ATAI Beckley Inc is scheduled to release second-quarter earnings on Monday, the final report before Eli Lilly’s $2.8 billion acquisition of the psychedelic drug developer. The upfront offer values ATAI shares at $6.75 each, above the company’s current $7.42 price and a mean analyst target of $8.10, implying a 9.8% potential upside.
Analysts expect a loss of $0.12 per share on revenue of $140,000 for the quarter, an improvement from the $0.08-per-share loss reported in the first quarter, when revenue totaled $954,000. The company beat first-quarter earnings-per-share estimates by 21%, and EPS projections have risen 2.37% over the past 60 days, according to tracking data.
Eli Lilly’s acquisition, announced in July, includes up to $1 billion in contingent value rights tied to regulatory and clinical milestones for ATAI’s lead assets. The first milestone requires initiating a Phase 3 trial of VLS-01 within four years, while the second involves securing U.S. approval and DEA rescheduling of BPL-003 within five years. A third milestone targets U.S. approval and DEA rescheduling of VLS-01 within seven years. Pivotal data for BPL-003 is expected in early 2029.
Oppenheimer maintained an Outperform rating on ATAI, citing the acquisition as validation of the "transformative potential of psychedelic medicine." The deal marks Eli Lilly’s 11th acquisition of a drugmaker this year, underscoring the pharmaceutical giant’s aggressive expansion in emerging therapeutic areas.
The transaction is expected to close in the third quarter, pending regulatory clearance. ATAI’s earnings release will provide the latest operational update as the company prepares for the transition under Lilly’s ownership.
