Athira Pharma(ATHA) - 2025 Q1 - Quarterly Results

Business and Pipeline Update Athira Pharma focuses on advancing ATH-1105 for ALS, having completed a Phase 1 study and planning patient dosing in late 2025 - The company's primary focus is advancing ATH-1105 as a potential therapy for ALS, citing encouraging preclinical evidence of improved nerve function and a favorable safety profile in human trials[3] - Completed the first-in-human Phase 1 clinical trial of ATH-1105 in 80 healthy volunteers, which demonstrated a favorable safety profile and supported continued development[1][5] - The company is on schedule to enable the dosing of ALS patients in late 2025, with full results from the Phase 1 healthy volunteer trial expected in the second half of 2025[1][3][5] - Athira will present Phase 1 and nonclinical efficacy data for ATH-1105 at the 4th Annual ALS Drug Development Summit on May 13, 2025[7][8] Exploration of Strategic Alternatives Following the LIFT-AD trial failure, Athira is exploring strategic alternatives with Cantor Fitzgerald & Co. and has paused fosgonimeton development - After the LIFT-AD trial for fosgonimeton failed to meet its endpoints in September 2024, the company initiated a process to explore strategic alternatives to maximize stockholder value[10] - Cantor Fitzgerald & Co. has been engaged to act as an advisor in the strategic alternatives process[10] - Further development of fosgonimeton, including its open-label extension trial, has been paused[10] First Quarter 2025 Financial Results Athira reported a reduced net loss of $9.1 million in Q1 2025, driven by lower R&D expenses, with $36.7 million in cash Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Cash, cash equivalents and investments | $36.7 million | N/A | | Net cash used in operations | $14.7 million | $25.8 million | | R&D Expenses | $4.3 million | $21.2 million | | G&A Expenses | $5.2 million | $6.5 million | | Net Loss | $9.1 million | $26.3 million | | Net Loss per Share | $0.23 | $0.69 | - The decrease in R&D expenses was primarily driven by lower costs associated with the fosgonimeton program and reduced personnel-related expenses[10] Financial Statements Condensed Consolidated Balance Sheets Athira's total assets decreased to $43.5 million as of March 31, 2025, primarily due to reduced cash, with total liabilities also significantly decreasing Condensed Consolidated Balance Sheets (in thousands) | Account | March 31, 2025 (unaudited) | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $26,422 | $48,438 | | Total assets | $43,513 | $58,779 | | Liabilities and Stockholders' Equity | | | | Total liabilities | $6,183 | $13,938 | | Stockholders' equity | $37,330 | $44,841 | | Total liabilities and stockholders' equity | $43,513 | $58,779 | Condensed Consolidated Statements of Operations and Comprehensive Loss The company reported a net loss of $9.1 million for Q1 2025, a significant improvement from $26.3 million in Q1 2024, driven by reduced operating expenses Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Research and development | $4,302 | $21,236 | | General and administrative | $5,234 | $6,451 | | Total operating expenses | $9,536 | $27,687 | | Net loss | $(9,143) | $(26,337) | | Net loss per share, basic and diluted | $(0.23) | $(0.69) |