ATAI Life Sciences NV, a clinical-stage biopharmaceutical company, reported its financial results for the first quarter of 2025. The company recorded a net loss of $26.4 million for the three months ended March 31, 2025, compared to a net loss of $26.7 million for the same period in 2024. Research and development expenses slightly decreased to $11.3 million from $11.5 million in the previous year, primarily due to lower personnel-related expenses and consulting services, partially offset by increased spending on contract research. General and administrative expenses also saw a reduction, totaling $10.6 million for the quarter, down from $12.6 million in the prior year, mainly due to decreases in personnel-related expenses and professional services. The company expects this trend of reduced G&A spending to continue. ATAI Life Sciences reported that its cash, cash equivalents, restricted cash, and short-term securities increased to $108.2 million as of March 31, 2025, from $72.3 million as of December 31, 2024. This increase was attributed to $59.1 million in net proceeds from equity financings, offset by $17.8 million used in operations and $5 million invested in digital assets. The company anticipates that its cash reserves will be sufficient to fund operations into 2027. In terms of corporate updates, ATAI continued to progress on its clinical pipeline, including dosing the first patient in the exploratory Phase 2 study of EMP-01 (oral R-MDMA) for social anxiety and ongoing enrollment in the Phase 2 study of VLS-01 (buccal film DMT) for treatment-resistant depression, with topline data from these studies anticipated in early 2026.