On Monday the ATAI Life Sciences NV (NASDAQ:ATAI) stock was one of the major movers in the market as it attracted significant interest and ended the day with gains of as much as 11%. The company attracted interest after it announced its financial results for the fiscal quarter that had ended on March 31, 2022.
Trading Data
On Monday, ATAI stock moved up 11% to $4.04 with 965K shares, compared to volume of 854K shares. The stock moved within a range of $3.5600 – 4.1300 after opening trade at $3.70.
Earnings Review
The Chief Executive Officer of ATAI, Florian Brand spoke about the company’s performance and noted that during the course of the first quarter the company had made considerable progress in its mission to make clinically vital changes in behaviours among people who suffer from mental health problems.
The company announced that it had ended the first quarter of the year with a cash position of as much as $335 million and it added that it gave it a cash runway that is going to last up until the end of next year. In the same period, the research and development related expenses came in at $15.5 million and that was considerably higher than the research and development expenses of only $5.6 million in the prior year period. At this point, it may be a good move from investors to possibly add the ATAI stock to their watch lists.
Key Quote
“The first quarter of 2022 continued with strong execution of our clinical pipeline. We anticipate several clinical milestones in 2022 and beyond, including data from the Phase 2 proof-of-concept study of PCN-101 as a potential at-home-use therapy in treatment resistant depression (TRD). We also anticipate results from a relative bioavailability study comparing subcutaneous formulation of PCN-101 to existing IV formulation, and additional Phase 1 readouts, including GRX-917, DMX-1002, and KUR-101. Finally, we expect Phase 2 trial initiations for GRX-917 and RL-007, as well as Phase 1 initiations for EMP-01 and VLS-101 during 2022 and RLS-01 in the first half of 2023. It’s a testament to our phenomenal team that we anticipate to have 10 compounds in the clinic.” said Srinivas Rao, Chief Scientific Officer & Co-Founder of atai.
Technical Data
ATAI stock is trading below the 20-Day and 50-Day Moving averages of $4.11 and $4.80 respectively. Moreover, the stock is trading below the 200-Day moving average of $9.68.
