Is ATAI Life Sciences NV overvalued or undervalued?

As of 14 May 2025, ATAI Life Sciences NV has moved from a grade of does not qualify to risky. The company appears to be overvalued given its current financial metrics. The price-to-book value stands at 3.18, while the EV to EBITDA ratio is an alarming -4.41, and the return on capital employed (ROCE) is significantly negative at -130.41%.
In comparison to peers, such as Praxis Precision Medicines, Inc., which has a P/E ratio of -3.42 and an EV to EBITDA of -2.05, ATAI's valuation ratios indicate a concerning position within the industry. The stock has performed exceptionally well recently, with a year-to-date return of 254.89% compared to the S&P 500's 12.22%, suggesting strong market interest despite the underlying financial risks.