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.
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