Q1 EPS: Phase III 5-MeO-DMT Studies Starting Soon, New Psychedelic Data in 4Q26

Research evidence excerpt

Q1 EPS: Phase III 5-MeO-DMT Studies Starting Soon, New Psychedelic Data in 4Q26

USA | Biotechnology

AtaiBeckley EquityMayResearch12, 2026

ESTIMATE CHANGEQ1 EPS: Phase III 5-MeO-DMT Studies Starting

RATING BUYSoon, New Psychedelic Data in 4Q26

PRICE $4.04^

Across ATAI's $1B+ psychedelic programs: (1) BPL-003 (intranasal 5-MeO-

PRICE TARGET | % TO PT $10.00 | +148%

DMT) will start two Phase IIIs in Q2:26 for TRD depression (data in early 2029).

52W HIGH-LOW $6.75 - $1.38

Our 70-75%+ confidence is attributed to '003 safely producing rapid, meaningful,

FLOAT (%) | ADV MM (USD) 82.0% | 25.22

and durable efficacy in Phase IIb. (2) In Q4:26, VLS-01 (buccal film DMT) has

MARKET CAP $1.4B

Phase II TRD data (+25-50% stock move), (3) Awaiting next steps for EMP-01

TICKER ATAI

(oral R-MDMA) following supportive Phase IIa efficacy in social anxiety (SAD). ^Prior trading day's closing price unless otherwise

noted.

Big Picture: BPL-003, which received a BTD breakthrough in Oct 2025, fits seamlessly into the

2-hour, in-clinic treatment paradigm established by Spravato (intranasal esketamine) in TRD.

FY (Dec) CHANGE TO JEFe JEF vs CONS

Spravato's $2B+ annualized runrate validates the commercial feasibility of psychedelics. To us,

2026 2027 2026 2027

BPL-003's (intranasal 5-MeO-DMT) differentiated Phase IIb TRD data ($1-2B+ peak sales) drives

REV NA NA NA NA

our conviction in Phase III success. Meanwhile, investor sentiment on psychedelics is improving,

as the overall drug class is generating (+) data (e.g. ATAI, CMPS, DFTX, HELP, GHRS, ABBV). The EPS +12% +9% NA NA

regulatory backdrop is also improving, as evidenced by the FDA's official framework and SPA/BTD

awards, Trump's executive order (EO), and new CNPV vouchers. 2026 ($) Q1A Q2 Q3 Q4 FY

EPS (0.08) (0.09) (0.10) (0.10) (0.37)