ATAI Life Sciences N.V. reported its financial results for the second quarter of 2025, revealing a total revenue of $719,000, a significant increase from $273,000 in the same period last year. The revenue growth was primarily driven by $719,000 in research and development services, a new revenue stream for the company, while license revenue dropped to zero from $273,000 due to the termination of the Otsuka Agreement. The company recorded a net loss of $27.7 million for the quarter, a 52% improvement compared to a net loss of $57.4 million in Q2 2024.
Operating expenses for the quarter totaled $26 million, slightly down from $26.0 million in the prior year. Research and development expenses decreased by 12% to $11.1 million, attributed to reduced personnel costs and a decrease in costs related to enabling technologies. General and administrative expenses rose by 11% to $14.9 million, largely due to increased legal and professional service costs associated with the proposed strategic combination with Beckley Psytech and the company's pending redomiciliation to the U.S.
In terms of strategic developments, ATAI Life Sciences is in the process of acquiring Beckley Psytech, a move expected to close in the fourth quarter of 2025, pending shareholder approval. The company also rebranded its subsidiary IntelGenx Corp. to Nualtis and is focusing on advancing its pipeline of psychedelic and non-psychedelic product candidates aimed at addressing mental health disorders. As of June 30, 2025, the company had cash and cash equivalents of $61.9 million, a significant increase from $17.5 million at the end of 2024, bolstered by recent financing activities including a public offering that raised approximately $59.1 million.
ATAI Life Sciences has also made notable operational changes, including a workforce reduction of approximately 25% to streamline operations and extend its cash runway. The company anticipates that its existing cash and cash equivalents will be sufficient to fund operations for at least the next 12 months. Looking ahead, ATAI plans to continue investing in its clinical development programs and exploring strategic partnerships to enhance its product pipeline and market position.
About ATAI Life Sciences N.V.
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