Core Viewpoint - Athira Pharma is focused on maximizing stockholder value while advancing the clinical development of ATH-1105, a potential therapy for ALS, which has shown promising safety and pharmacokinetic profiles in Phase 1 trials [2][4]. Clinical Development & Pipeline Programs - Athira's pipeline includes small molecule drug candidates that target the neurotrophic hepatocyte growth factor (HGF) system, which is involved in neuroprotection and anti-inflammatory pathways in the central nervous system [3]. - ATH-1105 is designed to modulate the HGF system and is currently in clinical development for ALS, Alzheimer's disease, and Parkinson's disease [4]. Clinical Trial Results - The Phase 1 clinical trial of ATH-1105 enrolled 80 healthy volunteers and demonstrated a favorable safety profile, tolerability, dose proportional pharmacokinetics, and CNS penetration [7]. - Preclinical models of ALS have shown consistent beneficial effects from ATH-1105, including improvements in nerve and motor function, inflammation biomarkers, and survival rates [7]. Financial Results - As of September 30, 2025, Athira reported cash, cash equivalents, and investments of $25.2 million, down from $51.3 million at the end of 2024 [10]. - Research and Development (R&D) expenses for the quarter were $2.8 million, significantly lower than $17.9 million for the same period in 2024 [10]. - The net loss for the quarter was $6.6 million, or $1.68 per share, compared to a net loss of $28.7 million, or $7.46 per share, in the previous year [10][14]. Corporate Updates - Athira is exploring strategic alternatives to enhance stockholder value and has engaged Cantor Fitzgerald & Co. as an advisor in this process [7]. - A 10-for-1 reverse stock split was implemented on September 17, 2025, to potentially improve the stock's marketability [7].

Core Viewpoint - Athira Pharma is advancing its clinical development of ATH-1105 as a potential treatment for amyotrophic lateral sclerosis (ALS), with a focus on demonstrating safety and efficacy in upcoming trials [2][3][5]. Clinical Development & Pipeline Programs - ATH-1105 is a next-generation small molecule designed to modulate the neurotrophic hepatocyte growth factor (HGF) system, which is involved in neuroprotection and anti-inflammatory pathways [4][5]. - The Phase 1 clinical trial of ATH-1105 was completed in November 2024, involving 80 healthy volunteers, and showed a favorable safety profile [8]. - Full results from the Phase 1 trial are expected to be shared in the second half of 2025, with plans to begin dosing ALS patients by late 2025 [3][8]. Financial Results - As of March 31, 2025, the company reported cash, cash equivalents, and investments totaling $36.7 million, down from $51.3 million at the end of 2024 [12]. - Research and Development (R&D) expenses for the quarter were $4.3 million, significantly lower than $21.2 million for the same period in 2024, primarily due to reduced costs associated with the fosgonimeton program [12]. - The net loss for the quarter was $9.1 million, or $0.23 per share, compared to a net loss of $26.3 million, or $0.69 per share, for the same quarter in 2024 [12][19]. Upcoming Presentation - Athira will present Phase 1 and nonclinical efficacy data for ATH-1105 at the 4th Annual ALS Drug Development Summit from May 12-14, 2025, in Boston, Massachusetts [6][7].