Astria Therapeutics Reports Financial Results for the Three and Nine Months Ended September 30, 2024

As of September 30, 2024, Astria Therapeutics, Inc. reported significant financial changes compared to the previous fiscal period. The company’s cash and cash equivalents decreased to $80.9 million from $175.5 million at the end of 2023. However, total current assets increased to $351.9 million, up from $250.9 million, and total assets rose to $361.6 million from $254.7 million. Total stockholders’ equity also improved, reaching $341.7 million compared to $243.1 million at the end of 2023.

Operating expenses for the three months ended September 30, 2024, were $29.0 million, an increase from $20.2 million in the same period of 2023. Research and development expenses surged to $20.5 million from $13.3 million year-over-year. For the nine months ended September 30, 2024, total operating expenses were $82.0 million, compared to $48.8 million in the prior year, reflecting a substantial increase in research and development costs, which totaled $56.9 million, up from $30.5 million.

The company reported a net loss of $24.5 million for the three months ended September 30, 2024, compared to a loss of $17.7 million in the same period of 2023. For the nine months, the net loss was $68.6 million, up from $41.5 million in the previous year. The net loss per share attributable to common shareholders improved slightly to $(0.42) from $(0.63) for the three months ended September 30, 2023.

Astria Therapeutics has not generated any product revenues, relying primarily on equity offerings for financing. The company completed a public offering in February 2024, raising $125.0 million in gross proceeds, and has initiated a new at-the-market (ATM) program allowing for the sale of up to $150.0 million in shares. In the third quarter of 2024, the company sold 1.5 million shares under this program, generating gross proceeds of $15.6 million.

Strategically, the company is advancing its lead product candidate, Navenibart, which is in clinical development for hereditary angioedema, and STAR-0310, an OX40 antagonist in preclinical development for atopic dermatitis. The company anticipates significant increases in research and development expenses as it progresses these candidates through clinical trials. The operational outlook indicates that existing cash and investments are expected to sustain operations into mid-2027, although additional funding will be necessary for continued development and commercialization efforts.