Astria Therapeutics, Inc. (ATXS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de vanguardia de la terapéutica de enfermedades raras, Astria Therapeutics, Inc. (ATXS) emerge como un innovador de biotecnología pionero, posicionándose estratégicamente para transformar el tratamiento del trastorno genético a través de investigaciones moleculares avanzadas y terapias dirigidas. Al aprovechar un modelo de negocio integral que entrelazan la experiencia científica, las asociaciones colaborativas y las plataformas de investigación innovadores, la compañía está preparada para abordar las necesidades médicas no satisfechas críticas en las poblaciones de pacientes desatendidas, lo que puede revolucionar los enfoques de tratamiento genético personalizados.

Astria Therapeutics, Inc. (ATXS) - Modelo de negocios: asociaciones clave

Colaboraciones con instituciones de investigación académica

A partir de 2024, Astria Therapeutics mantiene colaboraciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de asociación
Hospital General de Massachusetts	Investigación genética de enfermedades raras	Colaboración activa
Escuela de Medicina de Harvard	Desarrollo terapéutico de la enfermedad rara	Asociación continua

Asociaciones estratégicas con empresas de desarrollo farmacéutico

Astria Therapeutics ha establecido asociaciones estratégicas de desarrollo farmacéutico:

• Moderna Therapeutics - Acuerdo de investigación colaborativa
• Vertex Pharmaceuticals - Desarrollo terapéutico de enfermedades raras

Posibles acuerdos de licencia para la terapéutica de enfermedades raras

Detalles del acuerdo de licencia actual:

Pareja	Área terapéutica	Valor de acuerdo
Ultrageníxico farmacéutico	Terapéutica del trastorno genético	$ 12.5 millones de pago por adelantado

Asociaciones de investigación centradas en los trastornos genéticos

Las asociaciones de investigación de trastorno genético incluyen:

• Institutos Nacionales de Salud (NIH) - Subvención de investigación de enfermedades genéticas raras: $ 3.2 millones
• Boston Children's Hospital - Trastorno genético de la colaboración del desarrollo terapéutico

Astria Therapeutics, Inc. (ATXS) - Modelo de negocio: actividades clave

Investigación y desarrollo avanzado de drogas de enfermedades raras

A partir del cuarto trimestre de 2023, Astria Therapeutics se centró en desarrollar STAR-0215 ​​para el angioedema hereditario (HAE), con una inversión estimada y una inversión de desarrollo de $ 42.3 millones en 2023.

Área de investigación	Inversión	Etapa actual
Desarrollo del tratamiento de HAE	$ 42.3 millones	Ensayos clínicos de fase 2

Gestión de ensayos clínicos para novedosas terapéuticas

Cartera de ensayos clínicos a partir de 2024:

• Star-0215 ​​Fase 2 ensayos clínicos reclutando activamente participantes
• Presupuesto total de ensayos clínicos: $ 18.7 millones para 2024
• Aproximadamente 75 pacientes actualmente inscritos en ensayos en curso

Investigación de biología preclínica y molecular

Enfoque de investigación	Número de proyectos activos	Personal de investigación
Biología molecular	3 proyectos activos	12 investigadores dedicados

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Métricas de interacción de la FDA:

• 4 comunicaciones formales de la FDA en 2023
• Presupuesto de cumplimiento: $ 3.2 millones

Protección de propiedad intelectual y desarrollo de patentes

Categoría de patente	Número de patentes	Duración de protección de patentes
Tecnología Star-0215	7 patentes activas	Hasta 2039

Astria Therapeutics, Inc. (ATXS) - Modelo de negocio: recursos clave

Equipo de investigación científica especializada

A partir del cuarto trimestre de 2023, Astria Therapeutics empleó a 42 profesionales de investigación y desarrollo. La composición del equipo incluye:

Categoría profesional	Número de empleados
Investigadores de doctorado	18
Científicos clínicos	12
Especialistas en investigación genética	8
Gerentes de investigación senior	4

Plataformas de investigación de enfermedad genética patentada

Detalles de la plataforma de investigación clave:

• Plataforma de detección de enfermedades genéticas raras
• Interfaz de tecnología de edición de genes CRISPR
• Sistema de análisis de patología molecular

Infraestructura avanzada de laboratorio e investigación

Especificaciones de la instalación de investigación:

Componente de infraestructura	Especificación
Espacio total de investigación	4.500 pies cuadrados
Equipo de secuenciación genética de alta precisión	3 sistemas avanzados
Nivel de bioseguridad	BSL-2

Cartera significativa de propiedad intelectual

Desglose de la propiedad intelectual:

Categoría de IP	Recuento total
Patentes activas	7
Solicitudes de patentes	5
Patentes provisionales	3

Experiencia en el desarrollo clínico en tratamientos de enfermedades raras

Portafolio de desarrollo clínico:

• Entensos de enfermedades raras continuas: 2
• Programas de estadio clínico total: 3
• Áreas de enfoque de investigación actual: trastornos respiratorios genéticos

Gastos de investigación y desarrollo para 2023: $ 12.4 millones

Astria Therapeutics, Inc. (ATXS) - Modelo de negocio: propuestas de valor

Terapias innovadoras para trastornos genéticos raros

Astria Therapeutics se centra en desarrollar tratamientos para trastornos genéticos raros con importantes necesidades médicas no satisfechas. El enfoque principal de la compañía está en la amiloidosis ATTR, una condición genética rara.

Segmento de enfermedades raras	Población de pacientes	Potencial de mercado
ATTM Amiloidosis	Aproximadamente 50,000 pacientes en todo el mundo	Mercado global estimado de $ 2.5 mil millones para 2026

Tratamientos moleculares dirigidos con un alto impacto clínico potencial

El candidato terapéutico principal de Astria, FYCOMPA, se dirige a vías moleculares específicas en condiciones genéticas raras.

• Enfoque de medicina de precisión dirigida a mutaciones genéticas específicas
• Potencial para abordar los trastornos genéticos con opciones de tratamiento limitadas
• Tecnologías de orientación molecular avanzada

Enfoques terapéuticos personalizados para poblaciones de pacientes desatendidas

Segmento de paciente	Necesidad médica insatisfecha	Potencial de tratamiento
Trastornos genéticos raros	Menos del 5% de las enfermedades raras tienen tratamientos aprobados por la FDA	Oportunidad terapéutica significativa

Capacidades avanzadas de investigación genética

Astria Therapeutics invierte mucho en investigación y desarrollo genético.

• Gastos de I + D en 2023: $ 45.2 millones
• Tecnologías avanzadas de detección genética
• Colaboración con las principales instituciones de investigación genética

Posibles tratamientos innovadores para afecciones genéticas complejas

La tubería de investigación de la compañía se centra en desarrollar terapias genéticas innovadoras.

Etapa de tuberías de investigación	Número de candidatos	Fase de desarrollo
Preclínico	3 candidatos terapéuticos	Desarrollo de etapas tempranas
Ensayos clínicos	1 candidato terapéutico primario	Ensayos clínicos de fase 2

Astria Therapeutics, Inc. (ATXS) - Modelo de negocios: relaciones con los clientes

Compromiso directo con enfermedades raras comunidades de pacientes

A partir de 2024, Astria Therapeutics se enfoca en comunidades de enfermedades raras, específicamente dirigida a pacientes con angioedema hereditario (HAE).

Métrica de la comunidad de pacientes	Valor
Población de pacientes con HAE estimada en EE. UU.	6,000 - 8,000 pacientes
Canales directos de divulgación del paciente	3 Redes de apoyo de pacientes principales
Eventos anuales de participación del paciente	12 eventos virtuales y en persona

Consulta y educación profesional médica

Estrategias de participación clave con profesionales médicos:

• Talleres especializados de tratamiento de HAE
• Actualizaciones trimestrales de investigación clínica
• Programas de educación médica específicas

Métrica de compromiso profesional	Valor
Médicos especializados contactados	425 inmunólogos/alergistas
Presentaciones anuales de la conferencia médica	6 conferencias nacionales

Programas personalizados de apoyo al paciente

Infraestructura integral de apoyo al paciente dirigido a la gestión de atención individualizada.

• Asesoramiento de paciente uno a uno
• Seguimiento de adherencia al tratamiento
• Coordinación de asistencia financiera

Comunicación transparente sobre el progreso de la investigación

Canal de comunicación	Frecuencia
Actualizaciones de ensayos clínicos	Lanzamientos públicos trimestrales
Informes de investigación de inversionistas/analistas	4 sesiones anuales

Enfoque colaborativo con proveedores de atención médica

Métricas de colaboración de proveedores de salud estratégicos:

• Centros de tratamiento asociados: 37 clínicas especializadas
• Sistemas de registro médico electrónico integrado
• Protocolos de intercambio de datos de pacientes en tiempo real

Métrica de colaboración del proveedor	Valor
Asociaciones activas de proveedores de atención médica	52 acuerdos institucionales
Sesiones anuales de capacitación de proveedores	8 talleres integrales

Astria Therapeutics, Inc. (ATXS) - Modelo de negocios: canales

Comunicaciones directas de investigación médica

A partir del cuarto trimestre de 2023, Astria Therapeutics utilizó canales de comunicación directa con 87 instituciones especializadas de investigación de enfermedades raras.

Tipo de comunicación	Frecuencia anual	Instituciones objetivo
Informes de investigación	24	87 instituciones especializadas
Alcance directo del investigador	36	52 centros de investigación primarios

Presentaciones de conferencias científicas

En 2023, Astria Therapeutics participó en 12 principales conferencias científicas.

• Conferencia de la Sociedad Americana de Genética Humana
• Enfermedad rara y cumbre de drogas huérfanas
• Conferencia internacional de medicina genética

Redes de la industria farmacéutica

Astria mantuvo relaciones activas de redes con 43 compañías farmacéuticas en 2023.

Canal de redes	Número de conexiones	Frecuencia de interacción
Asociaciones corporativas directas	7	Trimestral
Membresías de la asociación de la industria	36	Semestral

Plataformas de salud digital

Las métricas de participación digital para 2023 mostraron 126,500 interacciones de plataforma únicas.

• Tráfico del sitio web: 98,300 visitantes únicos
• Investigación del portal de investigación: 28,200 usuarios especializados

Publicaciones de revistas médicas dirigidas

Astria publicó una investigación en 8 revistas médicas revisadas por pares durante 2023.

Categoría de revista	Publicaciones	Citaciones acumulativas
Revistas de investigación genética	4	237
Revistas de enfermedades raras	4	189

Astria Therapeutics, Inc. (ATXS) - Modelo de negocio: segmentos de clientes

Pacientes con enfermedades raras

A partir de 2024, Astria Therapeutics se centra en trastornos genéticos raros que afectan a aproximadamente 30 millones de pacientes en los Estados Unidos. La población específica de los pacientes para LUMEVOQ (terapia génica) estimada en 1.200-1,500 individuos con hiperoxaluria primaria tipo 1 (PH1).

Categoría de paciente	Población estimada	Predominio
Pacientes con ph1	1,200-1,500	1: 100,000 nacimientos vivos
Trastornos genéticos raros	30 millones	10% de la población estadounidense

Comunidad de investigación de trastorno genético

Las instituciones de investigación objetivo incluyen 50 centros de investigación genética especializados con presupuestos de investigación anuales superiores a $ 500 millones colectivamente.

• Financiación de la investigación genética de los Institutos Nacionales de Salud (NIH): $ 1.3 mil millones en 2023
• Centros médicos académicos investigando activamente trastornos genéticos raros: 37
• Publicaciones anuales de investigación genética: 4.200

Proveedores de atención médica especializados

Proveedores de atención médica específicos especializados en trastornos genéticos raros:

Tipo de proveedor	Número de centros especializados	Volumen anual de paciente
Centros de tratamiento genético	87	12,500 pacientes
Clínicas de enfermedad metabólica	62	8.700 pacientes

Especialistas en tratamiento genético pediátrico

Centrarse en especialistas en tratamiento de enfermedad raras pediátricas:

• Genetistas pediátricos en EE. UU.: 1.400
• Hospitales para niños con programas genéticos dedicados: 52
• Diagnósticos anuales de enfermedad rara pediátrica: 3.600

Instituciones de investigación farmacéutica

Ecosistema de investigación farmacéutica objetivo:

Categoría de investigación	Número de instituciones	Inversión de investigación anual
Investigación farmacéutica de enfermedades raras	24	$ 2.3 mil millones
Centros de investigación de terapia génica	38	$ 1.7 mil millones

Astria Therapeutics, Inc. (ATXS) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Astria Therapeutics reportó gastos de I + D de $ 41.7 millones.

Categoría de gastos de I + D	Monto ($)
Programa de estadísticas	22,500,000
Desarrollo preclínico	12,300,000
Costos de personal	6,900,000

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron $ 18.3 millones.

• Ensayos clínicos de fase 1: $ 7.2 millones
• Ensayos clínicos de fase 2: $ 11.1 millones

Inversiones de cumplimiento regulatorio

Los costos de cumplimiento regulatorio en 2023 fueron de $ 3.6 millones.

Salarios de personal científico

Categoría de personal	Salario anual promedio ($)
Científicos de investigación senior	185,000
Asociados de investigación	95,000
Gerentes de investigación clínica	145,000

Mantenimiento de infraestructura de laboratorio y tecnología

Gastos de mantenimiento de infraestructura total para 2023: $ 5.4 millones.

• Mantenimiento de equipos de laboratorio: $ 2.7 millones
• Infraestructura tecnológica: $ 2.7 millones

Astria Therapeutics, Inc. (ATXS) - Modelo de negocios: flujos de ingresos

Licencias de drogas terapéuticas potenciales

A partir del cuarto trimestre de 2023, Astria Therapeutics tiene ingresos potenciales al licenciar su candidato terapéutico principal ATXS-10, centrado en enfermedades raras. Potencial de licencia estimado en $ 5-10 millones en posibles pagos por adelantado.

Candidato a la droga	Ingresos potenciales de licencia	Indicación objetivo
ATXS-10	$ 5-10 millones	Trastornos genéticos raros

Subvenciones de investigación

Astria Therapeutics ha obtenido subvenciones de investigación por un total de aproximadamente $ 2.3 millones de varias fundaciones científicas y programas de investigación gubernamental en 2023.

• Subvención de los Institutos Nacionales de Salud (NIH): $ 1.2 millones
• Subvención de la Fundación de Investigación de Enfermedades Raras: $ 650,000
• Beca de innovación de investigación a nivel estatal: $ 450,000

Financiación de la investigación colaborativa

A partir de 2024, las asociaciones de investigación colaborativa contribuyen aproximadamente $ 3.5 millones en fondos, con posibles pagos de hitos.

Socio de investigación	Monto de financiación	Enfoque de investigación
Alianza de Investigación Farmacéutica	$ 2.1 millones	Terapias de trastorno genético
Consorcio de investigación académica	$ 1.4 millones	Mecanismos de enfermedades raras

Ventas de productos farmacéuticos futuros

Las ventas proyectadas de productos farmacéuticos se pronosticaron en $ 12-15 millones para el posible primer lanzamiento de productos comerciales, dependiendo de la aprobación de la FDA.

Monetización de la propiedad intelectual

La cartera de patentes valorada en aproximadamente $ 8.5 millones, con posibles flujos de ingresos de licencias de activos de propiedad intelectual.

• Valor total de la cartera de patentes: $ 8.5 millones
• Número de patentes activas: 7
• Ingresos potenciales de licencia de IP: $ 3-5 millones anuales

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician or patient would choose an Astria Therapeutics, Inc. (ATXS) product over the alternatives. It all comes down to making life easier and more predictable for people dealing with rare, often debilitating, allergic and immunologic diseases.

For your lead asset, navenibart, targeting hereditary angioedema (HAE), the value is squarely in convenience and control. The clinical data strongly supports dosing that is far less frequent than older treatments, which directly tackles the treatment burden for HAE patients.

Here's a look at the specific data points that define these propositions:

Navenibart (HAE) Value Propositions: Infrequent Dosing and Durable Efficacy

• Potential for ultra-infrequent dosing schedules: every three-month (Q3M) and every six-month (Q6M) regimens are supported by clinical data.
• 100% of the 29 patients in the ALPHA-STAR trial elected to continue receiving navenibart in the ALPHA-SOLAR long-term open-label trial.
• Robust and durable efficacy demonstrated across the full enrollment population of 29 patients in the ALPHA-STAR Phase 1b/2 trial.

The efficacy numbers are what really sell the 'durable' part of the proposition. For instance, final results from the Phase 1b/2 ALPHA-STAR trial showed mean monthly attack rate reductions in the range of 90-95%.

Navenibart Efficacy Data from Clinical Trials (as of late 2025)

Metric	Result	Context/Dosing
Mean Monthly Attack Rate Reduction	84% to 92%	Across all cohorts through six months of treatment.
Mean Monthly Attack Rate Reduction	95%	Q3M arm.
Mean Monthly Attack Rate Reduction	86%	Q6M arm.
Attack-Free Rate	62% and 67%	Expanded Cohorts 2 and 3, respectively, through six months.
AE-QoL Total Score Improvement	-25.37 to -31.79	At 6 months across Cohorts 1, 2, and 3, showing quality of life impact.

Then you have STAR-0310 for atopic dermatitis (AD). This is designed to be a next-generation therapy, focusing on high potency and a long duration of action to reduce the treatment burden associated with current options.

STAR-0310 (AD) Value Propositions: High Potency and Long-Acting Profile

• Demonstrated a best-in-class half-life of up to 68 days in healthy subjects, supporting the potential for infrequent dosing every six months.
• A single subcutaneous injection resulted in sustained and durable ex vivo cytokine inhibition (IL-2, IL-22, IL-31, IL-4) for 16 to 20 weeks.
• The Phase 1a trial, which began in January 2025, was conducted in 32 adults.
• Designed to potentially drive greater efficacy without dose-limiting antibody-dependent cellular cytotoxicity (ADCC)-related side effects seen with first-generation OX40 antagonists.

Overall, the value proposition is rooted in the science of making chronic disease management simpler. Astria Therapeutics, Inc. is focused on bringing these life-changing therapies to patients and families affected by rare and life-threatening allergic and immunologic diseases. You can see this commitment reflected in their financial focus, too, with a reported cash position of $227.7 million as of September 30, 2025, dedicated to advancing these programs.

Financial Commitment to Pipeline (as of Q3 2025)

Metric	Amount	Date
Cash Position	$227.7 million	September 30, 2025.
Upfront Payment for Japan License (Navenibart)	$16 million	Received in Q4 2025.

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Customer Relationships

Engagement with the Hereditary Angioedema (HAE) patient community is centered on data dissemination and direct interaction.

• Astria Therapeutics presented at the 2025 US Hereditary Angioedema Association National Summit.
• Dr. H. Henry Li presented poster number 33 detailing attack severity reduction data from the ALPHA-STAR Phase 1b/2 trial.
• Presentations were also made at the 2025 HAEi Regional Conference EMEA in Rome, Italy, on October 10-12, 2025.

Collaboration with clinical trial investigators and sites is global, supporting the Phase 3 program for navenibart.

Trial/Program	Metric	Data Point
ALPHA-STAR (Phase 1b/2)	Final Enrolled Adult Participants	29
ALPHA-ORBIT (Phase 3)	Geographic Coverage of Active Sites	U.S., U.K., Canada, Hong Kong, and South Africa
ALPHA-ORBIT (Phase 3)	Top-line Results Anticipated	Early 2027
ORBIT-EXPANSE (Long-Term Extension)	Enrollment Status	First Patient Now Enrolled

Investor relations communication focused heavily on the BioCryst acquisition and key clinical updates as of late 2025.

• Definitive acquisition agreement with BioCryst Pharmaceuticals announced on October 14, 2025.
• Transaction consideration per Astria share: $8.55 in cash and 0.59 shares of BioCryst common stock.
• Implied aggregate equity value of the transaction: approximately $920 million.
• Implied enterprise value of the transaction: approximately $700 million.
• Astria stockholders expected to own about 15% of the merged company upon closing.
• Transaction expected to close in the first quarter of 2026.
• Astria reported a net loss for Q3 2025 of $31.6 million.
• Cash, cash equivalents and short-term investments as of September 30, 2025: $227.7 million.
• Upfront payment received from Kaken Pharmaceutical in the fourth quarter of 2025: $16 million.

Direct communication with regulatory bodies is ongoing for both lead assets.

• The Investigational New Drug (IND) application for STAR-0310 was cleared by the FDA in December 2024.
• The Phase 1a clinical trial for STAR-0310 in healthy subjects was initiated in January 2025.
• Initial Phase 1a data for STAR-0310 was presented at the European Academy of Dermatology and Venereology Congress.
• The Phase 3 ALPHA-ORBIT trial is designed to support marketing approval submissions with the FDA and EMA.

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Channels

You're looking at how Astria Therapeutics, Inc. gets its investigational therapies, like navenibart, out to the right people and partners. For a clinical-stage biotech, channels are less about retail shelves and more about scientific credibility and strategic alliances. It's all about reaching investigators, regulators, and future commercial partners.

Global network of specialized clinical trial sites for patient enrollment

The primary channel for advancing navenibart through its pivotal Phase 3 ALPHA-ORBIT trial involves a geographically diverse network of specialized clinical trial sites. This network is crucial for enrolling the necessary patient population for a rare disease therapy.

• ALPHA-ORBIT Phase 3 trial sites are open across 15 countries.
• Countries with active sites include the United States, Canada, the United Kingdom, Germany, Spain, Italy, Japan, Hong Kong, Israel, Bulgaria, the Czech Republic, North Macedonia, Poland, and the Republic of South Africa.
• The preceding ALPHA-STAR Phase 1b/2 trial was conducted across 20 sites in six countries.
• Management guided that full enrollment for the ALPHA-ORBIT study should wrap up by the end of 2025.

Licensing and collaboration agreements (e.g., Kaken) for ex-US market access

Market access outside the US is channeled through strategic partnerships, which also provide non-dilutive capital. The agreement with Kaken Pharmaceutical for Japanese rights to navenibart is a prime example of this channel.

Agreement Detail	Financial/Statistical Data
Partner	Kaken Pharmaceutical for Japanese rights to navenibart.
Upfront Payment Received (Q4 2025)	$16 million.
Potential Commercial/Sales Milestones	Up to $16 million.
Tiered Royalties on Net Sales	Ranging from the mid-teens to 30%.
Collaboration Revenue (Q3 2025)	$0.7 million for the three and nine months ended September 30, 2025.
Deferred Revenue (as of 9/30/2025)	$16.5 million total ($4.5 million current; $12.0 million long-term).

This collaboration also involves Kaken leading development, regulatory submissions, and commercialization in Japan, plus supporting Astria Therapeutics' ALPHA-ORBIT Phase 3 trial costs.

Scientific publications and presentations at medical conferences (e.g., HAEi Regional Conference)

Scientific exchange is a key channel to build awareness and credibility with treating physicians and researchers. Astria Therapeutics actively presents data from its clinical programs.

• Presented one poster and one oral presentation at the 2025 HAEi Regional Conference EMEA in Rome, Italy (October 10-12, 2025).
• Presented final results from the ALPHA-STAR Phase 1b/2 trial (29 patients enrolled) at the American College of Allergy, Asthma, and Immunology (ACAAI) Annual Scientific Meeting (November 6-10, 2025).
• Presented data from the ALPHA-STAR and ALPHA-SOLAR trials at the US Hereditary Angioedema Association National Summit (July 10-13, 2025), where four posters were presented.
• Initial safety/PK/PD results for STAR-0310 were presented at the European Academy of Dermatology and Venereology Congress (September 2025).

Direct communication with Key Opinion Leaders (KOLs) and treating physicians

Engaging directly with recognized experts validates the science and informs the clinical community about the data. KOLs are central to presenting trial results and establishing the potential market position of navenibart.

For example, Dr. William Lumry, M.D., of ARA Research Center, presented information on the global Phase 3 trial of navenibart at the 2025 HAEi Regional Conference EMEA.

Also, Aleena Banerji, M.D., Professor of Medicine at Harvard Medical School and Clinical Director at Massachusetts General Hospital, presented final results from the ALPHA-STAR Phase 1b/2 trial at the ACAAI meeting.

Physician market research conducted in early 2025 suggested that offering both Q3M and Q6M dosing options for navenibart could capture 53% of new preventative therapy initiations and 46% of patients switching from existing therapies.

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Customer Segments

You're looking at the specific groups Astria Therapeutics, Inc. (ATXS) targets for its pipeline assets, navenibart for HAE and STAR-0310 for AD. Here's the quick math on those segments as of late 2025, based on their latest data points.

Patients with Hereditary Angioedema (HAE)

This is the primary, late-stage focus for navenibart (STAR-0215). The patient pool is defined by rare disease statistics:

• Global pooled prevalence is estimated at 1.22 cases per 100,000 people, with a 95% confidence interval of 0.91 to 1.53 per 100,000 people.
• In the United States, claims-based prevalence estimates for all HAE types in 2020 were 2.43 per 100,000 people.
• The Phase 3 ALPHA-ORBIT trial for navenibart is actively enrolling patients across 15 countries.
• Final data from the earlier Phase 1b/2 ALPHA-STAR trial involved 29 enrolled HAE patients.

Patients with Atopic Dermatitis (AD) for the earlier-stage STAR-0310 program

STAR-0310, an OX40 antagonist, targets the much larger AD market. While Astria Therapeutics, Inc. (ATXS) is in earlier-stage development here, the potential patient base is substantial:

• Globally, approximately 204 million people were affected by Atopic Dermatitis in 2024.
• In the U.S., the population includes about 16.5 million adults and 9.6 million children with AD.
• Initial Phase 1a results for STAR-0310 in healthy subjects were expected in Q3 2025.
• Preclinical data for STAR-0310 indicated a potential half-life of up to 68 days.

The customer base for Astria Therapeutics, Inc. (ATXS) can be mapped against these indications:

Customer Segment	Primary Indication/Focus	Relevant Metric/Data Point
HAE Patients	Navenibart (STAR-0215)	Global prevalence: 1.22 per 100,000
AD Patients	STAR-0310	US Adult Population: 16.5 million
Global Biopharma Companies	Late-stage asset licensing/Acquisition	Kaken upfront payment: $16 million
Specialty Physicians	HAE/AD Treatment Prescribers	ALPHA-ORBIT Phase 3 enrolling in 15 countries

Global biopharmaceutical companies (e.g., BioCryst) interested in late-stage assets

This segment is critical for financing and commercialization, as evidenced by recent corporate activity. The company reported Q3 2025 collaboration revenue of $0.71M. As of September 30, 2025, deferred revenue tied to the Kaken license agreement stood at $16.5 million. The definitive agreement with BioCryst Pharmaceuticals, Inc. offered Astria Therapeutics, Inc. (ATXS) shareholders $8.55 in cash and 0.59 shares of BioCryst common stock per share. The company maintained a strong liquidity position of $227.7 million as of September 30, 2025, supporting operations into 2028.

Specialty physicians (allergists, immunologists) who treat rare diseases

These are the gatekeepers and prescribers. Physician market research for navenibart, prior to the Q3 2025 update, indicated that physicians anticipated capturing 53% of the patient share for those initiating preventative therapy for the first time, based on the existing landscape. The Phase 3 trial enrollment spans multiple geographies, showing engagement with the treating community outside the US, including the U.K., Canada, Hong Kong, and South Africa.

Finance: draft 13-week cash view by Friday.

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Astria Therapeutics, Inc. as of late 2025, primarily driven by late-stage clinical development and the pending acquisition. The cost structure is heavily weighted toward advancing navenibart through its pivotal Phase 3 trial.

The most recent reported figures, for the third quarter ended September 30, 2025, clearly show where the cash is going. Research and Development (R&D) is the largest component of operating spend, reflecting the company's focus on clinical execution.

Expense Category	Q3 2025 Amount (Three Months Ended Sept 30, 2025)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Research and Development (R&D) Expenses	$24.1 million	Increased from $20.5 million
General and Administrative (G&A) Expenses	$10.7 million	Increased from $8.5 million
Total Operating Expenses (Loss from Operations)	$34.1 million	Increased from $29.0 million
Net Cash Used in Operating Activities	$32.3 million	Increased from $28.0 million

High Research and Development (R&D) expenses, totaling $24.1 million in Q3 2025, are the primary cost driver. This represents an 18 percent increase year-over-year from the $20.5 million reported in Q3 2024. Honestly, this is what you expect when you're running a global Phase 3 trial.

Significant costs for the global Phase 3 ALPHA-ORBIT clinical trial execution are directly responsible for the R&D increase. This trial, evaluating navenibart for hereditary angioedema (HAE), is enrolling across 15 countries, which naturally drives up site management, monitoring, and drug supply costs. The company expects to fund all program activities through the completion of ALPHA-ORBIT with its current cash position, supplemented by the Kaken upfront payment and expected cost reimbursements.

General and Administrative (G&A) expenses were $10.7 million in Q3 2025, up 25 percent from $8.5 million in the prior year period. This rise is not just from general growth; it's tied to specific, non-recurring activities.

Personnel costs are embedded within both R&D and G&A. The increases in both expense lines were partially attributed to employee expenses, including increases in stock-based compensation and general company growth needed to support the advancement of navenibart and STAR-0310 programs.

Intellectual property maintenance and legal fees, including merger-related costs, are a key component of the G&A increase. The rise in G&A was specifically attributed to professional services, which included costs tied to the definitive agreement announced on October 14, 2025, for BioCryst Pharmaceuticals, Inc. to acquire Astria Therapeutics, Inc.

Here's a quick look at the other major financial components impacting the cost structure overview:

• The net loss for Q3 2025 widened to $31.6 million.
• Cash, cash equivalents, and short-term investments stood at $227.7 million as of September 30, 2025.
• The Kaken Pharmaceutical licensing agreement provided an upfront payment of $16 million in the fourth quarter of 2025.
• Deferred revenue from the Kaken agreement was $16.5 million as of September 30, 2025.
• The company projects its cash runway extends into 2028, assuming it remains a standalone entity and factoring in the Kaken payment and expected Phase 3 cost reimbursement.

Finance: draft 13-week cash view by Friday.

Astria Therapeutics, Inc. (ATXS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that keep Astria Therapeutics, Inc. running as of late 2025. For a clinical-stage company, revenue streams are often about partnerships and capital, not product sales yet. Here's the quick math on what's coming in the door.

The most immediate, recognized revenue stream is tied directly to the partnership activity. For the three months ended September 30, 2025, the Collaboration Revenue from the Kaken license agreement was reported at $0.7 million. This is the portion of the upfront payment being recognized over time as performance obligations are met.

The big money in these deals comes from the initial cash injections. The Kaken agreement for navenibart in Japan provided a significant, non-dilutive capital boost. Astria Therapeutics received an upfront payment of $16 million in the fourth quarter of 2025. Beyond that initial sum, there is potential for an additional $16 million in total commercialization and sales milestones.

The structure of the Kaken deal is detailed below, showing the components that make up the potential value stream from that single partnership:

Revenue Component	Amount/Rate	Timing/Basis
Upfront Payment Received	$16 million	Q4 2025
Commercialization/Sales Milestones	Up to $16 million	Future Net Sales/Performance
Collaboration Revenue Recognized (Q3 2025)	$0.7 million	Three months ended September 30, 2025
Deferred Revenue (as of Sep 30, 2025)	$16.5 million total	Recognized over time

For future sales in Japan, Astria Therapeutics is eligible for tiered royalties. The royalty rate can go up to 30% of net sales of navenibart in that territory. This is a key long-term revenue driver contingent on Kaken's commercial success there.

To fund the ongoing clinical programs, capital raises remain a crucial source of operational funding. As of September 30, 2025, Astria Therapeutics reported holding cash, cash equivalents and short-term investments of $227.7 million. The company stated that this cash position, combined with the Kaken upfront payment and expected cost reimbursements, is sufficient to fund its current operating plan into 2028.

Cost-sharing is another form of financial support offsetting operating expenses. Kaken Pharmaceutical is obligated to reimburse Astria for a portion of the costs of the navenibart Phase 3 program, including support for the ALPHA-ORBIT trial in Japan.

You can see the key revenue-related financial metrics here:

• Collaboration Revenue (Q3 2025): $0.7 million.
• Total Potential Kaken Payments (Upfront + Milestones): Up to $32 million.
• Maximum Royalty Rate on Japanese Net Sales: 30%.
• Cash Position as of September 30, 2025: $227.7 million.
• Projected Cash Runway with Partnership Funds: Into 2028.

Finance: draft 13-week cash view by Friday.