The psychedelics industry has witnessed quite a boom in the past few years, and this uptrend is likely to continue. This rise in popularity is boosted by several studies that note the health benefits of psychedelic drugs.
Amid the increasing popularity, the industry has seen quite a few companies engage in the research and development of psychedelics-based medicines and treatment procedures.
Among them, atai Life Sciences seems to be drawing investor attention in particular, with its plans to make a public debut soon on the Nasdaq stock market.
Let’s take a look at atai’s initial public offering (IPO) plans.
atai Life Sciences IPO Details
The psychedelics company has submitted its S-1 filing form with the US Securities and Exchange Commission (SEC) for its IPO.
While a date for the IPO has not been set yet, atai Life Sciences is reportedly looking to raise US$ 100 million from the offering.
Post IPO, the enterprise plans to trade under the symbol ‘ATAI’.
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In the form submitted with the SEC, atai Life Sciences claimed that it has previously raised US$ 362.3 million from private investors.
If the IPO goes as planned, atai Life will become the third psychedelics company to trade publicly. Compass Pathways (NASDAQ:CMPS, CMPS:US) was the first psychedelics firm that got listed on the Nasdaq platform, followed by Mind Medicine Inc (NASDAQ:MNMD, MNMD:US).
Key Details of atai Life Sciences
Founded in 2018, Berlin-based atai Life Sciences is a privately-owned biopharmaceutical company. It aims to develop effective drugs to treat mental health disorders using psychedelic and non-psychedelic compounds.
Presently, the company is said to be exploring the benefits of psilocybin, a compound found in psychedelics like magic mushrooms, methamphetamine, and dimethyltryptamine (DMT).
Psilocybin, which is explored as a therapy for depression, is being researched by atai for the treatment of disorders like anxiety, opioid addiction, post-traumatic stress disorder, etc.
The company is backed by billionaire Peter Theil, who is the co-founder of payment gateway PayPal.
Can You Buy ATAI Stock?
Once atai Life Sciences goes public, investors would be able to invest in its stock via a brokerage account.
According to a Research And Markets report, the global psychedelic drugs market size is projected to grow at a compound annual growth rate of 12.4 per cent and be valued at US$ 10.75 billion by 2027.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.