Q1 2026, exceeding the consensus estimate of $90,910, while the net loss narrowed to $29.8 million, with EPS loss improving to -$0.08 compared to -$0.15 in the prior…
Earnings analysis · 10-Q
ATAI earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
AtaiBeckley delivered higher Q2 revenue of $1.704 million and advanced BPL-003 into Phase 3, but operating losses expanded materially as R&D spending rose to $28.074 million from $11.092 million. EPS improved to -$0.09…
Read full summary
AtaiBeckley delivered higher Q2 revenue of $1.704 million and advanced BPL-003 into Phase 3, but operating losses expanded materially as R&D spending rose to $28.074 million from $11.092 million. EPS improved to -$0.09 from -$0.14 primarily because the share count increased substantially, while operating cash burn increased to $56.363 million for the first six months. Liquidity was strong at $168.807 million of cash plus $23.041 million of short-term securities, but the investment case is dominated by the pending Lilly merger, its approval risk, the $104.3 million termination fee and uncertain CVR value.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
- Operating margin
- -2590.4%
- Segment
- Single reportable segment: global discovery, research, development and commercialization of mental-health treatments. Q2 2026 revenue was $1.704 million, including $0.4 million of license revenue and $1.3 million of research and development services revenue, versus $0.7 million of total revenue in Q2 2025.
- Segment
- For the six months ended June 30, 2026, revenue was $2.657 million, including $0.6 million of license revenue and $2.0 million of research and development services revenue, versus $2.274 million in the prior-year period.
What stood out
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Revenue improved year over year
Revenue increased to $1.704 million in Q2 2026 from approximately $0.7 million in Q2 2025, driven by $0.4 million of license revenue and $1.3 million of research and development services revenue. Six-month revenue rose to $2.657 million from $2.274 million.
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BPL-003 entered Phase 3
BPL-003 Phase 3 activities began in Q2 2026, with $10.060 million of direct program R&D spending during the quarter, including $8.3 million of clinical development costs, $1.5 million of manufacturing costs and $0.3 million of preclinical costs.
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VLS-01 development accelerated
VLS-01 direct R&D spending increased to $8.299 million in Q2 2026 from $3.471 million in Q2 2025, reflecting a $4.4 million increase in clinical-development costs for the Elumina Phase 2b trial.
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Liquidity remained substantial
Cash and cash equivalents increased to $168.807 million at June 30, 2026 from $85.300 million at December 31, 2025, while short-term securities were $23.041 million. Management said these resources should fund planned operations for at least 12 months.
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Asset monetization funded cash
Net cash provided by investing activities was $136.937 million, primarily from $112.609 million of securities sales and maturities and $23.666 million from COMPASS ADS sales. Financing cash inflow was $3.457 million from stock-option exercises.
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Pending Lilly transaction offers value
The proposed Lilly transaction provides for $6.75 in cash per share plus one CVR with potential payments of up to $2.50 per share tied to BPL-003 and VLS-01 milestones; the merger is expected to close in Q3 2026 and is not subject to a financing condition.
What to watch
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Merger may not close
The newly disclosed merger risk is that required stockholder, antitrust and other regulatory approvals may not be obtained, delaying or preventing closing. The transaction is subject to approval by holders of at least a majority of outstanding voting stock and is expected to close in Q3 2026.
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Termination fee creates exposure
If the merger is terminated in specified circumstances, AtaiBeckley may owe Lilly a $104.3 million termination fee. The filing also states that termination could leave the company needing additional financing to continue development.
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CVR payments are uncertain
The CVR may expire without value: holders could receive up to $2.50 per CVR, but the filing states there can be no assurance that any payment will be made. Milestones include Phase 3 initiation for VLS-01 before the fourth anniversary, BPL-003 approval and DEA rescheduling before the fifth anniversary, and VLS-01 approval and DEA rescheduling before the seventh anniversary.
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Operating losses expanded sharply
Operating losses worsened despite higher revenue: Q2 2026 operating loss was $44.141 million versus $25.273 million in Q2 2025, implying an operating margin of approximately -2,590% versus approximately -1,480%. Net loss attributable to stockholders increased to $32.524 million from $27.729 million, although EPS improved to -$0.09 from -$0.14 because weighted-average shares increased to 360.8 million from 196.6 million.
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Cash burn increased
Net cash used in operating activities increased to $56.363 million in the first six months of 2026 from $31.935 million in the prior-year period. The accumulated deficit was approximately $1.4 billion at June 30, 2026.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that the Lilly merger is expected to close in the third quarter of 2026 and that existing cash, cash equivalents and short-term securities are expected to fund operations and capital expenditures for at least the next 12 months.
Earlier filings 2
10-K · March 6, 2026
AtaiBeckley is a newly combined, clinical-stage biotech formed via the strategic combination with Beckley Psytech (closed November 5, 2025) and redomiciled to the U.S. on December 30, 2025. The company’s core strategy…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.