LeonaBio (LONA)
Market Price (4/10/2026): $9.84 | Market Cap: $52.6 MilSector: Health Care | Industry: Biotechnology
LeonaBio (LONA)
Market Price (4/10/2026): $9.84Market Cap: $52.6 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -172% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. | Weak multi-year price returns3Y Excs Rtn is -28% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -211% High stock price volatilityVol 12M is 123% Key risksLONA key risks include [1] potential failure or delays in the clinical trials for its lead candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -172% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -28% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -34 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -211% |
| High stock price volatilityVol 12M is 123% |
| Key risksLONA key risks include [1] potential failure or delays in the clinical trials for its lead candidates, Show more. |
Qualitative Assessment
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LeonaBio (LONA) stock has gained about 35% since it went public on 1/6/2026 because of the following key factors:
1. Strategic Pivot to Oncology and Acquisition of Late-Stage Asset.
LeonaBio, formerly Athira Pharma, underwent a significant rebranding in January 2026, signaling a strategic shift to focus on oncology. This move was highlighted by the acquisition of exclusive global rights to lasofoxifene, a late-stage asset in Phase 3 development for metastatic breast cancer, which is targeting a potential multi-billion-dollar market. This strategic pivot significantly boosted investor confidence, contributing approximately 50% to the stock's gain.
2. Successful $90 Million Private Placement Financing.
In conjunction with the lasofoxifene license, LeonaBio secured substantial financing through a $90 million private placement of common stock and warrants. These warrants hold the potential to provide up to an additional $146 million if fully exercised, equipping the company with significant financial resources to advance its oncology and neurodegeneration programs.
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1. Strategic Pivot to Oncology and Acquisition of Late-Stage Asset.
LeonaBio, formerly Athira Pharma, underwent a significant rebranding in January 2026, signaling a strategic shift to focus on oncology. This move was highlighted by the acquisition of exclusive global rights to lasofoxifene, a late-stage asset in Phase 3 development for metastatic breast cancer, which is targeting a potential multi-billion-dollar market. This strategic pivot significantly boosted investor confidence, contributing approximately 50% to the stock's gain.
2. Successful $90 Million Private Placement Financing.
In conjunction with the lasofoxifene license, LeonaBio secured substantial financing through a $90 million private placement of common stock and warrants. These warrants hold the potential to provide up to an additional $146 million if fully exercised, equipping the company with significant financial resources to advance its oncology and neurodegeneration programs.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
12/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | -5.4% | 4.9% |
| Sector (XLV) | -3.5% | 4.8% |
Fundamental Drivers
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Market Drivers
9/30/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | -2.9% | 4.9% |
| Sector (XLV) | 7.8% | 4.8% |
Fundamental Drivers
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Market Drivers
3/31/2025 to 4/9/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | 16.3% | 4.9% |
| Sector (XLV) | 3.7% | 4.8% |
Fundamental Drivers
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Market Drivers
3/31/2023 to 4/9/2026| Return | Correlation | |
|---|---|---|
| LONA | ||
| Market (SPY) | 63.3% | 4.9% |
| Sector (XLV) | 20.8% | 4.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LONA Return | - | - | - | - | - | 38% | 38% |
| Peers Return | 6% | 21% | 5% | -39% | 75% | 12% | 62% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| LONA Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 46% | 52% | 42% | 38% | 60% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LONA Max Drawdown | - | - | - | - | - | -38% | |
| Peers Max Drawdown | -31% | -35% | -36% | -48% | -31% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIIB, CYTK, AMLX, IONS, DNLI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/9/2026 (YTD)
How Low Can It Go
LONA has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to BIIB, CYTK, AMLX, IONS, DNLI
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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About LeonaBio (LONA)
Athira Pharma, Inc., a late clinical-stage biopharmaceutical company, focuses on developing small molecules to restore neuronal health and slow neurodegradation. The company's lead product candidate is ATH-1017, a blood brain barrier-penetrating, small molecule HGF/MET positive modulator that is in LIFT-AD Phase 3 and ACT-AD Phase 2 clinical trials for the treatment of Alzheimer's disease, as well as is in Phase 2 clinical trials to treat Parkinson's disease. It also develops product candidates, which are in preclinical stage, including ATH-1019 for peripheral nervous system indications; and ATH-1020 for neuropsychiatric conditions. Athira Pharma, Inc. was formerly known as M3 Biotechnology, Inc. and changed its name to Athira Pharma, Inc. in April 2019. The company was incorporated in 2011 and is headquartered in Bothell, Washington.
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Based on the provided description, Athira Pharma, Inc. (trading under the symbol LONA), which you've referred to as LeonaBio, is a late clinical-stage biopharmaceutical company. This means it is primarily focused on the research and development of drug candidates and is conducting clinical trials (Phase 2 and Phase 3 for ATH-1017, and preclinical for other candidates).
At this stage, Athira Pharma, Inc. does not have major customers in the traditional sense, as it is not yet selling any approved products to individuals or other companies. Its primary activities revolve around drug development, rather than commercial sales.
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The search results provide the current management team for LeonaBio (LONA), formerly Athira Pharma. Result "About – LeonaBio" lists the senior management. Result "LeonaBio, Inc. (LONA) Leadership & Management Team Analysis - Simply Wall St" also lists Mark Litton as CEO. Result "Mark Litton – Athira Pharma" provides a detailed background for Mark Litton. Result "LeonaBio appoints Mark Kubik as chief business officer - Investing.com" and, mention the recent appointment of Mark Kubik. However, the request explicitly asks for "up to 5 management members" and the "About - LeonaBio" page lists 5 senior management members, including the CEO and CFO. Mark Kubik's role is Chief Business Officer, and he has just been appointed as of Feb 3, 2026. I should prioritize the existing listed senior management from the company's own "About" page, if available, and then check other sources for recent updates if needed. The "About - LeonaBio" page appears to be the most current. From "About – LeonaBio": * Mark Litton, PhD. President & Chief Executive Officer * Javier San Martin, M.D. Chief Medical Officer * Kevin Church, PhD. Chief Scientific Officer * Mark Worthington, JD General Counsel, Chief Compliance Officer, & Corporate Secretary * Robert Renninger Chief Financial Officer Now I need to gather background information for these individuals, especially the CEO and CFO, focusing on the requested details: if the CEO or CFO founded or managed other companies, if the CEO or CFO sold companies they were previously involved with to an acquirer, if the CEO or CFO have a pattern of managing companies backed by private equity firms. Let's start with Mark Litton (CEO) and Robert Renninger (CFO). **Mark Litton, PhD. President & Chief Executive Officer** * **Background:** Mark Litton became President and CEO of Athira Pharma (now LeonaBio) in October 2021, and previously served as COO since July 2019. Before Athira, he was President and COO of Alpine Immune Sciences, Inc.. Prior to that, he spent over 14 years at Alder Biopharmaceutical Inc., a publicly traded biopharmaceutical company, which was acquired by Lundbeck A/S. As co-founder and Chief Business Officer (CBO) at Alder, he helped build the business and oversaw finance, investor relations, deal making, business development, alliance management, human resources, and overall corporate strategy. He was responsible for raising over $1 billion in equity capital and led negotiations for numerous corporate alliances. **Robert Renninger. Chief Financial Officer** I need to find background information for Robert Renninger. Let's search for "Robert Renninger LeonaBio CFO background" or "Robert Renninger Athira Pharma CFO background". Since the company name changed recently, searching for "Athira Pharma CFO" might still bring up relevant information.AI Analysis | Feedback
The key risks to LeonaBio (LONA) are primarily associated with its status as a late clinical-stage biopharmaceutical company focused on developing novel therapeutics.- Clinical Trial Outcomes and Regulatory Approval: As a late clinical-stage biopharmaceutical company, LeonaBio's future largely depends on the successful outcome of its clinical trials and the subsequent receipt of regulatory approvals. The company's lead product candidate, ATH-1017, is currently in Phase 3 and Phase 2 clinical trials for Alzheimer's disease and Phase 2 trials for Parkinson's disease. Failure to demonstrate sufficient efficacy and safety in these trials, or the inability to secure regulatory approval from health authorities, would severely impact the company's ability to commercialize its products and generate revenue.
- Reliance on a Limited Product Pipeline: LeonaBio's pipeline is concentrated on a few key product candidates, with ATH-1017 being the most advanced. While it also has ATH-1019 and ATH-1020 in preclinical stages, a significant portion of its value is tied to the success of ATH-1017. If this lead candidate encounters setbacks or fails in trials, the company has limited other late-stage assets to fall back on, which could have a substantial negative effect on its business and financial health.
- Intense Competition: The therapeutic areas of Alzheimer's and Parkinson's disease are characterized by significant unmet medical needs and intense competition. Numerous larger pharmaceutical companies and other biotechnology firms are actively researching and developing treatments for these conditions. LeonaBio faces the risk that competitors may develop more effective, safer, or more affordable therapies, or bring their products to market sooner, thereby diminishing the potential market share and profitability of LeonaBio's product candidates if they are approved.
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Expected Drivers of Future Revenue Growth for LeonaBio (LONA)
Over the next two to three years, LeonaBio (LONA), formerly Athira Pharma, Inc., is expected to drive future revenue growth through the following key areas:
- Advancement and Potential Commercialization of ATH-1017: LeonaBio's lead product candidate, ATH-1017, is currently undergoing Phase 3 (LIFT-AD) and Phase 2 (ACT-AD) clinical trials for Alzheimer's disease, as well as Phase 2 clinical trials for Parkinson's disease. Successful completion of these trials, followed by regulatory approval and market launch, would represent a significant driver of product revenue.
- Progression and Potential Commercialization of Lasofoxifene: The company is engaged in a Phase 3 development program for lasofoxifene, targeting ER+, HER2-negative, ESR1-mutated metastatic breast cancer. This program has been identified as a potential multi-billion dollar opportunity, with its advancement towards commercialization poised to generate substantial revenue.
- Development of ATH-1105 for Amyotrophic Lateral Sclerosis (ALS): Following positive results from a Phase 1 clinical study in healthy volunteers, LeonaBio is preparing to begin dosing ALS patients with ATH-1105 in late 2025. Continued successful clinical development of ATH-1105 could lead to future product sales or strategic partnership agreements, contributing to revenue growth.
- Strategic Partnerships and Licensing Agreements: As a clinical-stage biopharmaceutical company, LeonaBio's revenue growth can be significantly influenced by new or expanded strategic collaborations and licensing agreements for its pipeline assets. Such partnerships often include upfront payments, milestone payments upon achieving developmental or regulatory targets, and future royalties from commercialized products.
- Expansion and Advancement of Preclinical Pipeline: The progression of preclinical candidates, such as ATH-1019 for peripheral nervous system indications and ATH-1020 for neuropsychiatric conditions, could, within the 2-3 year timeframe, attract partnership interest or enter early-stage clinical trials. This would establish the foundation for longer-term revenue streams through future development and potential commercialization.
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Outbound Investments
- Acquired rights for the development and commercialization of Lasofoxifene from Sermonix Pharmaceuticals through a Corporate Asset Purchase on December 18, 2025.
- Entered into a license agreement with Washington State University to offer for sale products covered by certain licensed patents, including dihexa.
Capital Expenditures
- Invested $0 in capital expenditures in Q3 2024.
Trade Ideas
Select ideas related to LONA.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
| 03272026 | CNC | Centene | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 2.3% | 2.3% | -0.6% |
| 03272026 | OSCR | Oscar Health | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 3.0% | 3.0% | -2.6% |
| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.94 |
| Mkt Cap | 5.6 |
| Rev LTM | 44 |
| Op Inc LTM | -268 |
| FCF LTM | -225 |
| FCF 3Y Avg | -240 |
| CFO LTM | -196 |
| CFO 3Y Avg | -226 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.0% |
| Rev Chg 3Y Avg | 81.2% |
| Rev Chg Q | -1.1% |
| QoQ Delta Rev Chg LTM | -0.4% |
| Op Mgn LTM | -40.5% |
| Op Mgn 3Y Avg | -50.9% |
| QoQ Delta Op Mgn LTM | -11.7% |
| CFO/Rev LTM | -28.5% |
| CFO/Rev 3Y Avg | -46.2% |
| FCF/Rev LTM | -34.5% |
| FCF/Rev 3Y Avg | -51.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 5.6 |
| P/S | 13.2 |
| P/EBIT | -8.9 |
| P/E | -8.3 |
| P/CFO | -11.8 |
| Total Yield | -8.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -6.4% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.8% |
| 3M Rtn | 7.5% |
| 6M Rtn | 18.8% |
| 12M Rtn | 61.5% |
| 3Y Rtn | 8.7% |
| 1M Excs Rtn | 0.2% |
| 3M Excs Rtn | 7.7% |
| 6M Excs Rtn | 20.7% |
| 12M Excs Rtn | 38.1% |
| 3Y Excs Rtn | -55.6% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/26/2026 | -7.3% | 17.3% | |
| SUMMARY STATS | |||
| # Positive | 0 | 1 | 0 |
| # Negative | 1 | 0 | 0 |
| Median Positive | 17.3% | ||
| Median Negative | -7.3% | ||
| Max Positive | 17.3% | ||
| Max Negative | -7.3% | ||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/15/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Church, Kevin | CHIEF SCIENTIFIC OFFICER | Direct | Sell | 7022025 | 0.29 | 8,526 | 2,502 | 49,572 | Form |
| 2 | Litton, Mark James | President and CEO | Direct | Sell | 7022025 | 0.29 | 25,123 | 7,374 | 95,623 | Form |
| 3 | San, Martin Javier | CHIEF MEDICAL OFFICER | Direct | Sell | 7022025 | 0.29 | 10,842 | 3,182 | 21,034 | Form |
| 4 | Worthington, Mark | General Counsel and CCO | Direct | Sell | 7022025 | 0.29 | 8,526 | 2,502 | 32,835 | Form |
| 5 | Renninger, Robert | SVP, Finance and Accounting | Direct | Sell | 7022025 | 0.29 | 2,897 | 850 | 32,046 | Form |
Industry Resources
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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