$ATHA
Athira Pharma, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024089304 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.70M $5.874M
YoY Change 49.22% -41.41%
% of Gross Profit
Research & Development $17.92M $22.15M
YoY Change -34.12% 2.49%
% of Gross Profit
Depreciation & Amortization $243.0K $242.0K
YoY Change -0.41% -0.82%
% of Gross Profit
Operating Expenses $17.92M $22.15M
YoY Change -34.12% 2.49%
Operating Profit -$29.62M -$28.03M
YoY Change -15.47% -11.42%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $880.0K $1.169M
YoY Change -57.53% -42.78%
Pretax Income -$28.74M -$26.86M
YoY Change -12.83% -9.25%
Income Tax
% Of Pretax Income
Net Earnings -$28.74M -$26.86M
YoY Change -12.83% -9.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.75 -$0.70
Diluted Earnings Per Share -$0.75 -$0.70
COMMON SHARES
Basic Shares Outstanding 38.44M 38.33M
Diluted Shares Outstanding 38.52M 38.38M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.86M $91.77M
YoY Change -60.18% -50.69%
Cash & Equivalents $68.86M $73.83M
Short-Term Investments $17.94M
Other Short-Term Assets $11.52M $13.31M
YoY Change 105.68% 120.21%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $82.00M $106.7M
YoY Change -54.06% -44.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.687M $2.930M
YoY Change -26.04% -23.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00K $55.00K
YoY Change -93.35% -9.84%
Total Long-Term Assets $4.244M $4.549M
YoY Change -31.5% -71.42%
TOTAL ASSETS
Total Short-Term Assets $82.00M $106.7M
Total Long-Term Assets $4.244M $4.549M
Total Assets $86.25M $111.3M
YoY Change -53.3% -46.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $388.0K $475.0K
YoY Change -77.32% -22.39%
Accrued Expenses $16.96M $16.04M
YoY Change 2.46% 49.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.75M $26.90M
YoY Change -3.04% 24.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $912.0K $1.016M
YoY Change -29.85% -27.79%
Total Long-Term Liabilities $912.0K $1.016M
YoY Change -29.85% -27.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.75M $26.90M
Total Long-Term Liabilities $912.0K $1.016M
Total Liabilities $28.66M $27.92M
YoY Change -4.25% 21.02%
SHAREHOLDERS EQUITY
Retained Earnings -$391.1M -$362.4M
YoY Change 38.74% 45.57%
Common Stock $448.7M $445.8M
YoY Change 2.6% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.58M $83.34M
YoY Change
Total Liabilities & Shareholders Equity $86.25M $111.3M
YoY Change -53.3% -46.53%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$28.74M -$26.86M
YoY Change -12.83% -9.25%
Depreciation, Depletion And Amortization $243.0K $242.0K
YoY Change -0.41% -0.82%
Cash From Operating Activities -$23.02M -$22.33M
YoY Change -3.99% -8.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $28.00K
YoY Change -100.0% -15.15%
Acquisitions
YoY Change
Other Investing Activities $18.04M $26.59M
YoY Change -12.94% -18.23%
Cash From Investing Activities $18.04M $26.56M
YoY Change -12.81% -18.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.00K 148.0K
YoY Change -38.84%
NET CHANGE
Cash From Operating Activities -23.02M -22.33M
Cash From Investing Activities 18.04M 26.56M
Cash From Financing Activities 12.00K 148.0K
Net Change In Cash -4.972M 4.380M
YoY Change 51.12% -48.14%
FREE CASH FLOW
Cash From Operating Activities -$23.02M -$22.33M
Capital Expenditures $0.00 $28.00K
Free Cash Flow -$23.02M -$22.36M
YoY Change -4.11% -8.05%

Facts In Submission

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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., or 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 June 30, 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 June 30, 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;">91.8</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 six months ended June 30, 2024 was $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">53.2</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 six months ended June 30, 2024 was $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">48.1</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;">91.8</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 June 30, 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 under a scenario with no near-term financing, the Company has developed plans to implement cost cutting measures to reduce its working capital requirements. These plans include delaying or terminating clinical trials, reducing selected research and development efforts, reductions in personnel-related costs, or implementing other restructuring activities that are within the Company's control.</span></p>
dei Entity Incorporation Date Of Incorporation
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2011-03-31
atha Entity Reincorporation Date Of Reincorporation
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<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;">Use of Estimates</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;">The 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 factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">.</span></p>
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