atai Life Sciences (NASDAQ:ATAI, ETR:9VC) announced that its strategic combination with Beckley Psytech has been completed, forming a new clinical-stage biopharmaceutical company focused on developing treatments for mental health disorders called AtaiBeckley.
AtaiBeckley’s pipeline includes several investigational therapies designed to address treatment-resistant depression and other mental health conditions.
Its lead program, BPL-003 (mebufotenin benzoate nasal spray), has received Breakthrough Therapy designation from the US Food and Drug Administration for treatment-resistant depression. The company expects to meet with the FDA in the coming months to discuss Phase 3 trial plans, with studies anticipated to begin in the second quarter of 2026.
Other assets in development include VLS-01 (a DMT buccal film) in a Phase 2 trial for treatment-resistant depression, EMP-01 (R-MDMA) in a Phase 2a study for social anxiety disorder, and a portfolio of preclinical 5-HT2A receptor agonists, including non-hallucinogenic neuroplastogens.
In October, atai completed a public offering that raised approximately $150 million in gross proceeds. The company said it expects its current cash, cash equivalents, and other liquid assets to fund operations into 2029, including through anticipated topline data from the first Phase 3 trial of BPL-003.
AtaiBeckley will be led by atai CEO and co-founder Dr Srinivas Rao and an executive team drawn from both companies. The board of directors will be chaired by atai founder Christian Angermayer, with Dr Scott Braunstein appointed vice chairman and lead independent director. Beckley Psytech co-founder Cosmo Feilding Mellen and board member Dr Robert Hershberg will also join the new board.
“We are bringing together the assets, expertise and vision of atai Life Sciences and Beckley Psytech to transform patient outcomes,” AtaiBeckley CEO Dr Rao said in a statement.
“We are a well-financed, Phase 3-ready company with a strong team in place to execute on our mission and I am excited by what we can achieve together, with our team fully committed to creating breakthroughs in mental health.”
Mellen, AtaiBeckley director, described the transaction as an “exciting moment” for patients and the broader mental health sector.
“I believe AtaiBeckley is uniquely positioned to deliver commercially scalable psychedelic-based therapies that could transform the treatment landscape for people living with serious mental health conditions,” Mellen said.
As part of the transaction, Beckley shareholders and certain equity holders will receive approximately 105 million new AtaiBeckley shares, representing about 28% of the combined company’s outstanding shares. These shares are subject to a lock-up period with gradual monthly releases. Apeiron Investment Group, the family office of Angermayer, has voluntarily agreed to a similar lock-up.
The corporate redomiciliation to Delaware is expected to be completed around the year-end.