2024 Q1 Form 10-K Financial Statement
#000141057824000127 Filed on March 04, 2024
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 | $8.424M | $7.333M | $25.70M |
YoY Change | 54.29% | 56.05% | 33.6% |
% of Gross Profit | |||
Research & Development | $15.73M | $26.87M | $42.13M |
YoY Change | 95.77% | 180.12% | 22.95% |
% of Gross Profit | |||
Depreciation & Amortization | |||
YoY Change | |||
% of Gross Profit | |||
Operating Expenses | $24.15M | $34.20M | $83.03M |
YoY Change | 78.98% | 139.32% | 55.19% |
Operating Profit | -$24.15M | -$83.03M | |
YoY Change | 78.98% | 55.19% | |
Interest Expense | $4.241M | $2.797M | $10.20M |
YoY Change | 82.72% | 174.75% | 491.71% |
% of Operating Profit | |||
Other Income/Expense, Net | $4.222M | -$8.000K | $10.14M |
YoY Change | 83.17% | -188.89% | 507.49% |
Pretax Income | -$19.93M | -$31.41M | -$72.89M |
YoY Change | 78.12% | 136.82% | 40.62% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$19.93M | -$31.41M | -$72.89M |
YoY Change | 78.12% | 136.82% | 40.62% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.38 | -$2.42 | |
Diluted Earnings Per Share | -$0.38 | -$0.86 | -$2.42 |
COMMON SHARES | |||
Basic Shares Outstanding | 54.90M | 36.30M | 30.12M |
Diluted Shares Outstanding | 52.29M | 30.12M |
Balance Sheet
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $246.5M | $246.5M | |
YoY Change | 8.87% | 8.87% | |
Cash & Equivalents | $172.0M | $175.5M | $7.709M |
Short-Term Investments | $71.00M | $71.00M | |
Other Short-Term Assets | $4.412M | $4.412M | |
YoY Change | 252.11% | 252.11% | |
Inventory | |||
Prepaid Expenses | |||
Receivables | |||
Other Receivables | |||
Total Short-Term Assets | $374.5M | $250.9M | $250.9M |
YoY Change | 73.84% | 10.21% | 10.21% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $363.0K | $363.0K | |
YoY Change | -61.71% | -61.71% | |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $4.076M | $3.361M | $3.361M |
YoY Change | 104.93% | 68.47% | 68.47% |
Total Long-Term Assets | $4.286M | $3.724M | $3.724M |
YoY Change | 53.35% | 26.54% | 26.54% |
TOTAL ASSETS | |||
Total Short-Term Assets | $374.5M | $250.9M | $250.9M |
Total Long-Term Assets | $4.286M | $3.724M | $3.724M |
Total Assets | $378.8M | $254.7M | $254.7M |
YoY Change | 73.57% | 10.42% | 10.42% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $862.0K | $1.513M | $1.513M |
YoY Change | -7.31% | 92.01% | 92.01% |
Accrued Expenses | $10.04M | $9.708M | $10.04M |
YoY Change | 94.76% | 26.24% | 21.34% |
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $11.07M | $11.55M | $11.55M |
YoY Change | 65.92% | 27.48% | 27.48% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | |
YoY Change | |||
Other Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
Total Long-Term Liabilities | $0.00 | $0.00 | |
YoY Change | -100.0% | -100.0% | |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $11.07M | $11.55M | $11.55M |
Total Long-Term Liabilities | $0.00 | $0.00 | |
Total Liabilities | $11.07M | $11.55M | $11.55M |
YoY Change | 60.93% | 22.65% | 22.65% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$600.5M | -$580.5M | |
YoY Change | 15.75% | 14.36% | |
Common Stock | $55.00K | $41.00K | |
YoY Change | 96.43% | 46.43% | |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $367.7M | $243.1M | $243.1M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $378.8M | $254.7M | $254.7M |
YoY Change | 73.57% | 10.42% | 10.42% |
Cashflow Statement
Concept | 2024 Q1 | 2023 Q4 | 2023 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$19.93M | -$31.41M | -$72.89M |
YoY Change | 78.12% | 136.82% | 40.62% |
Depreciation, Depletion And Amortization | |||
YoY Change | |||
Cash From Operating Activities | -$19.09M | -$30.24M | -$68.45M |
YoY Change | 44.07% | 183.55% | 57.23% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $16.00K | $25.00K | |
YoY Change | -48.39% | -72.53% | |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$126.2M | -$2.000M | $135.1M |
YoY Change | -164.73% | -98.52% | -180.87% |
Cash From Investing Activities | -$126.2M | -$2.016M | $135.1M |
YoY Change | -164.74% | -98.51% | -180.81% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 141.8M | 87.98M | 88.40M |
YoY Change | 383162.16% | -26.93% | -38.92% |
NET CHANGE | |||
Cash From Operating Activities | -19.09M | -30.24M | -68.45M |
Cash From Investing Activities | -126.2M | -2.016M | 135.1M |
Cash From Financing Activities | 141.8M | 87.98M | 88.40M |
Net Change In Cash | -3.518M | 55.72M | 155.0M |
YoY Change | -101.94% | -318.98% | -335.07% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$19.09M | -$30.24M | -$68.45M |
Capital Expenditures | $16.00K | $25.00K | |
Free Cash Flow | -$30.25M | -$68.47M | |
YoY Change | 182.88% | 56.95% |
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Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
|
420000 | |
CY2023 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
6314000 | |
CY2023 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
79000 | |
CY2023 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-72891000 | |
CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
243116000 | |
CY2023 | us-gaap |
Profit Loss
ProfitLoss
|
-72891000 | |
CY2022 | us-gaap |
Profit Loss
ProfitLoss
|
-51834000 | |
CY2023 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
6314000 | |
CY2022 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
4554000 | |
CY2022 | atxs |
Gain Loss On Warrant Inherited
GainLossOnWarrantInherited
|
-1542000 | |
CY2023 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
-585000 | |
CY2022 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
554000 | |
CY2023 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
40000 | |
CY2022 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-112000 | |
CY2023 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
4546000 | |
CY2022 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1568000 | |
CY2023 | atxs |
Increase Decrease In Right Of Use Asset Operating
IncreaseDecreaseInRightOfUseAssetOperating
|
-610000 | |
CY2022 | atxs |
Increase Decrease In Right Of Use Asset Operating
IncreaseDecreaseInRightOfUseAssetOperating
|
574000 | |
CY2023 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
725000 | |
CY2022 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-766000 | |
CY2023 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
2018000 | |
CY2022 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
4407000 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-68445000 | |
CY2022 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-43533000 | |
CY2023 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
1924423000 | |
CY2022 | us-gaap |
Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
|
396064000 | |
CY2023 | us-gaap |
Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
2059500000 | |
CY2022 | us-gaap |
Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
|
229026000 | |
CY2023 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
25000 | |
CY2022 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
91000 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
135052000 | |
CY2022 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-167129000 | |
CY2023 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
59480000 | |
CY2022 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
107646000 | |
CY2023 | atxs |
Proceeds From Issuance Of At Market Offering
ProceedsFromIssuanceOfAtMarketOffering
|
28498000 | |
CY2022 | atxs |
Proceeds From Issuance Of At Market Offering
ProceedsFromIssuanceOfAtMarketOffering
|
36991000 | |
CY2023 | atxs |
Proceeds From Exercise Of Stock Options And Warrant Financial Activities
ProceedsFromExerciseOfStockOptionsAndWarrantFinancialActivities
|
420000 | |
CY2022 | atxs |
Proceeds From Exercise Of Stock Options And Warrant Financial Activities
ProceedsFromExerciseOfStockOptionsAndWarrantFinancialActivities
|
84000 | |
CY2023 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
88398000 | |
CY2022 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
144721000 | |
CY2023 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
155005000 | |
CY2022 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-65941000 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20688000 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
86629000 | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
175693000 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20688000 | |
CY2022 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1268000 | |
CY2023 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
1074000 | |
CY2023 | atxs |
Purchases Of Property And Equipment In Accounts Payable And Accrued Liabilities
PurchasesOfPropertyAndEquipmentInAccountsPayableAndAccruedLiabilities
|
17000 | |
CY2023 | atxs |
Offeringcostsincludedinaccruedexpenses
Offeringcostsincludedinaccruedexpenses
|
120000 | |
CY2022 | atxs |
Offeringcostsincludedinaccruedexpenses
Offeringcostsincludedinaccruedexpenses
|
100000 | |
CY2023 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">1.</b> <b style="font-weight:bold;">Organization and Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">The Company</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">Astria Therapeutics, Inc. (the “Company”), is a biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutics for allergic and immunological diseases. The Company’s lead product candidate is STAR-0215, a potential best-in-class monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema (“HAE”), a rare, debilitating and potentially life-threatening disease. The Company’s second product candidate is STAR-0310, a monoclonal antibody OX40 antagonist that is in preclinical development for the treatment of atopic dermatitis (“AD”), an immune disorder associated with loss of skin barrier function and itching. The Company was incorporated in the State of Delaware on June 26, 2008.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">December 2022 Financing</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">On December 15, 2022, the Company entered into an underwriting agreement with Jefferies LLC and Evercore Group LLC, representatives of several underwriters, relating to an underwritten public offering (the “December 2022 Financing”) of 9,082,653 shares (the “Shares) of common stock at a public offering price of $11.01 per share. The underwriters were also granted a 30-day option to purchase up to an additional 1,362,397 shares of common stock (the “Additional Shares”) on the same terms and conditions as the Shares. The underwriters elected to purchase the full amount of the Additional Shares on December 19, 2022 for a total amount of shares issued of 10,445,050. This resulted in gross proceeds of $115.0 million, and net proceeds of $107.6 million. The December 2022 Financing included 2,270,663 shares issued to related parties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">License Agreement</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On October 4, 2023, the Company entered into a license agreement (the “License Agreement”) with Ichnos Sciences SA and Ichnos Sciences Inc. (collectively, “Ichnos”) pursuant to which Ichnos granted to the Company an exclusive (even as to Ichnos and its affiliates), worldwide, and sublicensable right and license to certain patent rights and related know-how (collectively, the “Licensed Intellectual Property”), to develop, manufacture, and commercialize Ichnos’ proprietary OX40 portfolio. The OX40 portfolio includes Ichnos’ proprietary OX40 antagonist monoclonal antibody, with the generic name telazorlimab and also referred to by Ichnos as “ISB 830” as well as Ichnos’ proprietary affinity matured next generation OX40 antagonist monoclonal antibody referred to by Ichnos as “ISB 830-X8” and referred to by the Company as “STAR-0310 candidate” (collectively, the “Licensed Compounds”). The Company agreed to use commercially reasonable efforts to develop, obtain regulatory approval for, and commercialize at least one product that contains or comprises a Licensed Compound (a “Licensed Product”) in the United States, France, Germany, Italy, Spain, the United Kingdom and Japan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Under the terms of the License Agreement, the Company paid Ichnos a one-time upfront license fee of $15.0 million in October 2023. The Company is obligated to pay Ichnos up to $305.0 million in milestones, consisting of up to $20.0 million upon the achievement of certain development milestones, up to $70.0 million upon the achievement of certain regulatory milestones and up to $215.0 million upon the achievement of certain commercial milestones, in each case in up to three indications with respect to the first applicable Licensed Product to achieve such milestone events. The Company is also obligated to pay Ichnos tiered royalties ranging from a mid-single-digit percentage to a low-double-digit percentage on aggregate annual net sales of all Licensed Products. The Company is obligated to pay royalties on a Licensed Product-by-Licensed Product and country-by-country basis until the latest of: (i) the expiration of the last valid claim covering the composition of matter of such Licensed Product in such country; (ii) the expiration of the last regulatory exclusivity with respect to such Licensed Product in such country; and (iii) twelve years following the first commercial sale of such Licensed Product in such country. The royalty rate is subject to reduction on a Licensed Product-by-Licensed Product and country-by-country basis under certain circumstances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">October 2023 Financing</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">On October 16, 2023, the Company entered into an underwriting agreement with Jefferies LLC and Evercore Group LLC, representatives of several underwriters, relating to an underwritten offering (the “October 2023 Financing”) of (i) 8,253,895 shares of common stock and accompanying common stock warrants to purchase an aggregate of 6,190,418 shares of common stock and (ii), in lieu of common stock to certain investors, pre-funded warrants to purchase up to an aggregate of 1,571,093 shares of common stock and accompanying common stock warrants to purchase up to an aggregate of 1,178,320 shares of common stock for aggregate gross proceeds of approximately $64.0 million, and net proceeds of $59.5 million. The October 2023 Financing included 2,727,340 shares of common stock, 3,223,824 common stock warrants, and 1,571,093 pre-funded warrants issued to related parties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">On June 30, 2021, the Company entered into an Open Market Sale AgreementSM with Jefferies LLC, or Jefferies, pursuant to which the Company was able to issue and sell shares of common stock of up to $25.0 million under an at-the-market offering program, or the Jefferies ATM Program. The Company was obligated to pay the sales agent commissions of 3% of the gross proceeds from any common stock sold through the Jefferies ATM Program. In September 2022, the Jefferies ATM Program was modified to increase the amount of the Company’s common stock that was able to be offered thereunder to an aggregate offering price of up to $50.0 million, with $30.5 million of such amount then being available for future issuance. In November 2022, the Jefferies ATM Program was once again modified to increase the amount of the Company’s common stock that was able to be offered thereunder to an aggregate offering price of up to $88.1 million, with $50.0 million of such amount then being available for future issuance. In the year ended December 31, 2022, the Company sold an aggregate of 4,012,003 shares of common stock under the Jefferies ATM Program for gross proceeds of $38.2 million and net proceeds of $37.0 million. In the year ended December 31, 2023, the Company sold an aggregate of 4,738,606 shares of common stock under the Jefferies ATM Program for gross proceeds of $29.4 million and net proceeds of $28.5 million. As of December 31, 2023, $20.6 million of common stock remained available for sale under the Jefferies ATM Program.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">As of December 31, 2023, the Company had an accumulated deficit of $580.5 million and had available cash, cash equivalents and short-term investments $246.5 million. The Company estimates its existing cash, cash equivalents, and short-term investments are sufficient to sustain operations for at least twelve months from the issuance of these consolidated financial statements. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company has not generated any product revenues and has financed its operations primarily through public offerings and private placements of its equity securities. There can be no assurance that the Company will be able to obtain additional debt, equity or other financing or generate product revenue or revenues from collaborative partners, on terms acceptable to the Company, on a timely basis or at all. The failure of the Company to obtain sufficient funds on acceptable terms when needed could have a material adverse effect on the Company’s business, results of operations, and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">The Company is subject to a number of risks similar to other life science companies, including, but not limited to, successful discovery and development of its drug candidates, raising additional capital, development by its competitors of new technological innovations, protection of proprietary technology and regulatory approval and market acceptance of the Company’s products. The Company has been primarily involved with research and development activities and has incurred operating losses and negative cash flows from operations since its inception. The Company anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates.</p> | |
CY2021Q2 | atxs |
Percentage Of Commission Paid To Underwriter Based On Proceeds From Offering
PercentageOfCommissionPaidToUnderwriterBasedOnProceedsFromOffering
|
0.03 | |
CY2023Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-580500000 | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
246500000 | |
CY2023 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from such estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><span style="visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract and the amount of service provided as of each measurement date, are determined by the Company based on input from internal project management, as well as from service providers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt;"><span style="visibility:hidden;"></span></p> | |
CY2023 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Credit Risk and Significant Suppliers</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that subject the Company to credit risk primarily consist of cash, cash equivalents, short-term investments and restricted cash. The primary objectives for the Company’s investment portfolio are the preservation of capital and the maintenance of liquidity. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;text-indent:18pt;margin:0pt;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients, other raw materials and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients, other raw materials and formulated drugs.</p> | |
CY2023Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
175530000 | |
CY2022Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
20525000 | |
CY2023Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
163000 | |
CY2022Q4 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
163000 | |
CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
175693000 | |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20688000 | |
CY2023Q4 | atxs |
Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
|
0 | |
CY2023 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
6314000 | |
CY2022 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4554000 | |
CY2022 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
0 | |
CY2023 | us-gaap |
Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
|
0 | |
CY2023 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
16439156 | |
CY2022 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9026108 | |
CY2023 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
CY2022Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
0 | |
CY2023Q4 | us-gaap |
Deferred Offering Costs
DeferredOfferingCosts
|
0 | |
CY2023Q4 | us-gaap |
Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
|
15200000 | |
CY2023Q4 | us-gaap |
Legal Fees
LegalFees
|
200000 | |
CY2022 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
|
0 | |
CY2023 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
|
0 | |
CY2023Q4 | atxs |
Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
|
3861000 | |
CY2022Q4 | atxs |
Accrued Contracted Research Costs Current
AccruedContractedResearchCostsCurrent
|
2822000 | |
CY2023Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
4047000 | |
CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3373000 | |
CY2023Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
1485000 | |
CY2022Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
588000 | |
CY2023Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
315000 | |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
407000 | |
CY2022Q4 | atxs |
Accrued Milestone Costs Current
AccruedMilestoneCostsCurrent
|
500000 | |
CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
9708000 | |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
7690000 | |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
338000 | |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
338000 | |
CY2023Q4 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
9000 | |
CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
329000 | |
CY2023 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
600000 | |
CY2022 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
800000 | |
CY2023 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
700000 | |
CY2022 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
800000 | |
CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | |
CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q4 | atxs |
Number Of Preferred Stock Series
NumberOfPreferredStockSeries
|
1 | |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
7700596 | |
CY2023Q4 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
9.30 | |
CY2023 | atxs |
Warrants And Rights Outstanding Weighted Average Remaining Contractual Term
WarrantsAndRightsOutstandingWeightedAverageRemainingContractualTerm
|
P4Y7M6D | |
CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | |
CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
41034797 | |
CY2023Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
23387610 | |
CY2022Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
10076610 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.2100 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.2100 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
|
0.0012 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
|
0.0066 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
|
0.0344 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
|
0.0388 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.0625 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
|
0.0567 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
|
0.0161 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
|
0.0125 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
-0.0005 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
|
0.0058 | |
CY2023 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.2901 | |
CY2022 | us-gaap |
Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-0.2811 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
85734000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
|
80136000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards General Business
DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness
|
14576000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards General Business
DeferredTaxAssetsTaxCreditCarryforwardsGeneralBusiness
|
12073000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
16927000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
8094000 | |
CY2023Q4 | atxs |
Deferred Tax Assets Capitalized Licenses
DeferredTaxAssetsCapitalizedLicenses
|
4041000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Legal Settlements
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlements
|
918000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Legal Settlements
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsLegalSettlements
|
964000 | |
CY2023Q4 | atxs |
Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
|
90000 | |
CY2022Q4 | atxs |
Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
|
257000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
2587000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Other
DeferredTaxAssetsOther
|
2365000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
124873000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
103889000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
124774000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
103630000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
99000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
259000 | |
CY2023Q4 | atxs |
Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
|
99000 | |
CY2022Q4 | atxs |
Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
|
259000 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
CY2023Q4 | us-gaap |
Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
|
16900000 | |
CY2022Q4 | us-gaap |
Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
|
8100000 | |
CY2023 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
21100000 | |
CY2022 | us-gaap |
Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
|
14600000 |