Atai Life Sciences N.V.'s (ATAI) CEO Florian Brand on Q2 2022 Results - Earnings Call Transcript

Atai Life Sciences N.V. (NASDAQ:ATAI) Q2 2022 Earnings Conference Call August 15, 2022 8:30 AM ET

Company Participants

Greg Weaver – Chief Financial Officer

Stephen Bardin – Deputy Chief Financial Officer

Florian Brand – Chief Executive Officer

Srini Rao – Chief Scientific Officer

Conference Call Participants

Judah Frommer – Credit Suisse

Andrew Tsai – Jefferies LLC

Greg Weaver

Hi, everyone. Welcome and thanks for joining us for the Atai Second Quarter Earnings Call. I’m Greg Weaver, CFO of Atai Life Sciences. We’re very pleased to have you join us. I’m joined by our CSO, Srini Rao; our CEO, Florian Brand; and Stephen Bardin, our Deputy CFO, who joined our team last month and was most recently from BridgeBio. Today is my last earnings call as Atai’s CFO. I’m very pleased and confident to be handing the CFO range over to Stephen. He’ll be taking on the role as of tomorrow, and I’ll remain one of the advisor to the company through the end of the year.

Stephen, do you want to jump in and do an introduction?

Stephen Bardin

Yes, of course. And thank you so much, Greg. And I’ll keep this brief. I’m incredibly honored to be selected as the next CFO of Atai. My first month at Atai has been incredible. And I’m thrilled to be joining this fantastic team. And I can’t wait to make a huge impact in the field of mental health. Back to you, Greg.

Greg Weaver

Thanks, Stephen. It’s great to have you on board. But today, the interview format will be led by two of our long-term analysts, Andrew Tsai from Jefferies and Judah Frommer from Credit Suisse. Over the next 30 minutes, Andrew and Judah will be asking us a series of questions on our Q2 activities, pipeline and a business update. So forgive me for this bit, but as a reminder, our discussion today may include forward-looking statements about Atai’s future results and performance, subject to risks and uncertainties that may cause actual results to differ. Atai does not undertake any obligation to update such statements, which speak only as of today.

And with that out of the way and just before kicking off the interview, I’ll briefly comment on the key financial takeaways for the quarter as we reported in today’s earnings release. First, our Q2 operating use of cash was $23 million and was in line with expectations. So no surprise there. Second, in addition, let me draw your attention to the other press release from Atai this morning where we importantly announced that we’ve added our Hercules debt facility of up to $175 million. Third and really the critical point is that with the combination of $312 million in total cash and the addition of the debt facility, it’s approaching $0.5 billion.