No Signs of Slowing–Neuropsych Biotech Emerges as a Potential LLY Takeout Target

Research evidence excerpt

No Signs of Slowing–Neuropsych Biotech Emerges as a Potential LLY Takeout Target

S $24.21 $33.05 $45.66

development activity across several therapeutic areas, AtaiBeckley would provide

differentiated exposure in psychiatry and reinforce the company’s broader effort to Revenue $65,179 $84,785 $97,724

diversify beyond its cornerstone cardiometabolic franchise. Consensus Estimates

As a part of a potential deal, Lilly would gain access to Atai's lead asset, BPL-003, 2025A 2026E 2027E

a Phase 3-stage treatment for TRD. BPL-003 is a proprietary intranasal formulation EPS $35.62 $45.17

of mebufotenin benzoate, or 5-MeO-DMT, designed to produce rapid and durable Valuation

antidepressant effects within a relatively short in-clinic treatment session. In the 193-

2025A 2026E 2027E

patient Phase 2b study, both the 8 mg and 12 mg doses demonstrated statistically

P/E 47.8x 35.0x 25.3xsignificant improvements in MADRS versus the 0.3 mg comparator, with efficacy

observed as early as Day 2 and maintained through Day 57. The FDA has granted QTR. EPS Q1 Q2 Q3 Q4

BPL-003 Breakthrough Therapy designation and supported a two-trial pivotal program 2025A $3.34 $6.31 $7.02 $7.54

comprising ReConnection-1 and ReConnection-2. The company has also highlighted 2026E $8.55a $5.68 $9.19 $9.77

that most patients met discharge-readiness criteria within approximately 90 minutes,

potentially allowing BPL-003 to fit within the two-hour treatment infrastructure

established by Spravato.

Deal terms remain undisclosed (reported that Atai is looking for >$2B), but

BPL-003’s late-stage position could support a meaningful acquisition value.

AtaiBeckley reported $209.9 million of cash at March 31, 2026 and expected its existing

resources to fund operations through the anticipated BPL-003 Phase 3 readouts in