I’ve been saying for a while now that two things are inevitable: a) A wave of biotech M&A is coming, as Big Pharma scrambles to fill looming patent cliffs, and b) The psychedelic space will see the biggest frenzy - because pharma CEOs will realize, quite bluntly, that only a few companies have real commercial potential. In psychedelics, I believe pharma will look beyond the surface and focus on three things: • Short-acting compounds – there’s simply no real commercial future for 6-hour or longer treatments. • Strong, defensible IP – no patents, no deal. • Scalable, healthcare-friendly delivery – IV is limiting, and inhalation is unlikely to be pharma’s choice. Intranasal, oral, or transmucosal is ideal. That narrows the field… a lot. I’m very proud that, through the tough years for biotech, our team at $ATAI kept building and focused relentlessly on exactly these three USPs. @atai_life now has by far the most comprehensive portfolio of short-acting psychedelics, a vast patent estate, and patient-friendly (and patented!) delivery methods. And then there is our discovery pipeline. Let’s go! 🚀