Athira Pharma Q2 2024 Financial Results and Updates

Athira Pharma, Inc., a clinical-stage biopharmaceutical company, has reported its financial results for the quarter ending June 30, 2024, and provided updates on its ongoing projects. Athira is targeting the topline data from its Phase 2/3 LIFT-AD clinical trial for fosgonimeton, a potential treatment for Alzheimer's disease, to be released by September 2024. The company plans to present these findings at the Clinical Trials on Alzheimer’s Disease conference in October 2024. Fosgonimeton has shown promise in preclinical studies, notably in reducing amyloid-β-induced impairments in neurons, potentially impacting Alzheimer’s disease pathology.

Athira's pipeline includes the development of drug candidates like fosgonimeton, ATH-1105, and ATH-1020, aimed at neurodegenerative diseases. Fosgonimeton is administered subcutaneously and is under investigation through the LIFT-AD Phase 2/3 clinical trial for patients with mild-to-moderate Alzheimer’s disease. The trial involves approximately 315 patients and focuses on a primary endpoint that combines cognitive and functional measures. Secondary endpoints address changes in biomarkers related to neurodegeneration and protein pathology.

The company also manages the Open Label Extension (OLEX) trial, which allows participants from the LIFT-AD and ACT-AD trials to continue receiving fosgonimeton for up to 48 months. This extension has seen a high retention rate among participants, providing insights into the long-term effects of the treatment.

ATH-1105, another drug candidate from Athira, is in a Phase 1 clinical trial for amyotrophic lateral sclerosis (ALS). This study, involving up to 80 healthy volunteers, evaluates the safety and pharmacokinetics of the drug. The first group of volunteers completed the trial in June 2024, and the study is expected to conclude by the end of the year. Preclinical data indicates that ATH-1105 improves nerve and motor function, reduces biomarkers of inflammation, and increases survival in ALS models. These findings have been shared at various scientific forums.

In terms of recent presentations, Athira shared preclinical data at the Alzheimer’s Association International Conference in July 2024. These presentations highlighted fosgonimeton’s potential to mitigate autophagic impairment and reduce pTau pathology in Alzheimer’s disease. Another study presented at the same conference demonstrated the neuroprotective effects of fosgonimeton against amyloid-β toxicity in neurons, either alone or in combination with lecanemab.

Financially, Athira reported having $91.8 million in cash, cash equivalents, and investments as of June 30, 2024, compared to $147.4 million at the end of 2023. For the six months ending June 30, 2024, the company used $48.1 million in operations. Research and Development (R&D) expenses rose to $22.2 million for the quarter, mainly due to the costs associated with the Phase 1 trial of ATH-1105. However, this increase was offset by reduced expenses in other programs and personnel costs. General and Administrative (G&A) expenses decreased to $5.9 million, primarily due to lower legal, business development, and professional service costs. The net loss for the quarter was $26.9 million, or $0.70 per share, compared to a net loss of $29.6 million, or $0.78 per share, for the same period in 2023.

Athira Pharma, headquartered in Bothell, Washington, aims to alter the course of neurological diseases with its drug candidates that modulate the neurotrophic hepatocyte growth factor system. The company is committed to advancing its pipeline to address various neurodegenerative conditions.