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NEW YORK/AMSTERDAM - Mental health-focused biopharmaceutical company atai Life Sciences (NASDAQ:ATAI), which has seen its stock surge over 270% in the past six months, announced Thursday it has priced an underwritten public offering of 23,725,000 common shares at $5.48 per share, expected to raise approximately $130 million in gross proceeds. The company, currently valued at $1.17 billion, is trading near its 52-week high of $6.30.
The clinical-stage company has granted underwriters a 30-day option to purchase up to an additional 3,558,750 common shares at the same price. The offering is expected to close on October 20, 2025, subject to customary closing conditions. According to InvestingPro data, the company maintains a healthy current ratio of 4.02, with liquid assets well exceeding short-term obligations.
Jefferies LLC is serving as lead bookrunner for the offering, with Berenberg Capital Markets LLC acting as passive bookrunner. Oppenheimer & Co. Inc. and Canaccord Genuity LLC are co-managers.
The company plans to use the net proceeds to advance clinical development of its product candidates, which include psychedelic-based therapies currently in Phase 2 clinical trials. These include BPL-003 (intranasal mebufotenin benzoate) and VLS-01 (buccal film DMT) for treatment-resistant depression, and EMP-01 (oral R-MDMA) for social anxiety disorder. While InvestingPro analysis shows the company isn’t currently profitable, analysts anticipate continued sales growth, with 12 additional ProTips available for subscribers.
The offering is being conducted through an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on September 29, 2025.
atai Life Sciences focuses on developing treatments for mental health disorders and is advancing several psychedelic-based therapies through clinical trials, according to the company’s press release statement. The company operates with a moderate debt level, maintaining a debt-to-equity ratio of just 0.08, suggesting a conservative financial approach to its development programs.
In other recent news, atai Life Sciences has received Breakthrough Therapy designation from the U.S. Food and Drug Administration for its nasal spray treatment, BPL-003, aimed at adults with treatment-resistant depression. This designation is intended to expedite the development of drugs for serious conditions, following positive Phase 2b results showing rapid and durable antidepressant effects. Additionally, atai Life Sciences announced a proposed registered underwritten public offering of its common shares, with Jefferies LLC as the lead bookrunner. The company plans to grant underwriters a 30-day option to purchase additional shares at the public offering price, less the underwriting discount.
In another development, atai Life Sciences has filed an update regarding its planned acquisition of Beckley Psytech Limited, which involves acquiring all outstanding shares not already owned by atai. The transaction, expected to close in the fourth quarter of 2025, is subject to shareholder approval and customary closing conditions. However, atai Life Sciences noted there is no assurance the transaction will be completed within the expected timeframe or at all. These recent developments highlight atai Life Sciences’ ongoing efforts in both expanding its therapeutic offerings and pursuing strategic acquisitions.
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