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ATAI Nasdaq IPO Plans Announced

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ATAI Life Sciences, a biopharmaceutical company headquartered in Berlin, announced that it is planning to raise $100 million to list on the Nasdaq Stock Exchange in an initial public offering.

The company, focused on developing psychedelic and non-psychedelic compounds for various mental health indications, submitted an S-1 filing to the Securities and Exchange Commission (SEC) on Tuesday. 

The filing shows that ATAI has raised an aggregate of $363.3 million in gross cash proceeds from the sale of its common stock and convertible notes to date. In November of last year, ATAI announced the closing of a $125 million funding round.

ATAI is planning to sell its shares on the Nasdaq exchange under the symbol ATAI. A date for the IPO has not been set.

Credit Suisse, Citigroup, Cowen, Berenberg, Cantor Fitzgerald, RBC, and Canaccord Genuity were listed as underwriters. 

Founded in 2018, ATAI operates as an umbrella for an impressive portfolio of wholly-owned and partner companies. Backed by top venture capitalists such as Peter Thiel, Steve Jurvetson, Thor Bjorgolfsson, and Mike Novogratz, ATAI’s R&D pipeline currently includes about 14 companies focusing on drug development and other technologies. In exchange for a stake in these companies, ATAI assists in conducting clinical trials, working with regulatory officials, and capital raises.

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ATAI has also invested heavily in Compass Pathways, of which it owns an approximate 25 percent stake. Compass Pathways, a mental healthcare company focused on accelerating patient access to evidence-based innovation in mental health, was listed on the Nasdaq under the ticker “CMPS” in September and now has a valuation of around $1.2 billion. Its leading drug candidate, COMP360, has been designated a Breakthrough Therapy by the U.S. Food and Drug Administration (FDA), for treatment-resistant depression (TRD). 

ATAI would join Compass Pathways as the second psychedelics-focused company to go public on the Nasdaq stock exchange.

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"LSD shows you that there's another side to the coin, and you can't remember it when it wears off, but you know it. It reinforced my sense of what was important — creating great things instead of making money."

- Steve Jobs

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