DFTX Posts Impressive MDD Data, but We Think ATAI Commercial Risk is Low

Research evidence excerpt

DFTX Posts Impressive MDD Data, but We Think ATAI Commercial Risk is Low

Deutsche Bank

Research

Rating Company Date

Buy AtaiBeckley Inc 24 June 2026

North America Reuters Bloomberg Rating Buy

United States ATAI.OQ ATAI US Price target (USD) 12.00 Price at 23 Jun 26 4.10

52-week range 6.45 – 2.02

Health Care

BioPharma Valuation & Risks

DFTX Posts Impressive MDD Data, but We

Think ATAI Commercial Risk is Low DavidResearchHoang,AnalystM.D., Ph.D.

+1-212-250-1184

Key Takeaways

Sam Beck We reviewed the recent Ph3 topline data reported by competitor DFTX for DT120 Research Associate

ODT (oral LSD) in MDD, which showed impressive efficacy, but continue to +1-929-354-4311

believe ATAI’s short-acting (Spravato-like) psychedelics could command a

commercial advantage in interventional psychiatry clinics. Recall DFTX’s Ph3

EMERGE study demonstrated a potent and durable antidepressant effect from a

single 100 µg dose of DT120, showing a rapid and potent onset with a robust

14.2-point placebo-adjusted reduction in the MADRS score at Week 1. This

strong initial effect was sustained, with an 8.1-point placebo-adjusted

improvement at the Week 6 primary endpoint and a clinically meaningful 7.3-

point benefit at Week 12, all supported by a reassuring safety profile with no

serious adverse events. The data were received very positively by the market, with

DFTX shares up +50% on the news and the company subsequently executing a

$500M equity raise. Shares of ATAI and CMPS, as competitors to DFTX, have

held up well since Monday and avoided coming under pressure.

Reviewing monotherapy trials of psychedelics in MDD/TRD, it is clear DFTX’s

DT120 is one of the most efficacious agents based on MADRS reduction over the

first 12 weeks of treatment (Figure 1; Auvelity [non-psychedelic] included as a