Athira (ATHA) Q2 Loss Narrows 74%

Core Viewpoint - Athira Pharma reported zero revenue for Q2 2025, focusing on cost containment and strategic pipeline refocus, particularly on its lead candidate ATH-1105 for ALS trials [1][5][10] Financial Performance - EPS (GAAP) for Q2 2025 was $(0.18), an improvement of 74.3% from $(0.70) in Q2 2024 [2] - Research and Development Expenses decreased to $3.7 million, down 83.4% from $22.2 million in Q2 2024 [2][5] - General and Administrative Expenses were reduced to $3.6 million, a 38.8% decrease from $5.9 million in Q2 2024 [2][5] - Net Loss for the quarter was $7.0 million, significantly lower than the $26.9 million loss in Q2 2024, marking a 74.0% reduction [2][5] - Cash reserves stood at $29.8 million as of June 30, 2025, down from $51.3 million at the end of 2024 [6] Strategic Focus - Athira Pharma is concentrating its efforts on ATH-1105, a candidate targeting the HGF pathway to address ALS, following the halt of its previous Alzheimer's candidate, fosgonimeton [3][4][9] - The company completed a Phase 1 clinical trial for ATH-1105, demonstrating a favorable safety profile and the ability to cross the blood-brain barrier [7][10] - Management is exploring strategic alternatives, including potential licensing deals or partnerships, to maximize shareholder value [8][10] Operational Outlook - The company has not provided forward financial or trial guidance for the remainder of 2025 or 2026, creating uncertainty for shareholders [11] - The focus on a single program (ATH-1105) necessitates successful clinical development and securing external partnerships to ensure future funding and operational viability [10]