Drug companies are spending billions on psychedelic medicine, mostly in America.
We read the contracts and filings behind every deal to show what's been bought, what's been skipped, and what that leaves open in Europe.
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The Reconciliation
One deal. Two accounts. Every change since.
Every deal has two versions. The press release says what the company wants you to hear. The signed contract says what it actually agreed to. We put them side by side and mark every place they differ. Then we keep watching as new filings arrive.
10 of 14 terms differLast change 21 Sep 2026, reporting-status change
Efforts obligationdiffersNot stated.“to use Commercially Reasonable Efforts”: VLS-01 toward the...§4.3(a)(i), §4.3(a)(ii); §4.3(b); §6.4
“to use Commercially Reasonable Efforts”: VLS-01 toward the First Milestone and Third Milestone, BPL-003 toward the Second Milestone, each carving out “the treatment of MDD or GAD”. “supersede any standard of efforts or implied covenant of good faith and fair dealing”. “The Holders shall not be entitled to specific enforcement of Section 4.3”.
§4.3(a)(i), §4.3(a)(ii); §4.3(b); §6.4, p. 17; 18; 23
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Milestone Offset Amountdiffers“(a) $1.00 per share ... (b) $0.50 per share ... (c) $1.00...$1.00 minus any Milestone Offset Amount; likewise $0.50...§1.1; §1.1 Third Party; §4.2
“(a) $1.00 per share ... (b) $0.50 per share ... (c) $1.00 per share”. No offset stated.
$1.00 minus any Milestone Offset Amount; likewise $0.50 minus any Milestone Offset Amount. “Milestone Offset Amount” means an amount equal to (a) fifty percent (50%) of any payments that Parent or any of its Affiliates or their respective successors or permitted assigns makes or is obligated to make to a Third Party to the extent allocable to an applicable CVR Product in exchange for any license to, or other right to use or practice, any Necessary IP. “Third Party” means any Person other than the Company, Parent, Merger Sub, or any of their respective controlled Affiliates.
§1.1; §1.1 Third Party; §4.2, p. 1, 4; 7; 17
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Phase 3 outside the USdiffers“initiation of a Phase 3 clinical trial of VLS-01”...“Phase 3 Clinical Trial” means a human clinical trial of a...§1.1
“initiation of a Phase 3 clinical trial of VLS-01”. Jurisdiction not stated.
“Phase 3 Clinical Trial” means a human clinical trial of a product that is designed to demonstrate that such product is safe and effective for an indication and is intended to form the basis for Regulatory Approval by the FDA or equivalent Regulatory Authority and that meets the definition of a Phase 3 clinical trial as described in 21 C.F.R. § 312.21(c), or its successor regulation thereto or foreign equivalents.
§1.1, p. 3-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
InitiationdiffersNot defined.“Initiation” means, with respect to a clinical trial of a...§1.1
“Initiation” means, with respect to a clinical trial of a product, the first dosing of such product in the first patient in such clinical trial.
§1.1, p. 3-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
IndicationdiffersNot stated.“Qualifying Indication” means an indication for the...§1.1
“Qualifying Indication” means an indication for the treatment of major depressive disorder (“MDD”), treatment-resistant depression (“TRD”) or generalized anxiety disorder (“GAD”).
§1.1, p. 3-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
BPL-003 reschedulingdiffers“DEA rescheduling of BPL-003”the issuance of an interim final rule, final rule, order or...§1.1 Second Milestone
the issuance of an interim final rule, final rule, order or other similar agency determination by the U.S. Drug Enforcement Agency (the “DEA”) having the effect of rescheduling FDA-approved mebufotenin benzoate nasal spray from schedule I to schedules II, III, IV or V (the “BPL Scheduling”); provided, for clarity, that the BPL Scheduling enables the prescribing of such FDA-approved Second CVR Product as a schedule II, III, IV, or V product.
§1.1 Second Milestone, p. 5-6
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
VLS-01 reschedulingdiffers“DEA rescheduling of VLS-01”the issuance of an interim final rule, final rule, order...§1.1 Third Milestone
the issuance of an interim final rule, final rule, order, or other similar agency determination by the DEA rescheduling FDA-approved N,N-Dimethyltryptamine (DMT) from schedule I to schedule II, III, IV or V (the “VLS Scheduling”); provided, for clarity, that the VLS Scheduling enables the prescribing of such FDA-approved First CVR Product as a schedule II, III, IV, or V product.
§1.1 Third Milestone, p. 6-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Regulatory Approvaldiffers“U.S. regulatory approval”“Regulatory Approval” means, with respect to a particular...§1.1
“Regulatory Approval” means, with respect to a particular country or other regulatory jurisdiction, the approvals from the necessary Regulatory Authority to import, export, market, promote, distribute, and sell a pharmaceutical or biologic product in such country or region, including pricing approvals and reimbursement approvals that are necessary for the commercial sale of a pharmaceutical or biologic product in a given country or regulatory jurisdiction.
§1.1, p. 5-6
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Product scopediffers“related to the BPL-003 and VLS-01 programs”“First CVR Product” means the pharmaceutical product...§1.1
“First CVR Product” means the pharmaceutical product candidate known as “VLS-01” controlled by the Company that consists of the Company’s investigational proprietary oral transmucosal film formulation of N,N-Dimethyltryptamine (DMT), as such pharmaceutical product candidate exists as of the date of this Agreement, together with any Insubstantial Changes thereto. “Second CVR Product” means the pharmaceutical product candidate known as “BPL-003” controlled by the Company that consists of the Company’s investigational proprietary intranasal formulation of mebufotenin benzoate, as such pharmaceutical product candidate exists as of the date of this Agreement, together with any Insubstantial Changes thereto.
§1.1, p. 5-6
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Early terminationdiffersNot stated.This Agreement will automatically terminate ... upon the...§6.8
This Agreement will automatically terminate ... upon the earliest to occur of ... (c) the delivery of a written notice of termination duly executed by Parent and the Acting Holders.
§6.8, p. 24
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
First Milestone time limit“prior to the fourth anniversary of closing”“First Milestone Expiration” means the date that is the 4th...§1.1
“First Milestone Expiration” means the date that is the 4th anniversary of the Closing Date.
§1.1, p. 3-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Second Milestone time limit“prior to the fifth anniversary of closing”“Second Milestone Expiration” means the date that is the...§1.1
“Second Milestone Expiration” means the date that is the 5th anniversary of the Closing Date.
§1.1, p. 5-6
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Third Milestone time limit“prior to the seventh anniversary of closing”“Third Milestone Expiration” means the date that is the 7th...§1.1
“Third Milestone Expiration” means the date that is the 7th anniversary of the Closing Date.
§1.1, p. 6-7
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Maximum CVR value“plus up to $2.50 per share in the form of a Contingent...the maximum aggregate potential amount payable under this...§4.2
“plus up to $2.50 per share in the form of a Contingent Value Right (CVR)”
the maximum aggregate potential amount payable under this Agreement per CVR shall be $1.00 with respect to the First Milestone, $0.50 with respect to the Second Milestone, and $1.00 with respect to the Third Milestone.
§4.2, p. 17
No amendment filed.
CVR milestones re-read in the Q2 10-Q and unchanged, all US: VLS-01 Phase 3 initiation; US approval + DEA rescheduling of BPL-003; US approval of VLS-01.
AtaiBeckley Form 10-Q for the quarter ended 30 June 2026, 11 Aug 2026
closing 8-K Item 2.01 repeats 'up to' wording and names Computershare as Rights Agent; it attaches no CVR agreement.
Signed copy not filed; reporting suspended. Form 15-12G filed to deregister and suspend the reporting duty, so the executed CVR agreement is now unlikely ever to be filed by the target; Lilly filed no 8-K in September 2026.
Form 15-12G, suspension of the duty to file reports, 21 Sep 2026
No later filing recorded. Last checked 25 Sep 2026.
Last checked 25 Sep 2026
Not yet reconciled
Not yet reconciled. Announced 27 Mar 2026. Agreement: not on record.
Last checked 22 Sep 2026
Not yet reconciled
Not yet reconciled. Announced 25 Aug 2025. Agreement: not on record.
Last checked 17 Sep 2026
Not yet reconciled
Not yet reconciled. Announced 2 Jun 2025. Agreement: not on record.
Last checked 26 Aug 2026
Not yet reconciled
Not yet reconciled. Announced 13 May 2024. Agreement: not on record.
Last checked 17 Sep 2026
This is one public deal reconciled. We do the same for the deal on your desk.
Issue 1522 September 2026
The CVR is an option, and Lilly holds it
Lilly owes effort on TRD alone, and no holder can force it. A European Phase 3 can still trigger the first $1.00.
Read the issue