Exhibit 99.1
Athira Pharma Reports Full Year 2021 Financial Results and Provides Clinical Update
On track to report topline data from ACT-AD Phase 2 Alzheimer’s disease study in 2Q22
Expect to complete enrollment in LIFT-AD Phase 3 Alzheimer’s disease study in 3Q22
Conference call today at 4:30 pm Eastern time
BOTHELL, WA, March 24, 2022 — Athira Pharma, Inc. (NASDAQ: ATHA), a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration, today announced the company’s financial results for the year ended December 31, 2021 and provided a clinical update.
“We entered 2022 with strong momentum from the solid foundation established throughout 2021 and have made considerable progress across a number of areas key to our success,” stated Mark Litton, Ph.D., President & Chief Executive Officer of Athira Pharma. “To date, the new year has been highlighted by the publication of our Phase 1 study results with fosgonimeton and presentation of preclinical data that support our novel, innovative approach to restoring neuronal health and slowing neurodegeneration across our lead program with fosgonimeton and our first oral candidate, ATH-1020. This growing body of scientific and clinical evidence is compelling and gives us further confidence in our robust clinical development programs.”
“Importantly, we remain on track to report the topline data from our Phase 2 ACT-AD study in Alzheimer’s disease in the coming months and look forward to other value-creating milestone opportunities that we believe will bring hope to patients living with progressive neurological and neuropsychiatric diseases and enhance shareholder value for our company,” continued Dr. Litton.
Recent Highlights:
Clinical Pipeline Update:
Fosgonimeton (ATH-1017) is a small molecule specifically designed to enhance the activity of Hepatocyte Growth Factor (HGF) and its receptor, MET.
ACT-AD Phase 2 Study in mild-to-moderate Alzheimer’s disease (NCT04491006)
LIFT-AD Phase 3 Study in mild-to-moderate Alzheimer’s Disease (NCT04488419)
Open Label Extension Study (NCT04886063)
SHAPE Phase 2 Study in mild-to-moderate Parkinson’s disease dementia and Dementia with Lewy bodies (NCT04831281)
ATH-1020 is an orally available, brain-penetrant small molecule designed to enhance the HGF/MET system that is being advanced as a potential treatment candidate for neuropsychiatric indications.
Phase 1 Study in Healthy Volunteers (NCT05169671)
Other Highlights
Expanded the senior management team with new hires and promotions, including the:
Financial Results
Conference Call Details
Athira management will host a conference call to discuss the Company’s progress today at 4:30 pm Eastern time. In order to participate in the conference call, please dial 833-614-1520 (domestic) or 516-575-8710 (international) and refer to conference ID 3597642. A live webcast of the conference call can be accessed under "Events & Presentations" in the Investor Relations section of the Company's website at www.athira.com, where it will also be archived.
About Athira Pharma, Inc.
Athira Pharma Inc., headquartered in the Seattle area, is a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration. Athira aims to provide rapid cognitive improvement and alter the course of neurological diseases with its novel mechanism of action. Athira is currently advancing its lead therapeutic candidate, fosgonimeton, a novel small molecule for Alzheimer’s and Parkinson’s disease dementia and Dementia with Lewy bodies. For more information, visit www.athira.com. You can also follow Athira on Facebook, LinkedIn and @athirapharma on Twitter and Instagram.
Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include statements regarding fosgonimeton as a potential treatment for Alzheimer’s disease, Parkinson’s disease dementia, Dementia with Lewy bodies, and other dementias; Athira’s platform technology and potential therapies; future development plans; clinical and regulatory objectives and the timing thereof, including the timing of the ACT-AD and LIFT-AD clinical trials and the timing of the Phase 2 clinical trial of fosgonimeton for treatment of Parkinson’s disease dementia; interactions with regulators and the timing thereof, including anticipated timing of IND or equivalent submissions; expectations regarding the potential efficacy and commercial potential of Athira’s product candidates; the anticipated reporting of data; and Athira’s ability to advance its product candidates into later stages of development. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “on track,” “would,” “expect,” “plan,” “believe,” “intend,” “pursue,” “continue,” and other similar expressions, among others. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to
differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the preliminary data for Athira’s fosgonimeton product candidate from the Phase 1a/b trials will not continue or persist in current or planned clinical trials; cessation or delay of any of the ongoing clinical trials and/or Athira’s development of fosgonimeton and other product candidates may occur; future potential regulatory milestones of fosgonimeton and other product candidates, including those related to current and planned clinical studies may be insufficient to support regulatory submissions or approval; the impact of the COVID-19 pandemic on Athira’s business, research and clinical development plans and timelines and results of operations, including impact on Athira’s clinical trial sites and contractors who act for or on Athira’s behalf, may be more severe and more prolonged than currently anticipated; the regulatory process for Athira product candidates; the outcome of legal proceedings which have been or may in the future be instituted against us and certain of our directors and officers; clinical trials may not demonstrate safety and efficacy of any of Athira’s product candidates; Athira’s assumptions regarding the sufficiency of its cash, cash equivalents and investments to fund its planned operations may be incorrect; Athira’s research and development efforts and its ability to advance product candidates into later stages of development may fail; any one or more of Athira’s product candidates may not be successfully developed, approved or commercialized; adverse conditions in the general domestic and global economic markets; the impact of competition; while P300 latency is a functional measure that is highly correlated with cognition, Athira may not successfully establish a connection between these P300 latency results and improved cognition; regulatory agencies may be delayed in reviewing, commenting on or approving any of Athira’s clinical development plans as a result of the COVID-19 pandemic, which could further delay development timelines; the impact of competition; the impact of expanded product development and clinical activities on operating expenses; the impact of new or changing laws and regulations; as well as the other risks detailed in Athira’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and Athira undertakes no obligation to update forward-looking statements. Athira may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the forward-looking statements.
Investor & Media Contact:
Julie Rathbun
Athira Pharma
Julie.rathbun@athira.com
206-769-9219
Athira Pharma, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|
| December 31, |
| |||||
|
| 2021 |
|
| 2020 |
| ||
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 110,537 |
|
| $ | 60,625 |
|
Short-term investments |
|
| 143,222 |
|
|
| 124,057 |
|
Other short-term assets |
|
| 7,040 |
|
|
| 7,655 |
|
Long-term investments |
|
| 65,936 |
|
|
| 83,509 |
|
Other long-term assets |
|
| 5,273 |
|
|
| 3,717 |
|
Total assets |
| $ | 332,008 |
|
| $ | 279,563 |
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
Current liabilities |
| $ | 9,292 |
|
| $ | 4,405 |
|
Long-term liabilities |
|
| 1,632 |
|
|
| 876 |
|
Total liabilities |
|
| 10,924 |
|
|
| 5,281 |
|
Stockholders' equity |
|
| 321,084 |
|
|
| 274,282 |
|
Total liabilities and stockholders' equity |
| $ | 332,008 |
|
| $ | 279,563 |
|
Athira Pharma, Inc.
Condensed Consolidated Statement of Comprehensive Loss
(Amounts in thousands, except share and per share amounts)
|
| Year Ended December 31, |
| |||||
|
| 2021 |
|
| 2020 |
| ||
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
| $ | 42,794 |
|
| $ | 13,286 |
|
General and administrative |
| $ | 21,228 |
|
| $ | 6,709 |
|
Total operating expenses |
|
| 64,022 |
|
|
| 19,995 |
|
Loss from operations |
|
| (64,022 | ) |
|
| (19,995 | ) |
Grant income |
|
| 8,835 |
|
|
| 1,321 |
|
Other income (expense), net |
|
| 334 |
|
|
| (1,281 | ) |
Net loss |
| $ | (54,853 | ) |
| $ | (19,955 | ) |
Unrealized (loss) gain on available-for-sale securities |
|
| (421 | ) |
|
| 33 |
|
Comprehensive loss attributable to common stockholders |
| $ | (55,274 | ) |
| $ | (19,922 | ) |
Net loss per share attributable to common stockholders, basic and diluted |
| $ | (1.49 | ) |
| $ | (1.67 | ) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
|
| 36,921,172 |
|
|
| 11,966,912 |
|