Athira Pharma Stock Price, News & Analysis

Athira Pharma, Inc. (NASDAQ: ATHA), which has announced a corporate name change to LeonaBio, Inc. with a new ticker symbol "LONA," is a clinical-stage biopharmaceutical company headquartered in the Seattle, Washington area. According to company disclosures, it is dedicated to the development of novel therapeutics for diseases with high unmet medical needs, including treatment-resistant metastatic breast cancer and amyotrophic lateral sclerosis (ALS). The company describes its lead drug candidates, lasofoxifene and ATH-1105, as novel, small molecule therapies with the potential to address devastating diseases where current treatment options are limited or ineffective.

Business focus and therapeutic areas

Athira/LeonaBio characterizes itself as a clinical-stage biopharmaceutical organization. Its stated goal is to improve patients’ lives by advancing drug candidates in areas of significant unmet medical need. In more recent communications, the company highlights two primary therapeutic focuses: treatment-resistant metastatic breast cancer and ALS. Earlier descriptions emphasize a broader focus on neurodegenerative diseases and the restoration of neuronal health.

The company reports that its pipeline includes next-generation small molecule drug candidates designed to promote or positively modulate the neurotrophic hepatocyte growth factor (HGF) system. This system is described as activating neuroprotective, neurotrophic and anti-inflammatory pathways in the central nervous system, and in some disclosures, also the peripheral nervous system. By modulating this system, Athira aims to alter the course of neurological diseases.

Key drug candidates

Lasofoxifene is described by the company as a novel, nonsteroidal selective estrogen receptor modulator (SERM) with a unique binding profile. It is designed to confer activity against both wild-type and mutant estrogen receptors, including ESR1 mutations that are commonly associated with resistance to endocrine therapy in metastatic breast cancer. Company materials state that two Phase 2 studies, ELAINE-1 and ELAINE-2, have demonstrated lasofoxifene’s potential to address a critical unmet need in estrogen receptor-positive (ER+), HER2-negative, ESR1-mutated metastatic breast cancer.

The ongoing Phase 3 ELAINE-3 trial (NCT05696626) is described as evaluating lasofoxifene in combination with the CDK4/6 inhibitor abemaciclib in ER+, HER2-negative, ESR1-mutated metastatic breast cancer patients who have progressed on aromatase inhibitors and CDK4/6 inhibitors. Athira/LeonaBio has entered into agreements granting it exclusive licenses and rights to develop, manufacture and commercialize oral forms of lasofoxifene in territories outside Asia and certain Middle Eastern countries, assuming responsibility for the Phase 3 ELAINE-3 study in those regions.

ATH-1105 is described as a novel, orally available, brain-penetrant, next-generation small molecule drug candidate designed to positively modulate the neurotrophic HGF system. Company disclosures state that ATH-1105 is in clinical development for the potential treatment of ALS and is also being investigated for possible relevance to other neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. Athira has reported completing a first-in-human Phase 1 double-blind, placebo-controlled clinical trial (NCT06432647) in healthy volunteers, evaluating single and multiple oral ascending doses of ATH-1105, with results described as showing a favorable safety and tolerability profile, dose-proportional pharmacokinetics and central nervous system penetration.

Clinical-stage development model

Athira/LeonaBio’s business model, as described in its press releases and SEC filings, centers on discovering, in-licensing and clinically developing small molecule drug candidates. For lasofoxifene, the company reports that it has entered into an exclusive global license (excluding Asia and certain Middle Eastern countries) from Sermonix Pharmaceuticals, Inc. and a direct license agreement with Ligand Pharmaceuticals Incorporated for relevant intellectual property in its licensed territory. Under these agreements, Athira assumes development, regulatory and commercialization responsibilities for lasofoxifene in its territories, including oversight of the ELAINE-3 Phase 3 program outside the retained territory.

For ATH-1105, the company emphasizes its internal discovery and development efforts aimed at modulating the HGF system. Athira reports a growing body of preclinical evidence for ATH-1105, including statistically significant improvements in nerve and motor function, biomarkers of inflammation and neurodegeneration, and survival in various ALS models, as well as presentations of these data at multiple scientific and medical meetings.

Corporate evolution and rebranding

In a January 2026 announcement, Athira Pharma stated that it had changed its name to LeonaBio, Inc. and would change its ticker symbol from "ATHA" to "LONA" on The Nasdaq Capital Market. The company explains that this rebranding aligns with its acquisition of rights to develop and commercialize lasofoxifene and its broader mission to advance a pipeline of internally developed and strategically in-licensed late-stage assets. The company also notes that the name and ticker changes do not affect its legal structure, business operations, or existing financial reporting obligations, and that stockholders are not required to take action in connection with the change.

Regulatory and listing context

Athira’s common stock is listed on The Nasdaq Capital Market. SEC filings describe a 10-for-1 reverse stock split of the company’s common stock, effected via a certificate of amendment filed in Delaware and effective in September 2025. The company indicates that the reverse stock split was intended to increase the price per share of its common stock to demonstrate compliance with Nasdaq’s minimum bid price requirement. A subsequent Nasdaq notice reported that the company had regained compliance with the minimum bid requirement after the stock traded at or above the $1.00 threshold for the required period.

Strategic financing and partnerships

SEC filings and press releases describe a private placement financing in December 2025, in which Athira agreed to issue common stock, pre-funded warrants and accompanying common warrants to a group of institutional investors. Gross proceeds are described as being expected to be approximately $90 million, with the company indicating that the financing, together with potential warrant exercises, is intended to support the development of lasofoxifene through key clinical and regulatory milestones and to provide capital for planned operations into a specified future period. The company also notes that it continues to explore strategic alternatives focused on what it describes as maximizing stockholder value.

Research and scientific communication

Athira reports that it regularly presents preclinical and clinical data at scientific conferences and in peer-reviewed publications. For ATH-1105, the company cites presentations at meetings such as the ALS Drug Development Summit, ALS Nexus, the American Academy of Neurology, the Alzheimer’s Association International Congress, the Northeast Amyotrophic Lateral Sclerosis Consortium and the Motor Neurone Disease Association’s International Symposium on ALS/MND. These communications have focused on safety, pharmacokinetics, central nervous system penetration and various preclinical measures of neuroprotection and disease-relevant biomarkers.

Position within the biopharmaceutical sector

Within the broader manufacturing sector classification of biological product (except diagnostic) manufacturing, Athira/LeonaBio positions itself as a clinical-stage biopharmaceutical company working on small molecule therapeutics rather than diagnostic products. Its stated emphasis on HGF system modulation and selective estrogen receptor modulation places its programs in neurological and oncology indications where the company identifies high unmet medical need and limited existing treatment options.

FAQs about Athira Pharma (LeonaBio)

• What does Athira Pharma (now LeonaBio) focus on?
  According to company statements, Athira/LeonaBio is focused on developing novel small molecule therapeutics for diseases with high unmet medical needs, including treatment-resistant metastatic breast cancer and ALS. Its programs are described as aiming to improve patients’ lives by advancing drug candidates in these areas.
• What are the company’s lead drug candidates?
  The company identifies lasofoxifene and ATH-1105 as its lead drug candidates. Lasofoxifene is a selective estrogen receptor modulator being evaluated in a Phase 3 trial for ER+, HER2-negative, ESR1-mutated metastatic breast cancer. ATH-1105 is an orally available, brain-penetrant small molecule designed to positively modulate the neurotrophic HGF system and is in clinical development for the potential treatment of ALS.
• How does the company describe ATH-1105’s mechanism?
  Athira describes ATH-1105 as a next-generation small molecule drug candidate that positively modulates the neurotrophic HGF system. This system is reported to activate neuroprotective, neurotrophic and anti-inflammatory pathways in the central nervous system, and company materials state that ATH-1105 is being developed for neurodegenerative diseases, including ALS.
• What is lasofoxifene and what indication is it targeting?
  Lasofoxifene is described as a novel, nonsteroidal selective estrogen receptor modulator with activity against wild-type and mutant estrogen receptors, including ESR1 mutations. It is being advanced in a Phase 3 clinical trial (ELAINE-3) as a targeted therapy for ER+, HER2-negative, ESR1-mutated metastatic breast cancer in patients who have progressed on aromatase inhibitors and CDK4/6 inhibitors.
• Where is Athira/LeonaBio headquartered?
  Company press releases and filings state that Athira Pharma, now operating under the name LeonaBio, is headquartered in the Seattle, Washington area.
• On which exchange did Athira trade under the symbol ATHA?
  Athira’s common stock has been listed on The Nasdaq Capital Market under the ticker symbol "ATHA." The company has announced that its ticker will change to "LONA" in connection with its rebranding to LeonaBio.
• What was the purpose of Athira’s reverse stock split?
  According to an SEC filing, Athira implemented a 10-for-1 reverse stock split of its common stock, effective in September 2025. The company states that the reverse split was intended to increase the price per share to demonstrate compliance with Nasdaq’s $1.00 minimum bid price requirement and to maintain its listing on The Nasdaq Capital Market.
• How did Athira obtain rights to lasofoxifene?
  Company disclosures explain that Athira entered into agreements with Sermonix Pharmaceuticals and Ligand Pharmaceuticals granting it exclusive licenses and rights to develop, manufacture and commercialize oral forms of lasofoxifene outside Asia and certain countries in the Middle East. Under these agreements, Athira assumes responsibility for the ELAINE-3 Phase 3 trial in its licensed territories.
• What stage of development is ATH-1105 in?
  Athira reports that ATH-1105 has completed a first-in-human Phase 1 double-blind, placebo-controlled clinical trial in healthy volunteers, evaluating safety, tolerability, pharmacokinetics and central nervous system penetration. The company describes ATH-1105 as being in clinical development for the potential treatment of ALS.
• Has Athira changed its corporate name?
  In January 2026, Athira announced that it had changed its name to LeonaBio, Inc. and that its Nasdaq ticker symbol would change from "ATHA" to "LONA." The company notes that this change reflects its acquisition of rights to lasofoxifene and its broader mission, and that the rebranding does not alter its legal structure or existing financial reporting obligations.