Athira Pharma Reports Third Quarter 2024 Financial Results and Pipeline and Business Updates

Clinical Development & Pipeline Programs - Athira Pharma is advancing ATH-1105, a next-generation, orally administered small molecule drug candidate, as a potential treatment for ALS and other neurodegenerative diseases [2][4] - ATH-1105 has shown preclinical efficacy in reducing plasma neurofilament light chain (NfL) levels, improving motor and nerve function, enhancing neuronal survival, and improving biomarkers of inflammation and neurodegeneration in ALS models [2] - The company is conducting a Phase 1 trial (NCT 06432647) in healthy volunteers to evaluate the safety, tolerability, and pharmacokinetics of ATH-1105, with completion expected by year-end 2024 and plans to dose ALS patients in 2025 [5] - Fosgonimeton (ATH-1017), a drug candidate for Alzheimer's disease, did not meet primary or key secondary endpoints in the LIFT-AD Phase 2/3 trial, though biomarker and subgroup data were directionally consistent with its neuroprotective mechanism [6] Financial Results - Cash, cash equivalents, and investments totaled $68.9 million as of September 30, 2024, down from$147.4 million as of December 31, 2023 [8] - Net cash used in operations was $71.2 million for the nine months ended September 30, 2024, compared to$74.5 million for the same period in 2023 [8] - R&D expenses decreased to $17.9 million for Q3 2024 from$27.2 million in Q3 2023, while G&A expenses remained stable at $7.6 million compared to$7.8 million in the prior year [8] - The company accrued $4.1 million in legal expenses related to a U.S. Department of Justice investigative demand [8] - Net loss for Q3 2024 was$28.7 million ($0.75 per share), compared to a net loss of$33.0 million ($0.87 per share) in Q3 2023 [8] Strategic Initiatives - Following the topline results of the LIFT-AD trial, Athira is exploring strategic alternatives to maximize stockholder value, including potential partnerships, while pausing further development of fosgonimeton [7] - The company has engaged Cantor Fitzgerald & Co. as an advisor in the process of exploring strategic alternatives [7] Company Overview - Athira Pharma is a clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration by modulating the neurotrophic HGF system [9]