Athira Pharma, Inc. Stock Price, News & Analysis

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.

Athira Pharma, Inc. (NASDAQ: ATHA) emphasizes the importance of shareholder support for its independent director nominees, Joseph Edelman, John M. Fluke, Jr., and Grant Pickering, urging votes on the WHITE proxy card. The company highlights recent additions to its board, consisting of seven new members within three years, who bring valuable skills across clinical development, regulatory processes, and finance. Athira aims to advance its clinical trials, particularly for fosgonimeton, amidst a proxy contest that threatens to disrupt its progress. It calls for shareholders to protect the value of their investment by voting for its nominee directors.

Ric Kayne, a significant shareholder of Athira Pharma (NASDAQ: ATHA), filed a proxy statement urging shareholders to replace CEO Dr. Mark Litton with more qualified leadership. Kayne argues that under current management, the chances of success for ATH-1017, a treatment for Alzheimer's, are jeopardized. He cites a 30% drop in market capitalization since Litton's appointment and questions the board's decision-making. The upcoming shareholders' meeting on May 19, 2022, presents an opportunity for change, with Kayne and former Novartis CFO George Bickerstaff as nominees.

Athira Pharma, Inc. (NASDAQ: ATHA) filed its definitive proxy statement with the SEC for the upcoming Annual Meeting on May 19, 2022, urging shareholders to vote for its director nominees on the WHITE proxy card. The company highlights effective execution against strategic priorities and anticipates topline results from the Phase 2 ACT-AD study by the end of Q2 2022. Athira is well-capitalized, positioned to meet clinical milestones, and emphasizes the expertise of its board nominees while opposing a disruptive proxy contest initiated by shareholder Richard A. Kayne.

Athira Pharma (NASDAQ: ATHA) announced the dosing of the first subject in a Phase 1 clinical trial for ATH-1020, aimed at treating neuropsychiatric conditions. This trial marks a crucial milestone as it is Athira's second clinical candidate and its first oral small molecule. The study will enroll approximately 68 healthy volunteers and will focus on the safety and tolerability of ATH-1020, which has shown promise in preclinical data by mitigating depression-like behaviors and normalizing sensory processing deficits in schizophrenia. Initial results are anticipated to guide future developments.

Athira Pharma (NASDAQ: ATHA) issued a statement addressing concerns from Richard Kayne regarding its governance and clinical focus. The company emphasizes its commitment to advancing fosgonimeton for Alzheimer’s disease, with results from the Phase 2 ACT-AD study expected soon. Athira has added three independent directors and seeks collaboration with Kayne but has faced rejection. The board dismissed former CEO Dr. Leen Kawas due to integrity concerns following an investigative report. Investors are advised to review the preliminary proxy statement filed on March 25, 2022.

Ric Kayne, a significant shareholder of Athira Pharma (NASDAQ: ATHA), has nominated himself and George Bickerstaff for the Board of Directors, citing urgent leadership changes needed after the hasty resignation of Co-Founder Dr. Leen Kawas. Kayne emphasizes that current CEO Dr. Mark Litton lacks the operational and clinical trial experience necessary to lead pivotal trials for ATH-1017, resulting in a significant decline in shareholder value, over 25% since Litton took over. Kayne calls for a proper succession plan and oversight to maximize the potential of ATH-1017.

Athira Pharma (NASDAQ: ATHA) reported its financial results for 2021 and provided a clinical update on its Alzheimer's disease programs. As of December 31, 2021, the company had $319.7 million in cash, up from $268.2 million the previous year. R&D expenses increased to $42.8 million, while G&A expenses rose to $21.2 million, reflecting expanded operations. Athira is set to report topline data from its Phase 2 ACT-AD study in Q2 2022 and aims to complete enrollment in the LIFT-AD Phase 3 study by Q3 2022. The company remains optimistic about its clinical pipeline and potential for shareholder value.