An Open Letter to the AtaiBeckley Board of Directors

Dear AtaiBeckley Board of Directors,

Halter Ferguson Financial is a strong believer in the long-term potential of AtaiBeckley, and we commend the management team for its excellent work in advancing psychedelic therapeutics. We are particularly encouraged by the development of your lead molecule, BPL-003 (s-MeO-DMT), for Treatment-Resistant Depression (TRD). Given BPL-003's remarkable efficacy, durability, and superior duration profile — especially relative to existing standard-of-care treatments like Spravato — we view AtaiBeckley's pipeline as extremely valuable.

We believe BPL-0o3 has a demonstrable advantage over Spravato, requiring lower dosage frequency and less time spent in-clinic, providing a better experience for patients and higher throughput for providers. The TAM for treating PTSD and depression is immense and measures in the tens of billions.

Because of this immense potential, we were deeply disappointed by the announced terms of the proposed acquisition by Eli Lilly.

We believe the agreed-upon price of $6.75 per share — even when including the $z.so in contingent value rights (which are to be collected over several years) for a $9.2s total potential value — drastically undervalues AtaiBeckley and fails to compensate shareholders for the company's true intrinsic value.

This transaction is particularly baffling given AtaiBeckley's current strong financial footing. With BPL-003 possessing a cash runway extending through 2029, AtaiBeckley is not in a distressed position that requires an immediate, heavily discounted cash infusion or takeover. We understand that advancing earlier-stage assets like VLS-o1 and EMP-o1 will eventually require near-to-medium term capital. However, given the strong, positive data readouts from other psychedelic drug developers such as Compass Pathways and Definium Therapeutics, we believe the capital markets would have a healthy appetite for an equity offering. We view this as much more favorable than a complete takeover at the proposed price.

Furthermore, we encourage the Board to pursue a wide range of options, including a potential royalty or co-investment deal, as well as exploring other bids for a potential sale in an effort to maximize shareholder value. Wall Street analysts maintain an average price target of $14.00/share for ATAI, an assessment that aligns much closer to our own estimate of intrinsic value — and vastly higher than the agreed-upon $6.75 cash price.

We respect the diligent work of AtaiBeckley on psychedelics, but we encourage the Board to explore other options surrounding a potential partnership or sale, as we do not believe the proposed deal with Eli Lilly is fully aligned with shareholder interests.

Sincerely,

HALTER FERGUSON FINANCIAL

---

As of July 16, 2026 clients and employees of our firm Halter Ferguson Financial own AtaiBeckley ($ATAI) stock and/or options and thereby stand to materially benefit from a rise in the share price. Past performance is no assurance of future results. Halter Ferguson Financial, Inc. ("Halter Ferguson Financial") is a registered investment adviser with its principal place of business in the State of Indiana. A complete list of all recommendations will be provided if requested for the preceding period of not less than one year. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. Opinions expressed are those of Halter Ferguson Financial, Inc. and are subject to change, not guaranteed and should not be considered recommendations to buy or sell any security. Halter Ferguson Financial is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by the Commission nor does it indicate that the advisor has attained a particular level of skill or ability. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author/presenter as of the date of publication and are subject to change and do not constitute personalized investment advice. A professional advisor should be consulted before implementing any of the strategies presented. No content should be construed as an offer to buy or sell, or a solicitation of any offer to buy or sell any securities mentioned herein. Halter Ferguson Financial does not represent, warranty, or imply that the services or methods of analysis employed by the Firm can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. Investments are subject to market risks and potential loss of principal invested, and all investment strategies likewise have the potential for profit or loss. Past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment will either be suitable or profitable for a client's portfolio. There are also no assurances that any portfolio will match or outperform any particular benchmark.