Atai Life Sciences N.V. (ATAI)

The total Delta Exposure (DEX) for ATAI across all expirations shows 122,082.75 net shares that market makers must hedge, with 128,425.15 from calls and 6,342.4 from puts. The put-call delta ratio of 0.05 shows bullish positioning with call dominance, potentially providing upward momentum but leaving the market vulnerable to sharp pullbacks. The largest delta concentration at Feb 20, 26 with 72,346.21 net DEX represents significant hedging pressure that may cap upside moves. The nearest expiration on Sep 19, 25 carries positive delta requiring market makers to short shares, potentially creating resistance.