ATAI Life Sciences NV
ATAIBuild a strategy around ATAI
ATAI Life Sciences NV AI Insights
Informational only. Not investment advice.Snapshot
- TTM net loss of -660M dwarfs revenue of 4.1M; -503.5M in unusual items (investment losses) drove bulk of the deficit beyond core operations.[Total Unusual Items]
- P/S ratio TTM of 309x vs industry median 2.2x — 140x premium reflects binary clinical-stage optionality, not fundamentals.[PS Ratio]
- Cash of 85.3M plus 139M TTM equity issuance funds ~1 year of burn at -102.7M TTM cash flow rate; dilution ongoing.[Cash Flow]
Watch Triggers
- Cash and Equivalents TTM: Falls below 50M — At -102.7M annual burn, sub-50M cash forces emergency dilution or asset sales within 6 months
- Total Revenue TTM: Exceeds 20M — Would signal commercial traction from pipeline; currently 4.1M is negligible vs burn rate
- Research and Development TTM: Drops below 30M or rises above 80M — R&D cuts signal pipeline abandonment; sharp increase signals late-stage advancement
Bull Case
Near-zero debt (Debt/Equity 0.009 TTM) and 252M working capital provide balance sheet flexibility to fund pipeline without covenant risk. Recent 139M equity raise extends runway.
R&D spend of 53M TTM (45% of opex) concentrated on clinical programs; revenue grew 12.3% TTM. P/B of 5.7x is modest for biotech with pipeline optionality if trials succeed.
Bear Case
4.1M TTM revenue vs 1.26B market cap implies entire valuation is speculative. FCF of -113.5M TTM means each quarter without catalysts erodes equity value and forces dilution.
503.5M in unusual items TTM (investment write-downs) signals portfolio company failures; 530M investment loss dwarfs the entire equity base of 222M.
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
Leverage ATAI's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.
Forward Thesis
Cash runway under 2 years without additional dilution or partnership deals
- TTM cash burn of -102.7M against 85.3M cash on hand
- 139M raised via equity issuance TTM signals continued dilution
- Minimal revenue (4.1M TTM) insufficient to offset opex
Core operating loss of ~113M is the real burn; 503M unusual items are non-recurring
- Operating Income TTM -113.3M vs Net Income -660M
- 530M gain/loss on investment securities TTM
- Other Special Charges of 523.5M TTM
Valuation Context
Caveats
ATAI Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.59B | — | ||
$1.55B | — | ||
0.00 | — | ||
$0 | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
ATAI Dividend History
ATAI Stock Splits
ATAI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/12/26 | 03/31/26 | 10-Q | |
03/06/26 | 12/31/25 | Unknown | |
11/12/25 | 09/30/25 | 10-Q | |
08/14/25 | 06/30/25 | 10-Q | |
05/14/25 | 03/31/25 | 10-Q | |
03/17/25 | 12/31/24 | Unknown | |
11/13/24 | 09/30/24 | 10-Q | |
08/13/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
03/28/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/11/23 | 03/31/23 | 10-Q | |
03/24/23 | 12/31/22 | 10-K | |
11/10/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/30/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
06/21/21 | 03/31/21 | 424B4 | |
06/21/21 | 12/31/20 | 424B4 | |
11/15/21 | 09/30/20 | 10-Q | |
08/16/21 | 06/30/20 | 10-Q | |
06/21/21 | 03/31/20 | 424B4 |