Athira Pharma, Inc. (ATHA) Bundle
A Brief History of Athira Pharma, Inc.
Athira Pharma, Inc. was founded in 2019 and is based in Seattle, Washington. The company focuses on developing therapies for neurodegenerative diseases, particularly Alzheimer’s disease. Athira's lead product candidate, fosgonimeton (ATH-1017), is designed to enhance neuronal health and cognitive function.
Initial Public Offering and Early Developments
Athira went public through an initial public offering (IPO) in September 2020, raising approximately $204 million. The IPO was a significant milestone that provided the capital necessary for advancing their clinical programs.
Clinical Trials and Product Development
The company initiated its Phase 2/3 LIFT-AD clinical trial for fosgonimeton in April 2021. The trial aimed to evaluate the efficacy and safety of the drug in patients with mild to moderate Alzheimer’s disease.
Financial Performance
As of September 30, 2024, Athira reported a net loss of $81.9 million for the nine months ended September 30, 2024, compared to a net loss of $90.4 million for the same period in 2023, marking a decrease of approximately 9% year-over-year.
The following table summarizes Athira's operating expenses for the nine months ended September 30, 2024, and 2023:
| Operating Expenses (in thousands) | 2024 | 2023 | Change |
|---|---|---|---|
| Research and Development | $61,312 | $70,110 | $(8,798) (-13%) |
| General and Administrative | $19,897 | $26,342 | $(6,445) (-24%) |
| Legal Expense | $4,127 | $0 | $4,127 (100%) |
| Total Operating Expenses | $85,336 | $96,452 | $(11,116) (-12%) |
Liquidity and Funding
As of September 30, 2024, Athira had cash, cash equivalents, and investments totaling $68.9 million. The company has raised aggregate net cash proceeds of approximately $407.4 million since its inception, primarily from equity securities.
Stock Performance and Equity Structure
As of September 30, 2024, the total number of shares outstanding was 38,669,073. The company has also issued stock options and restricted stock units, with a total of 10,783,447 stock options outstanding at a weighted-average exercise price of $6.18.
Recent Developments
Athira has faced challenges in its development programs, including a strategic decision to pause the development of fosgonimeton and refocus on ATH-1105. The company is currently evaluating strategic alternatives and partnerships to enhance its operational capabilities and funding opportunities.
The following table outlines key financial metrics for Athira as of September 30, 2024:
| Financial Metrics | Amount |
|---|---|
| Net Loss | $(81,937,000) |
| Accumulated Deficit | $(391,143,000) |
| Total Assets | $86,246,000 |
| Total Liabilities | $28,663,000 |
| Total Stockholders' Equity | $57,583,000 |
A Who Owns Athira Pharma, Inc. (ATHA)
Major Shareholders
As of 2024, Athira Pharma, Inc. (ATHA) has a diverse ownership structure comprising institutional investors, insiders, and retail investors. The company's major shareholders include:
| Shareholder Type | Name | Shares Owned | Percentage of Ownership |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 4,700,000 | 12.2% |
| Institutional Investor | Vanguard Group, Inc. | 4,200,000 | 10.9% |
| Institutional Investor | State Street Corporation | 3,800,000 | 9.8% |
| Insider | Dr. Leen Kawas (CEO) | 1,200,000 | 3.1% |
| Insider | Dr. Brian McGowan (CFO) | 600,000 | 1.6% |
| Retail Investors | Various | 24,000,000 | 62.4% |
Stock Performance and Market Capitalization
As of September 30, 2024, Athira Pharma's stock price was $4.00, resulting in a market capitalization of approximately $154.7 million based on 38,669,073 shares outstanding.
Recent Financial Highlights
For the nine months ended September 30, 2024, Athira Pharma reported:
- Net loss of $81.9 million
- Total operating expenses of $85.3 million
- Cash, cash equivalents, and investments of $68.9 million.
Liquidity and Capital Resources
As of September 30, 2024, Athira Pharma had:
- Current assets of $82.0 million
- Current liabilities of $27.8 million
- Accumulated deficit of $391.1 million.
Equity Financing and Future Funding
Athira Pharma has a shelf registration statement effective for an aggregate amount of up to $75 million under its "at the market" equity offering program.
Ownership Trends
Over the past year, institutional ownership has increased, reflecting growing confidence from major financial entities in Athira Pharma's potential for recovery and growth.
Athira Pharma, Inc. (ATHA) Mission Statement
Mission Statement Overview
Athira Pharma, Inc. is dedicated to developing innovative therapies aimed at restoring neuronal health and addressing neurodegenerative diseases. The company focuses on leveraging its proprietary technology platform to target and enhance brain function, ultimately improving the quality of life for patients.
Key Elements of the Mission Statement
- Innovation: Athira Pharma aims to lead in the development of novel therapeutics that address significant unmet medical needs in neurodegeneration.
- Patient-Centricity: The company is committed to improving patient outcomes and enhancing the quality of life for those suffering from neurological disorders.
- Collaborative Approach: Athira values partnerships and collaborations to advance its drug development efforts and extend its research capabilities.
Financial Performance
As of September 30, 2024, Athira Pharma reported a net loss of $81.9 million, compared to a net loss of $90.4 million for the same period in 2023. The company's accumulated deficit reached $391.1 million.
Research and Development Focus
Athira's research and development expenses for the nine months ended September 30, 2024, totaled $61.3 million, a decrease from $70.1 million in the prior year. The primary components of these expenses include:
| Research Program | 2024 Expenses (in $000) | 2023 Expenses (in $000) | Change ($000) | Percentage Change |
|---|---|---|---|---|
| Fosgonimeton (ATH-1017) | 37,602 | 49,691 | (12,089) | (24%) |
| ATH-1105 | 6,793 | 0 | 6,793 | 100% |
| ATH-1020 | 470 | 632 | (162) | (26%) |
| Preclinical Programs | 1,419 | 4,541 | (3,122) | (69%) |
| Total Direct Costs | 46,284 | 54,864 | (8,580) | (16%) |
Cash Flow and Liquidity
As of September 30, 2024, Athira had cash, cash equivalents, and investments amounting to $68.9 million. The company used $71.2 million in operating activities during the nine months ended September 30, 2024.
Market and Equity Financing
Athira Pharma has established an "at the market" equity offering facility, allowing it to raise up to $75 million through the sale of its common stock. This facility has not yet been utilized for any securities sales as of the reporting date.
How Athira Pharma, Inc. (ATHA) Works
Company Overview
Athira Pharma, Inc. is a clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration. The company is headquartered in Bothell, Washington, and was incorporated in 2011. As of September 30, 2024, Athira Pharma had raised approximately $407.4 million primarily through the issuance of common stock, convertible preferred stock, and convertible notes.
Financial Performance
For the nine months ended September 30, 2024, Athira reported a net loss of $81.9 million, compared to a net loss of $90.4 million for the same period in 2023. The company's cash, cash equivalents, and investments totaled $68.9 million as of September 30, 2024.
| Financial Metric | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Loss | $81.9 million | $90.4 million |
| Cash, Cash Equivalents, and Investments | $68.9 million | $110.9 million |
| Total Operating Expenses | $85.3 million | $96.5 million |
| Research and Development Expenses | $61.3 million | $70.1 million |
| General and Administrative Expenses | $19.9 million | $26.3 million |
Operating Activities
During the nine months ended September 30, 2024, Athira used $71.2 million in operating activities, primarily due to its net loss. This included non-cash charges totaling approximately $9.2 million. The major components of operating expenses during this period included:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $61,312 |
| General and Administrative | $19,897 |
| Legal Expense | $4,127 |
Research and Development Focus
Athira's primary focus is on the development of its drug candidates, including:
- Fosgonimeton (ATH-1017): Aimed at treating Alzheimer's disease.
- ATH-1105: In development for ALS, with a Phase 1 clinical trial launched in 2024.
- ATH-1020: Focused on various neurological conditions.
Research and development expenses decreased by approximately 13% from 2023, primarily due to reduced costs associated with the fosgonimeton program.
Legal Matters
In connection with ongoing legal proceedings, Athira recorded a legal expense of $4.1 million during the nine months ended September 30, 2024, primarily related to a Department of Justice investigation.
Liquidity and Capital Resources
As of September 30, 2024, Athira had total assets of $86.2 million and total liabilities of $28.7 million. The company has not generated any revenue from drug sales and expects to continue to incur significant operating losses.
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $86,246 |
| Total Liabilities | $28,663 |
| Stockholders' Equity | $57,583 |
Future Funding Requirements
Athira anticipates needing to raise substantial additional capital to fund its drug development efforts. The company has an “at-the-market” equity offering program allowing it to raise up to $75 million. It is crucial for Athira to secure funding to maintain its operations and continue clinical trials for its drug candidates.
How Athira Pharma, Inc. (ATHA) Makes Money
Business Model Overview
Athira Pharma, Inc. operates as a clinical-stage biopharmaceutical company focused on developing small molecule therapies aimed at restoring neuronal health and slowing neurodegeneration. As of 2024, the company has not yet established a commercial organization or distribution capabilities, relying on research and development as its primary operational focus.
Revenue Streams
As of September 30, 2024, Athira has not generated revenue from drug product sales. The company has primarily funded its operations through equity financing and grants. The following are the significant sources of funding:
- Proceeds from the sale and issuance of common stock
- Convertible preferred stock
- Common stock warrants
- Convertible notes
- Grant income
Financial Performance Metrics
For the nine months ended September 30, 2024, Athira reported the following financial metrics:
| Metric | 2024 | 2023 | Change |
|---|---|---|---|
| Net Loss | $81.9 million | $90.4 million | $8.5 million (9%) |
| Total Operating Expenses | $85.3 million | $96.5 million | $11.2 million (12%) |
| Cash, Cash Equivalents, and Investments | $68.9 million | $110.9 million | Decrease of $42 million (38%) |
Research and Development Expenses
Research and development (R&D) expenses are a significant component of Athira's operational costs, reflecting its commitment to advancing its drug candidates. The R&D expenses for the nine months ended September 30, 2024, were:
| R&D Expense Component | 2024 (in thousands) | 2023 (in thousands) | Change |
|---|---|---|---|
| Total R&D Expenses | $61,312 | $70,110 | Decrease of $8,798 (13%) |
| Fosgonimeton (ATH-1017) | $37,602 | $49,691 | Decrease of $12,089 (24%) |
| ATH-1105 | $6,793 | $0 | Increase of $6,793 (N/A) |
Operating Expenses Breakdown
The operating expenses for the nine months ended September 30, 2024, are detailed below:
| Expense Type | Amount (in thousands) |
|---|---|
| Research and Development | $61,312 |
| General and Administrative | $19,897 |
| Legal Expenses | $4,127 |
| Total Operating Expenses | $85,336 |
Funding and Capital Resources
Since inception, Athira has raised approximately $407.4 million primarily through equity financing. As of September 30, 2024, the company's cash position was:
| Cash Position | Amount (in thousands) |
|---|---|
| Cash, Cash Equivalents, and Investments | $68,900 |
| Accumulated Deficit | $(391,143) |
Future Funding Requirements
Athira anticipates the need for substantial additional capital to fund its drug development programs. The company has ongoing commitments and potential future payments under various agreements, which could significantly impact its liquidity. The anticipated cash flows for the next year are expected to be:
| Cash Flow Type | Amount (in thousands) |
|---|---|
| Net Cash Used in Operating Activities (2024) | $(71,157) |
| Net Cash Provided by Investing Activities (2024) | $57,642 |
| Net Cash Provided by Financing Activities (2024) | $160 |
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Resources:
- Athira Pharma, Inc. (ATHA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Athira Pharma, Inc. (ATHA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Athira Pharma, Inc. (ATHA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.