BOTHELL, Wash. - Athira Pharma, Inc. (NASDAQ: ATHA), a biopharmaceutical company engaged in developing treatments for neurodegenerative diseases, announced today the appointment of Javier San Martin, M.D., as Chief Medical Officer.
Dr. San Martin, with over 25 years of experience in drug development, will play a crucial role in advancing Athira’s therapeutic candidates, including fosgonimeton for Alzheimer's disease and ATH-1105 for amyotrophic lateral sclerosis (ALS).
Mark Litton, Ph.D., President and CEO of Athira, expressed confidence in Dr. San Martin's expertise, particularly in leading global development and commercialization strategies. Dr. San Martin's career includes significant roles at Arrowhead Pharmaceuticals (NASDAQ:ARWR) and Ultragenyx Pharmaceutical (NASDAQ:RARE), where he contributed to the development and approval of treatments for rare diseases.
Athira is currently conducting the Phase 2/3 LIFT-AD trial for fosgonimeton, with data expected in the second half of 2024, and is preparing to initiate a clinical trial for ATH-1105. The company’s focus is on small molecules that can potentially restore neuronal health and slow the progression of neurodegenerative diseases by modulating the neurotrophic hepatocyte growth factor (HGF) system.
In line with Nasdaq Listing Rule 5635(c)(4), Athira has granted Dr. San Martin an equity inducement award of stock options to purchase 400,000 shares of Athira’s common stock. These options will vest over a period subject to continued service, with acceleration clauses tied to a change in control of the company, as detailed in Dr. San Martin's change in control and severance agreement.
Dr. San Martin's appointment and the equity inducement award were announced as part of the company’s commitment to transparency and by Nasdaq’s market rules.
This announcement is based on a press release statement.
InvestingPro Insights
Athira Pharma, Inc. (NASDAQ: ATHA), while on the brink of potential breakthroughs in neurodegenerative treatments with new leadership at the helm, faces significant financial challenges and market volatility. An analysis of the company's financial health reveals a market capitalization of $93.52 million, indicating a relatively small player in the biopharmaceutical space. The company's Price to Earnings (P/E) ratio stands at -0.79, reflecting its current lack of profitability, which is consistent with many development-stage biotech companies.
InvestingPro Tips suggest that Athira holds more cash than debt, providing some financial stability as it advances its clinical trials. However, the company is also quickly burning through cash, which is not uncommon for firms in this sector focused on research and development. The tips also highlight that Athira does not pay a dividend, directing available funds towards its operational goals instead. For investors, these metrics underscore the speculative nature of investing in Athira, with the potential for high reward balanced against the risk of the company's current financial position.
Moreover, while the company's stock has experienced a large price uptick over the last six months, with a 35.2% six-month price total return, it has also been subject to considerable price volatility. This could be an essential consideration for investors with a low tolerance for risk. On the brighter side, Athira's liquid assets exceed its short-term obligations, which may offer some reassurance to investors regarding the company's ability to fund its immediate operations.
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