Astria Therapeutics Reports $33.7 Million Net Loss in Q1 2025, Increases R&D Spending

Astria Therapeutics, Inc. reported a net loss of $33.7 million for the first quarter of 2025, a significant increase from the $19.9 million loss recorded in the same period of 2024. The company's total operating expenses rose to $37.0 million, up from $24.2 million year-over-year, driven primarily by increased research and development costs associated with its lead product candidates, navenibart and STAR-0310. Research and development expenses surged by 77% to $27.8 million, reflecting milestone payments related to the initiation of clinical trials and increased manufacturing costs.

The company’s financial position showed a decrease in cash and cash equivalents, which fell to $54.4 million from $59.8 million at the end of 2024. Total current assets also declined to $303.0 million, down from $334.6 million. Despite these reductions, Astria maintains a strong liquidity position with $295.1 million in cash, cash equivalents, and short-term investments, which it expects will fund operations into mid-2027. The accumulated deficit as of March 31, 2025, stood at $708.5 million, indicating the ongoing financial challenges faced by the company as it continues to invest heavily in its product development pipeline.

In terms of strategic developments, Astria has made significant progress in its clinical programs. The company initiated the Phase 3 ALPHA-ORBIT trial for navenibart in February 2025, which aims to evaluate the drug's efficacy and safety in patients with hereditary angioedema (HAE). Additionally, the Phase 1a trial for STAR-0310 commenced in January 2025, with early proof-of-concept results expected in the third quarter of 2025. The company also met milestone obligations related to both product candidates during the quarter, reflecting its commitment to advancing its clinical programs.

Operationally, Astria's workforce has expanded, with an increase in employee-related expenses contributing to the rise in general and administrative costs, which totaled $9.2 million for the quarter. The company continues to focus on enhancing its research capabilities and expanding its pipeline, which includes potential new therapies for allergic and immunologic diseases. However, the company has not yet generated any product revenues, relying instead on equity financing to support its operations.

Looking ahead, Astria Therapeutics acknowledges the need for substantial additional funding to complete the development and commercialization of its product candidates. The company is actively exploring various financing options, including equity offerings and collaborations, to secure the necessary capital. The management remains optimistic about the potential of navenibart and STAR-0310, aiming to position them as leading treatments in their respective markets, but recognizes the inherent risks and uncertainties associated with drug development and commercialization.