ATAI Life Sciences(ATAI) - 2024 Q4 - Annual Results

Financial Performance - The net loss attributable to shareholders for the twelve months ended December 31, 2024, was $149.3 million, compared to$ 40.2 million for the prior year[12]. - The company reported a net loss per share attributable to shareholders of $0.93 for the twelve months ended December 31, 2024[18]. - Total assets decreased from$ 293,478 million in 2023 to $159,387 million in 2024, a decline of approximately 45.4%[20]. Cash and Liquidity - As of December 31, 2024, the company had cash, cash equivalents, and short-term securities of$ 72.3 million, a decrease of $81.9 million from$ 154.2 million as of December 31, 2023[8]. - Cash and cash equivalents dropped significantly from $45,034 million in 2023 to$ 17,505 million in 2024, representing a decrease of about 61.1%[20]. - The company completed an equity offering in February 2025, generating net proceeds of $59.2 million, extending its operational runway into 2027[6]. Research and Development - Research and development (R&D) expenses for the twelve months ended December 31, 2024, were$ 55.5 million, down from $62.2 million in the prior year, reflecting a year-over-year decrease of$ 6.7 million[9]. - The company expects R&D spending to increase as its programs progress into later-stage clinical trials[9]. - Topline data from the Phase 2 Elumina trial of VLS-01 is anticipated in Q1 2026, with the first patient dosed in the trial[7]. - The company initiated a Phase 2 clinical trial of EMP-01 for social anxiety disorder, with topline data also expected in Q1 2026[10]. - Beckley Psytech's BPL-003 Phase 2b study in treatment-resistant depression completed enrollment, with topline results expected in mid-2025[10]. Expenses and Liabilities - General and administrative (G&A) expenses for the twelve months ended December 31, 2024, were $47.5 million, a decrease of$ 16.0 million compared to $63.6 million in the prior year[11]. - Accounts payable decreased from$ 4,589 million in 2023 to $2,616 million in 2024, a decline of about 42.7%[20]. - Accrued liabilities decreased from$ 15,256 million in 2023 to $9,847 million in 2024, representing a reduction of approximately 35.2%[20]. - Long-term debt, net decreased slightly from$ 15,047 million in 2023 to $14,133 million in 2024, a decrease of about 6.1%[20]. - Other liabilities decreased from$ 7,918 million in 2023 to $2,695 million in 2024, a significant decline of approximately 66.0%[20]. - The company reported a current portion of long-term debt of$ 6,374 million in 2024, which was not present in 2023[20]. - The company has short-term convertible promissory notes and derivative liabilities totaling $3,990 million in 2024, which were not reported in 2023[20]. - The company has increased its prepaid expenses and other current assets from$ 5,830 million in 2023 to $7,795 million in 2024, an increase of approximately 33.7%[20].