AtaiBeckley Inc. Segments Disclosure
26. Segment Reporting
The Company's operations are organized into one operating and reportable segment dedicated to the global discovery, research, development, and commercialization of highly effective mental health treatments to transform patient outcomes. The Company's Chief Executive Officer is the Company's Chief Operating Decision Maker (“CODM”) and makes key operating decisions and assesses performance on a consolidated basis. The Company's determination that it operates as a single operating segment is consistent with the financial information regularly reviewed by the CODM.
The Company has not generated any revenues to date from the sale of its product candidates and does not anticipate generating any revenues from the sale of its product candidates unless and until it successfully completes development and obtains regulatory approval to market its product candidates. The Company does recognize revenue through its licenses of intellectual property and development agreements. Refer to Note 21, License Agreements, for more information.
For the Company's single reportable segment, the CODM uses net loss that is reported on the consolidated statements of operations to allocate resources, predominantly during the annual budget and forecasting process. The CODM also uses non-financial inputs and qualitative information to evaluate the Company's performance, establish compensation, monitor budget versus actual results, and decide the level of investment in the Company's various operating activities and other capital allocation activities.
The Company's reportable segment net loss, including significant segment expenses, for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):
|
|
For the year ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
License revenue |
|
$ |
202 |
|
|
$ |
308 |
|
Research and development services revenue |
|
|
3,887 |
|
|
|
— |
|
Total revenue |
|
$ |
4,089 |
|
|
$ |
308 |
|
Research and Development |
|
|
|
|
|
|
||
BPL-003 |
|
|
1,283 |
|
|
|
— |
|
VLS-01 |
|
|
16,297 |
|
|
|
10,606 |
|
EMP-01 |
|
|
7,894 |
|
|
|
1,527 |
|
Discovery (Non-hallucinogenic) |
|
|
2,323 |
|
|
|
2,649 |
|
Other programs(i) |
|
|
8,574 |
|
|
|
16,956 |
|
Personnel and employee-related expenses(ii) |
|
|
10,775 |
|
|
|
10,545 |
|
Non-cash share-based compensation expense |
|
|
4,026 |
|
|
|
10,390 |
|
Depreciation and Amortization |
|
|
662 |
|
|
|
184 |
|
Other Expenses(iii) |
|
|
531,228 |
|
|
|
2,597 |
|
General and Administrative |
|
|
|
|
|
|
||
Personnel and employee-related expenses(ii) |
|
|
14,109 |
|
|
|
12,493 |
|
Non-cash share-based compensation expense |
|
|
10,163 |
|
|
|
14,767 |
|
Accounting and Tax Fees |
|
|
8,118 |
|
|
|
5,057 |
|
Legal & Intellectual Property Fees |
|
|
19,437 |
|
|
|
5,895 |
|
Insurance |
|
|
1,538 |
|
|
|
2,328 |
|
Depreciation and Amortization |
|
|
350 |
|
|
|
290 |
|
Other Expenses, net(iii) |
|
|
11,373 |
|
|
|
6,715 |
|
Interest income |
|
|
1,478 |
|
|
|
778 |
|
Interest expense |
|
|
(1,162 |
) |
|
|
(3,124 |
) |
Other segment items(iv) |
|
|
(16,402 |
) |
|
|
(45,012 |
) |
Segment and consolidated net loss |
|
$ |
(660,147 |
) |
|
$ |
(150,049 |
) |
(i) Includes direct expenses related to RL-007, PCN-101, KUR-101, RLS-01, EGX-121, and enabling technologies programs and external R&D costs incurred by Nualtis. There were no direct expenses incurred in 2025 related to the RLS-01 and KUR-101 programs
(ii) Includes labor, benefits, and personnel-based restructuring expenses.
(iii) Includes public company fees, professional consulting services, facilities costs, technology and communication costs, and miscellaneous fees.
(iv) Includes change in fair value of assets and liabilities, net, gain on other investments, Gain on the consolidation of Beckley Psytech, change in the fair value of digital assets, net, foreign exchange gains (losses), net, other income (expense), net, benefit (provision) for income taxes, and losses from investments in equity method investees, net of tax.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.