Florian Brand (L) and Srinivas Rao

Atai prunes pipeline, drops out of part­ner­ships as it takes on $175M loan and fo­cus­es on loom­ing da­ta read­outs

Plan­ning for the long haul, men­tal health-fo­cused biotech atai Life Sci­ences has tak­en a hard look at its siz­able port­fo­lio — and de­cid­ed to cut off parts of it.

The de­ci­sion to stop fund­ing cer­tain pro­grams and dis­cov­ery ef­forts, de­scribed as a “com­pa­ny-wide cost op­ti­miza­tion,” should lead to “sig­nif­i­cant cost sav­ings,” not­ed CEO Flo­ri­an Brand. At the same time, he’s pulling in $175 mil­lion through a term loan fa­cil­i­ty from Her­cules Cap­i­tal, a move that should ex­tend the cash run­way to 2025.

Endpoints News

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.