Pα+ Psychedelic Bulletin #175: atai Sells a Third of Compass Stake; Lykos’ Unproven Psychotherapy Hampered Studies, Claim Academics; Picking Placebos

atai Sells a Third of Compass Stake to Raise Cash for In-House Programs

SEC filings reveal that last week atai Life Sciences disposed of around 2.7 million Compass Pathways shares for gross proceeds of just over $16 million. That represents around a third of atai’s stake in Compass.

The sale comes as Compass is expected to share a first cut of data from its Phase 3 program of its psilocybin candidate (COMP360) for treatment-resistant depression, which could be announced by the end of the calendar year or in Q1’25.

But it doesn’t appear that atai’s disposal signals wavering confidence in Compass’ Phase 3 program: atai CFO Anne Johnson told Psychedelic Alpha that the company did so to raise funds for the development of its in-house programs.

With a 10.1% stake left in Compass, according to filings, Johnson told us that atai remains a firm supporter of Compass, and has “high conviction in their ongoing COMP005 and COMP006 Phase 3 studies.” Indeed, writing on LinkedIn and Twitter, atai founder Christian Angermayer said that the company “continues to be a strong supporter of the excellent work of Compass”.