Athira Pharma(ATHA) - 2024 Q4 - Annual Results

Athira Pharma Full Year 2024 Financial Results and Business Update Clinical Development & Pipeline Programs Athira updated on key drug candidates, highlighting ATH-1105's successful Phase 1 and fosgonimeton's paused development ATH-1105 (for ALS) ATH-1105 successfully completed Phase 1 with favorable safety, progressing towards ALS patient dosing in 2025 - Completed a first-in-human Phase 1 double-blind, placebo-controlled clinical trial with 80 healthy volunteers in November 2024[5] - The Phase 1 trial results showed ATH-1105 has a favorable safety profile and was well-tolerated, supporting continued clinical development[5] - The company remains on track to enable the dosing of ALS patients in 2025[1][3][5] Fosgonimeton (ATH-1017) (for Alzheimer's) Fosgonimeton's LIFT-AD Phase 2/3 trial for Alzheimer's did not meet endpoints, leading to development pause - In September 2024, the LIFT-AD Phase 2/3 clinical trial of fosgonimeton in mild-to-moderate Alzheimer's disease did not meet its primary or key secondary endpoints[6] - Following the trial results, Athira paused further development of fosgonimeton, including its open-label extension clinical trial[9] Exploration of Strategic Alternatives Athira's board initiated exploring strategic alternatives to maximize stockholder value, engaging Cantor Fitzgerald & Co - The company is exploring strategic alternatives focused on maximizing stockholder value after receiving the topline results of the LIFT-AD trial[9] - Cantor Fitzgerald & Co. has been engaged to act as an advisor in this process[9] - While continuing the development of ATH-1105, the company is also exploring partnering options[9] Financial Results Athira reported a reduced net loss for FY2024, driven by decreased R&D and G&A expenses, impacting cash and investments Key Financial Highlights (FY 2024) Key financial highlights for FY2024 include changes in cash, expenses, and net loss, alongside a legal expense accrual Key Financial Highlights (FY 2024) | Financial Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents & Investments | $51.3 million | $147.4 million | -$96.1 million | | R&D Expenses | $70.7 million | $93.8 million | -$23.1 million | | G&A Expenses | $26.1 million | $33.3 million | -$7.2 million | | Net Loss | $96.9 million | $117.7 million | +$20.8 million | | Net Loss Per Share | $2.52 | $3.09 | +$0.57 | - A legal expense of $4.1 million was accrued in 2024 related to a settlement with the U.S. Department of Justice concerning an NIH grant[9] Condensed Consolidated Balance Sheets The condensed balance sheets detail the company's financial position, including assets, liabilities, and equity for 2024 and 2023 Condensed Consolidated Balance Sheets | Balance Sheet (in thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $48,438 | $90,584 | | Total assets | $58,779 | $160,245 | | Liabilities & Equity | | | | Total liabilities | $13,938 | $30,057 | | Stockholders' equity | $44,841 | $130,188 | Condensed Consolidated Statements of Operations and Comprehensive Loss The condensed statements of operations detail the company's operating expenses, loss from operations, and net loss for 2024 and 2023 Condensed Consolidated Statements of Operations and Comprehensive Loss | Statement of Operations (in thousands) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Research and development | $70,682 | $93,790 | | General and administrative | $26,093 | $33,304 | | Total operating expenses | $100,902 | $125,466 | | Loss from operations | ($100,902) | ($125,466) | | Net loss | ($96,940) | ($117,672) | | Net loss per share, basic and diluted | ($2.52) | ($3.09) |