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Jefferies analyst Andrew Tsai notes that Beckley Psytech shared positive Phase 2a data on BPL-003 in combination with SSRI antidepressants for treatment-resistant depression that the firm calls “encouraging.” The drug’s profile seems to be consistent across multiple studies, incrementally de-risking the key Phase 2b TRD study in mid-2025, the analyst tells investors. Although the BPL-003 program is controlled by Beckley Psytech, Atai Life Sciences (ATAI) currently holds about a 34% stake in Beckley that can be increased to 45%-plus for about $60M, adds the analyst, who has a Buy rating and $5 price target on Atai shares.

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