Athira Pharma, Inc. Stock Price, News & Analysis

Athira Pharma (NASDAQ: ATHA) reported its Q1 2022 financial results and discussed progress in clinical studies, including the ACT-AD Phase 2 Alzheimer's study set to release topline data by the end of Q2 2022. The company increased R&D expenses to $14.5 million, up from $7.4 million in Q1 2021, and general and administrative costs surged to $8.9 million due to headcount growth. The net loss also widened to $21.0 million, or $0.56 per share, compared to $8.9 million, or $0.25 per share, in the same period last year.

Ric Kayne, a shareholder of Athira Pharma (NASDAQ: ATHA), has called for immediate changes to the board of directors, citing poor decision-making that has led to significant shareholder value destruction. In a letter to shareholders, Kayne outlines various missteps, including governance failures and management issues, urging shareholders to support his candidacy and that of George Bickerstaff at the upcoming annual meeting on May 19, 2022. He emphasizes the need for experienced leadership to restore confidence and improve the company's clinical trial oversight.

Athira Pharma (NASDAQ: ATHA) urges shareholders to vote ‘FOR’ its independent director nominees at the Annual Meeting on May 19, 2022. The company emphasizes the importance of using the WHITE proxy card over any blue cards from Richard Kayne. Leading proxy advisors, ISS and Glass Lewis, recommend supporting Athira's nominees, highlighting the board’s effectiveness and strategic focus on advancing fosgonimeton (ATH-1017) for neurological diseases. Results from the Phase 2 ACT-AD study are anticipated by the end of Q2 2022, amidst ongoing efforts to enhance shareholder value.

Athira Pharma (NASDAQ: ATHA) announced an extension of its open-label treatment duration for the Phase 3 LIFT-AD and Phase 2 ACT-AD studies of fosgonimeton, increasing from 6 to 18 months. This decision follows a review by the independent Data and Safety Monitoring Board (DSMB). Participants who completed the initial trials can opt for continued treatment, reflecting strong interest from both investigators and patients. The LIFT-AD trial's topline results are expected in H1 2023, while ACT-AD results are targeted for Q2 2022.

Athira Pharma, Inc. (NASDAQ: ATHA) encourages shareholders to vote 'FOR' its independent director nominees—Joseph Edelman, John M. Fluke, Jr., and Grant Pickering—using the WHITE proxy card ahead of the annual meeting on May 19, 2022. The company highlights its progress in clinical trials, particularly for its lead candidate, fosgonimeton (ATH-1017), with topline results expected from the Phase 2 ACT-AD study by Q2 2022, and full enrollment of the LIFT-AD Phase 3 study targeted for Q3 2022. The board expresses confidence in its leadership amidst a proxy contest led by Richard Kayne, urging shareholders to support its current board to maintain momentum.

Richard A. Kayne, owning 4.8% of Athira Pharma, urges the Board to seek a new CEO with clinical experience to enhance the success rate of ongoing trials for ATH-1017. He proposed Dr. Ronald Krall, a former Chief Medical Officer at GlaxoSmithKline, citing his extensive experience overseeing 20 FDA approvals. Dr. Krall expresses readiness to lead Athira and improve the management of critical ACT-AD and LIFT-AD trials, emphasizing the need for experienced oversight in this pivotal phase for the company’s drug candidate.

Ric Kayne, a significant shareholder of Athira Pharma (NASDAQ: ATHA), has criticized the current Board of Directors for poor decision-making that has led to substantial shareholder value destruction. Highlighting recent missteps, including the termination of former CEO Dr. Leen Kawas and the promotion of inexperienced Dr. Mark Litton, Kayne calls for immediate changes to restore Board credibility. He emphasizes the urgency to elect new directors, including himself and George Bickerstaff, to safeguard the company’s future and enhance its Alzheimer’s treatment, ATH-1017.

Athira Pharma (NASDAQ: ATHA) is urging shareholders to vote for its independent director nominees ahead of its Annual Meeting. The company highlights its strategic position as it prepares for pivotal clinical data, including topline results from the Phase 2 ACT-AD study by Q2 2022 and full enrollment of the LIFT-AD Phase 3 study by Q3 2022. Athira emphasizes strong management with extensive biopharma experience and a robust board aimed at advancing its drug development strategies for neurodegenerative conditions. A proxy contest led by Richard Kayne is described as unnecessary and misaligned with shareholder interests.

Ric Kayne, who owns approximately 4.8% of Athira's common stock, has launched a campaign urging shareholders to vote for new directors to enhance oversight of clinical trials for ATH-1017. He criticizes the current Board for poor decision-making and governance failures, claiming it jeopardizes shareholder value and ATH-1017's potential. Kayne emphasizes the need for a capable Board with industry expertise to navigate ongoing clinical trials. He encourages shareholders to vote their BLUE proxy cards to ensure critical changes are made for long-term success.