EMFM

EM Fund Manager

[EMFM @fiwlsp]

@C_Angermayer 7) and therefor the true ceiling for $ATAI on a 3-5 view is much higher ($100) as they expand into additional indications and who knows maybe even longevity based on @bryan_johnson ‘s work!

[EMFM @fiwlsp]

1/ Why $ATAI can trade to $20+ in the next 12 months and could be $50+ in a bull case. I expect 2026 to be a breakout year for psychedelic stocks following the successful COMP360 P3 for $CMPS

[EMFM @fiwlsp]

6) Recommend @C_Angermayer ‘s excellent blog posts for more info. Strongly support his view that those who benefit from psychedelics often turn into disciples for them leading to viral growth of these treatments far beyond current expectations

[EMFM @fiwlsp]

@C_Angermayer @ataibeckley Congrats! Looks like a strong readout for a very difficult indication. Why no plans to take straight to a phase 2b or move forward at all? Will we hear more at the investor day next week?

[EMFM @fiwlsp]

@CamAdelipour @C_Angermayer A huge range of outcomes but take a 5 year view and $ATAI could have 3 blockbuster drugs and a larger pipeline. BPL-003 alone could be a $5bn+ a year drug. $20bn base case and $40bn+ bull case if they become first line treatments would be my targets.

[EMFM @fiwlsp]

@PsychedVantage Is DemeRX still owned by $ATAI? I thought they bought 100% of it but suprise not too see ATAI mentioned in the release or on their website?

[EMFM @fiwlsp]

@rwang07 Why has Alchip been such a laggard?

[EMFM @fiwlsp]

@C_Angermayer @atai_life Appreciate the transparency! Topics it would be great to hear you talk about in future. 1) how to speed up trials as this seems like a bottleneck 2) if/when ibogaine will be back in the active pipeline 3) under what circumstance you would partner with big pharma

[EMFM @fiwlsp]

@C_Angermayer @chregibe Very clear! Thanks for clarifying and the quick response. Excited about the future for $ATAI!

[EMFM @fiwlsp]

@C_Angermayer please could you help us by explaining the rationale for the $ATAI filling last night around a share offering. Presume you won’t be selling anytime soon!!

[EMFM @fiwlsp]

@chregibe @C_Angermayer https://t.co/bZK2M6Nz10 which is pushing the stock down pre market

[EMFM @fiwlsp]

@StonardPeter Nothing below $20 !

[EMFM @fiwlsp]

@flobrand @LarsWilde Thanks Florian! Interesting work, although who would be a realistic target for M&A? . $ATAI has best assets and IP but can’t see Christian selling! $CMPS the next best fit, what would you see as a an appropriate value for COMP360?

[EMFM @fiwlsp]

@C_Angermayer Agree that this was always upside optionality rather than core to the investment thesis. Still a bit of a disappointment, but if you can monetise these non-core assets in any other that would be great to see. Even without that there is huge upside for $ATAI.

[EMFM @fiwlsp]

@C_Angermayer @JNJNews So let’s say we get peak sales of $5bn on BLP-003. 3x multiple on that gets us close to $50 a share on $ATAI. That’s before RL-007, VLS-01, EMP-01 and the novel drugs… it’s only getting started!

[EMFM @fiwlsp]

@C_Angermayer @atai_life I would think a lot more than $1bn in annual revenue!! If Spravato can hit $3.5bn then I don’t see why BPL-003 will be less than that. Particularly given the vitality from patient-advocates that you have spoken about before