Astria Therapeutics Reports $66.8 Million Net Loss for First Half of 2025

Astria Therapeutics, Inc. reported a net loss of $66.8 million for the six months ended June 30, 2025, compared to a net loss of $44.1 million for the same period in 2024, reflecting a 51% increase in losses year-over-year. The company's total operating expenses rose to $72.8 million, up from $53.0 million in the prior year, driven primarily by increased research and development costs associated with its lead product candidate, navenibart, and its second candidate, STAR-0310. Research and development expenses surged by 47% to $53.7 million, largely due to milestone payments related to clinical trials and increased employee-related costs.

In terms of financial position, Astria's cash, cash equivalents, and short-term investments totaled $259.2 million as of June 30, 2025, a decrease from $334.6 million at the end of 2024. The company has not generated any product revenues and has relied on equity financing to fund its operations. The accumulated deficit reached $741.6 million, indicating the ongoing financial challenges faced by the company as it continues to invest heavily in clinical development.

Strategically, Astria has made significant advancements 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 preventing hereditary angioedema attacks. Additionally, the company entered into a license agreement with Kaken Pharmaceutical Co., Ltd. in August 2025, granting Kaken rights to develop and commercialize navenibart in Japan, which includes an upfront payment of $16 million and potential milestone payments.

Operationally, Astria's employee headcount has increased to support its expanding clinical programs, with a notable rise in stock-based compensation expenses. The company is also focused on developing drug-device combinations for navenibart to enhance patient convenience. Looking ahead, Astria anticipates that its existing cash reserves, combined with the Kaken agreement, will allow it to fund operations into 2028. However, the company acknowledges the need for additional financing to support ongoing clinical trials and the commercialization of its product candidates, emphasizing the uncertainty surrounding future funding and operational strategies.