$ATXS
Astria Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000141057824001933 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.504M
YoY Change 23.25%
% of Gross Profit
Research & Development $20.51M
YoY Change 53.77%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $29.01M
YoY Change 43.38%
Operating Profit -$29.01M
YoY Change 43.38%
Interest Expense $4.517M
YoY Change 78.54%
% of Operating Profit
Other Income/Expense, Net $4.480M
YoY Change 78.56%
Pretax Income -$24.53M
YoY Change 38.38%
Income Tax
% Of Pretax Income
Net Earnings -$24.53M
YoY Change 38.4%
Net Earnings / Revenue
Basic Earnings Per Share -$0.42
Diluted Earnings Per Share -$0.42
COMMON SHARES
Basic Shares Outstanding 56.43M 56.43M
Diluted Shares Outstanding 57.82M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $344.3M
YoY Change 82.35%
Cash & Equivalents $80.90M
Short-Term Investments $263.4M
Other Short-Term Assets $7.580M
YoY Change 180.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $351.9M
YoY Change 83.77%
LONG-TERM ASSETS
Property, Plant & Equipment $5.390M
YoY Change 978.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.386M
YoY Change 133.17%
Total Long-Term Assets $9.776M
YoY Change 308.18%
TOTAL ASSETS
Total Short-Term Assets $351.9M
Total Long-Term Assets $9.776M
Total Assets $361.6M
YoY Change 86.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.278M
YoY Change 12.3%
Accrued Expenses $13.07M
YoY Change 68.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.72M
YoY Change 67.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $4.261M
YoY Change
Total Long-Term Liabilities $4.261M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.72M
Total Long-Term Liabilities $4.261M
Total Liabilities $19.99M
YoY Change 113.01%
SHAREHOLDERS EQUITY
Retained Earnings -$649.2M
YoY Change 18.23%
Common Stock $57.00K
YoY Change 103.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $341.7M
YoY Change
Total Liabilities & Shareholders Equity $361.6M
YoY Change 86.55%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$24.53M
YoY Change 38.4%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$27.97M
YoY Change 96.11%
INVESTING ACTIVITIES
Capital Expenditures $20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.208M
YoY Change
Cash From Investing Activities $6.188M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.30M
YoY Change 13810.0%
NET CHANGE
Cash From Operating Activities -27.97M
Cash From Investing Activities 6.188M
Cash From Financing Activities 15.30M
Net Change In Cash -6.476M
YoY Change -54.23%
FREE CASH FLOW
Cash From Operating Activities -$27.97M
Capital Expenditures $20.00K
Free Cash Flow -$27.99M
YoY Change 96.25%

Facts In Submission

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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;margin-bottom:12pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">Organization and Operations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 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;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 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 navenibart, a potential best-in-class monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary angioedema, 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, 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 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 0pt 12pt 0pt;">In June 2021, the Company entered into an Open Market Sale Agreement<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> with Jefferies LLC (“Jefferies”), pursuant to which the Company could issue and sell shares of common stock under an at-the-market offering program (the “2021 ATM Program”) which was completed in the first quarter of 2024. On March 4, 2024, the Company entered into a new Open Market Sale Agreement<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">SM</sup> with Jefferies, pursuant to which the Company is able to issue and sell up to $150.0 million of shares of common stock under an at-the-market offering program (the “2024 ATM Program” and collectively with the 2021 ATM Program, the “ATM Programs”). The Company pays Jefferies commissions of up to 3% of the gross proceeds from any common stock sold through the ATM Programs. In the three months ended September 30, 2024, the Company sold an aggregate of 1,504,619 shares of common stock under the 2024 ATM Program for gross proceeds of $15.6 million and net proceeds of $15.2 million. In the nine months ended September 30, 2024, the Company sold an aggregate of 4,450,425 shares of common stock under the ATM programs for gross proceeds of $36.2 million and net proceeds of $35.2 million. There was no activity in the ATM Programs during the three and nine months ended September 30, 2023.</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;">As of September 30, 2024, the Company had an accumulated deficit of $649.2 million and had available cash, cash equivalents and short-term investments of $344.3 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 unaudited condensed 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 anticipates that it will continue to incur significant operating losses for the next several years as it continues to develop its product candidates. 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 equity, debt 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;">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.</p>
CY2024Q1 atxs Percentage Of Commission Paid To Underwriter Based On Proceeds From Offering
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CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2024Q3 us-gaap Cash Cash Equivalents And Short Term Investments
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us-gaap Use Of Estimates
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<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;">Use of Estimates</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;">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed 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;text-indent:18pt;margin:0pt 0pt 12pt 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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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CY2024Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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CY2024Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
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DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
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CY2024Q3 atxs Accrued Contracted Research Costs Current
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CY2024Q1 us-gaap Security Deposit
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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