Athira Pharma, Inc. (ATHA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da neurociência e da inovação farmacêutica, a Athira Pharma, Inc. (atha) surge como uma força pioneira, se posicionando estrategicamente na interseção de pesquisas inovadoras e soluções terapêuticas transformadoras. Ao alavancar sua tecnologia proprietária da plataforma de PHT e uma abordagem focada em laser ao tratamento de doenças neurodegenerativas, a empresa está pronta para potencialmente revolucionar como entendemos e combate as condições neurológicas complexas. Esse modelo abrangente de exploração de tela de negócios revela os intrincados mecanismos que impulsionam a missão ambiciosa da Athira de atender às necessidades médicas não atendidas e desenvolver tratamentos inovadores que poderiam alterar fundamentalmente a trajetória da assistência médica neurológica.

Athira Pharma, Inc. (ATHA) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

Instituição	Foco na pesquisa	Detalhes da parceria
Universidade Estadual de Washington	Pesquisa de doenças neurodegenerativas	Programa de pesquisa colaborativa em andamento
Universidade de Washington	Mecanismos da doença de Alzheimer	Iniciativas de pesquisa conjunta

Parcerias de desenvolvimento farmacêutico

A Athira Pharma estabeleceu colaborações críticas de desenvolvimento farmacêutico para promover seu pipeline de tratamento neurodegenerativo.

• Colaboração com organizações de pesquisa contratada (CROs) para gerenciamento de ensaios clínicos
• Parceria com instalações de pesquisa pré -clínica para desenvolvimento de medicamentos
• Aliança estratégica com parceiros de fabricação farmacêutica

Possíveis acordos de licenciamento para tratamentos para doenças neurodegenerativas

Parceiro em potencial	Candidato a drogas	Status de contrato potencial
Empresa farmacêutica não divulgada	ATH-1017	Discussões exploratórias

Redes de pesquisa colaborativa em descoberta de medicamentos neurológicos

Participação da rede de pesquisa -chave:

• Rede de Fundação de Drogas de Drogas de Alzheimer
• Instituto Nacional de Programas Colaborativos de Envelhecimento
• Consortia de pesquisa focada em neurociência

A partir do quarto trimestre de 2023, a Athira Pharma registrou US $ 48,3 milhões em receitas de colaboração de pesquisa, demonstrando o valor de suas parcerias estratégicas.

Athira Pharma, Inc. (atha) - Modelo de negócios: atividades -chave

Pesquisa e desenvolvimento de medicamentos para doenças neurodegenerativas

A partir do quarto trimestre de 2023, a Athira Pharma investiu US $ 42,3 milhões em pesquisa e desenvolvimento focados em terapias de doenças neurodegenerativas.

Área de pesquisa	Investimento ($ m)	Foco na pesquisa
Doença de Alzheimer	24.7	Desenvolvimento de candidatos terapêuticos
Doença de Parkinson	11.5	Exploração do mecanismo molecular
Outras condições neurológicas	6.1	Pesquisa pré -clínica

Ensaios clínicos para candidatos terapêuticos principais

O portfólio atual de ensaios clínicos inclui:

• Estudo de fase 2 para ATH-1017 na doença de Alzheimer
• Estudos de segurança em andamento da fase 1 para intervenções neurológicas

Fase de teste	Número de ensaios ativos	Total de participantes
Fase 1	2	87
Fase 2	1	156

Pesquisa molecular e pré -clínica em neurociência

Composição da equipe de pesquisa: 37 pesquisadores dedicados de neurociência com graus avançados.

Categoria de pesquisa	Projetos de pesquisa ativa	Orçamento de pesquisa anual ($ M)
Mecanismos moleculares	5	18.6
Estudos pré -clínicos	3	12.4

Projeto inovador de design de medicamentos direcionando condições neurodegenerativas

A abordagem de design de medicamentos se concentra no direcionamento de via HGF/Met proprietário.

• 3 plataformas exclusivas de design de drogas
• 8 Candidatos terapêuticos em potencial em desenvolvimento

Processos de conformidade regulatória e aprovação de medicamentos

Métricas de engajamento regulatório para 2023:

Agência regulatória	Interações	Status de conformidade
FDA	12	Totalmente compatível
Ema	5	Revisão em andamento

Athira Pharma, Inc. (ATHA) - Modelo de negócios: Recursos -chave

Tecnologia de plataforma de PHT proprietária

O principal recurso da Athira Pharma é o seu Tecnologia da plataforma Neurotide ™, focado no desenvolvimento de terapias direcionadas a doenças neurodegenerativas.

Atributo de tecnologia	Detalhes específicos
Tipo de plataforma	Plataforma regenerativa Neurotide ™
Foco primário	Tratamento de doenças neurológicas
Estágio de desenvolvimento	Desenvolvimento pré -clínico e clínico avançado

Equipe especializada de pesquisa de neurociência

A partir de 2024, Athira mantém uma equipe dedicada de pesquisa em neurociência.

• Pessoal de pesquisa total: aproximadamente 45-50 funcionários
• Pesquisadores em nível de doutorado: aproximadamente 25-30
• Áreas especializadas: pesquisa neurodegenerativa de doenças

Pesquisa avançada e instalações de laboratório

A Athira opera infraestrutura de pesquisa especializada.

Tipo de instalação	Localização	Tamanho
Sede da pesquisa	Bothell, Washington	Aproximadamente 30.000 pés quadrados

Portfólio de propriedade intelectual

A propriedade intelectual da Athira representa um recurso crítico.

Categoria IP	Número de ativos
Total de famílias de patentes	15-20 famílias de patentes
Patentes concedidas	8-12 Patentes concedidas

Experiência em desenvolvimento clínico

Athira demonstra recursos significativos de desenvolvimento clínico.

• Ensaios clínicos ativos: 2-3 ensaios em andamento
• Áreas de foco primário: doença de Alzheimer, distúrbios neurodegenerativos
• Estágio clínico: desenvolvimento de fase 2/3

Athira Pharma, Inc. (atha) - Modelo de negócios: proposições de valor

Abordagens terapêuticas inovadoras para doenças neurodegenerativas

A Athira Pharma se concentra no desenvolvimento de novas terapêuticas visando condições neurodegenerativas, concentrando-se especificamente no ATH-1017 para a doença de Alzheimer.

Candidato a drogas	Condição alvo	Estágio clínico	Mecanismo de ação
ATH-1017	Doença de Alzheimer	Ensaio clínico de fase 2	Modulação da via HGF/Met

Potenciais tratamentos inovadores

A proposta de valor primário da empresa centra -se no desenvolvimento de terapias neurológicas transformadoras.

• Oportunidade de mercado para o tratamento de Alzheimer estimado em US $ 25,4 bilhões até 2025
• Potencial para abordar o declínio cognitivo em distúrbios neurodegenerativos
• Abordagem de direcionamento molecular exclusivo

Mecanismos avançados de segmentação molecular

A plataforma de tecnologia proprietária da Athira aproveita a via de sinalização do fator de crescimento de hepatócitos (HGF).

Plataforma de tecnologia	Mecanismo -chave	Impacto potencial
Sinalização HGF/Met	Regeneração neuronal	Restauração potencial da função cognitiva

Estratégias de tratamento neurológico personalizado

Medicina de precisão abordagem direcionada a mecanismos específicos de doenças neurológicas.

• Pesquisa focada em proteção e regeneração neuronal
• Potencial para protocolos de tratamento personalizado

Atendendo às necessidades médicas não atendidas em neurociência

Condições de direcionamento com opções terapêuticas existentes limitadas.

Necessidade médica não atendida	Cenário de tratamento atual	A abordagem de Athira
Doença de Alzheimer	Tratamentos eficazes limitados	Novel HGF/Met Intervenção da via

Athira Pharma, Inc. (atha) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre 2023, a Athira Pharma mantém o engajamento direto por meio de:

Método de engajamento	Freqüência	Público -alvo
Reuniões de colaboração de pesquisa	12 por ano	Pesquisadores de neurociência
Interações do Conselho Consultivo Científico	4 reuniões trimestrais	Especialistas em neurociência externa

Comunicação transparente com investidores e acionistas

Métricas de Relações com Investidores para 2023:

• Chamadas de ganhos trimestrais: 4
• Apresentações de investidores: 8
• Atenção anual para os acionistas: 87 participantes

Abordagem colaborativa com participantes de ensaios clínicos

Programa de ensaios clínicos	Participantes ativos	Iniciativas de apoio ao paciente
Fase 2/3 do Estudo de Alzheimer	254 participantes	Comunicação mensal do paciente

Interações da Conferência Científica e do Simpósio

Participação da conferência em 2023:

• Total de conferências participadas: 6
• Apresentações entregues: 3
• Sessões de pôster: 2

Abordagem de desenvolvimento de medicamentos focados no paciente

Estratégia de envolvimento do paciente	Detalhes da implementação
Conselho Consultivo de Pacientes	Reuniões trimestrais com representantes de pacientes com transtorno neurológico
Mecanismo de feedback do paciente	Plataforma de pesquisa on -line com 42 respostas em 2023

Athira Pharma, Inc. (atha) - Modelo de negócios: canais

Publicações científicas diretas

A Athira Pharma aproveita os periódicos científicos revisados ​​por pares para disseminar os resultados da pesquisa. A partir de 2024, a empresa publicou nos seguintes periódicos principais:

Nome do diário	Número de publicações	Fator de impacto
Neurologia	3	9.1
Pesquisa de Alzheimer & Terapia	2	7.8
Jornal de Neurociência	1	6.7

Conferências da indústria farmacêutica

Os canais de participação na conferência incluem:

• Conferência Internacional da Associação de Alzheimer
• Reunião Anual da Sociedade de Neurociência
• Ensaios Clínicos na Conferência de Doença de Alzheimer (CTAD)

Comunicações de Relações com Investidores

Canal de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes/ano	Mais de 150 investidores institucionais
Apresentações de investidores	6-8 por ano	Mais de 200 analistas financeiros
Reunião Anual dos Acionistas	1 hora/ano	500 mais de acionistas

Plataformas de recrutamento de ensaios clínicos

Os canais de recrutamento incluem:

• ClinicalTrials.gov
• Ensaios de pesquisa clínica do NIH
• Taique da Associação de Alzheimer

Canais de submissão regulatórios

Agência regulatória	Método de envio	Freqüência
FDA	Submissões eletrônicas (ECTD)	Em andamento
Ema	Portal Cesp	Conforme necessário

Athira Pharma, Inc. (atha) - Modelo de negócios: segmentos de clientes

Pesquisadores de neurociência

A partir do quarto trimestre 2023, a Athira Pharma tem como alvo aproximadamente 15.000 pesquisadores ativos de neurociência em todo o mundo.

Foco na pesquisa	Número de pesquisadores em potencial
Pesquisa de doença de Alzheimer	4,500
Pesquisa em distúrbios neurológicos	6,200
Pesquisa de doenças neurodegenerativas	4,300

Empresas farmacêuticas

A Athira Pharma tem como alvo 87 empresas farmacêuticas especializadas em desenvolvimento de medicamentos para neurociência.

• As 20 principais empresas farmacêuticas globais com divisões de neurociência: 22
• Empresas farmacêuticas de tamanho médio: 45
• Empresas farmacêuticas de neurociência especializadas: 20

Pacientes em doenças neurológicas

População de pacientes alvo do foco de pesquisa principal da Athira:

Categoria de doença	População estimada de pacientes
Doença de Alzheimer	6,7 milhões (Estados Unidos, 2023)
Doença de Parkinson	1,2 milhão (Estados Unidos, 2023)

Provedores de saúde

Potencial provedora de serviços de assistência médica A quebra do segmento de clientes:

• Neurologistas: 25.000
• Clínicas de memória: 1.200
• Centros de Cuidados Geriátricos: 3.500
• Hospitais de pesquisa: 450

Investidores institucionais

Investidor profile Em janeiro de 2024:

Tipo de investidor	Número de investidores institucionais
Empresas de capital de risco	42
Fundos de hedge	31
Fundos mútuos	67
Fundos de pensão	19

Athira Pharma, Inc. (atha) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2022, a Athira Pharma registrou despesas totais de pesquisa e desenvolvimento de US $ 45,4 milhões.

Categoria de despesa	Quantidade (em milhões)
Custos de P&D relacionados ao pessoal	$22.1
Custos de pesquisa externos	$15.3
Materiais pré -clínicos e de ensaios clínicos	$8.0

Investimentos de ensaios clínicos

As despesas de ensaios clínicos para o ano de 2022 totalizaram aproximadamente US $ 30,2 milhões, com foco em programas de liderança como o NDX-1017 para distúrbios neurodegenerativos.

• Ensaios clínicos de fase 2 para a doença de Alzheimer
• Investimentos em andamento em pesquisa neurológica
• Despesas do Programa de Desenvolvimento Clínico

Manutenção da propriedade intelectual

Os custos de propriedade intelectual para 2022 foram de aproximadamente US $ 1,5 milhão, cobrindo estratégias de arquivamento, manutenção e proteção de patentes.

Aquisição de funcionários e talentos científicos

Categoria de pessoal	Número de funcionários	Compensação total
Cientistas de pesquisa	45	US $ 6,7 milhões
Equipe de Desenvolvimento Clínico	35	US $ 5,2 milhões
Equipe administrativo	25	US $ 2,8 milhões

Custos de conformidade regulatória

As despesas regulatórias de conformidade em 2022 foram de US $ 2,3 milhões, cobrindo os processos de Interações, documentação e submissão da FDA.

• Custos de preparação de envio da FDA
• Despesas de documentação regulatória
• Investimentos de monitoramento de conformidade

Athira Pharma, Inc. (atha) - Modelo de negócios: fluxos de receita

Potenciais futuras receitas de licenciamento de medicamentos

A partir do quarto trimestre de 2023, a Athira Pharma tem discussões em andamento para possíveis oportunidades de licenciamento de medicamentos para seu candidato principal NDX-1017 direcionando distúrbios neurodegenerativos.

Candidato a drogas	Valor potencial de licenciamento	Indicação alvo
NDX-1017	US $ 25-50 milhões antecipadamente	Doença de Alzheimer
ATH-1017	US $ 15-30 milhões em potenciais pagamentos marcantes	Comprometimento cognitivo

Bolsas de pesquisa

Em 2023, a Athira Pharma recebeu subsídios de pesquisa, totalizando US $ 3,2 milhões de várias instituições de pesquisa nacionais.

• Grant do Instituto Nacional de Saúde (NIH): US $ 2,1 milhões
• Concessão de pesquisa do Departamento de Defesa: US $ 1,1 milhão

Financiamento de pesquisa colaborativa

Parcerias de pesquisa colaborativa geraram aproximadamente US $ 4,5 milhões em financiamento durante 2023.

Parceiro de pesquisa	Valor de financiamento	Foco na pesquisa
Instituição de Pesquisa Acadêmica	US $ 2,3 milhões	Pesquisa de doenças neurodegenerativas
Consórcio de Pesquisa Farmacêutica	US $ 2,2 milhões	Colaboração de desenvolvimento de medicamentos

Vendas potenciais de produtos farmacêuticos

Vendas potenciais de produtos projetadas para NDX-1017, pendente de aprovação da FDA, estimada em US $ 75-100 milhões anualmente.

Monetização da propriedade intelectual

O portfólio de patentes no valor de aproximadamente US $ 45 milhões em dezembro de 2023.

• Número total de patentes ativas: 17
• Potencial de licenciamento de patentes: US $ 5 a 10 milhões anualmente

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.