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Clinical-stage biopharmaceutical Atai Life Sciences (NASDAQ: ATAI) managed to lower spending during 2023, but still burned through much of the cash it had on hand.

The company’s cash reserves fell 43.6% from $273.1 million to $154.2 million, primarily due to operational costs, investments in Beckley Psytech, and funding for ongoing research programs. However, Atai said it feels confident in its financial stability, citing sufficient funds to support operations through 2026.

“Much of our recent focus has centered on psychedelic-based therapies for depression … that require two hours or less in a clinic,” CEO Florian Brand said in a statement.

“We believe that the combination of a short treatment time and durable efficacy has the potential to enable accessible and convenient interventional treatments at scale.”

Research and development expenses fell to $62.2 million in 2023, down 16.3% from $74.3 million in the previous year, mainly due to lower contract research organization costs and personnel expenditures. G&A expenses also decreased to $63.6 million, down 9.7% versus $70.4 million, primarily driven by reduced personnel and administrative costs.

In terms of clinical progress, Atai’s Phase 2a results for its psychedelic-based therapies for depression, particularly BPL-003, showed rapid and sustained antidepressant effects, with a 45% remission rate among patients three months post-dosing.

Looking ahead, Atai said it anticipates significant milestones in its clinical pipeline, including the Phase 2b readout of BPL-003 in late 2024.

“A controlled Phase 2b study of BPL-003 in 225 TRD patients is underway across multiple sites, including the United States, Australia, and Europe, with topline data expected in (the second half of 2024),” the company said in a news release. “Data from a Phase 2a open-label study in Alcohol Use Disorder patients is expected mid-2024.”

The company also noted progress in other programs such as VLS-01 for treatment-resistant depression and ELE-101 for major depressive disorder.

The post Atai cash purse down nearly half despite lower spending appeared first on Green Market Report.

420GrowLife

via www.KahliBuds.com

Adam Jackson, KahliBuds, 420GrowLife