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Here are 1-2 brief analogies for Athira Pharma (ATHA):

• A specialized biotech company focused on developing new treatments for Alzheimer's and Parkinson's, much like a focused neuro-division of a Biogen or Eli Lilly.

• A highly focused biotech aiming for breakthrough drugs in neurological diseases, similar to how Gilead Sciences achieved success by targeting specific infectious diseases like HIV and Hepatitis C.

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• fosgonimeton (ATH-1017): A clinical-stage therapeutic candidate designed to enhance the HGF/MET neurotrophic system for neurological diseases like Alzheimer's and Parkinson's.
• ATH-1105: An investigational small molecule being developed to activate the HGF/MET pathway for the treatment of amyotrophic lateral sclerosis (ALS) and Parkinson's disease.
• ATH-1200 series: Early-stage research programs exploring novel compounds for various central nervous system (CNS) indications.

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Athira Pharma (symbol: ATHA) is a clinical-stage biopharmaceutical company focused on developing novel therapeutics for neurological diseases, primarily Alzheimer's disease.

As a clinical-stage company, Athira Pharma is primarily engaged in research and development and conducting clinical trials for its product candidates. They do not currently have any commercial products on the market generating revenue from sales.

Therefore, Athira Pharma does not currently have "major customers" in the traditional sense of selling products or services to other companies or directly to individuals.

Their financial resources primarily come from equity financing (e.g., stock offerings) and, historically, grants, rather than sales of products to customers. Any future revenue would depend on the successful development, regulatory approval, and eventual commercialization of their drug candidates, potentially through partnerships with larger pharmaceutical companies or direct sales to healthcare providers.

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Mark Litton, President & Chief Executive Officer

Mark Litton has served as President and CEO of Athira Pharma since October 2021, and previously as COO since July 2019. He is a co-founder of Alder BioPharmaceuticals, Inc., where he served as Chief Business Officer, Treasurer, and Secretary from 2004 to 2018. Alder BioPharmaceuticals was acquired by Lundbeck A/S in October 2019. He also served as President and COO of Alpine Immune Sciences, Inc. from 2018 to 2019. While at Alder, Dr. Litton was responsible for raising over $1 billion in equity capital.

Robert Renninger, Senior Vice President, Finance and Accounting (Principal Financial Officer)

Robert Renninger was appointed principal financial officer and principal accounting officer effective October 1, 2024, and has served as Senior Vice President, Finance and Accounting since February 2025. He joined Athira in 2020 and previously held roles as Vice President of Finance, Senior Director of Finance, and Director of Finance. Prior to Athira, he served as financial controller of Infobip (formerly OpenMarket) and as technical controller of Baker Hughes. Mr. Renninger also held various roles at Ernst & Young, LLP.

Javier San Martin, M.D., Chief Medical Officer

Dr. Javier San Martin joined Athira as Chief Medical Officer in April 2024. He brings over 25 years of drug development experience, guiding therapies from proof-of-concept through regulatory approval. Before joining Athira, he was Chief Medical Officer of Arrowhead Pharmaceuticals and Senior Vice President and Head of Global Clinical Development at Ultragenyx Pharmaceutical, where he led the development of Crysvita®. He also served as Senior Vice President of Clinical Development at Alder Biopharmaceuticals and held leadership roles at Amgen and Eli Lilly.

Kevin Church, PhD, Chief Scientific Officer

Kevin Church has served as Athira's Chief Scientific Officer since January 2023. He joined Athira in May 2016 and has held several positions, including Senior Research Scientist, Director, Vice President of Discovery, and Executive Vice President, Research. He leads the preclinical research and development teams and is responsible for expanding Athira's platform of small molecule therapeutic candidates.

Mark Worthington, JD, General Counsel, Chief Compliance Officer, & Corporate Secretary

Mark Worthington joined Athira as General Counsel in June 2021, after working with the company as outside corporate counsel. He advises private and public companies on corporate governance, compliance, and transactional matters, including public offerings, mergers and acquisitions, and joint ventures. Prior to Athira, he was a Partner with Summit Law Group for 24 years, where he chaired the corporate/securities practice and served as co-managing partner.

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The public company Athira Pharma (NASDAQ: ATHA) faces several significant risks to its business operations and future viability.

1. High Probability of Financial Distress and Limited Cash Runway: Athira Pharma has a high probability of experiencing financial distress, with some analyses indicating a chance of distress over 65%. The company's cash, cash equivalents, and investments significantly decreased from $58.78 million at the end of 2024 to $29.8 million as of June 30, 2025. Management has acknowledged the need for additional funding to support its operations and strategic goals, and the company has less than a year of cash runway based on its current free cash flow.
2. Clinical Trial Failures: Athira Pharma has experienced multiple failures in its clinical development pipeline. Its lead Alzheimer's disease therapy, fosgonimeton, failed to meet its primary and key secondary endpoints in the Phase 2/3 LIFT-AD trial. This failure, following other Phase 2 failures in Alzheimer's and dementia trials in 2022 and 2023, led to a substantial drop in the company's stock price. For a clinical-stage biopharmaceutical company, the inability to demonstrate efficacy in trials poses a fundamental risk to its business model.
3. Regulatory Compliance Challenges and Past Research Misconduct: The company's business is highly dependent on compliance with FDA regulations for its manufacturing processes. Any failure to adhere to current Good Manufacturing Practices (cGMP) could lead to significant delays, termination of clinical programs, or withdrawal of regulatory approvals. Furthermore, Athira Pharma agreed to pay $4.07 million in January 2025 to settle allegations that it violated the False Claims Act by failing to disclose research misconduct, specifically manipulated scientific images by its former CEO, in grant applications to federal agencies. This regulatory and reputational risk could impact the company's ability to develop and market its drug candidates effectively.

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Athira Pharma (NASDAQ: ATHA) is a clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration. Their pipeline includes drug candidates targeting neurodegenerative diseases such as Alzheimer's disease, Parkinson's disease dementia, and Amyotrophic Lateral Sclerosis (ALS). While specific market sizes for their early-stage product candidates are not available, the addressable markets for the diseases they aim to treat are substantial.

Addressable Markets for Diseases Targeted by Athira Pharma's Pipeline:

Alzheimer's Disease (AD)

• The global Alzheimer's disease therapeutics market was estimated at approximately $9.0 billion in 2023 and is projected to reach $19.6 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 15.1% from 2024 to 2029.
• Other estimates indicate the global Alzheimer's disease market could reach $32.8 billion by 2033, with a CAGR of 17.5%.
• The U.S. dementia treatment market, which includes Alzheimer's disease dementia as its largest segment, generated $5,972.9 million in revenue in 2023 and is expected to reach $9,290.6 million by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
• North America accounted for over 40.79% of the global Alzheimer's therapeutics market in 2022.
• (Note: Athira Pharma's lead candidate, fosgonimeton (ATH-1017), initially targeted for Alzheimer's disease, has had its development paused after not meeting primary or key secondary endpoints in its LIFT-AD Phase 2/3 clinical trial).

Parkinson's Disease Dementia (PDD) and Dementia with Lewy Bodies (DLB)

• The global market for Frontotemporal Dementia and Parkinson's Disease was recorded at $14,523.7 million in 2021 and is projected to reach $18,782.3 million by the end of 2025, and $31,411.7 million by 2033, with a CAGR of 6.639% from 2025 to 2033.
• North America is expected to hold 39.54% of this global market in 2025.
• The global Parkinson's disease diagnosis and treatment market, valued at USD 6.88 billion in 2024, is anticipated to reach USD 16.14 billion by 2034, growing at a CAGR of 8.9% over the next decade.
• The U.S. Parkinson's disease therapeutics market size was valued at USD 2.15 billion in 2024 and is predicted to reach approximately USD 4.25 billion by 2034, at a CAGR of 7.16% from 2025 to 2034.

Amyotrophic Lateral Sclerosis (ALS)

• The global Amyotrophic Lateral Sclerosis (ALS) market size was valued at USD 673.4 million in 2023 and is projected to reach USD 1,271.6 million by 2033, growing at a CAGR of 6.5% from 2023 to 2033.
• Another report estimates the global amyotrophic lateral sclerosis treatment market size at USD 667.3 million in 2023, projected to reach USD 987.6 million by 2030, with a CAGR of 5.8% from 2024 to 2030.
• The global market for ALS is also expected to reach $1.5 billion by 2033, expanding at a CAGR of 10.1%.
• North America held a 37.7% revenue share of the global amyotrophic lateral sclerosis treatment market in 2023.
• The U.S. Amyotrophic Lateral Sclerosis Market reached US$ 0.82 billion in 2024 and is expected to reach US$ 1.22 billion by 2033, growing at a CAGR of 5.1% from 2025 to 2033.

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Athira Pharma (ATHA) is a clinical-stage biopharmaceutical company, meaning it currently generates no revenue from product sales. Its future revenue growth over the next 2-3 years is entirely dependent on the successful development and potential commercialization of its drug candidates, as well as strategic partnerships. The company recently paused further development of its lead Alzheimer's candidate, fosgonimeton (ATH-1017), after it did not meet its primary or key secondary endpoints in the LIFT-AD clinical trial.

Consequently, the primary drivers of future revenue growth will center on its remaining pipeline and strategic initiatives:

1. Successful Clinical Development and Regulatory Approval of ATH-1105 for ALS: ATH-1105 is a next-generation small molecule drug candidate being developed for amyotrophic lateral sclerosis (ALS). Athira Pharma completed a Phase 1 clinical trial in healthy volunteers for ATH-1105, demonstrating a favorable safety and tolerability profile, as well as dose-proportional pharmacokinetics and central nervous system (CNS) penetration. The company plans to begin dosing ALS patients in 2025. Positive results from subsequent clinical trials and eventual regulatory approval for ATH-1105 could position Athira Pharma to address a significant unmet medical need in the ALS market, thereby generating substantial product revenue.
2. Strategic Partnerships and Collaborations: Following the LIFT-AD trial results, Athira Pharma is actively exploring strategic alternatives to maximize shareholder value, including potential partnering options for ATH-1105. Strategic partnerships with larger pharmaceutical companies could provide crucial financial resources, reducing the company's cash burn rate, and offer expertise in late-stage clinical development, regulatory affairs, and commercialization. These partnerships could lead to upfront payments, milestone payments upon achieving certain development or regulatory goals, and shared commercialization revenue, significantly contributing to Athira's financial standing and future revenue streams.
3. Advancement and Potential Commercialization of ATH-1020 or Other Early-Stage Pipeline Assets: Athira Pharma's pipeline also includes ATH-1020, another next-generation small molecule drug candidate for which a Phase 1 clinical trial in healthy volunteers was completed with a favorable safety profile for indications such as diabetic neuropathy. While the company is currently evaluating options for ATH-1020, and other compounds are in preclinical discovery for various neurodegenerative diseases, successful advancement of any of these early-stage assets into later clinical development and eventual commercialization could diversify Athira's product offerings and create additional revenue opportunities beyond ATH-1105.

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Share Issuance

• Athira Pharma completed its Initial Public Offering (IPO) on September 18, 2020, raising $204 million by selling shares at $17 apiece.
• Prior to its IPO, the company raised $85 million in a Series B funding round in June 2020, bringing its total private funding to $100 million.
• On September 17, 2025, Athira implemented a 10-for-1 reverse stock split, reducing the total authorized common stock from 900 million to 90 million shares, in order to comply with Nasdaq's minimum bid price requirement.

Inbound Investments

• Athira Pharma secured an $85 million Series B funding round in June 2020, led by Perceptive Advisors, with participation from new firms including RTW Investments and Viking Global Investors.
• As of April 2025, institutional investors, such as Perceptive Advisors LLC, Vanguard Group Inc., and BlackRock, Inc., held approximately 36.88% of Athira Pharma's stock.
• Perceptive Advisors LLC further increased its ownership stake in Athira Pharma to approximately 14.20% through an acquisition of additional shares on October 30, 2024.