$ATHA
Athira Pharma, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021027607 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.613M $3.340M
YoY Change 269.04%
% of Gross Profit
Research & Development $12.02M $7.445M $592.0K
YoY Change 429.93% 1157.6%
% of Gross Profit
Depreciation & Amortization $118.0K $112.0K $0.00
YoY Change
% of Gross Profit
Operating Expenses $12.02M $7.445M $592.0K
YoY Change 241.69% 1157.6%
Operating Profit -$16.64M -$10.78M -$1.267M
YoY Change 638.77% 750.91%
Interest Expense $74.00K $80.00K $218.0K
YoY Change -50.0% -63.3%
% of Operating Profit
Other Income/Expense, Net $74.00K $84.00K -$560.0K
YoY Change -71.54% -115.0%
Pretax Income -$13.97M -$8.870M
YoY Change 268.03%
Income Tax
% Of Pretax Income
Net Earnings -$13.97M -$8.866M -$1.805M
YoY Change 601.51% 391.19%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$375.5K -$247.9K
COMMON SHARES
Basic Shares Outstanding 37.22M 37.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $284.9M $304.2M
YoY Change 234.44%
Cash & Equivalents $131.7M $127.8M $2.722M
Short-Term Investments $153.2M $176.4M
Other Short-Term Assets $2.968M $4.500M
YoY Change 128.31%
Inventory
Prepaid Expenses
Receivables $2.589M $2.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $290.5M $311.6M
YoY Change 235.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.916M $2.898M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $64.94M $53.50M
YoY Change
Other Assets $225.0K $55.00K
YoY Change -43.75%
Total Long-Term Assets $69.63M $57.85M
YoY Change 17306.75%
TOTAL ASSETS
Total Short-Term Assets $290.5M $311.6M
Total Long-Term Assets $69.63M $57.85M
Total Assets $360.1M $369.4M
YoY Change 314.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.166M $1.687M
YoY Change -72.88%
Accrued Expenses $6.205M $2.610M
YoY Change 377.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.634M $4.497M
YoY Change 38.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.781M $1.700M
YoY Change 27.21%
Total Long-Term Liabilities $1.781M $1.700M
YoY Change 27.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.634M $4.497M
Total Long-Term Liabilities $1.781M $1.700M
Total Liabilities $9.415M $6.197M
YoY Change 36.45%
SHAREHOLDERS EQUITY
Retained Earnings -$49.91M
YoY Change
Common Stock $413.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $350.7M $363.2M -$21.29M
YoY Change
Total Liabilities & Shareholders Equity $360.1M $369.4M
YoY Change 314.41%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$13.97M -$8.866M -$1.805M
YoY Change 601.51% 391.19%
Depreciation, Depletion And Amortization $118.0K $112.0K $0.00
YoY Change
Cash From Operating Activities -$7.312M -$7.305M -$1.175M
YoY Change 80.99% 521.7%
INVESTING ACTIVITIES
Capital Expenditures -$118.0K $304.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $11.56M -$22.40M
YoY Change
Cash From Investing Activities $11.46M -$22.71M $1.000K
YoY Change -2270900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -259.0K 97.21M 1.840M
YoY Change -100.3% 5183.21%
NET CHANGE
Cash From Operating Activities -7.312M -7.305M -1.175M
Cash From Investing Activities 11.46M -22.71M 1.000K
Cash From Financing Activities -259.0K 97.21M 1.840M
Net Change In Cash 3.886M 67.20M 666.0K
YoY Change -95.32% 9989.79%
FREE CASH FLOW
Cash From Operating Activities -$7.312M -$7.305M -$1.175M
Capital Expenditures -$118.0K $304.0K
Free Cash Flow -$7.194M -$7.609M
YoY Change

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<p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Helvetica;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-family:Helvetica;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.<span style="Background-color:#FFFFFF;"> </span>Actual results could differ from those estimates.</p>
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CY2021Q1 us-gaap Nature Of Operations
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Helvetica;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Description of Business</p> <p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Helvetica;font-size:10pt;text-transform:none;font-variant: normal;">Organization</p> <p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-family:Helvetica;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Athira Pharma, Inc. (the “Company”) was incorporated as M3 Biotechnology, Inc. in the state of Washington on March 31, 2011 and reincorporated in the state of Delaware on October 27, 2015. In April 2019, the Company changed its name to Athira Pharma, Inc. The Company currently has office and laboratory space in Seattle and Bothell Washington. The Company is a late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and stop neurodegeneration.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:14pt;text-indent:4.54%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Helvetica;text-transform:none;font-variant: normal;">Follow-on Public Offering</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:14pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Helvetica;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2021, the Company completed a follow-on public offering of its common stock. As part of the follow-on offering, t<span style="color:#000000;">he Company</span> issued and sold 4,000,000 shares of its common stock at a public offering price of $22.50 per share. The Company received net proceeds of approximately $84.1 million from the follow-on offering, after deducting underwriting discounts and commissions and offering costs. In February 2021, the Company<span style="color:#000000;"> </span>sold an additional 600,000 shares of common stock to the underwriters of the follow-on public offering upon full exercise of the underwriters’ option to purchase additional shares at the follow-on public offering price of $22.50 per share, less underwriting discounts and commissions and offering costs resulting in net proceeds to the Company of approximately $12.7 million.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:14pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Helvetica;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p> <p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-family:Helvetica;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, 2021, it has raised aggregate net cash proceeds of $407.4 million primarily from the issuance of its common stock, convertible preferred stock, common stock warrants, and convertible notes. As of March 31, 2021, the Company had $357.7 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.</p> <p style="text-align:justify;margin-top:14pt;margin-bottom:0pt;text-indent:4.54%;font-family:Helvetica;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based upon the Company’s current operating plan, it estimates that its $357.7 million of cash, cash equivalents, and investments at March 31, 2021 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this Quarterly Report on Form 10-Q.</p>
CY2021Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2011-03-31
CY2021Q1 atha Entity Reincorporation Date Of Reincorporation
EntityReincorporationDateOfReincorporation
2015-10-27
CY2021Q1 atha Proceeds From Issuance Of Convertible Preferred Stock And Common Stock Warrants
ProceedsFromIssuanceOfConvertiblePreferredStockAndCommonStockWarrants
407400000
CY2021Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
84000
CY2020Q1 us-gaap Interest And Other Income
InterestAndOtherIncome
6000
CY2020Q1 us-gaap Interest Expense
InterestExpense
218000
CY2020Q1 atha Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
445000
CY2020Q1 atha Change In Fair Value Of Grant Liability
ChangeInFairValueOfGrantLiability
-97000
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
84000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-560000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
262000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
406000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
418000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
430000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
443000
CY2021Q1 atha Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
767000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2726000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
615000
CY2021Q1 atha Tenant Improvement Allowance Receivable
TenantImprovementAllowanceReceivable
211000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1900000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.081
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
61000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
20000
CY2021Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
13000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
27000
CY2021Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
The Series B convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible promissory notes into 512,858 shares of Series B-1 convertible preferred stock based on a price of $7.752 per share (85% of the $9.12 original issuance price of the Series B convertible preferred stock).
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7924688
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6040105
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0134
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8913
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7817
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
974000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
58000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0079
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3742235
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingPeriodIncreaseDecrease
1624259
CY2021Q1 atha Share Based Compensation Arrangement By Share Based Payment Award Options And Restricted Stock Unit Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndRestrictedStockUnitGranted
601044
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
4765450
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1974870
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.31
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
49275000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
597892
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.07
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
62951
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.11
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2509811
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.32
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
17291000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1840595
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
16.26
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5933000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
669216
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.46
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
133000
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
86000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1100000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0.1
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
12400000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M29D
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2518534
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3968595

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