Atai: Inidascamine Trial Failure Doesn't Matter In Main Psychedelic Pipeline Focus

  • Despite the phase 2b failure of inidascamine for CIAS, I maintain a Buy on Atai due to its diversified psychedelic pipeline. Beckley Psytech's BPL-003 drug for treatment-resistant depression showed strong phase 2b results, with rapid and sustained efficacy, and could be phase 2 program with FDA allowance. The pending merger with Beckley Psytech and upcoming catalysts, including FDA meetings and OLE study data, offer significant upside potential.