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• A small, R&D-stage Pfizer or Merck.
• A speculative, early-stage Vertex Pharmaceuticals.

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• Efzofitimod (ATYR1923): A clinical-stage immunomodulator targeting neuropilin-2 (NRP2) for the treatment of interstitial lung diseases, including pulmonary sarcoidosis.
• ATYR2810: A preclinical-stage anti-NRP2 antibody being developed as a potential therapeutic for oncology.

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aTyr Pharma (ATYR) is a clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics derived from tRNA synthetases.

As a clinical-stage company, aTyr Pharma does not currently have any commercially approved products on the market that it sells to customers. Therefore, it does not have "major customers" in the traditional sense of selling goods or services to other companies or individuals.

Its primary activities involve the research and development of drug candidates, such as efzofitimod, which are currently in various phases of clinical trials. Revenue for such companies typically comes from:

• Grants: Funding from governmental or non-profit organizations to support specific research and development programs.
• Collaboration Agreements: Partnerships with larger pharmaceutical companies or academic institutions for co-development or licensing of pipeline assets. These agreements often involve upfront payments or milestone payments tied to research and development achievements, rather than product sales.
• Equity Financing: Raising capital by selling shares to investors to fund their operations and research.

Until aTyr Pharma successfully develops and obtains regulatory approval for a drug candidate, it will not have end-customers for commercial products. If and when a product is approved, it would then either commercialize the product itself (selling primarily to pharmaceutical distributors, pharmacies, and hospitals) or license the commercialization rights to another pharmaceutical company.

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• Lonza (LONN.SW)

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Sanjay S. Shukla, President and CEO, Director

Dr. Shukla has served as President and CEO of aTyr Pharma since November 2017. He previously served as Chief Medical Officer at aTyr Pharma from March 2016 to November 2017. Prior to joining aTyr, Dr. Shukla was Vice President and Global Head of Integrated Medical Services for Novartis, overseeing global medical affairs operations for general pharma therapies. He founded and served as CEO of RXMD, a clinical development consultancy. Earlier in his career, he held roles in clinical development, data analytics, and drug safety at Vifor Pharma and Aspreva Pharma. Aspreva Pharma was acquired by Vifor Pharma. He has a background in biostatistics, informatics, and medicine.

Jill M. Broadfoot, Chief Financial Officer

Ms. Broadfoot has served as Chief Financial Officer of aTyr Pharma since July 2018. Before joining aTyr Pharma, she was Chief Financial Officer of Emerald Health Pharmaceuticals Inc. and Emerald Health Bioceuticals Inc., where she established operations, corporate governance, finance, accounting, IT, and investor relations functions for the U.S.-based entities. She also served as Vice President, U.S. Corporate Controller at GW Pharmaceuticals, where she was responsible for establishing U.S. commercial operations and implementing U.S. public company financial and accounting standards. Prior to GW Pharmaceuticals, Ms. Broadfoot was Chief Financial Officer of Vical Inc. from October 2004 to March 2013, overseeing finance, investor relations, manufacturing, IT, HR, and business development. She also held various positions at DJO Global, Inc., including Vice President of Finance, and was an audit manager at Ernst & Young LLP. Ms. Broadfoot is a Certified Public Accountant.

Nancy E. Denyes, General Counsel

Ms. Denyes has served as General Counsel of aTyr Pharma since February 2019 and as Corporate Secretary since January 2015. She previously served as Vice President, Legal Affairs from October 2014 to February 2019 and provided consulting services to aTyr from 2013 to 2014. Before joining aTyr, Ms. Denyes was a law partner at Cooley LLP, focusing on securities and corporate matters, including private financings, public offerings, mergers and acquisitions, and corporate governance.

Peter Villiger, VP, Corporate Development

Mr. Villiger has served as Vice President, Corporate Development at aTyr Pharma since January 2020, and as Sr. Director, Corporate Development from May 2016 to December 2019. Prior to aTyr, he worked at The Medicines Company from 2008 to 2016, where he was involved in business development and program management, completing various deals including divestments and company acquisitions. He oversaw programs across all development stages, including regulatory filings for oritavancin.

Leslie Nangle, Ph.D., VP, Research

Dr. Nangle has served as Vice President, Research at aTyr Pharma since January 2021. She has held scientific research roles at aTyr since joining the company in 2007, most recently as Sr. Director and Head of Research. Dr. Nangle has over 20 years of experience in research dedicated to extracellular tRNA synthetases and has co-developed and implemented aTyr's discovery platform. She received her Ph.D. from The Scripps Research Institute, where she studied under Dr. Paul Schimmel, co-founder of aTyr.

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The primary risks to aTyr Pharma (ATYR) are dominated by the significant setback in its lead drug development and the ensuing legal and financial ramifications.

1. Clinical Trial Failure of Lead Drug Candidate: aTyr Pharma's lead and essentially only late-stage drug candidate, efzofitimod, failed to meet its primary endpoint in the pivotal Phase 3 EFZO-FIT study for pulmonary sarcoidosis on September 15, 2025. This failure, aiming to demonstrate a reduction in oral corticosteroid dose, led to an immediate and drastic plummet in the company's stock price by over 80%. The outcome significantly diminishes the drug's regulatory and commercial viability for this indication and casts a shadow over the company's future prospects, including its ongoing Phase 2 trial of efzofitimod for systemic sclerosis-related interstitial lung disease, which is considered a riskier target.
2. Securities Class Action Lawsuits and Erosion of Investor Trust: Following the disappointing Phase 3 trial results, aTyr Pharma became the subject of multiple securities class action lawsuits. These lawsuits allege that the company's executives issued false and misleading information regarding efzofitimod's efficacy and concealed adverse data. This legal action highlights a significant risk of eroded market trust and exposes aTyr Pharma to substantial legal costs and potential financial liabilities.
3. High Dependence on a Limited Pipeline and Need for Future Funding: As a clinical-stage biotechnology company, aTyr Pharma's business model is inherently reliant on the successful development and regulatory approval of its drug candidates, particularly efzofitimod, as it currently generates no significant product revenue. The failure of its lead candidate in a late-stage trial severely impacts its ability to attract and secure the additional funding necessary to sustain its operations and advance its remaining pipeline, especially given its consistent cash burn rate. This situation presents a considerable challenge for regaining investor confidence and financing future development activities.

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The primary drivers of future revenue growth for aTyr Pharma (ATYR) over the next 2-3 years are expected to center around the clinical development and potential commercialization of its lead therapeutic candidate, efzofitimod.

1. Advancement and Potential Approval of Efzofitimod in Interstitial Lung Disease (ILD): The most significant driver of future revenue growth hinges on the successful progression of efzofitimod through late-stage clinical trials for interstitial lung disease (ILD), including conditions such as sarcoidosis-associated ILD. Positive clinical trial data, leading to regulatory submissions and potential marketing approval within the next 2-3 years, would open the door to significant product revenue.
2. Commercialization and Market Penetration of Efzofitimod: Should efzofitimod receive regulatory approval, its successful commercial launch and subsequent market penetration will be a crucial revenue driver. This includes building out sales and marketing infrastructure or leveraging partnerships to reach the targeted patient population in ILD and other potential indications.
3. Expansion of Efzofitimod into Additional Indications: Beyond its primary focus on ILD, aTyr Pharma is exploring efzofitimod's potential in other immune-mediated inflammatory diseases. Expanding the indications for efzofitimod through additional clinical trials and regulatory approvals would significantly broaden its addressable market and contribute to long-term revenue growth.
4. Strategic Partnerships and Collaborations: aTyr Pharma may pursue strategic partnerships or collaborations to support the development, manufacturing, or commercialization of efzofitimod or other pipeline assets. Such alliances could provide non-dilutive funding through upfront payments, milestone payments, and potential royalties or profit-sharing arrangements, thereby contributing to revenue growth.

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Share Issuance

• aTyr Pharma completed an underwritten follow-on public offering in 2023, issuing 23,125,000 shares of common stock at $2.25 per share, which generated net proceeds of $48.1 million.
• In 2025, the company raised an additional $30.7 million through an At-the-Market (ATM) offering.
• On August 7, 2025, aTyr Pharma filed a registration statement (Form S-3) to allow for the potential offering and sale of up to $300,000,000 of various securities, including common stock, in future offerings.

Inbound Investments

• aTyr Pharma has a partnership with Kyorin Pharmaceutical, Co., Ltd. for the development and commercialization of efzofitimod for interstitial lung disease (ILD) in Japan, with a total potential deal value of up to $175 million.

Capital Expenditures

• Research and development (R&D) expenses were $15.4 million in the second quarter of 2025 and $22.1 million in the third quarter of 2025.
• These expenditures are primarily focused on advancing their clinical programs, including the Phase 3 EFZO-FIT™ study of efzofitimod in pulmonary sarcoidosis, the Phase 2 EFZO-CONNECT™ study in systemic sclerosis-related ILD, and the preclinical development of ATYR2810 for aggressive cancers, and ATYR0101 for pulmonary fibrosis.