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

研报英文原文证据摘录

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

24 June 2026

AtaiBeckley Inc

DT120 met all key safety expectations. The vast majority (99%) of adverse events

were mild or moderate in severity, with most occurring and resolving on the day

of dosing. Critically, no serious adverse events (SAEs) were reported, no patients

discontinued the trial due to AEs, and there were no signals of treatment-

emergent suicidal ideation or behavior.

Time To Discharge Shorter Than Expected, But Still a Commercial Limitation

100% of participants were able to meet discharge criteria of clearing the End of

Study Checklist within 8 hours of administration, with an average discharge time

of 5.8 hours. The breakdown is as follows: 57% were cleared within 5 hours, 72%

within 6 hours, 87% within 7 hours and 100% within 8 hours.

This result helps address one of the largest anticipated operational hurdles for an

LSD-based therapy. In earlier GAD studies for DT120, an 8-hour observation

period was mandated for the 100 µg, while 12 hours was mandated for 200 µg,

even after clearing the checklist. We believe this contributed to a perception that

LSD-based therapy would reach 10-12 hours of in clinic time regularly, which

would require additional capacity and staff (overtime or multiple shifts) at most

interventional psychiatry clinics.

The sub-8-hour profile demonstrated by DT120 in MDD helps de-risk the

commercial model, fitting into a standard workday. However, we believe it is still

less preferrable than the current Spravato model of ~2 hours per patient, in terms

of clinic logistics and patient accessibility. A key consideration will be whether a

single administration of DT120 (buy-and-bill drug plus in-clinic monitoring time)