$ATHA
Athira Pharma, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024018787 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.451M $6.962M $33.30M
YoY Change -23.9% -9.48% 2.31%
% of Gross Profit
Research & Development $21.24M $23.68M $93.79M
YoY Change -0.27% 55.42% 52.59%
% of Gross Profit
Depreciation & Amortization $242.0K $245.0K $969.0K
YoY Change 2.54% 2.51% 14.67%
% of Gross Profit
Operating Expenses $21.24M $30.64M $93.79M
YoY Change -0.27% 33.65% 52.59%
Operating Profit -$27.69M -$125.5M
YoY Change -7.0% 20.62%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.350M $1.729M $7.637M
YoY Change -24.71% -38.07% 137.47%
Pretax Income -$26.34M -$27.29M -$117.4M
YoY Change -5.33% -9.46% 22.62%
Income Tax
% Of Pretax Income
Net Earnings -$26.30M -$27.29M -$117.7M
YoY Change -5.46% -9.46% 23.04%
Net Earnings / Revenue
Basic Earnings Per Share -$0.69 -$3.09
Diluted Earnings Per Share -$0.69 -$0.72 -$3.09
COMMON SHARES
Basic Shares Outstanding 38.33M 38.05M 38.02M
Diluted Shares Outstanding 38.32M 38.02M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.1M $154.7M $154.7M
YoY Change -34.35% -22.77% -22.77%
Cash & Equivalents $77.82M $90.58M $90.58M
Short-Term Investments $44.27M $64.14M $64.14M
Other Short-Term Assets $4.920M $5.682M $5.682M
YoY Change -28.85% -4.7% -4.7%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $1.628M $1.628M
Total Short-Term Assets $128.6M $154.7M $154.7M
YoY Change -33.31% -25.44% -25.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.144M $3.388M $4.437M
YoY Change -22.52% -16.41% -16.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $55.00K $448.0K $5.516M
YoY Change -23.61% 714.55% 1061.26%
Total Long-Term Assets $4.822M $5.516M $5.516M
YoY Change -87.91% -89.1% -89.1%
TOTAL ASSETS
Total Short-Term Assets $128.6M $154.7M $154.7M
Total Long-Term Assets $4.822M $5.516M $5.516M
Total Assets $133.5M $160.2M $160.2M
YoY Change -42.67% -37.93% -37.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $681.0K $129.0K $129.0K
YoY Change -23.65% -94.84% -94.84%
Accrued Expenses $14.54M $18.34M $28.71M
YoY Change 62.95% 113.19% 51.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $25.60M $28.84M $28.84M
YoY Change 27.04% 34.57% 34.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.118M $1.217M $1.217M
YoY Change -25.32% -23.22% -23.22%
Total Long-Term Liabilities $1.118M $1.217M $1.217M
YoY Change -25.32% -23.22% -23.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.60M $28.84M $28.84M
Total Long-Term Liabilities $1.118M $1.217M $1.217M
Total Liabilities $26.72M $30.06M $30.06M
YoY Change 23.42% 30.59% 30.59%
SHAREHOLDERS EQUITY
Retained Earnings -$335.5M -$309.2M
YoY Change 52.97% 61.44%
Common Stock $442.4M $439.7M
YoY Change 2.53% 2.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.7M $130.2M $130.2M
YoY Change
Total Liabilities & Shareholders Equity $133.5M $160.2M $160.2M
YoY Change -42.67% -37.93% -37.93%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.30M -$27.29M -$117.7M
YoY Change -5.46% -9.46% 23.04%
Depreciation, Depletion And Amortization $242.0K $245.0K $969.0K
YoY Change 2.54% 2.51% 14.67%
Cash From Operating Activities -$25.80M -$26.29M -$100.8M
YoY Change -1.49% 67.82% 39.03%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $4.000K $304.0K
YoY Change -97.93% 300.0% -73.36%
Acquisitions
YoY Change
Other Investing Activities $13.05M $6.391M $95.39M
YoY Change -63.52% -74.07% 62.22%
Cash From Investing Activities $13.04M $6.391M $95.09M
YoY Change -63.29% -74.07% 64.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 152.0K 493.0K
YoY Change -100.0% 3.4% -24.62%
NET CHANGE
Cash From Operating Activities -25.80M -26.29M -100.8M
Cash From Investing Activities 13.04M 6.391M 95.09M
Cash From Financing Activities 0.000 152.0K 493.0K
Net Change In Cash -12.76M -19.75M -5.171M
YoY Change -235.39% -316.39% -63.46%
FREE CASH FLOW
Cash From Operating Activities -$25.80M -$26.29M -$100.8M
Capital Expenditures $5.000K $4.000K $304.0K
Free Cash Flow -$25.81M -$26.30M -$101.1M
YoY Change -2.37% 67.84% 37.29%

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">1. Description of Business</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Organization</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Athira Pharma, Inc. (the “Company”) was incorporated as M3 Biotechnology, Inc. in the state of Washington on </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">March 31, 2011</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> and reincorporated in the state of Delaware on </span><span style="font-size:10pt;font-family:Arial;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">October 27, 2015</span></span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">. In April 2019, the Company changed its name to Athira Pharma, Inc. The Company currently has office and laboratory space in Bothell, Washington. The Company is a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Since the Company’s inception, it has funded its operations primarily with proceeds from the sale and issuance of common stock, convertible preferred stock, common stock warrants, and convertible notes, and to a lesser extent from grant income and stock option exercises. From the Company’s inception through December 31, 2023, it has raised aggregate net cash proceeds of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">407.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million primarily from the issuance of its common stock (excluding option exercises), convertible preferred stock, common stock warrants, and convertible notes. As of December 31, 2023, the Company had $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">147.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million in cash, cash equivalents, and investments and had not generated positive cash flows from operations. Since the Company’s inception, it has devoted substantially all of its resources to its research and development efforts such as small molecule compound discovery, nonclinical studies and clinical trials, as well as manufacturing activities, establishing and maintaining the Company’s intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Based upon the Company’s current operating plan, it estimates that its $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">147.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million of cash, cash equivalents, and investments at December 31, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the next 12 months following the date of the Company’s Annual Report on Form 10-K.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">At The Market Common Stock Offering</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">In January 2023, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">the Company entered into a sales agreement with Cantor Fitzgerald and BTIG to sell shares of our common stock having aggregate sales proceeds of up to $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">75.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million, from time to time, through an “at the market” (“ATM”) equity offering program under which Cantor and BTIG are acting as sales agents. The Company has </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">not</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> sold any securities pursuant to this ATM offering.</span></p>
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2011-03-31
CY2023 atha Entity Reincorporation Date Of Reincorporation
EntityReincorporationDateOfReincorporation
2015-10-27
CY2023 atha Proceeds From Issuance Of Convertible Preferred Stock And Common Stock Warrants
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CY2023Q4 us-gaap Investments And Cash
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CY2023Q4 us-gaap Investments And Cash
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates include those used for fair value of assets and liabilities, accrued liabilities, valuation allowance for deferred tax assets, and stock-based compensation. Management evaluates related assumptions on an ongoing basis using historical experience and other</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">factors </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.</span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company is exposed to credit risk from its deposits of cash in excess of amounts insured by the Federal Deposit Insurance Corporation. The Company has not experienced any losses on its deposits of cash since inception.</span></p>
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2022 atha Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Fair Value
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