Financial Position - The company reported an accumulated deficit of $356.1 million as of June 30, 2021, and expects to continue incurring net losses for the foreseeable future[72]. - As of June 30, 2021, the company had cash, cash equivalents, and available-for-sale investments totaling $44.1 million, sufficient to meet anticipated cash requirements for at least one year[72]. - The company reported net cash provided by financing activities of $26.1 million for the six months ended June 30, 2021, primarily from stock issuances[79]. Operating Activities - For the six months ended June 30, 2021, net cash used in operating activities was $(13.5) million, compared to $(4.3) million for the same period in 2020[79]. - The company has not generated any revenues from product sales to date and expects expenses to increase as it advances clinical development of ATYR1923 and other therapies[82]. Clinical Development - The company completed enrollment in a Phase 1b/2a clinical trial for ATYR1923, targeting pulmonary sarcoidosis, and expects to report data in mid-September 2021[65]. - A Phase 2 study of ATYR1923 in COVID-19 patients showed that a single IV dose was generally safe and well-tolerated, with a signal of activity in the 3.0 mg/kg cohort[66]. - The company is advancing its discovery pipeline, including the lead IND candidate ATYR2810 for oncology, which is in preclinical development[68]. - The company has faced delays in clinical trials due to the COVID-19 pandemic, impacting the timelines and costs of ongoing studies[92]. Revenue and Expenses - For the three months ended June 30, 2021, license and collaboration agreement revenues were $0, a decrease of $189,000 compared to $189,000 in the same period of 2020[97]. - For the six months ended June 30, 2021, license and collaboration agreement revenues were $0, a decrease of $8.3 million compared to $8.3 million in the same period of 2020[102]. - Research and development expenses increased to $7.7 million for the three months ended June 30, 2021, up from $4.4 million in 2020, primarily due to a $3.5 million increase in manufacturing costs for ATYR1923[99]. - Research and development expenses for the six months ended June 30, 2021, were $12.2 million, an increase of $4.2 million from $8.0 million in 2020, driven by a $3.8 million increase in manufacturing costs for ATYR1923[103]. - General and administrative expenses rose to $2.7 million for the three months ended June 30, 2021, compared to $2.1 million in 2020, mainly due to a $0.4 million increase in payroll-related expenses[100]. - General and administrative expenses for the six months ended June 30, 2021, were $5.5 million, up from $4.7 million in 2020, primarily due to a $0.5 million increase in payroll-related expenses[104]. - The company anticipates an increase in research and development expenses in the current and future years, primarily related to the clinical development of ATYR1923 and ATYR2810[91]. Collaborations and Agreements - The company received an $8.0 million upfront payment and a $2.0 million milestone payment from Kyorin Pharmaceutical for the development of ATYR1923 in Japan, with potential additional payments of up to $165.0 million[67]. - The company received an $8.0 million upfront payment and a $2.0 million milestone payment from Kyorin, with potential additional payments of up to $165.0 million upon achieving certain milestones[86]. - The company has entered into a Capital on Demand Sales Agreement with JonesTrading for an ATM Offering Program with an aggregate offering price of up to $25.0 million[78]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements as defined by SEC regulations[107].
aTyr Pharma, Inc.(ATYR) - 2021 Q2 - Quarterly Report