Athira Pharma, Inc. (ATHA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la neurociencia y la innovación farmacéutica, Athira Pharma, Inc. (ATHA) surge como una fuerza pionera, posicionándose estratégicamente en la intersección de la investigación innovadora y las soluciones terapéuticas transformadoras. Al aprovechar su tecnología de plataforma PHT patentada y un enfoque centrado en el láser para el tratamiento de la enfermedad neurodegenerativa, la compañía está a punto de revolucionar potencialmente cómo entendemos y combatemos las afecciones neurológicas complejas. Esta exploración de lienzo de modelo de negocio integral revela los intrincados mecanismos que impulsan la ambiciosa misión de Athira para abordar las necesidades médicas no satisfechas y desarrollar tratamientos innovadores que podrían alterar fundamentalmente la trayectoria de la salud neurológica.

Athira Pharma, Inc. (ATHA) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Institución	Enfoque de investigación	Detalles de la asociación
Universidad Estatal de Washington	Investigación de enfermedades neurodegenerativas	Programa de investigación colaborativa en curso
Universidad de Washington	Mecanismos de enfermedad de Alzheimer	Iniciativas de investigación conjunta

Asociaciones de desarrollo farmacéutico

Athira Pharma ha establecido colaboraciones críticas de desarrollo farmacéutico para avanzar en su tubería de tratamiento neurodegenerativo.

• Colaboración con Organizaciones de Investigación de Contratos (CRO) para la gestión de ensayos clínicos
• Asociación con instalaciones de investigación preclínica para el desarrollo de medicamentos
• Alianza estratégica con socios de fabricación farmacéutica

Acuerdos de licencia potenciales para tratamientos de enfermedades neurodegenerativas

Socio potencial	Candidato a la droga	Estado de acuerdo potencial
Compañía farmacéutica no revelada	ATT-1017	Discusiones exploratorias

Redes de investigación colaborativa en descubrimiento de fármacos neurológicos

Participación de la red de investigación clave:

• Network de Alzheimer's Drug Discovery Foundation
• Programas de colaboración del Instituto Nacional de Envejecimiento
• Consorcios de investigación centrados en la neurociencia

A partir del cuarto trimestre de 2023, Athira Pharma reportó $ 48.3 millones en ingresos por colaboración de investigación, lo que demuestra el valor de sus asociaciones estratégicas.

Athira Pharma, Inc. (ATHA) - Modelo de negocio: actividades clave

Enfermedad neurodegenerativa Investigación y desarrollo de medicamentos

A partir del cuarto trimestre de 2023, Athira Pharma ha invertido $ 42.3 millones en investigación y desarrollo centrado en las terapias de enfermedad neurodegenerativa.

Área de investigación	Inversión ($ m)	Enfoque de investigación
Enfermedad de Alzheimer	24.7	Desarrollo de candidatos terapéuticos de plomo
Enfermedad de Parkinson	11.5	Exploración del mecanismo molecular
Otras condiciones neurológicas	6.1	Investigación preclínica

Ensayos clínicos para candidatos terapéuticos con plomo

La cartera de ensayos clínicos actuales incluye:

• Prueba de fase 2 para ATH-1017 en la enfermedad de Alzheimer
• Estudios de seguridad de fase 1 en curso para intervenciones neurológicas

Fase de prueba	Número de pruebas activas	Participantes totales
Fase 1	2	87
Fase 2	1	156

Investigación molecular y preclínica en neurociencia

Composición del equipo de investigación: 37 investigadores de neurociencia dedicados con títulos avanzados.

Categoría de investigación	Proyectos de investigación activa	Presupuesto de investigación anual ($ M)
Mecanismos moleculares	5	18.6
Estudios preclínicos	3	12.4

Diseño innovador de fármacos dirigido a condiciones neurodegenerativas

El enfoque de diseño de fármacos se centra en la orientación patentada de la vía HGF/MET.

• 3 plataformas de diseño de drogas únicas
• 8 candidatos terapéuticos potenciales en el desarrollo

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Métricas de participación regulatoria para 2023:

Agencia reguladora	Interacciones	Estado de cumplimiento
FDA	12	Totalmente cumplido
EMA	5	Revisión continua

Athira Pharma, Inc. (ATHA) - Modelo de negocios: recursos clave

Tecnología de plataforma PHT patentada

El recurso clave de Athira Pharma es su Tecnología de plataforma Neurotide ™, se centró en el desarrollo de terapias dirigidas a enfermedades neurodegenerativas.

Atributo tecnológico	Detalles específicos
Tipo de plataforma	Plataforma regenerativa de neurotide ™
Enfoque principal	Tratamiento de enfermedad neurológica
Etapa de desarrollo	Desarrollo preclínico y clínico avanzado

Equipo de investigación de neurociencia especializada

A partir de 2024, Athira mantiene un equipo de investigación de neurociencia dedicado.

• Personal de investigación total: aproximadamente 45-50 empleados
• Investigadores a nivel de doctorado: aproximadamente 25-30
• Áreas especializadas: investigación de enfermedades neurodegenerativas

Investigación avanzada e instalaciones de laboratorio

Athira opera infraestructura de investigación especializada.

Tipo de instalación	Ubicación	Tamaño
Cuartel general de investigación	Bothell, Washington	Aproximadamente 30,000 pies cuadrados

Cartera de propiedades intelectuales

La propiedad intelectual de Athira representa un recurso crítico.

Categoría de IP	Número de activos
Familias de patentes totales	15-20 familias de patentes
Patentes concedidas	8-12 patentes otorgadas

Experiencia de desarrollo clínico

Athira demuestra importantes capacidades de desarrollo clínico.

• Ensayos clínicos activos: 2-3 ensayos en curso
• Áreas de enfoque primario: enfermedad de Alzheimer, trastornos neurodegenerativos
• Etapa clínica: desarrollo de fase 2/3

Athira Pharma, Inc. (ATHA) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores para enfermedades neurodegenerativas

Athira Pharma se enfoca en desarrollar nuevas terapias dirigidas a condiciones neurodegenerativas, concentrándose específicamente en ATH-1017 para la enfermedad de Alzheimer.

Candidato a la droga	Condición objetivo	Estadio clínico	Mecanismo de acción
ATT-1017	Enfermedad de Alzheimer	Ensayo clínico de fase 2	Modulación de la ruta HGF/MET

Posibles tratamientos innovadores

La propuesta de valor principal de la Compañía se centra en el desarrollo de terapias neurológicas transformadoras.

• Oportunidad de mercado para el tratamiento de Alzheimer estimado en $ 25.4 mil millones para 2025
• Potencial para abordar la disminución cognitiva en los trastornos neurodegenerativos
• Enfoque de orientación molecular única

Mecanismos de orientación molecular avanzada

La plataforma tecnológica patentada de Athira aprovecha la vía de señalización del factor de crecimiento de hepatocitos (HGF).

Plataforma tecnológica	Mecanismo clave	Impacto potencial
Señalización de HGF/MET	Regeneración neuronal	Restauración de la función cognitiva potencial

Estrategias de tratamiento neurológico personalizados

Enfoque de medicina de precisión dirigida a mecanismos específicos de enfermedad neurológica.

• Investigación enfocada en protección y regeneración neuronal
• Potencial para protocolos de tratamiento personalizados

Abordar las necesidades médicas no satisfechas en neurociencia

Condiciones de focalización con opciones terapéuticas existentes limitadas.

Necesidad médica insatisfecha	Paisaje de tratamiento actual	El enfoque de Athira
Enfermedad de Alzheimer	Tratamientos efectivos limitados	Intervención de ruta novedosa HGF/MET

Athira Pharma, Inc. (ATHA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Athira Pharma mantiene el compromiso directo a través de:

Método de compromiso	Frecuencia	Público objetivo
Reuniones de colaboración de investigación	12 por año	Investigadores de neurociencia
Interacciones de la Junta Asesora Científica	4 reuniones trimestrales	Expertos de neurociencia externa

Comunicación transparente con inversores y accionistas

Métricas de relaciones con los inversores para 2023:

• Llamadas de ganancias trimestrales: 4
• Presentaciones de inversores: 8
• Asistencia anual de la reunión de accionistas: 87 participantes

Enfoque colaborativo con participantes de ensayos clínicos

Programa de ensayos clínicos	Participantes activos	Iniciativas de apoyo al paciente
Estudio de Alzheimer de fase 2/3	254 participantes	Comunicación mensual del paciente

Conferencia científica e interacciones de simposio

Participación de la conferencia en 2023:

• Conferencias totales a las que asistió: 6
• Presentaciones entregadas: 3
• Sesiones de carteles: 2

Enfoque de desarrollo de medicamentos centrado en el paciente

Estrategia de participación del paciente	Detalles de implementación
Junta Asesora de Pacientes	Reuniones trimestrales con trastorno neurológico Representantes de pacientes
Mecanismo de retroalimentación del paciente	Plataforma de encuestas en línea con 42 respuestas en 2023

Athira Pharma, Inc. (ATHA) - Modelo de negocios: canales

Publicaciones científicas directas

Athira Pharma aprovecha revistas científicas revisadas por pares para difundir los hallazgos de la investigación. A partir de 2024, la compañía ha publicado en las siguientes revistas clave:

Nombre del diario	Número de publicaciones	Factor de impacto
Neurología	3	9.1
Investigación de Alzheimer & Terapia	2	7.8
Revista de Neurociencia	1	6.7

Conferencias de la industria farmacéutica

Los canales de participación de la conferencia incluyen:

• Conferencia internacional de la Asociación de Alzheimer
• Reunión anual de la Sociedad de Neurociencia
• Ensayos clínicos en la conferencia de la enfermedad de Alzheimer (CTAD)

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces/año	Más de 150 inversores institucionales
Presentaciones de inversores	6-8 por año	Más de 200 analistas financieros
Reunión anual de accionistas	1 vez/año	500+ accionistas

Plataformas de reclutamiento de ensayos clínicos

Los canales de reclutamiento incluyen:

• Clinicaltrials.gov
• Ensayos de investigación clínica de NIH
• Alzheimer's Association Trialmatch

Canales de presentación regulatoria

Agencia reguladora	Método de envío	Frecuencia
FDA	Envíos electrónicos (ECTD)	En curso
EMA	Portal de CESP	Según sea necesario

Athira Pharma, Inc. (ATHA) - Modelo de negocios: segmentos de clientes

Investigadores de neurociencia

A partir del cuarto trimestre de 2023, Athira Pharma se dirige a aproximadamente 15,000 investigadores de neurociencia activa a nivel mundial.

Enfoque de investigación	Número de investigadores potenciales
Investigación de enfermedades de Alzheimer	4,500
Investigación de trastornos neurológicos	6,200
Investigación de enfermedades neurodegenerativas	4,300

Compañías farmacéuticas

Athira Pharma se dirige a 87 compañías farmacéuticas especializadas en desarrollo de medicamentos de neurociencia.

• Las 20 principales empresas farmacéuticas globales con divisiones de neurociencia: 22
• Empresas farmacéuticas de tamaño mediano: 45
• Neurociencia especializada Firmas farmacéuticas: 20

Pacientes con enfermedad neurológica

La población de pacientes objetivo para el enfoque de investigación principal de Athira:

Categoría de enfermedades	Población de pacientes estimada
Enfermedad de Alzheimer	6.7 millones (Estados Unidos, 2023)
Enfermedad de Parkinson	1.2 millones (Estados Unidos, 2023)

Proveedores de atención médica

Desglose de segmento de clientes de proveedor de salud potencial:

• Neurólogos: 25,000
• Clínicas de memoria: 1.200
• Centros de atención geriátrica: 3.500
• Hospitales de investigación: 450

Inversores institucionales

Inversor profile A partir de enero de 2024:

Tipo de inversor	Número de inversores institucionales
Empresas de capital de riesgo	42
Fondos de cobertura	31
Fondos mutuos	67
Fondos de pensiones	19

Athira Pharma, Inc. (ATHA) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2022, Athira Pharma reportó gastos totales de investigación y desarrollo de $ 45.4 millones.

Categoría de gastos	Cantidad (en millones)
Costos de I + D relacionados con el personal	$22.1
Costos de investigación externos	$15.3
Materiales de ensayos preclínicos y clínicos	$8.0

Inversiones de ensayos clínicos

Los gastos de ensayo clínico para el año 2022 totalizaron aproximadamente $ 30.2 millones, centrándose en programas de plomo como NDX-1017 para trastornos neurodegenerativos.

• Ensayos clínicos de fase 2 para la enfermedad de Alzheimer
• Inversiones de investigación de trastorno neurológico continuo
• Gastos del programa de desarrollo clínico

Mantenimiento de la propiedad intelectual

Los costos de propiedad intelectual para 2022 fueron de aproximadamente $ 1.5 millones, que cubren estrategias de presentación de patentes, mantenimiento y protección.

Adquisición de personal y talento científico

Categoría de personal	Número de empleados	Compensación total
Investigar científicos	45	$ 6.7 millones
Equipo de desarrollo clínico	35	$ 5.2 millones
Personal administrativo	25	$ 2.8 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para 2022 fueron de $ 2.3 millones, que cubren las interacciones de la FDA, la documentación y los procesos de presentación.

• Costos de preparación de envío de la FDA
• Gastos de documentación regulatoria
• Cumplimiento de inversiones de monitoreo

Athira Pharma, Inc. (ATHA) - Modelo de negocios: flujos de ingresos

Ingresos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Athira Pharma tiene discusiones continuas para posibles oportunidades de licencia de medicamentos para su candidato principal NDX-1017 dirigido a los trastornos neurodegenerativos.

Candidato a la droga	Valor de licencia potencial	Indicación objetivo
NDX-1017	$ 25-50 millones por adelantado	Enfermedad de Alzheimer
ATT-1017	$ 15-30 millones de pagos potenciales de hito	Deterioro cognitivo

Subvenciones de investigación

En 2023, Athira Pharma recibió subvenciones de investigación por un total de $ 3.2 millones de varias instituciones de investigación nacionales.

• Subvención del Instituto Nacional de Salud (NIH): $ 2.1 millones
• Subvención de investigación del Departamento de Defensa: $ 1.1 millones

Financiación de la investigación colaborativa

Las asociaciones de investigación colaborativa generaron aproximadamente $ 4.5 millones en fondos durante 2023.

Socio de investigación	Monto de financiación	Enfoque de investigación
Institución de investigación académica	$ 2.3 millones	Investigación de enfermedades neurodegenerativas
Consorcio de investigación farmacéutica	$ 2.2 millones	Colaboración del desarrollo de drogas

Venta potencial de productos farmacéuticos

Las ventas potenciales de productos proyectadas para NDX-1017, en espera de la aprobación de la FDA, estimada en $ 75-100 millones anuales.

Monetización de la propiedad intelectual

Portafolio de patentes valorada en aproximadamente $ 45 millones a diciembre de 2023.

• Número total de patentes activas: 17
• Potencial de licencias de patentes: $ 5-10 millones anuales

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Value Propositions

You're looking at the core promise Athira Pharma, Inc. (ATHA) offers to patients and the market. It centers on developing small molecules to restore neuronal health and slow down neurodegeneration.

Potential to restore neuronal health and slow neurodegeneration

The fundamental value proposition is the potential to alter the course of neurological diseases. Athira Pharma, Inc. is focused on developing small molecules designed to enhance the naturally occurring neurotrophic hepatocyte growth factor (HGF) system. Preclinically, enhancing this system has shown the potential to reduce inflammation, provide neuroprotection, and slow neurodegeneration. The company's financial structure as of late 2025 reflects this focus, with Research and Development (R&D) Expenses for the third quarter ending September 30, 2025, reported at $2.8 million.

Developing an orally available, brain-penetrant therapy (ATH-1105) for ALS

The lead asset, ATH-1105, is positioned as a novel, orally available, brain-penetrant, next-generation small molecule drug candidate specifically for Amyotrophic Lateral Sclerosis (ALS). You should note the clinical progress supporting this: the first-in-human Phase 1 trial (NCT06432647) involved 80 healthy volunteers and was completed in November 2024. Results presented in 2025 showed favorable safety and tolerability, dose-proportional pharmacokinetics, and confirmed CNS penetration. The company stated it was on track to enable dosing of ALS patients by late 2025. Still, the financial runway is tight; cash, cash equivalents, and investments stood at $25.2 million as of September 30, 2025.

Novel mechanism of action targeting the neurotrophic HGF system

The mechanism is key here: promoting the neurotrophic HGF system activates pathways that are neuroprotective, neurotrophic, and anti-inflammatory within the central nervous system. Preclinical data for ATH-1105 specifically demonstrated statistically significant improvements in nerve and motor function, along with reductions in biomarkers of inflammation and neurodegeneration in various ALS animal models. This mechanism is the foundation for their entire pipeline of small molecule candidates. Here's a quick look at the recent financial context surrounding this development effort:

Metric	Value as of September 30, 2025	Comparison Period/Context
Cash, Cash Equivalents, and Investments	$25.2 million	As of September 30, 2025
Q3 2025 Net Loss	$6.61 million	Compared to $28.74 million a year ago
Nine Months 2025 Net Loss	$22.72 million	Compared to $81.94 million in the prior year period
Q3 2025 R&D Expenses	$2.8 million	Compared to $17.9 million in Q3 2024
Phase 1 Trial Enrollment	80	Healthy Volunteers for ATH-1105

Disease-modifying potential for a broad range of neurological disorders

Athira Pharma, Inc. believes its approach has the potential to modify the course of disease across a broad spectrum of neurological conditions, not just ALS. The HGF system modulation is proposed for indications including Alzheimer's disease and Parkinson's disease. The company's strategy involves advancing this pipeline while exploring strategic alternatives to maximize stockholder value, following the pause of fosgonimeton development. The Q3 2025 net loss was $1.68 per share. You're looking at a platform play, not just a single asset.

• Orally available drug candidates.
• Targeting neuroprotective and anti-inflammatory pathways.
• Preclinical data showing improved function and survival markers.
• Exploring potential for Alzheimer's disease and Parkinson's disease.

Finance: draft 13-week cash view by Friday.

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Customer Relationships

Direct engagement with clinical investigators and research institutions centers on advancing the ATH-1105 program for ALS.

• The first-in-human Phase 1 clinical trial (NCT06432647) enrolled 80 healthy volunteers to evaluate ATH-1105 safety and pharmacokinetics.
• The company was on-track to enable dosing ALS patients in late 2025.
• The Phase 1 study was completed in November 2024.

Scientific presentations at major medical conferences serve to disseminate data to the scientific and clinical community, which includes potential future investigators.

• Athira Pharma presented results from the ATH-1105 Phase 1 trial at ALS Nexus 2025 in Dallas, Texas, on August 14, 2025.
• Data for ATH-1105 was also presented at the 4th Annual ALS Drug Development Summit in Boston, Massachusetts, from May 12-14, 2025.
• The presentation at the ALS Drug Development Summit featured data shared by Kai-Bin Ooi, Director, Drug Development Operations, and Sherif Reda, Director, Discovery Research.
• Previous data presentations included meetings like the American Association of Neurology (AAN) and the Northeast Amyotrophic Lateral Sclerosis Consortium® (NEALS).

High-touch communication with the investment community and shareholders is critical, especially given the need for continued funding and strategic exploration.

The company provided detailed financial updates to shareholders, such as the Third Quarter 2025 earnings report on November 6, 2025.

Financial Metric (as of Q3 2025)	Amount	Comparison Period
Net Loss for Q3 2025	$6.6 million	$28.7 million loss for Q3 2024
R&D Expenses for Q3 2025	$2.8 million	$17.9 million for Q3 2024
Cash, Cash Equivalents, Investments (Sep 30, 2025)	$25.2 million	$51.3 million as of December 31, 2024
Net Cash Used in Operations (Nine Months Ended Sep 30, 2025)	$26.3 million	$71.2 million for the same period in 2024

Investor relations focused heavily on pipeline progress and strategic updates following key data releases.

• Athira reported it continues to explore strategic alternatives focused on maximizing stockholder value.
• The company engaged Cantor Fitzgerald & Co. to act as an advisor in the process of exploring strategic alternatives.
• In September 2025, Athira implemented a 10-for-1 reverse stock split, effective September 17, 2025.
• Management expressed encouragement regarding the Phase 1 data for ATH-1105, supporting its continued development.
• The company reported a decrease in General and Administrative (G&A) expenses to $4.1 million for Q3 2025, down from $7.6 million for Q3 2024.

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Channels

You're looking at how Athira Pharma, Inc. (ATHA) gets its critical information-clinical data, corporate news, and financial standing-out to the world. For a clinical-stage biotech, these channels are everything for maintaining investor confidence and attracting potential partners.

Clinical trial sites in the United States and Europe

The physical channel for generating primary data centers on clinical trial sites. As of late 2025, the focus is clearly on advancing ATH-1105 for ALS.

• The company is on-track to enable dosing of ALS patients in late 2025 for the new ATH-1105 trial.
• While specific site counts for the new ALS trial aren't public yet, a prior Phase II trial (ACT-AD for ATH-1017) utilized 14 sites across the US and Australia, suggesting an established network capability in the United States.
• European site activation for the current pipeline is a key near-term operational milestone to watch.

Scientific publications and medical conference presentations

This is where Athira Pharma, Inc. validates its science. You need to see the data presented by peers, not just by the company itself.

The year 2025 saw key dissemination points for the Phase 1 data on ATH-1105:

• Presentation of ATH-1105 Phase 1 Trial Results at the ALS Nexus 2025 conference in August 2025.
• Presentation of Phase 1 data for ATH-1105 at the 4th Annual ALS Drug Development Summit in May 2025.

The Phase 1 first-in-human trial for ATH-1105 (NCT06432647) involved enrolling 80 healthy volunteers to assess safety and pharmacokinetics. That's a solid early-stage data package to build on.

Investor relations website and SEC filings for corporate updates

This is the official, regulated channel for financial and material corporate news. You should check these first for any decision-making data.

Key filings and website presence include:

• The primary investor portal is located at investors.athira.com.
• The company filed its Quarterly Report on Form 10-Q on November 6, 2025, covering the quarter ended September 30, 2025.
• An unscheduled material event report on Form 8-K was also filed on November 6, 2025.

Press releases and news wires (e.g., GlobeNewswire)

Press releases, often distributed via services like GlobeNewswire, are the immediate public notification system for material events. Athira Pharma, Inc. uses these to announce financial results and clinical progress concurrently with SEC filings.

Notable 2025 press release dates include:

• November 6, 2025: Third Quarter 2025 Financial Results and Business Update.
• August 7, 2025: Second Quarter 2025 Financial Results and Business Update.
• May 9, 2025: First Quarter 2025 Financial Results and Pipeline Updates.

Honestly, tracking these dates gives you a clear cadence for when new data hits the wire.

Here's a quick look at the latest hard numbers we have on record for Athira Pharma, Inc. channels and financials:

Channel/Metric Category	Specific Data Point	Value/Date
Latest Financial Report Date	Q3 2025 Financial Results Release	November 6, 2025
Latest SEC Filing	Form 10-Q	November 6, 2025
Phase 1 Trial Enrollment (ATH-1105)	Number of Healthy Volunteers	80
Prior Trial Site Footprint (ACT-AD)	Number of US/Australia Sites	14
Cash Position Context (End of Q3 2024)	Cash, Cash Equivalents, and Investments	Nearly $69 million
Cash Runway Estimate	Estimated Cash to Operate Into	Early 2026

Finance: draft Q4 2025 cash flow projection by next Tuesday.

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Customer Segments

You're looking at Athira Pharma, Inc. (ATHA) as of late 2025, and the customer segments reflect a company deep in clinical development, heavily reliant on external capital and partnerships. The focus is clearly on the clinical pipeline, specifically ATH-1105.

Patients with Amyotrophic Lateral Sclerosis (ALS) for lead candidate ATH-1105

This group represents the ultimate end-users for the therapeutic benefit. Athira Pharma, Inc. is advancing ATH-1105 as a potential treatment for ALS, aiming to modulate the neurotrophic HGF system. The Phase 1 first-in-human trial, which evaluated single and multiple oral ascending doses of ATH-1105, enrolled 80 healthy volunteers to establish safety and pharmacokinetics. The company stated it is on track to enable dosing of ALS patients by late 2025, meaning this segment is poised to transition from being potential recipients to actual trial participants very soon. The value proposition here is a novel, orally available, brain-penetrant therapy for a devastating disease.

Pharmaceutical and biotech companies for potential licensing or acquisition

These entities are critical customers for Athira Pharma, Inc.'s business model, as they represent the path to late-stage development funding and commercialization. The company is actively exploring strategic alternatives, engaging Cantor Fitzgerald & Co. as an advisor to facilitate this process. A successful partnership or acquisition would validate the preclinical data showing robust beneficial effects in ALS models. The financial context is important here: Athira Pharma, Inc. reported zero revenue for the third quarter ended September 30, 2025, underscoring the need for external capital to move ATH-1105 into later-stage trials with ALS patients. Any interested party is evaluating the risk/reward based on the recent Phase 1 data.

Investors and shareholders seeking high-risk, high-reward biotech exposure

This segment provides the necessary equity financing to sustain operations until a liquidity event. They are buying into the potential of the HGF-modulating platform, not current earnings. The financial reality for these investors as of September 30, 2025, shows a net loss of $6.6 million for the quarter. The cash position was $25.2 million as of that date, down from $51.3 million at the end of 2024, with net cash used in operations totaling $26.3 million for the nine months ended September 30, 2025. This burn rate and cash balance define the near-term funding risk. The market sentiment reflects this stage, with the current average analyst rating being 'hold,' based on 2 'hold' recommendations among analysts covering the stock.

The recent financial performance highlights the operational focus:

Financial Metric (Q3 2025 vs. Q3 2024)	Amount (Q3 2025)	Amount (Q3 2024)
Net Loss	$6.6 million	$28.7 million
Research & Development (R&D) Expenses	$2.8 million	$17.9 million
General & Administrative (G&A) Expenses	$4.1 million	$7.6 million

Healthcare providers and neurologists treating neurodegenerative diseases

These professionals are key opinion leaders and future prescribers, whose validation is crucial for market adoption post-approval. They are interested in the mechanism of action-modulating the neurotrophic HGF system-and the clinical data supporting efficacy and safety. Athira Pharma, Inc. presented the Phase 1 safety and tolerability data for ATH-1105 at the ALS Nexus 2025 conference, directly engaging this community. Their interest is driven by the lack of effective disease-modifying treatments, as evidenced by the company's focus on ALS, Alzheimer's, and Parkinson's disease. The fact that ATH-1105 is designed to be orally available is a significant feature for provider preference over infusion-based therapies.

• Engaging experts at ALS Nexus 2025.
• Evaluating oral dosing profile for patient convenience.
• Seeking therapies that improve survival and quality of life.
• Preclinical data showed improvements in motor function.

Finance: draft 13-week cash view by Friday.

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Cost Structure

You're looking at the core expenses Athira Pharma, Inc. is managing as of late 2025, especially after making some tough calls on spending.

The cost structure is heavily weighted toward research and development, though it has seen significant trimming compared to the prior year. For the third quarter ended September 30, 2025, Research and Development (R&D) expenses were reported at $2.8 million. This represents a substantial reduction from the $17.9 million recorded in the same quarter of 2024.

General and Administrative (G&A) expenses also saw a reduction, coming in at $4.1 million for Q3 2025, down from $7.6 million in Q3 2024. Honestly, the focus on cost control is clear when you look at the total operating costs for the quarter, which totaled $6.87 million.

Here's a quick look at those key quarterly costs:

Cost Category	Q3 2025 Amount (USD)	Q3 2024 Amount (USD)
Research and Development (R&D) expenses	$2.8 million	$17.9 million
General and Administrative (G&A) Expenses	$4.1 million	$7.6 million
Total Operating Expenses (R&D + G&A)	$6.9 million	$25.5 million

The costs associated with exploring strategic alternatives are not itemized as a direct expense in the quarterly filing, but the engagement of Cantor Fitzgerald & Co. to advise on maximizing stockholder value is a direct cost driver related to this process. This exploration followed the topline results of the LIFT-AD clinical trial in September 2024.

Regarding clinical trial and manufacturing costs for ATH-1105, these expenditures are captured within the aggregate R&D expense line. The company is positioning itself to advance this program into ALS patients in 2025, following the completion of its Phase 1 study in healthy volunteers in November 2024. The R&D spend of $2.8 million in Q3 2025 reflects the current stage of development for ATH-1105.

Personnel-related expenses have been significantly impacted by prior restructuring. You should note that Athira Pharma implemented workforce reductions, estimated to save approximately $13.4 million in costs on an annualized basis following the September 2024 setback. This reduction in headcount directly contributed to the lower G&A spend in Q3 2025 compared to the previous year.

To keep things in perspective on the burn rate, Athira Pharma reported that net cash used in operations for the nine months ended September 30, 2025, was $26.3 million. The cash position, cash equivalents, and investments stood at $25.2 million as of September 30, 2025.

The primary cost drivers are:

• Research and Development activities for ATH-1105.
• General overhead and operational support.
• Advisory fees related to the strategic review.

Finance: draft 13-week cash view by Friday.

Athira Pharma, Inc. (ATHA) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Athira Pharma, Inc. (ATHA) as a clinical-stage biopharmaceutical company in late 2025. The current reality is that the company is not generating sales from approved products.

Currently $0 in commercial product revenue as a clinical-stage company. For the quarter ended September 30, 2025, Athira Pharma, Inc. reported revenue of zero; analysts also expected zero revenue for that period.

Potential future revenue from strategic transactions or asset sales is a key focus right now. Athira Pharma, Inc. management stated they continue to explore strategic alternatives focused on maximizing stockholder value. The company engaged Cantor Fitzgerald & Co. to act as an advisor in this process.

Potential future revenue from licensing agreements for drug candidates is contingent on successful development. The lead candidate, ATH-1105, is being advanced for the potential treatment of amyotrophic lateral sclerosis (ALS). The Phase 1 clinical trial in healthy volunteers demonstrated a favorable safety and tolerability profile, along with dose proportional pharmacokinetics and CNS penetration, supporting continued clinical development. Athira Pharma, Inc. was on track to enable dosing of ALS patients by late 2025.

Future product sales if ATH-1105 achieves regulatory approval represent the ultimate long-term revenue stream. ATH-1105 is designed to positively modulate the neurotrophic hepatocyte growth factor (HGF) system.

Here's a quick look at the recent financial performance that underpins the current operating model, which is focused on R&D and strategic review rather than sales:

Metric	Q3 Ended September 30, 2025 (Unaudited)	Q3 Ended September 30, 2024 (Unaudited)
Reported Revenue	$0	$0
Net Loss (USD)	$6.61 million	$28.74 million
Research and Development Expenses (USD)	$2.825 million	$17.922 million
General and Administrative Expenses (USD)	$4.049 million	$11.699 million
Cash, Cash Equivalents and Investments (USD)	$25.2 million (as of Sep 30, 2025)	$51.3 million (as of Dec 31, 2024)

The structure of potential future revenue is tied directly to pipeline progression and transaction success. You can think of the near-term revenue drivers as:

• Exploring strategic alternatives to maximize stockholder value.
• Potential upfront payments or milestones from future licensing agreements for drug candidates like ATH-1105.
• Achieving regulatory approval for ATH-1105 to enable future product sales.

The company is definitely focused on advancing ATH-1105 while managing cash burn, which was $6.61 million in net loss for the third quarter of 2025. Finance: draft 13-week cash view by Friday.