Atai Life Sciences, a psychedelics-focused biotech leverages a decentralized platform approach to accelerate the development of more effective mental health treatments. The clinical-stage biopharmaceutical company aims to transform the treatment of mental health disorders. The proprietary technology allows to accelerate drug discovery with digital therapeutics. Atai was founded in 2018 with the mission to bring more innovation in the mental health treatment landscape by use of psychedelic and digital therapeutics.
Mental health disorders such as depression, which are among Atai’s initial focus indications affect more than one billion people globally. Those suffering from mental health disorders have higher mortality rates than the general population and often experience decreased quality of life because of emotional manifestations.
The company completed its IPO in June 2021 with an initial public offering price of $15 per common shares. The shares are listed on the Nasdaq Global Market under the symbol “ATAI”. Atai has built a pipeline of 10 development programs and six enabling technologies. One of Atai’s companies, Recognify Life Sciences has initiated a Phase 2a trial in the United States. The company expects to initiate a Phase 2 trial for another program in 2021 and an additional three Phase 2 trials for other programs in 2022.
In November 2019, Atai acquired a majority interest in EntheogeniX Biosciences, a controlled variable interest entity, that is an AI-enabled computational biophysics platform designed to optimize and accelerate drug discovery. Another wholly owned subsidiary is Introspect Digital Therapeutics, that was launched in June 2020 as a digital therapeutics’ platform dedicated to improving patient outcomes through personalized care.
For the tree months ended March 31,2021, license revenue of $19.9 million was recognized, which related to a license and collaboration agreement entered with Otsuka Pharmaceuticals to develop and commercials products in Japan as its own costs and expenses.