$ATHA
Athira Pharma, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024060482 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.874M $6.451M
YoY Change -41.41% -23.9%
% of Gross Profit
Research & Development $22.15M $21.24M
YoY Change 2.49% -0.27%
% of Gross Profit
Depreciation & Amortization $242.0K $242.0K
YoY Change -0.82% 2.54%
% of Gross Profit
Operating Expenses $22.15M $21.24M
YoY Change 2.49% -0.27%
Operating Profit -$28.03M -$27.69M
YoY Change -11.42% -7.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.169M $1.350M
YoY Change -42.78% -24.71%
Pretax Income -$26.86M -$26.34M
YoY Change -9.25% -5.33%
Income Tax
% Of Pretax Income
Net Earnings -$26.86M -$26.30M
YoY Change -9.25% -5.46%
Net Earnings / Revenue
Basic Earnings Per Share -$0.70 -$0.69
Diluted Earnings Per Share -$0.70 -$0.69
COMMON SHARES
Basic Shares Outstanding 38.33M 38.33M
Diluted Shares Outstanding 38.38M 38.32M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.77M $122.1M
YoY Change -50.69% -34.35%
Cash & Equivalents $73.83M $77.82M
Short-Term Investments $17.94M $44.27M
Other Short-Term Assets $13.31M $4.920M
YoY Change 120.21% -28.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.7M $128.6M
YoY Change -44.46% -33.31%
LONG-TERM ASSETS
Property, Plant & Equipment $2.930M $3.144M
YoY Change -23.84% -22.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00K $55.00K
YoY Change -9.84% -23.61%
Total Long-Term Assets $4.549M $4.822M
YoY Change -71.42% -87.91%
TOTAL ASSETS
Total Short-Term Assets $106.7M $128.6M
Total Long-Term Assets $4.549M $4.822M
Total Assets $111.3M $133.5M
YoY Change -46.53% -42.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $475.0K $681.0K
YoY Change -22.39% -23.65%
Accrued Expenses $16.04M $14.54M
YoY Change 49.83% 62.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.90M $25.60M
YoY Change 24.19% 27.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.016M $1.118M
YoY Change -27.79% -25.32%
Total Long-Term Liabilities $1.016M $1.118M
YoY Change -27.79% -25.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.90M $25.60M
Total Long-Term Liabilities $1.016M $1.118M
Total Liabilities $27.92M $26.72M
YoY Change 21.02% 23.42%
SHAREHOLDERS EQUITY
Retained Earnings -$362.4M -$335.5M
YoY Change 45.57% 52.97%
Common Stock $445.8M $442.4M
YoY Change 2.51% 2.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.34M $106.7M
YoY Change
Total Liabilities & Shareholders Equity $111.3M $133.5M
YoY Change -46.53% -42.67%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$26.86M -$26.30M
YoY Change -9.25% -5.46%
Depreciation, Depletion And Amortization $242.0K $242.0K
YoY Change -0.82% 2.54%
Cash From Operating Activities -$22.33M -$25.80M
YoY Change -8.04% -1.49%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $5.000K
YoY Change -15.15% -97.93%
Acquisitions
YoY Change
Other Investing Activities $26.59M $13.05M
YoY Change -18.23% -63.52%
Cash From Investing Activities $26.56M $13.04M
YoY Change -18.24% -63.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 148.0K 0.000
YoY Change -38.84% -100.0%
NET CHANGE
Cash From Operating Activities -22.33M -25.80M
Cash From Investing Activities 26.56M 13.04M
Cash From Financing Activities 148.0K 0.000
Net Change In Cash 4.380M -12.76M
YoY Change -48.14% -235.39%
FREE CASH FLOW
Cash From Operating Activities -$22.33M -$25.80M
Capital Expenditures $28.00K $5.000K
Free Cash Flow -$22.36M -$25.81M
YoY Change -8.05% -2.37%

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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:14pt;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:14pt;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:14pt;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:14pt;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 March 31, 2024, 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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:14pt;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;">As of March 31, 2024, the Company had cash, cash equivalents and investments of $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">122.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million. The Company’s loss for the quarter ended March 31, 2024 was $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">26.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million and cash used in operations for the three months ended March 31, 2024 was $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">25.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million. 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:14pt;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;">122.1</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 March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this report. Historically, the Company has incurred net losses from continuing operations and negative operating cash flows. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs; therefore, the Company will need to continue to raise additional capital to accomplish its operating plan. The Company has a sales agreement in place with Cantor Fitzgerald &amp; Co., or Cantor Fitzgerald, and BTIG, LLC, or BTIG, for an “at the market” equity offering facility through which it may offer and sell shares of its common stock equaling an aggregate amount 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. The Company has </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">t sold any securities pursuant to this ATM offering. Should it be determined to be strategically advantageous, the Company could pursue public and private offerings of its equity securities similar to those the Company has previously completed, debt financings, or other strategic transactions, which could include income from collaboration, licensing or similar arrangements with third parties, or receiving research contributions, or grants. Should it be necessary to manage operating expenses, the Company could also reduce its projected cash requirements by delaying or terminating clinical trials, reducing selected research and development efforts, or implementing other restructuring activities.</span></p>
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