Atai Beckley NV Q1 FY2022 earnings call

• Florian notes the biotech market is undervalued, with atai having a $335 million cash position and runway into 2024 to reach key clinical milestones. - Emphasizes combining novel pharmacological agents with digital therapeutics for mental health treatment. - Discusses Perception PCN-101, COMPASS investment, Recognify's RL-007 for cognitive impairment in schizophrenia, GABAergic program GRX-917 for anxiety disorders, and VLS-01 program for TRD using DMT. - Highlights learning from SPRAVATO's commercial profile for Perception PCN-101, positive results from COMPASS's Phase 2b, and unique mechanisms of various candidates.

No detailed product segment financial performance or revenue contribution % provided in the transcript.

• Total use of cash for Q1 was $27 million, ended Q1 with $335 million in cash. - Reiterates guidance with runway into 2024, stating $335 million is sufficient capital to hit R&D catalysts including digital therapeutics.

• Mentions risks associated with drug development, particularly early on. - Notes market turbulence as a factor, but emphasizes atai's strong cash position to weather storms.

Q: Charles Duncan asks about lessons learned from SPRAVATO's commercial profile for Perception PCN-101.

A: Florian states atai's target product profile is differentiated from SPRAVATO, can learn from SPRAVATO's infrastructure, and emphasizes engaging stakeholders early. Srini adds on commercial infrastructure utilization.

Q: Ritu Baral asks about Perception PCN-101 Phase 3 trial design compared to SPRAVATO's.

A: Florian says Phase 3 will be informed by Phase 2 results, mentions modeling based on compounds approved for at home use, and decisions will be made once Phase 2 results are in.

Q: Charles Duncan asks about key takeaways from COMPASS's Phase 2b data and next steps for their Phase 3.

A: Florian mentions rapidity of onset, durability of effect, good safety from COMPASS's data, and hopes for COMPASS to clear and move forward with Phase 3. Talks about learnings for atai's programs related to repeat dosing.

Q: Charles Duncan asks about Recognify's RL-007 for CIAS and why modulating certain receptors is useful.

A: Srini explains cognition is complex, RL-007 modulates multiple systems in a gentle fashion, potentially providing broad effect for cognitive impairments.

Q: Charles Duncan asks about confidence in moving RL-007 to Phase 2 based on qEEG data.

A: Florian says consistent pro-cognitive effect in healthy volunteers and biomarker study, with supportive qEEG data, led to moving forward. Charles notes consistent inverted U-shaped curve seen.

Q: Ritu Baral asks about GRX-917's differential mechanism around GABA compared to benzos and other PAMs.

A: Srini explains GRX-917 increases production of endogenous ligand neurosteroids (unlike benzos as direct agonists or PAMs requiring endogenous ligand presence), potentially offering better safety profile.

Q: Charles Duncan asks about atai's thinking on short vs long-acting psychedelics with VLS-01 program.

A: Florian discusses commercial and scientific considerations, optimizing duration of effect for VLS-01, comparing to Compass's data, and mention of third-generation compounds decoupling psychedelic experience from neuroplastic effect.