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ATHA

Athira Pharma, Inc.

ATHA

Athira Pharma, Inc. • NASDAQ
$4.35 ▼ -3.76% (-0.17)
Market Cap $17.16 M
52w High $6.68
52w Low $2.20
Dividend Yield 0%
P/E -0.45
Volume 6.01K
Outstanding Shares 3.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $6.631M ▼ $-6.611M ▲ 0% $-1.68 ▲ $-6.503M ▲
Q2-2025 $0 $7.091M ▼ $-6.966M ▲ 0% $-1.78 ▲ $-6.766M ▲
Q1-2025 $0 $9.293M ▼ $-9.143M ▲ 0% $-2.3 ▲ $-8.9M ▲
Q4-2024 $0 $15.566M ▼ $-15.003M ▲ 0% $-3.9 ▲ $-15.323M ▲
Q3-2024 $0 $29.621M $-28.741M 0% $-7.5 $-25.251M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $25.226M ▼ $30.033M ▼ $3.247M ▼ $26.786M ▼
Q2-2025 $29.823M ▼ $35.545M ▼ $3.559M ▼ $31.986M ▼
Q1-2025 $36.67M ▼ $43.513M ▼ $6.183M ▼ $37.33M ▼
Q4-2024 $51.275M ▼ $58.779M ▼ $13.938M ▼ $44.841M ▼
Q3-2024 $68.856M $86.246M $28.663M $57.583M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-6.611M ▲ $-4.668M ▲ $5.654M ▲ $0 ▼ $986K ▲ $-4.668M ▲
Q2-2025 $-6.966M ▲ $-6.999M ▲ $441K ▲ $24K ▲ $-6.534M ▲ $-6.999M ▲
Q1-2025 $-9.143M ▲ $-14.665M ▲ $-7.351M ▼ $0 ▼ $-22.016M ▲ $-14.665M ▲
Q4-2024 $-15.003M ▲ $-26.013M ▼ $-2.812M ▼ $34K ▲ $-28.791M ▼ $-26.013M ▼
Q3-2024 $-28.741M $-23.023M $18.039M $12K $-4.972M $-23.023M

Five-Year Company Overview

Income Statement

Income Statement Athira is still a pure research company with no product sales yet, so all of its spending flows straight through as losses. Over the past several years, it has reported steady, meaningful losses driven by R&D and operating costs, but these losses have not ballooned out of control. The most recent year shows a modest improvement compared with the prior year, but the business remains firmly unprofitable and dependent on outside funding. Earnings per share look very negative partly because the company is small and its costs are spread over a relatively small share base, not because of a sudden collapse in the underlying activity.

Balance Sheet

Balance Sheet The balance sheet is lean and dominated by cash and short-term assets, which is typical for a small biotech with no commercial operations. Cash levels have been shrinking over time as the company funds its research, and total assets and shareholders’ equity have stepped down each year since their peak a few years ago. On the positive side, Athira carries no debt, so there are no interest burdens or looming loan repayments. The overall picture is of a small but clean balance sheet that is steadily being drawn down to support ongoing development work, with limited cushion unless fresh capital or a partner is secured.

Cash Flow

Cash Flow Cash flow reflects a straightforward story: money goes out for research and operations, and no money comes in from product sales. Operating cash burn has been consistent but persistent, with no offset from meaningful investment income or other sources. Because the company spends almost nothing on physical assets or equipment, free cash flow is essentially the same as operating cash flow and remains clearly negative. Cost cuts and workforce reductions should slow the burn somewhat, but the current trajectory still points to a finite cash runway that will eventually require new funding, a partnership, or a strategic transaction.

Competitive Edge

Competitive Edge Athira occupies a niche in neurodegenerative diseases with a distinctive scientific angle, focusing on repairing and protecting neurons through the HGF/MET pathway rather than chasing the same protein targets as many Alzheimer’s competitors. This gives it a differentiated story and the potential for broad use across several brain diseases if the approach works in humans. However, the failed Alzheimer’s trial has damaged confidence in the first-generation asset and raised questions about the overall platform. In ALS, where the company is now concentrating, the field is crowded with well-funded players using many different technologies, and Athira’s small size, limited resources, and recent downsizing make it harder to compete, even with a unique mechanism. The ongoing strategic review underscores that its independent competitive position is under pressure and may need external support to realize the value of its science.

Innovation and R&D

Innovation and R&D Innovation is Athira’s main strength. The company is pursuing a novel repair-based approach to brain diseases using small molecules that enhance a natural growth and survival pathway in neurons. Its next-generation lead candidate, ATH-1105, is an oral drug for ALS with encouraging early laboratory and safety data, and the same platform could, in theory, be extended to other conditions like Parkinson’s or broader neurodegeneration. R&D is now more focused and concentrated around this lead program, which can sharpen execution but also increases dependence on a single asset. The scientific concept remains intriguing, but it is still largely unproven in patient outcomes, so the real test will be how these drugs perform in upcoming clinical trials.

Summary

Athira is a small, pre-revenue biotech that has spent the last several years steadily burning cash to advance a novel approach to neurodegenerative diseases. Its income statement shows ongoing losses with no commercial offset, and its balance sheet, while debt-free and relatively simple, has been gradually shrinking as cash is used to fund research. Cash flows are negative and likely to remain so until a partnering deal, capital raise, or successful drug launch far in the future. Competitively, the company offers a differentiated mechanism and a promising ALS candidate, but recent trial setbacks, workforce reductions, and a strategic review highlight meaningful scientific, execution, and financing risks. The company is at a crossroads: its future now largely hinges on the clinical success of ATH-1105 and the outcome of any strategic transaction or partnership that can provide the resources needed to test its platform at scale.

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