Astria Therapeutics, Inc. (ATXS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la pointe de la thérapeutique des maladies rares, Astria Therapeutics, Inc. (ATXS) émerge comme un innovateur biotech pionnier, se positionnant stratégiquement pour transformer le traitement des troubles génétiques par la recherche moléculaire avancée et les thérapies ciblées. En tirant parti d'un modèle commercial complet qui entrelace l'expertise scientifique, des partenariats collaboratifs et des plateformes de recherche révolutionnaires, la société est sur le point de répondre aux besoins médicaux critiques non satisfaits dans les populations de patients mal desservies, révolutionnant potentiellement des approches de traitement génétique personnalisées.

Astria Therapeutics, Inc. (ATXS) - Modèle commercial: partenariats clés

Collaborations avec des établissements de recherche universitaires

En 2024, Astria Therapeutics maintient des collaborations de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de partenariat
Hôpital général du Massachusetts	Recherche génétique des maladies rares	Collaboration active
École de médecine de Harvard	Développement thérapeutique des maladies rares	Partenariat en cours

Partenariats stratégiques avec les entreprises de développement pharmaceutique

Astria Therapeutics a établi des partenariats stratégiques de développement pharmaceutique:

• Moderna Therapeutics - Contrat de recherche collaboratif
• Vertex Pharmaceuticals - Développement thérapeutique de maladies rares

Accords de licence potentiels pour la thérapeutique de maladies rares

Détails de l'accord de licence actuel:

Partenaire	Zone thérapeutique	Valeur de l'accord
Ultragenyx pharmaceutique	Thérapeutique des troubles génétiques	12,5 millions de dollars de paiement initial

Partenariats de recherche axés sur les troubles génétiques

Les partenariats de recherche sur les troubles génétiques comprennent:

• National Institutes of Health (NIH) - Rare Genetic Disease Research Grant: 3,2 millions de dollars
• Hôpital pour enfants de Boston - Collaboration thérapeutique du développement des troubles génétiques

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: activités clés

Recherche et développement de médicaments contre les maladies rares avancées

Depuis le quatrième trimestre 2023, Astria Therapeutics s'est concentrée sur le développement de STAR-0215 ​​pour l'œdème héréditaire de l'angio-œdème (HAE), avec un investissement estimé à la recherche et au développement de 42,3 millions de dollars en 2023.

Domaine de recherche	Investissement	Étape actuelle
Développement du traitement HAE	42,3 millions de dollars	Essais cliniques de phase 2

Gestion des essais cliniques pour de nouvelles thérapies

Portefeuille d'essais cliniques à partir de 2024:

• Essais cliniques de phase 2 Star-0215 ​​Recrutement activement des participants
• Budget total des essais cliniques: 18,7 millions de dollars pour 2024
• Environ 75 patients actuellement inscrits à des essais en cours

Recherche de biologie préclinique et moléculaire

Focus de recherche	Nombre de projets actifs	Personnel de recherche
Biologie moléculaire	3 projets actifs	12 chercheurs dévoués

Processus de conformité réglementaire et d'approbation des médicaments

Métriques d'interaction de la FDA:

• 4 communications formelles de la FDA en 2023
• Budget de conformité: 3,2 millions de dollars

Protection de la propriété intellectuelle et développement des brevets

Catégorie de brevet	Nombre de brevets	Durée de protection des brevets
Technologie STAR-0215	7 brevets actifs	Jusqu'en 2039

Astria Therapeutics, Inc. (ATXS) - Modèle commercial: Ressources clés

Équipe de recherche scientifique spécialisée

Depuis le quatrième trimestre 2023, Astria Therapeutics a utilisé 42 professionnels de la recherche et du développement. La composition de l'équipe comprend:

Catégorie professionnelle	Nombre d'employés
Chercheurs de doctorat	18
Scientifiques des cliniciens	12
Spécialistes de la recherche génétique	8
Chefs de recherche principaux	4

Plateformes de recherche de maladies génétiques propriétaires

Détails de la plate-forme de recherche clé:

• Plateforme de dépistage des maladies génétiques rares
• Interface de technologie d'édition de gène CRISPR
• Système d'analyse de pathologie moléculaire

Infrastructure avancée de laboratoire et de recherche

Spécifications des installations de recherche:

Composant d'infrastructure	Spécification
Espace de recherche total	4 500 pieds carrés
Équipement de séquençage génétique de haute précision	3 systèmes avancés
Niveau de biosécurité	Bsl-2

Portfolio de propriété intellectuelle importante

Répartition des propriétés intellectuelles:

Catégorie IP	Compte total
Brevets actifs	7
Demandes de brevet	5
Brevets provisoires	3

Expertise en développement clinique dans les traitements de maladies rares

Portfolio de développement clinique:

• Essais cliniques en cours de maladies rares: 2
• Programmes totaux de scène clinique: 3
• Domaines de mise au point de recherche actuels: troubles respiratoires génétiques

Dépenses de recherche et développement pour 2023: 12,4 millions de dollars

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: propositions de valeur

Thérapies innovantes pour les troubles génétiques rares

Astria Therapeutics se concentre sur le développement de traitements pour des troubles génétiques rares ayant des besoins médicaux non satisfaits importants. L'accent principal de l'entreprise est de se concentrer sur l'amylose de l'attrait, une condition génétique rare.

Segment de maladies rares	Population de patients	Potentiel de marché
Attirner l'amylose	Environ 50 000 patients dans le monde	Marché mondial estimé à 2,5 milliards de dollars d'ici 2026

Traitements moléculaires ciblés avec un impact clinique élevé potentiel

Le candidat thérapeutique principal d'Astria, FYCompa, cible des voies moléculaires spécifiques dans des conditions génétiques rares.

• Approche de la médecine de précision ciblant des mutations génétiques spécifiques
• Potentiel pour lutter contre les troubles génétiques avec des options de traitement limitées
• Technologies de ciblage moléculaire avancées

Approches thérapeutiques personnalisées pour les populations de patients mal desservis

Segment des patients	Besoin médical non satisfait	Potentiel de traitement
Troubles génétiques rares	Moins de 5% des maladies rares ont des traitements approuvés par la FDA	Opportunité thérapeutique importante

Capacités de recherche génétique avancées

Astria Therapeutics investit massivement dans la recherche et le développement génétiques.

• Dépenses de R&D en 2023: 45,2 millions de dollars
• Technologies de dépistage génétique avancées
• Collaboration avec les principaux institutions de recherche génétique

Traitements de percée potentielles pour des conditions génétiques complexes

Le pipeline de recherche de l'entreprise se concentre sur le développement de thérapies génétiques innovantes.

Étape du pipeline de recherche	Nombre de candidats	Phase de développement
Préclinique	3 candidats thérapeutiques	Développement à un stade précoce
Essais cliniques	1 candidat thérapeutique primaire	Essais cliniques de phase 2

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: relations clients

Engagement direct avec les communautés de patients atteints de maladies rares

En 2024, Astria Therapeutics se concentre sur les communautés de maladies rares, ciblant spécifiquement les patients atteints d'œdème héréditaire de l'angio-œdème (HAE).

Métrique communautaire des patients	Valeur
Population de patients HAE estimée aux États-Unis	6 000 - 8 000 patients
Canaux de sensibilisation des patients directs	3 réseaux de soutien aux patients primaires
Événements annuels d'engagement des patients	12 événements virtuels et en personne

Consultation et éducation professionnelles médicales

Stratégies d'engagement clés avec des professionnels de la santé:

• Ateliers de traitement HAE spécialisés
• Mises à jour de la recherche clinique trimestrielle
• Programmes d'éducation médicale ciblés

Métrique de l'engagement professionnel	Valeur
Des médecins spécialisés ont contacté	425 immunologistes / allergistes
Présentations annuelles de la conférence médicale	6 conférences nationales

Programmes de soutien aux patients personnalisés

Infrastructure complète de soutien aux patients ciblant la gestion des soins individualisés.

• Counseling en tête-à-tête
• Suivi d'adhésion au traitement
• Coordination d'aide financière

Communication transparente sur les progrès de la recherche

Canal de communication	Fréquence
Mises à jour des essais cliniques	Sormes publiques trimestrielles
Briefings de recherche d'investisseurs / analystes	4 séances annuelles

Approche collaborative avec les prestataires de soins de santé

Métriques de collaboration des fournisseurs de soins de santé stratégiques:

• Centres de traitement en partenariat: 37 cliniques spécialisées
• Systèmes de dossiers médicaux électroniques intégrés
• Protocoles de partage des données des patients en temps réel

Métrique de collaboration du fournisseur	Valeur
Partenariats actifs des fournisseurs de soins de santé	52 accords institutionnels
Sessions de formation des fournisseurs annuels	8 ateliers complets

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: canaux

Communications de recherche médicale directes

Depuis le quatrième trimestre 2023, Astria Therapeutics a utilisé des canaux de communication directs avec 87 établissements de recherche spécialisés de maladies rares.

Type de communication	Fréquence annuelle	Institutions cibles
Briefings de recherche	24	87 institutions spécialisées
Enquêteur directement	36	52 centres de recherche primaires

Présentations de la conférence scientifique

En 2023, Astria Therapeutics a participé à 12 conférences scientifiques majeures.

• Conférence de la Société américaine de la génétique humaine
• Sommet des maladies rares et des médicaments orphelins
• Conférence internationale en médecine génétique

Réseautage de l'industrie pharmaceutique

Astria a maintenu des relations de réseautage actives avec 43 sociétés pharmaceutiques en 2023.

Canal de réseautage	Nombre de connexions	Fréquence d'interaction
Partenariats des entreprises directes	7	Trimestriel
Adhésions à l'association de l'industrie	36	Semestriel

Plateformes de santé numérique

Les mesures d'engagement numérique pour 2023 ont montré 126 500 interactions de plate-forme uniques.

• Trafic de site Web: 98 300 visiteurs uniques
• Engagement du portail de recherche: 28 200 utilisateurs spécialisés

Publications de journal médical ciblé

Astria a publié des recherches dans 8 revues médicales évaluées par des pairs en 2023.

Catégorie de journal	Publications	Citations cumulatives
Revues de recherche génétique	4	237
Revues de maladies rares	4	189

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: segments de clientèle

Patiens de maladies rares

En 2024, Astria Therapeutics se concentre sur des troubles génétiques rares affectant environ 30 millions de patients aux États-Unis. Population spécifique de patients pour Lumevoq (thérapie génique) estimée à 1 200 à 1 500 personnes atteintes d'hyperoxalurie primaire de type 1 (PH1).

Catégorie de patients	Population estimée	Prévalence
Patients PH1	1,200-1,500	1: 100 000 naissances vivantes
Troubles génétiques rares	30 millions	10% de la population américaine

Communauté de recherche sur les troubles génétiques

Les institutions de recherche cibles comprennent 50 centres de recherche génétique spécialisés avec des budgets de recherche annuels dépassant collectivement 500 millions de dollars.

• Financement de la recherche génétique des National Institutes of Health (NIH): 1,3 milliard de dollars en 2023
• Centres médicaux universitaires recherchant activement les troubles génétiques rares: 37
• Publications annuelles de recherche génétique: 4 200

Fournisseurs de soins de santé spécialisés

Provideurs de soins de santé ciblés spécialisés dans les troubles génétiques rares:

Type de fournisseur	Nombre de centres spécialisés	Volume annuel des patients
Centres de traitement génétique	87	12 500 patients
Cliniques de maladies métaboliques	62	8 700 patients

Spécialistes du traitement génétique pédiatrique

Concentrez-vous sur les spécialistes du traitement des maladies rares pédiatriques:

• Généticiens pédiatriques aux États-Unis: 1 400
• Hôpitaux pour enfants avec des programmes génétiques dévoués: 52
• Diagnostics annuels de maladies rares pédiatriques: 3 600

Institutions de recherche pharmaceutique

Écosystème de recherche pharmaceutique cible:

Catégorie de recherche	Nombre d'institutions	Investissement de recherche annuel
Recherche pharmaceutique de maladies rares	24	2,3 milliards de dollars
Centres de recherche sur la thérapie génique	38	1,7 milliard de dollars

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Astria Therapeutics a déclaré des dépenses de R&D de 41,7 millions de dollars.

Catégorie de dépenses de R&D	Montant ($)
Programme STAT-Médical	22,500,000
Développement préclinique	12,300,000
Frais de personnel	6,900,000

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé 18,3 millions de dollars.

• Essais cliniques de phase 1: 7,2 millions de dollars
• Essais cliniques de phase 2: 11,1 millions de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire en 2023 étaient de 3,6 millions de dollars.

Salaires du personnel scientifique

Catégorie de personnel	Salaire annuel moyen ($)
Chercheur principal	185,000
Associés de recherche	95,000
Chefs de recherche clinique	145,000

Maintenance des infrastructures de laboratoire et technologique

Total des frais de maintenance des infrastructures pour 2023: 5,4 millions de dollars.

• Entretien de l'équipement de laboratoire: 2,7 millions de dollars
• Infrastructure technologique: 2,7 millions de dollars

Astria Therapeutics, Inc. (ATXS) - Modèle d'entreprise: Strots de revenus

Licence potentielle de médicament thérapeutique

Depuis le quatrième trimestre 2023, Astria Therapeutics a des revenus potentiels de la licence de son candidat thérapeutique principal ATXS-10, axé sur les maladies rares. Le potentiel de licence estimé à 5 à 10 millions de dollars en paiements initiaux potentiels.

Drogue	Revenus de licence potentielle	Indication cible
ATXS-10	5-10 millions de dollars	Troubles génétiques rares

Subventions de recherche

Astria Therapeutics a obtenu des subventions de recherche totalisant environ 2,3 millions de dollars provenant de diverses fondations scientifiques et programmes de recherche gouvernementale en 2023.

• Grant des National Institutes of Health (NIH): 1,2 million de dollars
• GRANTION DE LA FONDITION DE RECHERCHE DE MALADIES RARE: 650 000 $
• Subvention de l'innovation de recherche au niveau de l'État: 450 000 $

Financement de recherche collaborative

En 2024, les partenariats de recherche en collaboration contribuent à environ 3,5 millions de dollars de financement, avec des paiements de jalons potentiels.

Partenaire de recherche	Montant du financement	Focus de recherche
Alliance de recherche pharmaceutique	2,1 millions de dollars	Thérapies sur les troubles génétiques
Consortium de recherche universitaire	1,4 million de dollars	Mécanismes de maladies rares

Ventes de produits pharmaceutiques futures

Les ventes de produits pharmaceutiques prévus prévoyaient de 12 à 15 millions de dollars pour le premier lancement de produits commerciaux potentiels, subordonné sur l'approbation de la FDA.

Monétisation de la propriété intellectuelle

Portefeuille de brevets évalué à environ 8,5 millions de dollars, avec des sources de revenus de licence potentielles des actifs de propriété intellectuelle.

• Valeur total du portefeuille de brevets: 8,5 millions de dollars
• Nombre de brevets actifs: 7
• Revenu potentiel de licence IP: 3 à 5 millions de dollars par an

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.