AtaiBeckley Inc. 10-Q Summary: Period Ended June 30, 2026
Business Context and Reporting Period
This Quarterly Report on Form 10-Q covers the three and six months ended June 30, 2026. AtaiBeckley Inc. is a clinical-stage biotechnology company focused on developing rapid-acting, durable treatments for mental health disorders, primarily utilizing psychedelic-based neuroplastogens. The company was formed in 2025 through the strategic combination of atai Life Sciences N.V. and Beckley Psytech Limited and redomiciled to Delaware in December 2025. The company operates as a single reportable segment.
Key Financial Metrics
| Metric | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 | Balance Sheet (June 30, 2026) |
|---|---|---|---|
| Total Revenue | $1.7 million | $2.7 million | N/A |
| Net Loss (Attributable to Stockholders) | $(32.5) million | $(62.3) million | N/A |
| Net Loss Per Share (Basic & Diluted) | $(0.09) | $(0.17) | N/A |
| Operating Expenses | $45.8 million | $77.7 million | N/A |
| Cash and Cash Equivalents | N/A | N/A | $168.8 million |
| Short-Term Securities | N/A | N/A | $23.0 million |
| Total Assets | N/A | N/A | $264.8 million |
| Total Liabilities | N/A | N/A | $88.4 million |
| Stockholders' Equity | N/A | N/A | $176.4 million |
Note: Revenue is derived primarily from license agreements and research and development services provided by the Nualtis subsidiary. The company has not generated revenue from the sale of its core product candidates.
Material Changes vs. Prior Period
- Revenue Growth: Total revenue increased 137% year-over-year for the three months ended June 30, 2026, driven by a $0.4 million increase in license revenue and a $0.5 million increase in R&D services revenue.
- Operating Expenses: Operating expenses rose 76% to $45.8 million for the quarter. Research and Development (R&D) expenses surged 153% to $28.1 million, primarily due to the initiation of Phase 3 activities for the BPL-003 program ($10.1 million) and increased clinical costs for the VLS-01 program ($8.3 million).
- Other Income/Expense: "Change in fair value of assets and liabilities, net" swung from a $7.0 million loss in the prior year quarter to a $10.0 million gain in the current quarter. This was largely driven by a $27.2 million unrealized gain on the company's investment in COMPASS Pathways plc, partially offset by an $18.8 million loss on pre-funded warrant liabilities.
- Digital Assets: The company recognized a $0.9 million unrealized loss on its Bitcoin holdings for the quarter, compared to a $1.4 million gain in the prior year period.
Guidance, Outlook, and Material Events
- Proposed Merger with Eli Lilly: On July 15, 2026 (subsequent to the reporting period), AtaiBeckley entered into a definitive Merger Agreement with Eli Lilly and Company. The transaction values the company at $6.75 per share in cash plus Contingent Value Rights (CVRs) for up to an additional $2.50 per share based on clinical and regulatory milestones for BPL-003 and VLS-01. The deal is expected to close in the third quarter of 2026, subject to shareholder and regulatory approval.
- Liquidity: As of June 30, 2026, the company held $168.8 million in cash and cash equivalents and $23.0 million in short-term securities. Management believes these resources are sufficient to fund operations for at least the next 12 months, assuming the Merger is not completed.
- Development Pipeline:
- BPL-003: Phase 3 activities in treatment-resistant depression have been initiated.
- VLS-01: The Elumina Phase 2b study in treatment-resistant depression is advancing, with topline results anticipated in Q4 2026.
- EMP-01: Phase 2a study in social anxiety disorder is completed.
- Risks: Key risks include the failure to consummate the Merger with Lilly, which could require significant additional financing; the uncertainty of clinical trial outcomes; and the volatility of fair value measurements for investments and digital assets.
Investor Verification Checklist
- Merger Approval Status: Verify the progress of shareholder votes and regulatory clearances required for the Eli Lilly acquisition.
- CVR Milestone Definitions: Review the specific clinical and regulatory milestones required to trigger the $2.50 per share contingent payments.
- Investment Valuation: Assess the impact of the $27.2 million unrealized gain on COMPASS Pathways stock on the company's reported net loss and equity position.
- Cash Burn Rate: Monitor the $56.4 million net cash used in operating activities over the six-month period to evaluate runway if the Merger is delayed or terminated.
- Pre-Funded Warrant Liability: Note the $57.2 million liability on the balance sheet related to pre-funded warrants, which fluctuates with the company's stock price.