Astria Therapeutics, Inc. (ATXS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No domínio de ponta da terapêutica de doenças raras, a Astria Therapeutics, Inc. (ATXS) surge como um inovador pioneiro de biotecnologia, posicionando-se estrategicamente para transformar o tratamento de transtornos genéticos por meio de pesquisas moleculares avançadas e terapias direcionadas. Ao alavancar um modelo de negócios abrangente que entrelaça a experiência científica, parcerias colaborativas e plataformas de pesquisa inovador, a empresa está pronta para atender às necessidades médicas críticas não atendidas em populações de pacientes carentes, potencialmente revolucionando as abordagens personalizadas de tratamento genético.

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: Parcerias -chave

Colaborações com instituições de pesquisa acadêmica

A partir de 2024, a Astria Therapeutics mantém colaborações de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status da parceria
Hospital Geral de Massachusetts	Pesquisa genética de doenças raras	Colaboração ativa
Escola de Medicina de Harvard	Desenvolvimento terapêutico de doenças raras	Parceria em andamento

Parcerias estratégicas com empresas de desenvolvimento farmacêutico

A Astria Therapeutics estabeleceu parcerias estratégicas de desenvolvimento farmacêutico:

• Moderna Therapeutics - Acordo de Pesquisa Colaborativa
• Farmacêuticos de vértices - Desenvolvimento terapêutico de doenças raras

Possíveis acordos de licenciamento para terapêutica de doenças raras

Detalhes atuais do contrato de licenciamento:

Parceiro	Área terapêutica	Valor do acordo
Ultragenyx Pharmaceutical	Terapêutica de Transtorno Genético	Pagamento inicial de US $ 12,5 milhões

Parcerias de pesquisa focadas em distúrbios genéticos

Parcerias de pesquisa de transtornos genéticos incluem:

• Institutos Nacionais de Saúde (NIH) - Rare Genetic Disease Research Grant: US $ 3,2 milhões
• Hospital Infantil de Boston - Colaboração de Desenvolvimento Terapêutico do Transtorno Genético

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento avançados de drogas para doenças raras

A partir do quarto trimestre de 2023, a Astria Therapeutics se concentrou no desenvolvimento do Star-0215 ​​para o Angioedema Hereditário (HAE), com um investimento estimado em pesquisa e desenvolvimento de US $ 42,3 milhões em 2023.

Área de pesquisa	Investimento	Estágio atual
Desenvolvimento do tratamento com HAE	US $ 42,3 milhões	Ensaios clínicos de fase 2

Gerenciamento de ensaios clínicos para novas terapêuticas

Portfólio de ensaios clínicos a partir de 2024:

• STAR-0215 ​​Fase 2 ensaios clínicos recrutando ativamente participantes
• Orçamento total do ensaio clínico: US $ 18,7 milhões para 2024
• Aproximadamente 75 pacientes atualmente incluídos em ensaios em andamento

Pesquisa de biologia pré -clínica e molecular

Foco na pesquisa	Número de projetos ativos	Pessoal de pesquisa
Biologia Molecular	3 projetos ativos	12 pesquisadores dedicados

Processos de conformidade regulatória e aprovação de medicamentos

Métricas de interação da FDA:

• 4 Comunicações formais da FDA em 2023
• Orçamento de conformidade: US $ 3,2 milhões

Proteção à propriedade intelectual e desenvolvimento de patentes

Categoria de patentes	Número de patentes	Duração da proteção de patentes
Tecnologia Star-0215	7 patentes ativas	Até 2039

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: Recursos -chave

Equipe de pesquisa científica especializada

A partir do quarto trimestre de 2023, a Astria Therapeutics empregou 42 profissionais de pesquisa e desenvolvimento. A composição da equipe inclui:

Categoria profissional	Número de funcionários
Pesquisadores de doutorado	18
Cientistas clínicos	12
Especialistas em pesquisa genética	8
Gerentes de pesquisa seniores	4

Plataformas de pesquisa de doenças genéticas proprietárias

Principais detalhes da plataforma de pesquisa:

• Plataforma rara de triagem de doenças genéticas
• Interface de tecnologia de edição de genes CRISPR
• Sistema de Análise de Patologia Molecular

Infraestrutura de laboratório e pesquisa avançada

Especificações da instalação de pesquisa:

Componente de infraestrutura	Especificação
Espaço total de pesquisa	4.500 pés quadrados
Equipamento de sequenciamento genético de alta precisão	3 sistemas avançados
Nível de biossegurança	Bsl-2

Portfólio de propriedade intelectual significativa

Aparelhamento da propriedade intelectual:

Categoria IP	Contagem total
Patentes ativas	7
Aplicações de patentes	5
Patentes provisórias	3

Experiência em desenvolvimento clínico em tratamentos de doenças raras

Portfólio de desenvolvimento clínico:

• Ensaios clínicos de doenças raras em andamento: 2
• Programas totais de estágio clínico: 3
• Áreas de foco de pesquisa atuais: distúrbios respiratórios genéticos

Despesas de pesquisa e desenvolvimento para 2023: US $ 12,4 milhões

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: proposições de valor

Terapias inovadoras para distúrbios genéticos raros

A Astria Therapeutics se concentra no desenvolvimento de tratamentos para distúrbios genéticos raros com necessidades médicas significativas não atendidas. O foco principal da empresa está na amiloidose atribuída, uma condição genética rara.

Segmento de doenças raras	População de pacientes	Potencial de mercado
ATRMILOSIDOS ATTR	Aproximadamente 50.000 pacientes em todo o mundo	Estimado US $ 2,5 bilhões no mercado global até 2026

Tratamentos moleculares direcionados com potencial alto impacto clínico

O candidato terapêutico líder da Astria tem como alvo vias moleculares específicas em condições genéticas raras.

• Abordagem de medicina de precisão direcionada a mutações genéticas específicas
• Potencial para abordar os distúrbios genéticos com opções de tratamento limitadas
• Tecnologias avançadas de segmentação molecular

Abordagens terapêuticas personalizadas para populações de pacientes carentes

Segmento de pacientes	Necessidade médica não atendida	Potencial de tratamento
Distúrbios genéticos raros	Menos de 5% das doenças raras têm tratamentos aprovados pela FDA	Oportunidade terapêutica significativa

Capacidades avançadas de pesquisa genética

A Astria Therapeutics investe fortemente em pesquisa e desenvolvimento genético.

• Despesas de P&D em 2023: US $ 45,2 milhões
• Tecnologias avançadas de triagem genética
• Colaboração com as principais instituições de pesquisa genética

Possíveis tratamentos inovadores para condições genéticas complexas

O pipeline de pesquisa da empresa se concentra no desenvolvimento de terapias genéticas inovadoras.

Estágio de pipeline de pesquisa	Número de candidatos	Fase de desenvolvimento
Pré -clínico	3 candidatos terapêuticos	Desenvolvimento em estágio inicial
Ensaios clínicos	1 candidato terapêutico primário	Ensaios clínicos de fase 2

Astria Therapeutics, Inc. (ATXS) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com comunidades de pacientes com doenças raras

Em 2024, a Astria Therapeutics se concentra em comunidades de doenças raras, direcionando especificamente pacientes com angioedema hereditário (HAE).

Métrica da comunidade de pacientes	Valor
População estimada de pacientes com HAE em nós	6.000 - 8.000 pacientes
Canais diretos de divulgação de pacientes	3 redes primárias de apoio ao paciente
Eventos anuais de engajamento do paciente	12 eventos virtuais e pessoais

Consulta profissional médica e educação

Principais estratégias de engajamento com profissionais médicos:

• Oficinas de tratamento especializadas em HAE
• Atualizações trimestrais de pesquisa clínica
• Programas de educação médica direcionados

Métrica de engajamento profissional	Valor
Médicos especializados contatados	425 imunologistas/alergistas
Apresentações anuais da conferência médica	6 Conferências Nacionais

Programas personalizados de apoio ao paciente

Infraestrutura abrangente de apoio ao paciente direcionando o gerenciamento de cuidados individualizados.

• Aconselhamento individual de pacientes
• Rastreamento de adesão ao tratamento
• Coordenação de Assistência Financeira

Comunicação transparente sobre o progresso da pesquisa

Canal de comunicação	Freqüência
Atualizações de ensaios clínicos	Lançamentos públicos trimestrais
Briefes de pesquisa de investidores/analistas	4 sessões anuais

Abordagem colaborativa com profissionais de saúde

Métricas estratégicas de colaboração de provedores de saúde:

• Centros de tratamento em parceria: 37 clínicas especializadas
• Sistemas de registro médico eletrônico integrado
• Protocolos de compartilhamento de dados de pacientes em tempo real

Métrica de colaboração de provedores	Valor
Parcerias de provedores de saúde ativos	52 acordos institucionais
Sessões anuais de treinamento de provedores	8 workshops abrangentes

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: canais

Comunicações de pesquisa médica direta

A partir do quarto trimestre de 2023, a Astria Therapeutics utilizou canais de comunicação direta com 87 instituições especializadas de pesquisa de doenças raras.

Tipo de comunicação	Frequência anual	Instituições -alvo
Briefes de pesquisa	24	87 instituições especializadas
Diretor de investigador direto	36	52 centros de pesquisa primários

Apresentações da conferência científica

Em 2023, a Astria Therapeutics participou de 12 principais conferências científicas.

• Conferência da Sociedade Americana de Genética Humana
• Doenças raras e cúpula de drogas órfãs
• Conferência Internacional de Medicina Genética

Networking da indústria farmacêutica

A Astria manteve relacionamentos ativos de rede com 43 empresas farmacêuticas em 2023.

Canal de rede	Número de conexões	Frequência de interação
Parcerias corporativas diretas	7	Trimestral
Associações da Associação da Indústria	36	Semestral

Plataformas de saúde digital

As métricas de engajamento digital para 2023 mostraram 126.500 interações exclusivas da plataforma.

• Tráfego do site: 98.300 visitantes únicos
• Engajamento do portal de pesquisa: 28.200 usuários especializados

Publicações de revistas médicas direcionadas

ASTRIA publicou pesquisas em 8 revistas médicas revisadas por pares durante 2023.

Categoria de diário	Publicações	Citações cumulativas
Revistas de pesquisa genética	4	237
Periódicos de doenças raras	4	189

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

Pacientes com doenças raras

Em 2024, a Astria Therapeutics se concentra em distúrbios genéticos raros que afetam aproximadamente 30 milhões de pacientes nos Estados Unidos. População específica de pacientes para Lumevoq (terapia genética) estimada em 1.200-1.500 indivíduos com hiperoxalúria primária tipo 1 (PH1).

Categoria de pacientes	População estimada	Prevalência
Pacientes com PH1	1,200-1,500	1: 100.000 nascidos vivos
Distúrbios genéticos raros	30 milhões	10% da população dos EUA

Comunidade de pesquisa de transtornos genéticos

As instituições de pesquisa -alvo incluem 50 centros de pesquisa genética especializados, com orçamentos anuais de pesquisa que excedam US $ 500 milhões coletivamente.

• Institutos Nacionais de Saúde (NIH) Financiamento de Pesquisa Genética: US $ 1,3 bilhão em 2023
• Centros médicos acadêmicos pesquisando ativamente distúrbios genéticos raros: 37
• Publicações anuais de pesquisa genética: 4.200

Provedores de assistência médica especializados

Provedores de assistência médica direcionados especializados em distúrbios genéticos raros:

Tipo de provedor	Número de centros especializados	Volume anual do paciente
Centros de Tratamento Genético	87	12.500 pacientes
Clínicas de doenças metabólicas	62	8.700 pacientes

Especialistas em tratamento genético pediátrico

Concentre -se em especialistas em tratamento de doenças raras pediátricas:

• Geneticistas pediátricos em nós: 1.400
• Hospitais infantis com programas genéticos dedicados: 52
• Diagnóstico anual de doenças raras pediátricas: 3.600

Instituições de pesquisa farmacêutica

Target Pharmaceutical Research EcoSystem:

Categoria de pesquisa	Número de instituições	Investimento anual de pesquisa
Pesquisa farmacêutica de doenças raras	24	US $ 2,3 bilhões
Centros de pesquisa de terapia genética	38	US $ 1,7 bilhão

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Astria Therapeutics registrou despesas de P&D de US $ 41,7 milhões.

Categoria de despesa de P&D	Valor ($)
Programa Médico de Estatísticas	22,500,000
Desenvolvimento pré -clínico	12,300,000
Custos de pessoal	6,900,000

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram US $ 18,3 milhões.

• Ensaios clínicos de fase 1: US $ 7,2 milhões
• Ensaios clínicos de fase 2: US $ 11,1 milhões

Investimentos de conformidade regulatória

Os custos de conformidade regulatória em 2023 foram de US $ 3,6 milhões.

Salários de pessoal científico

Categoria de pessoal	Salário médio anual ($)
Cientistas de pesquisa seniores	185,000
Associados de pesquisa	95,000
Gerentes de pesquisa clínica	145,000

Manutenção de infraestrutura de laboratório e tecnologia

Despesas totais de manutenção de infraestrutura para 2023: US $ 5,4 milhões.

• Manutenção de equipamentos de laboratório: US $ 2,7 milhões
• Infraestrutura de tecnologia: US $ 2,7 milhões

Astria Therapeutics, Inc. (ATXS) - Modelo de negócios: fluxos de receita

Potencial licenciamento de medicamentos terapêuticos

A partir do quarto trimestre de 2023, a Astria Therapeutics possui receita potencial ao licenciar seu candidato terapêutico principal ATXS-10, focado em doenças raras. O potencial de licenciamento estimado em US $ 5 a 10 milhões em possíveis pagamentos iniciais.

Candidato a drogas	Potencial receita de licenciamento	Indicação alvo
ATXS-10	US $ 5 a 10 milhões	Distúrbios genéticos raros

Bolsas de pesquisa

A Astria Therapeutics garantiu subsídios de pesquisa, totalizando aproximadamente US $ 2,3 milhões de várias fundações científicas e programas de pesquisa do governo em 2023.

• Grant do National Institutes of Health (NIH): US $ 1,2 milhão
• RARE DOENS PESQUISA FILTA DE PESQUISA DA DOENÇAS: US $ 650.000
• Concessão de inovação de pesquisa em nível estadual: US $ 450.000

Financiamento de pesquisa colaborativa

A partir de 2024, as parcerias de pesquisa colaborativa contribuem com aproximadamente US $ 3,5 milhões em financiamento, com possíveis pagamentos de marcos.

Parceiro de pesquisa	Valor de financiamento	Foco na pesquisa
Aliança de Pesquisa Farmacêutica	US $ 2,1 milhões	Terapias de transtorno genético
Consórcio de Pesquisa Acadêmica	US $ 1,4 milhão	Mecanismos de doenças raras

Vendas futuras de produtos farmacêuticos

As vendas projetadas de produtos farmacêuticos previstos em US $ 12 a 15 milhões para o primeiro lançamento de produtos comerciais em potencial, dependente da aprovação da FDA.

Monetização da propriedade intelectual

O portfólio de patentes no valor de aproximadamente US $ 8,5 milhões, com possíveis fluxos de receita de licenciamento de ativos de propriedade intelectual.

• Valor da carteira total de patentes: US $ 8,5 milhões
• Número de patentes ativas: 7
• Receita potencial de licenciamento de IP: US $ 3-5 milhões anualmente

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.