0000950170-24-123372 | 10-Q | XBRL Viewer

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

7. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is subject to various legal proceedings or claims that arise in the ordinary course of business. The Company accrues a liability when the Company's management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. The following is a brief description of the more significant legal proceedings.

Securities Class Actions

On June 25, 2021, plaintiffs Fan Wang and Hang Gao filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company and the Company’s former chief executive officer Dr. Leen Kawas, captioned Wang v. Athira Pharma, Inc., et al., No. 2:21-cv-00861. Plaintiffs Wang and Gao assert claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, or Exchange Act, and SEC Rule 10b-5, alleging that the defendants made materially false and misleading statements and omitted material adverse facts regarding the Company’s business. Specifically, the Wang plaintiffs allege that the Company failed to disclose to investors that certain research conducted by Dr. Kawas was allegedly tainted by scientific misconduct during her doctoral work at WSU, including the manipulation of data, and that as a result, the defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading. The Wang plaintiffs seek unspecified compensatory and punitive damages, and reasonable costs and expenses, including attorneys’ fees.

That same day, on June 25, 2021, plaintiff Harshdeep Jawandha filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company, Dr. Kawas, the Company’s then chief financial officer, certain members of the Company’s board of directors at the time of the Company’s initial public offering, or IPO, as well as the IPO underwriters, captioned Jawandha v. Athira Pharma, Inc., et al., No. 2:21-cv-00862. The Jawandha complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933, or Securities Act, alleging that that the Company’s IPO registration statement was materially false and misleading because it omitted to state that certain of Dr. Kawas’s published doctoral research papers at WSU contained allegedly improperly altered images, that the research was allegedly foundational to the Company’s efforts to develop treatments for Alzheimer’s disease, and that the defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading. The Jawandha plaintiff seeks unspecified compensatory damages, and reasonable costs and expenses, including attorneys’ fees.

Also on June 25, 2021, plaintiffs Timothy Slyne and Tai Slyne filed a putative securities class action lawsuit in the U.S. District Court for the Western District of Washington against the Company, Dr. Kawas, the Company’s then chief financial officer, and the same members of the Company’s board of directors and underwriters as in the Jawandha complaint, captioned Slyne v. Athira Pharma, Inc. et al., No. 2:21-cv-00864. The Slyne complaint asserts violations of Sections 11 and 15 of the Securities Act, alleging that purported issues with Dr. Kawas’s doctoral research at WSU should have been disclosed in the Company’s IPO registration statement. The Slyne plaintiffs seek unspecified compensatory damages, reasonable costs and expenses, including attorneys’ fees, and injunctive and other equitable relief.

On August 9, 2021, the court issued an order consolidating the three cases. On October 5, 2021, the district court issued an order appointing lead plaintiffs and approved their selection of lead and liaison counsel.

On January 7, 2022, lead plaintiffs filed a consolidated amended complaint, which asserts violations of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5 and Sections 11, 12, and 15 of the Securities Act. The consolidated amended complaint is brought against the Company, Dr. Kawas, the Company’s then chief financial officer, certain members of the Company's board of directors at the time of the Company's IPO and secondary public offering, or SPO, and the IPO and SPO underwriters. As with the previous complaints, it is based on allegations that the IPO and SPO registration statements and/or other public statements were materially false and misleading because they omitted to state that certain of Dr. Kawas’s published doctoral research papers at WSU contained allegedly improperly altered images. Lead plaintiffs seek unspecified compensatory damages, as well as equitable and injunctive relief on behalf of themselves and the purported class. On March 8, 2022, the defendants filed a motion to dismiss lead plaintiffs’ consolidated amended complaint for failure to state a claim under the federal securities laws. On July 29, 2022, the court issued an order granting in part and denying in part the motion to dismiss. The order dismissed the Section 10(b) and Section 20(a) claims arising under the Exchange Act, dismissed the Section 11 claim arising under the Securities Act as to all defendants other than the Company and Dr. Kawas, dismissed the Section 12(a)(2) claim arising under the Securities Act as to the lead plaintiffs, and dismissed

the Section 15 claim arising under the Securities Act against all defendants other than Dr. Kawas. The order permitted lead plaintiffs until August 19, 2022 to file a second consolidated amended complaint. Lead plaintiffs did not file a second consolidated amended complaint.

On August 12, 2022, defendant Dr. Kawas filed a motion for partial reconsideration of the court’s July 29, 2022 order. On October 24, 2022, the parties filed a (1) joint status report and discovery plan and (2) stipulation and case scheduling order, wherein the parties proposed deadlines for material case events, including the completion of fact discovery, expert discovery, and dispositive motion practice. On November 2, 2022, the court entered an order setting certain case deadlines. On November 4, 2022, the Company and Dr. Kawas filed their individual answers to the consolidated amended complaint. In mid-November 2022, the parties began conducting fact discovery.

On March 10, 2023, following a mediation and the parties’ agreement in principle to settle the securities class action, the court entered a stipulated order setting a deadline of April 28, 2023 for the parties to file a stipulation of settlement and for lead plaintiffs to file a motion for preliminary approval of the settlement, which the parties filed on that date. The settlement is subject to preliminary and final approval by the U.S. District Court for the Western District of Washington. On May 31, 2023, the court issued a minute order requiring the parties to file a joint status report on or before June 30, 2023 addressing several aspects of the proposed settlement, including revision of certain notices to putative class members regarding the settlement, which the parties filed on that date. On September 27, 2023, the court issued an order denying plaintiffs’ motion for preliminary approval without prejudice, citing the motion’s failure to satisfy the court’s questions and concerns regarding traceability of certain Securities Act claims. The court permitted plaintiffs to file a renewed motion for preliminary approval, which plaintiffs filed on December 15, 2023.

On February 15, 2024, the court issued an order granting in part and deferring in part plaintiffs’ renewed motion for preliminary approval and ordered the parties to submit a joint status report by March 15, 2024. In its order, the court preliminarily approved the proposed settlement and certified a class with two subclasses. The court deferred ruling in part as to the proposed notices and claim form relating to the settlement. On March 29, 2024, the court issued a minute order (i) granting the portion of plaintiffs’ renewed motion for preliminary approval that the court had previously deferred ruling on, (ii) setting a final approval hearing, and (iii) ordering plaintiffs’ motion for final approval of the proposed settlement to be filed on or before September 26, 2024. On September 26, 2024, plaintiffs filed a motion for final approval of class action settlement and plan of allocation. On September 30, 2024, the court issued a minute order requiring additional information related to the claims administration process, to which plaintiffs responded. On October 25, 2024, the court held a settlement final approval hearing and ruled that the terms of the settlement are fair, reasonable and adequate and that notice was reasonable. On November 1, 2024, the court entered a final written judgment and order granting final approval of the settlement and closed the case.

As a result of the foregoing, the Company recorded a legal settlement expense of $10.0 million in operating expenses in the fourth quarter of 2022 and an accrued liability of $10.0 million on the accompanying condensed consolidated balance sheets. Additionally, the Company recorded an insurance recovery of $1.6 million in operating expenses in the fourth quarter of 2023 and an insurance recovery receivable of $1.6 million on the accompanying condensed consolidated balance sheets. This insurance recovery represents the amount of the settlement to be covered by the Company's insurers. The Company has deposited $8.4 million into a settlement fund account pending final payment of the settlement amount, and such funds are legally restricted for use and are included within restricted cash, current on the condensed consolidated balance sheets.

Shareholder Derivative Actions

On April 14, 2022, a shareholder derivative action was filed by plaintiff Stephen Bushansky in the U.S. District Court for the Western District of Washington against certain current and former members of the Company’s board of directors, captioned Bushansky v. Kawas et al., No. 2:22-cv-497. Plaintiff purported to bring the action derivatively on behalf of the Company, which was a nominal defendant to the action. The derivative complaint alleged that the Company’s board of directors breached its fiduciary duties by failing to prevent alleged misstatements in the Company’s public filings, failing to discover altered images in certain research papers, and failing to take appropriate action. The derivative complaint asserted claims for violations of Section 14(a) of the Exchange Act as well as claims for breach of fiduciary duty, contribution and indemnification, aiding and abetting, and waste of corporate assets. The derivative complaint sought unspecified damages, disgorgement of profits, benefits, and other compensation received by the individual defendants, restitution, declaratory relief, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees.

On May 6, 2022, a second shareholder derivative action was filed by plaintiff Thomas Houlihan in the U.S. District Court for the Western District of Washington against certain current and former directors and officers of the Company, captioned Houlihan v. Kawas et al., No. 2:22-cv-620. Plaintiff purported to bring the action derivatively on behalf of the Company, which was a nominal defendant to the action. The derivative complaint alleged that certain of the Company’s current and former directors and officers breached their fiduciary duties by failing to prevent alleged misstatements in the Company’s public filings and failing to take appropriate action regarding altered images in certain research papers. The derivative complaint asserted claims for violations of Section 14(a) of the Exchange Act as well as claims for breach of fiduciary duties, contribution, and indemnification. The derivative complaint sought unspecified damages, unspecified corporate governance reforms, restitution, and an award of costs and expenses to the derivative plaintiff, including attorneys’ fees.

On May 26, 2022, the court issued an order consolidating the cases and staying them until further order of the court. On March 18, 2024, following a mediation and the parties entering into a stipulation of settlement to settle the consolidated derivative action for certain corporate governance reforms and the Company’s payment of a fee and expense award to plaintiffs’ counsel, plaintiffs filed an unopposed motion for preliminary approval of a settlement of the derivative action. On May 3, 2024, the court entered an order preliminarily approving the settlement. On May 17, 2024, plaintiffs filed an unopposed motion for approval of attorneys’ fees and expenses and service awards to plaintiffs. On July 3, 2024, plaintiffs filed an unopposed motion for final approval of derivative settlement. The settlement final approval hearing took place on July 18, 2024, and no Company shareholders objected to the proposed settlement or attorneys’ fees or service awards sought by plaintiffs. After the hearing, on July 18, 2024, the court entered an order and judgment granting plaintiffs’ motion for final approval of derivative settlement, finding the settlement to be fair, reasonable, and adequate to the settling parties and the Company’s shareholders, and dismissing the derivative action with prejudice.

The Company paid the fee and expense award related to this shareholder derivative action settlement during the third quarter of 2024.

Government Investigation

In November 2022, the Company received a Civil Investigative Demand from the Civil Division of the Department of Justice, or the Demand. The Demand sought documents and information relating to the Company’s relationship with WSU, certain of its grant applications in 2016 and 2019 with the NIH, and the Company’s receipt of an NIH grant in 2020. The Company has been cooperating with the Department of Justice with respect to the Demand.

The Company recorded a legal expense of $4.1 million based on developments in the third quarter of 2024 and a corresponding accrued liability on the accompanying condensed consolidated balance sheets. Failure by the Company to obtain a favorable resolution could have a material adverse effect on its business, results of operations and financial condition.

Operating Leases

The Company has operating leases for laboratory and office facilities in Bothell, Washington that expire in August 2027. The initial terms of the leases range from 6.3 to 7 years and the Company has options to extend the leases for an additional five years that it is not reasonably certain to exercise. As of September 30, 2024, the Company was not party to any finance leases.

The following table reconciles the Company’s undiscounted operating lease cash flows to its operating lease liability (in thousands):


	September 30, 2024
Remaining 2024		123
2025		494
2026		509
Thereafter		346
Total undiscounted lease payments		1,472
Present value adjustment for minimum lease commitments		(158	)
Net lease liability	$	1,314

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	September 30, 2024
Weighted average remaining lease term (years)		3.2
Weighted average discount rate		8.1	%

Operating lease expense and variable lease expense consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	89	$	89	$	265	$	265
Variable lease expense		41		42		108		144

Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Research and development	$	7,644	$	11,916
Employee compensation and benefits		4,440		4,545
Legal expense		4,127		—
Professional services and other		750		1,882
Total accrued liabilities	$	16,961	$	18,343

Corporate Restructuring - Summary of Cost Associated With Termination Benefit Payment of Restructuring (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Total severance expense	$ 2,316
Research and Development Expense
Restructuring Cost and Reserve [Line Items]
Total severance expense	1,007
General and Administrative Expense
Restructuring Cost and Reserve [Line Items]
Total severance expense	$ 1,309

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (81,937,000)	$ (90,387,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	8,820,000	8,395,000
Depreciation expense	727,000	724,000
Non-cash lease expense	178,000	158,000
Amortization of premiums and accretion of discounts on available-for-sale securities, net	(488,000)	(1,131,000)
Loss on disposal of equipment	7,000
Changes in operating assets and liabilities:
Unbilled grant receivable		1,227,000
Prepaid expenses and other current and long-term assets, net	2,930,000	(366,000)
Accounts payable and accrued liabilities	(1,123,000)	7,159,000
Operating lease liability	(271,000)	(239,000)
Net cash used in operating activities	(71,157,000)	(74,460,000)
Investing activities
Purchases of available-for-sale securities	(11,322,000)	(27,671,000)
Maturities of available-for-sale securities	68,997,000	116,673,000
Purchases of property and equipment	(33,000)	(304,000)
Net cash provided by investing activities	57,642,000	88,698,000
Financing activities
Proceeds from exercise of common stock options and issuance of common stock under employee stock purchase plan	160,000	341,000
Net cash provided by financing activities	160,000	341,000
Net (decrease) increase in cash, cash equivalents and restricted cash	(13,355,000)	14,579,000
Cash, cash equivalents and restricted cash, beginning of period	91,215,000	96,386,000
Cash, cash equivalents and restricted cash, end of period	$ 77,860,000	$ 110,965,000

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The table below reconciles the balances of cash and cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the balances of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated statements of cash flows.


	September 30,		December 31,
	2024		2023
Cash and cash equivalents	$	68,856	$	90,584
Restricted cash, current		8,373		—
Restricted cash, non-current		631		631
Cash, cash equivalents and restricted cash	$	77,860	$	91,215

Immaterial Error Correction (Unaudited) - Summary of Immaterial Errors Correction in the Weighted-Average Number of Common Shares Outstanding (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Weighted average shares outstanding,basic	38,517,602	38,054,583	38,406,709	37,993,002
Weighted average shares outstanding, diluted	38,517,602	38,054,583	38,406,709	37,993,002
Net loss per share, basic	$ (0.75)	$ (0.87)	$ (2.13)	$ (2.38)
Net loss per share, diluted	$ (0.75)	$ (0.87)	$ (2.13)	$ (2.38)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value - Additional Information (Details)	9 Months Ended
Fair Value - Additional Information (Details)	Sep. 30, 2024
Recurring Basis \| Maximum
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Short-term investments effective maturity date	1 year

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

10. Net Loss Per Share Attributable to Common Stockholders

The following outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share attributable to common stockholders for the periods presented because their effect would have been anti-dilutive:


	Nine Months Ended September 30,
	2024		2023
Stock options to purchase common stock		10,783,447		7,019,311
Non-vested Restricted Stock Units		2,000		313,337
Employee stock purchase plan		8,709		11,373
Total		10,794,156		7,344,021

Commitments and Contingencies - Weighted Average Remaining Lease Term and Weighted Average Discount Rate to Determine the Operating Lease Liability (Details)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (years)	3 years 2 months 12 days
Weighted average discount rate	8.10%

Significant Agreements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

6. Significant Agreements

WSU License Agreement

The Company is party to an amended and restated exclusive license agreement with sublicensing terms with WSU that the Company entered into in 2015. Under this agreement, the Company has an exclusive license to make, use, sell, and offer for sale products covered by certain licensed patents, including dihexa, the chemical compound into which fosgonimeton metabolizes following administration. ATH-1105, the Company’s small molecule drug candidate currently in development for the potential treatment of ALS, is not covered by the WSU license agreement.

To keep in good standing, the agreement requires the Company to meet certain development milestones and pay annual maintenance fees. All contractual requirements have been met as of September 30, 2024.

During the year ended December 31, 2020, the Phase 2 clinical trial milestone was reached and a payment of $50,000 to WSU was recorded.

The Company may also be obligated to pay the following if the related milestones are reached:

•

$300,000 – At initiation of the first Phase 3 clinical trial in the United States, European Union or Japan for the first licensed product; and

•

$600,000 – Upon receipt of marketing approval in the United States, European Union or Japan for the first licensed product.

Under the terms of the agreement, the Company will pay a royalty in the mid-single digits of net sales, with the first $100,000 of net sales being exempt from royalty payment, and annual minimum royalty payments of $25,000 beginning after the first commercial sale of a licensed product. As of September 30, 2024, no sales of any licensed products had occurred and the Company had not incurred a royalty obligation under this agreement.

Additionally, the agreement allows the Company to sublicense the rights conveyed by the agreement, subject to additional payments to WSU based upon the sublicense consideration received in such event. Such amounts are dependent on the terms of the underlying sublicense and range from the mid-single digits to mid-teens of any non-sales based

payments received, and low twenties of net sales based sublicense royalties. As of September 30, 2024, the Company has not entered into or incurred any liability from a sublicense agreement.

Corporate Restructuring - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, estimated to incur		$ 2.8
Accrued liability associated with restructuring		$ 2.3
Forecast
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, estimated to incur	$ 2.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Description of Business - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended						9 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Description Of Business [Line Items]
Entity incorporation, date of Incorporation								Mar. 31, 2011
Entity reincorporation, date of reincorporation								Oct. 27, 2015
Net cash proceeds from issuance of convertible preferred stock, common stock warrants, and convertible notes								$ 407,400
Cash, cash equivalents, and investments		$ 68,900						68,900
Net loss		$ (28,741)	$ (26,859)	$ (26,337)	$ (32,970)	$ (29,597)	$ (27,820)	(81,937)	$ (90,387)
Cash used in operations								$ (71,200)
At The Market Common Stock Offering
Description Of Business [Line Items]
Number of shares issued and sold	0
At The Market Common Stock Offering \| Maximum
Description Of Business [Line Items]
Aggregate offering price	$ 75,000

Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Stock-based Compensation Expense Recognized

Stock‑based compensation expense recognized was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,124	$	944	$	3,263	$	3,228
General and administrative		1,812		1,550		5,557		5,167
Total stock-based compensation expense	$	2,936	$	2,494	$	8,820	$	8,395

Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model

The fair value of each stock option was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		4.26	%		3.54	%
Expected volatility		96.93	%		99.18	%
Expected term (in years)		6.00			5.48
Expected dividend yield		—			—

Summary of Option Activity Changes in Shares Available for Grant under the 2020 Plan and the 2024 Inducement Plan

Changes in shares available for grant under the 2020 Plan and the 2024 Inducement Plan during the nine months ended September 30, 2024 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2023		3,158,094
2020 Plan reserve increase on January 1, 2024		1,908,630
Shares reserved upon adoption of the 2024 Inducement Plan		750,000
Options and restricted stock units granted		(4,090,804	)
Options and restricted stock units forfeited, cancelled, or expired		50,566
Shares available for grant at September 30, 2024		1,776,486

Summary of Option Activity under the 2020 Plan and the 2024 Inducement Plan

A summary of stock option activity under the 2020 Plan and the 2024 Inducement Plan for the nine months ended September 30, 2024 was as follows:


	Shares			Weighted- Average Exercise price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		6,820,869		$	7.97	8.24		$	387
Granted		4,088,804			3.16
Exercised		(75,660	)		0.16
Forfeited/expired		(50,566	)		11.48
Balance at September 30, 2024		10,783,447		$	6.18		8.27	$	—
Expected to vest		5,905,187		$	4.27		8.86	$	—
Options exercisable		4,878,260		$	8.49		7.56	$	—

Summary of Stock Options Outstanding and Exercisable under the 2020 Plan and the 2024 Inducement Plan

Stock options outstanding and exercisable under the 2020 Plan and the 2024 Inducement Plan consisted of the following at September 30, 2024:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 4.22		7,703,393		2,515,358
8.93 to 19.94		2,727,806		2,084,154
20.55 to 29.41		352,248		278,748
Total		10,783,447		4,878,260

Restricted Stock Units (RSUs)

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Restricted Stock Activity

A summary of restricted stock unit, or RSU, activity for the nine months ended September 30, 2024 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2023		310,087		$	11.44
Granted		2,000			2.51
Cancelled		—			—
Vested		(310,087	)		11.44
Non-vested at September 30, 2024		2,000		$	2.51

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Description of Business

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Organization

Athira Pharma, Inc., or the Company, was incorporated as M3 Biotechnology, Inc. in the state of Washington on March 31, 2011 and reincorporated in the state of Delaware on October 27, 2015. In April 2019, the Company changed its name to Athira Pharma, Inc. The Company currently has office and laboratory space in Bothell, Washington. The Company is a clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration.

Liquidity and Capital Resources

Since the Company’s inception, it has funded its operations primarily with proceeds from the sale and issuance of common stock, convertible preferred stock, common stock warrants, and convertible notes, and to a lesser extent from grant income and stock option exercises. From the Company’s inception through September 30, 2024, it has raised aggregate net cash proceeds of $407.4 million primarily from the issuance of its common stock (excluding option exercises), convertible preferred stock, common stock warrants, and convertible notes.

As of September 30, 2024, the Company had cash, cash equivalents and investments of $68.9 million. The Company’s net loss for the nine months ended September 30, 2024 was $81.9 million and cash used in operations for the nine months ended September 30, 2024 was $71.2 million. Since the Company’s inception, it has devoted substantially all of its resources to its research and development efforts such as small molecule compound discovery, nonclinical studies and clinical trials, as well as manufacturing activities, establishing and maintaining the Company’s intellectual property portfolio, hiring personnel, raising capital, and providing general and administrative support for these operations.

Based upon the Company’s current operating plan, it estimates that its $68.9 million of cash, cash equivalents and investments at September 30, 2024 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this report. Historically, the Company has incurred net losses from continuing operations and negative operating cash flows. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs; therefore, the Company will need to continue to raise additional capital to accomplish its operating plan. The Company has a sales agreement in place with Cantor Fitzgerald & Co., or Cantor Fitzgerald, and BTIG, LLC, or BTIG, for an “at the market” equity offering facility through which it may offer and sell shares of its common stock equaling an aggregate amount up to $75.0 million. The Company has not sold any securities pursuant to this ATM offering. Should it be determined to be strategically advantageous, the Company could pursue public and private offerings of its equity securities similar to those the Company has previously completed, debt financings, or other strategic transactions, which could include income from collaboration, licensing or similar arrangements with third parties, or receiving research contributions, or grants.

Common Stock - Additional Information (Details) - shares	9 Months Ended
	Sep. 30, 2024	Feb. 29, 2024	Jan. 01, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	13,961,668			11,417,782
2020 Equity Incentive Plan
Class Of Stock [Line Items]
Share based compensation maximum annual increase in number of shares that may be issued under the plan	3,230,000
Share based compensation percentage of number shares of common stock issued and outstanding on immediate proceeding	5.00%
Reserved shares of common stock for future issuance			1,908,630
2020 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Share based compensation maximum annual increase in number of shares that may be issued under the plan	646,000
Share based compensation percentage of number shares of common stock issued and outstanding on immediate proceeding	1.00%
Reserved shares of common stock for future issuance			381,726
2024 Inducement Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance		750,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 5,739	$ 5,722
Less: accumulated depreciation	(3,052)	(2,334)
Property and equipment, net	2,687	3,388
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	705	688
Office Furniture, Fixtures, and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	712	712
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 4,322	$ 4,322

Commitments and Contingencies - Operating Lease Expense and Variable Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 89	$ 89	$ 265	$ 265
Variable lease expense	$ 41	$ 42	$ 108	$ 144

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Summary of Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders


	Nine Months Ended September 30,
	2024		2023
Stock options to purchase common stock		10,783,447		7,019,311
Non-vested Restricted Stock Units		2,000		313,337
Employee stock purchase plan		8,709		11,373
Total		10,794,156		7,344,021

Property and Equipment, Net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

Property and equipment consisted of the following (in thousands):


	September 30,			December 31,
	2024			2023
Lab equipment	$	705		$	688
Office furniture, fixtures, and computer equipment		712			712
Leasehold improvement		4,322			4,322
Property and equipment, at cost		5,739			5,722
Less: accumulated depreciation		(3,052	)		(2,334	)
Property and equipment, net	$	2,687		$	3,388

Depreciation expense was $243,000 and $727,000 for the three and nine months ended September 30, 2024, respectively. Depreciation expense was $244,000 and $724,000 for the three and nine months ended September 30, 2023, respectively.

Significant Accounting Policies - Additional Information (Details) $ in Millions		9 Months Ended
	Sep. 15, 2024	Sep. 30, 2024 USD ($) Segment	Dec. 31, 2024 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Legal settlement amount		$ 8.4
Number of operating segments \| Segment		1
Percentage of termination in workforce	70.00%
Restructuring and related cost, estimated to incur		$ 2.8
Forecast
Basis Of Presentation And Significant Accounting Policies [Line Items]
Restructuring and related cost, estimated to incur			$ 2.8

Stock-based Compensation - Summary of Option Activity Changes in Shares Available for Grant under the 2020 Plan and the 2024 Inducement Plan (Details)	9 Months Ended
	Sep. 30, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Available for Grant, Beginning Balance	3,158,094
Options and restricted stock units granted	(4,090,804)
Options and restricted stock units forfeited, cancelled, or expired	50,566
Shares Available for Grant, Ending Balance	1,776,486
2020 Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved	1,908,630
2024 Inducement Equity Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares reserved	750,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Cash Equivalents and Short-term Investments

The following tables reflect the Company’s financial asset balances measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	33	$	—	$	—		$	33
U.S. government debt and agency securities	2		18,120		5		—			18,125
Commercial paper	2		23,983		1		(3	)		23,981
Total cash equivalents		$	42,136	$	6	$	(3	)	$	42,139


	December 31, 2023
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	63	$	—	$	—		$	63
Commercial paper	2		59,227		—		(30	)		59,197
Total cash equivalents		$	59,290	$	—	$	(30	)	$	59,260
Short-term investments:
Commercial paper	2		6,431		—		(4	)		6,427
U.S. government debt and agency securities	2		50,723		—		(315	)		50,408
Total short-term investments		$	57,154	$	—	$	(319	)	$	56,835

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	38,669,073	38,172,603
Common stock, shares outstanding	38,669,073	38,172,603

Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Equivalent, Non-vested, Beginning Balance \| shares	310,087
Share Equivalent, Granted \| shares	2,000
Share Equivalent, Vested \| shares	(310,087)
Share Equivalent, Non-vested, Ending Balance \| shares	2,000
Weighted-Average Grant Date Fair Value, Non-vested, Beginning Balance \| $ / shares	$ 11.44
Weighted-Average Grant Date Fair Value, Non-vested, Granted \| $ / shares	2.51
Weighted-Average Grant Date Fair Value, Non-vested, Vested \| $ / shares	11.44
Weighted-Average Grant Date Fair Value, Non-vested, Ending Balance \| $ / shares	$ 2.51

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 17,922	$ 27,202	$ 61,312	$ 70,110
General and administrative	7,572	7,840	19,897	26,342
Legal expense	4,127		4,127
Total operating expenses	29,621	35,042	85,336	96,452
Loss from operations	(29,621)	(35,042)	(85,336)	(96,452)
Grant income				157
Other income, net	880	2,072	3,399	5,908
Net loss	(28,741)	(32,970)	(81,937)	(90,387)
Unrealized gain on available-for-sale securities	41	261	352	1,278
Comprehensive loss attributable to common stockholders	$ (28,700)	$ (32,709)	$ (81,585)	$ (89,109)
Net loss per share attributable to common stockholders, basic	$ (0.75)	$ (0.87)	$ (2.13)	$ (2.38)
Net loss per share attributable to common stockholders, diluted	$ (0.75)	$ (0.87)	$ (2.13)	$ (2.38)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	38,517,602	38,054,583	38,406,709	37,993,002
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	38,517,602	38,054,583	38,406,709	37,993,002

Stock-based Compensation - Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.26%	3.54%
Expected volatility	96.93%	99.18%
Expected term (in years)	6 years	5 years 5 months 23 days
Expected dividend yield	0.00%

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 68,856	$ 90,584
Restricted cash, current	8,373
Restricted cash, non-current	631	631
Cash, cash equivalents and restricted cash	$ 77,860	$ 91,215	$ 110,965	$ 96,386

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Research and development	$ 7,644	$ 11,916
Employee compensation and benefits	4,440	4,545
Legal expense	4,127
Professional services and other	750	1,882
Total accrued Liabilities	$ 16,961	$ 18,343

Stock-based Compensation - Summary of Stock Options Outstanding and Exercisable under the 2020 Plan and the 2024 Inducement Plan (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	10,783,447	6,820,869
Shares Exercisable	4,878,260
Exercise Price $0.16 to 4.22
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	7,703,393
Shares Exercisable	2,515,358
Exercise Price $0.16 to 4.22 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 0.16
Exercise Price $0.16 to 4.22 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 4.22
Exercise Price $8.93 to 19.94
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	2,727,806
Shares Exercisable	2,084,154
Exercise Price $8.93 to 19.94 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 8.93
Exercise Price $8.93 to 19.94 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 19.94
Exercise Price $20.55 to 29.41
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	352,248
Shares Exercisable	278,748
Exercise Price $20.55 to 29.41 \| Minimum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 20.55
Exercise Price $20.55 to 29.41 \| Maximum
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Exercise Price ($)	$ 29.41

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	Athira Pharma, Inc.
Entity Central Index Key	0001620463
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		38,669,073
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39503
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3368487
Entity Address, Address Line One	18706 North Creek Parkway
Entity Address, Address Line Two	Suite 104
Entity Address, City or Town	Bothell
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98011
City Area Code	425
Local Phone Number	620-8501
Document Quarterly Report	true
Document Transition Report	false
Security12b Title	Common Stock, $0.0001 par value per share
Trading Symbol	ATHA
Security Exchange Name	NASDAQ

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or U.S. GAAP. The unaudited condensed consolidated financial statements include the operations of Athira Pharma, Inc., and its wholly owned Australian subsidiary. All intercompany balances and transactions have been eliminated upon consolidation.

Unaudited Interim Condensed Financial Statements

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying condensed consolidated balance sheet as of September 30, 2024, and condensed consolidated statements of operations and comprehensive loss, cash flows, and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023, are unaudited. The balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. The unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with the audited annual financial statements as of and for the year ended December 31, 2023, and, in the opinion of management, reflect all adjustments, consisting solely of normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2024, and the unaudited condensed consolidated results of its operations and its cash flows for the three

and nine months ended September 30, 2024 and 2023. The financial data and other information disclosed in these notes related to the three and nine months ended September 30, 2024 and 2023 are also unaudited. The unaudited condensed consolidated results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023 included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, on February 22, 2024.

Fair Value Measurements

The carrying amounts of certain financial instruments, including cash, cash equivalents, restricted cash, investments, accounts payable and accrued expenses approximate their fair values due to the short-term nature of those amounts.

Restricted Cash

Restricted cash consists of $8.4 million paid into a settlement fund account pending resolution of the securities class action settlement discussed in Note 7, as well as collateral pledged in connection with the Company's corporate credit cards. The table below reconciles the balances of cash and cash equivalents and restricted cash reported on the unaudited condensed consolidated balance sheets to the balances of cash, cash equivalents and restricted cash reported on the unaudited condensed consolidated statements of cash flows.


	September 30,		December 31,
	2024		2023
Cash and cash equivalents	$	68,856	$	90,584
Restricted cash, current		8,373		—
Restricted cash, non-current		631		631
Cash, cash equivalents and restricted cash	$	77,860	$	91,215

Short-term Investments

The Company generally invests its excess cash in investment grade short- to intermediate-term fixed income securities. Such investments are included in cash and cash equivalents, and short-term investments on the unaudited condensed consolidated balance sheets, classified as available-for-sale, and reported at fair value with unrealized gains and losses included in accumulated other comprehensive income (loss). Amortization and accretion are included in other income, net. Realized gains and losses on the sale of these securities are recognized in other income, net.

The Company periodically evaluates whether declines in fair values of its investments below their book value are due to expected credit losses, as well as the Company's ability and intent to hold the investment until a forecasted recovery occurs. Expected credit losses are recorded as an allowance through other income, net.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates include those used for fair value of assets and liabilities, accrued liabilities, valuation allowance for deferred tax assets, and stock-based compensation. Management evaluates related assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Research and Development Expenses

Research and development expenses consist primarily of direct and indirect costs incurred for research activities, including development of the pipeline from the Company’s drug discovery efforts and the development of its drug candidates. Direct costs include laboratory materials and supplies, contracted research and manufacturing, clinical trial costs, consulting fees, and other expenses incurred to sustain the Company’s research and development program. Indirect costs include personnel-related expenses, consisting of employee salaries, related benefits, and stock-based compensation expense for employees engaged in research and development activities, and facilities and other expenses consisting of direct and allocated expenses for rent and depreciation and lab consumables.

Research and development costs are expensed as incurred. In-licensing fees and other costs to acquire technologies used in research and development that have not yet received regulatory approval and that are not expected to have an alternative future use are expensed when incurred. Non-refundable advance payments for goods and services that will be used over time for research and development are capitalized and recognized as goods are delivered or as the related services are performed. The Company estimates the period over which such services will be performed and the level of effort to be expended in each period. If actual timing of performance or the level of effort varies from the estimate, the Company adjusts the amounts recorded accordingly. The Company has not experienced any material differences between accrued or prepaid costs and actual costs since inception.

General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs, consisting of employee salaries, related benefits, and stock-based compensation expense for employees in the executive, legal, finance and accounting, human resources, and other administrative functions. General and administrative expenses also include third-party costs such as legal costs, insurance costs, accounting, auditing and tax related fees, consulting fees and facilities and other expenses not otherwise included as research and development expenses. General and administrative costs are expensed as incurred.

Leases

The Company adopted Accounting Standards Codification, or ASC, Topic 842 – Leases effective January 1, 2020. The Company determines if an arrangement contains a lease at inception. The Company performed an evaluation of contracts in accordance with ASC 842 and has determined it has an operating lease agreement for the laboratory and office facilities that the Company occupies. Operating lease right-of-use, or ROU, assets and operating lease liabilities are recognized at the date the underlying asset becomes available for the Company’s use. Operating lease liabilities are based on the present value of the future minimum lease payments over the lease term. ROU assets are measured at the amount of the lease liability, adjusted for any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. As the Company’s leases generally do not provide an implicit interest rate, the present value of the future minimum lease payments is determined using the Company’s incremental borrowing rate. This rate is an estimate of the collateralized borrowing rate the Company would incur on its future lease payments over a similar term and is based on the information available to the Company at the lease commencement date.

The Company’s leases contain options to extend the leases; lease terms are adjusted for these options only when it is reasonably certain the Company will exercise these options. The Company’s lease agreements do not contain residual value guarantees or covenants.

The Company has made a policy election regarding its real estate leases not to separate non-lease components from lease components, to the extent they are fixed. Non-lease components that are not fixed are expensed as incurred as variable lease expense. The Company’s leases include variable non-lease components, such as common-area maintenance costs. The Company has elected not to record on the balance sheet a lease that has a lease term of 12 months or less and does not contain a purchase option that the Company is reasonably certain to exercise. The Company accounts for leases with initial terms of 12 months or less as operating expenses on a straight-line basis over the lease term.

Lease expense is recognized within operating expenses on a straight-line basis over the terms of the leases. Incentives granted under the Company’s facilities lease, including rent holidays, are recognized as adjustments to lease expense on a straight-line basis over the term of the lease.

Stock-based Compensation

The Company measures compensation expense for all stock-based payments to employees, officers and directors based on the estimated fair value of the award at the grant date. For stock options, the Company estimates the grant date fair value of each option award using the Black-Scholes option-pricing model. The grant date fair value of restricted stock units is based upon the fair market value of the Company’s common stock based on its closing price as reported on the date of grant on the Nasdaq Global Select Market. Compensation expense is recognized over the requisite service period on a straight-line basis. Forfeitures are recognized as they occur.

The Company records compensation expense for stock option and restricted stock unit grants subject to performance-based milestone vesting over the remaining implicit service period when management determines that achievement of the milestone is probable. Management evaluates when the achievement of a performance-based milestone is probable based on the relative satisfaction of the performance conditions as of the reporting date.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since the effect of potentially dilutive securities is anti-dilutive given the net loss of the Company.

Segments

The Company has determined that it operates and manages one operating segment, which is the business of developing and commercializing therapeutics. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for the purpose of allocating resources.

Corporate Restructuring

On September 15, 2024, the Company committed to a workforce reduction that is expected to result in the termination of approximately 70% of the Company’s workforce, or the Restructuring. In connection with the Restructuring, the Company currently estimates it will incur costs of approximately $2.8 million, consisting primarily of cash severance costs and termination benefits, which the Company expects to recognize in the third and fourth quarters of 2024. The Company expects to substantially complete the Restructuring by December 31, 2024.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (1) no longer an emerging growth company and (2) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act, unless early adoption is permitted. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses on an interim and annual basis. All disclosure requirements of ASU 2023-07 are required for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods for the fiscal years beginning after December 15, 2024, and should be applied on a retrospective basis to all periods presented. Early adoption is permitted. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements and is currently evaluating the effect of adopting the ASU on its disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied on a prospective basis. The Company does not expect the adoption of this new guidance to have a material impact on its consolidated financial statements and is currently evaluating the effect of adopting the ASU on its disclosures.

Common Stock

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Common Stock

8. Common Stock

Each share of common stock has the right to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and if declared by the Company’s board of directors, subject to the prior rights of holders of all classes of stock outstanding having priority rights as to dividends. No cash dividends have been declared by the board of directors from inception.

The Company has reserved the following shares of common stock for future issuance, on an as-converted basis, as follows:


	September 30,		December 31,
	2024		2023
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		10,785,447		7,130,956
Shares available for future grant under the 2020 Equity Incentive Plan		1,426,486		3,158,094
Shares available for future grant under the Employee Stock Purchase Plan		1,399,735		1,128,732
Shares available for future grant under the 2024 Inducement Equity Incentive Plan		350,000		—
Total		13,961,668		11,417,782

The Company’s 2020 Equity Incentive Plan, or the 2020 Plan, provides for annual increases in the number of shares that may be issued under the 2020 Plan on January 1, 2021 and each subsequent January 1, thereafter, by a number of

shares equal to the least of (1) 3,230,000 shares, (2) 5% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (3) an amount determined by the Company’s board of directors.

The Company’s 2020 Employee Stock Purchase Plan, or the ESPP, provides for annual increases in the number of shares that may be issued under the ESPP on January 1, 2021 and each subsequent January 1, thereafter, by a number of shares equal to the least of (1) 646,000 shares, (2) 1% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, and (3) an amount determined by the Company’s board of directors.

Effective January 1, 2024, the Company’s 2020 Plan and ESPP reserves increased by 1,908,630 shares and 381,726 shares, respectively.

In February 2024, the board of directors adopted the Athira Pharma, Inc. 2024 Inducement Equity Incentive Plan, or the 2024 Inducement Plan, and, subject to the adjustment provisions of the 2024 Inducement Plan, reserved 750,000 shares of the Company's common stock for issuance pursuant to equity awards granted under the 2024 Inducement Plan.

- Definition

The entire disclosure for equity.

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+ Details

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following (in thousands):


	September 30,			December 31,
	2024			2023
Lab equipment	$	705		$	688
Office furniture, fixtures, and computer equipment		712			712
Leasehold improvement		4,322			4,322
Property and equipment, at cost		5,739			5,722
Less: accumulated depreciation		(3,052	)		(2,334	)
Property and equipment, net	$	2,687		$	3,388

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (28,741)	$ (26,859)	$ (26,337)	$ (32,970)	$ (29,597)	$ (27,820)	$ (81,937)	$ (90,387)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

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-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-based Compensation - Summary of Option Activity under the 2020 Plan and the 2024 Inducement Plan (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Beginning Balance \| shares	6,820,869
Shares, Granted \| shares	4,088,804
Shares, Exercised \| shares	(75,660)
Shares, Forfeited/expired \| shares	(50,566)
Shares, Ending Balance \| shares	10,783,447	6,820,869
Shares, Expected to vest \| shares	5,905,187
Shares, Options exercisable \| shares	4,878,260
Weighted-Average Exercise price per Share, Beginning Balance \| $ / shares	$ 7.97
Weighted-Average Exercise price per Share, Granted \| $ / shares	3.16
Weighted-Average Exercise price per Share, Exercised \| $ / shares	0.16
Weighted-Average Exercise price per Share, Forfeited/expired \| $ / shares	11.48
Weighted-Average Exercise price per Share, Ending Balance \| $ / shares	6.18	$ 7.97
Weighted-Average Exercise price per Share, Expected to vest \| $ / shares	4.27
Weighted-Average Exercise price per Share, Options exercisable \| $ / shares	$ 8.49
Weighted-Average Remaining Contractual Term (in years)	8 years 3 months 7 days	8 years 2 months 26 days
Weighted-Average Remaining Contractual Term, Expected to vest (in years)	8 years 10 months 9 days
Weighted-Average Remaining Contractual Term, Options exercisable (in years)	7 years 6 months 21 days
Aggregate Intrinsic Value, Outstanding Balance \| $		$ 387

Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,936	$ 2,494	$ 8,820	$ 8,395
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,124	944	3,263	3,228
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,812	$ 1,550	$ 5,557	$ 5,167

Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 243,000	$ 244,000	$ 727,000	$ 724,000

Fair Value - Schedule of Fair Value of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	$ 68,856	$ 90,584
Recurring Basis \| Short-term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost		57,154
Investments, Unrealized Losses		(319)
Investments, Fair Value		56,835
Recurring Basis \| Short-term Investments \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost		6,431
Investments, Unrealized Losses		(4)
Investments, Fair Value		6,427
Recurring Basis \| Short-term Investments \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost		50,723
Investments, Unrealized Losses		(315)
Investments, Fair Value		50,408
Recurring Basis \| Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	42,136	59,290
Cash equivalents, Unrealized Gains	6
Cash equivalents, Unrealized Losses	(3)	(30)
Cash equivalents, Fair Value	42,139	59,260
Recurring Basis \| Cash Equivalents \| Money Market Fund \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	33	63
Cash equivalents, Fair Value	33	63
Recurring Basis \| Cash Equivalents \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	23,983	59,227
Cash equivalents, Unrealized Gains	1
Cash equivalents, Unrealized Losses	(3)	(30)
Cash equivalents, Fair Value	23,981	$ 59,197
Recurring Basis \| Cash Equivalents \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	18,120
Cash equivalents, Unrealized Gains	5
Cash equivalents, Fair Value	$ 18,125

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 68,856	$ 90,584
Restricted Cash, Current	8,373
Short-term investments		56,835
Prepaid expenses and other current assets	3,145	5,682
Insurance recovery receivable related to legal settlement (Note 7)	1,628	1,628
Total current assets	82,002	154,729
Restricted cash, non-current	631	631
Property and equipment, net	2,687	3,388
Operating lease right-of-use asset	871	1,049
Other long-term assets	55	448
Total assets	86,246	160,245
Current liabilities:
Accounts payable	388	129
Accrued liabilities	16,961	18,343
Accrued legal settlement	10,000	10,000
Current operating lease liability	402	368
Total current liabilities	27,751	28,840
Operating lease liability, less current portion	912	1,217
Total liabilities	28,663	30,057
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 38,669,073 and 38,172,603 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	4	4
Additional paid-in capital	448,719	439,739
Accumulated other comprehensive income (loss)	3	(349)
Accumulated deficit	(391,143)	(309,206)
Total stockholders' equity	57,583	130,188
Total liabilities and stockholders' equity	$ 86,246	$ 160,245

Common Stock - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	13,961,668	11,417,782
Shares Issuable Upon the Exercise of Outstanding Common Stock Options and the Vesting of Outstanding Common Restricted Stock Units Granted
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	10,785,447	7,130,956
Shares Available for Future Grant under 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	1,426,486	3,158,094
Shares Available for Future Grant under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	1,399,735	1,128,732
Shares Available for Future Grant under 2024 Inducement Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	350,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Significant Agreements - Additional Information (Details) - Washington State University License Agreement - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2020	Dec. 31, 2015
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments payable upon marketing approval			$ 600,000
Annual minimum royalty payments			25,000
Net sales exempt from royalty payment			100,000
Royalty obligation	$ 0
Licensed Products
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sales	$ 0
Phase 2 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments on development milestone achieved		$ 50,000
Phase 3 Clinical Trial Initiation
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Milestone payments, amount payable			$ 300,000

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Fair value of options granted	$ 10.2	$ 9.8
Fair value of restricted stock units granted	0.1	0.4
Fair value of options vested	9.2	8.3
Aggregate intrinsic value of options exercised	0.2	$ 0.2
Unrecognized compensation cost	$ 17.7
Remaining weighted-average period expected to recognize unrecognized compensation cost	2 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accrued Liabilities

9 Months Ended

Sep. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	September 30,		December 31,
	2024		2023
Research and development	$	7,644	$	11,916
Employee compensation and benefits		4,440		4,545
Legal expense		4,127		—
Professional services and other		750		1,882
Total accrued liabilities	$	16,961	$	18,343

Net Loss Per Share Attributable to Common Stockholders - Summary of Dilutive Securities excluded from Computation of Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	10,794,156	7,344,021
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	10,783,447	7,019,311
Non-vested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	2,000	313,337
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Outstanding shares of potentially dilutive securities were excluded from the computation of the diluted net loss per share	8,709	11,373

Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Reserved Shares of Common Stock for Future Issuance

The Company has reserved the following shares of common stock for future issuance, on an as-converted basis, as follows:


	September 30,		December 31,
	2024		2023
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		10,785,447		7,130,956
Shares available for future grant under the 2020 Equity Incentive Plan		1,426,486		3,158,094
Shares available for future grant under the Employee Stock Purchase Plan		1,399,735		1,128,732
Shares available for future grant under the 2024 Inducement Equity Incentive Plan		350,000		—
Total		13,961,668		11,417,782

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2024
Commitments And Contingencies [Line Items]
Legal settlement expense	$ 4,127		$ 10,000	$ 4,127
Insurance recovery in operating expenses		$ 1,600
Insurance recovery receivable	1,628	1,628		1,628
Accrued legal settlement	$ 10,000	$ 10,000	$ 10,000	10,000
Deposit of final settlement payment to settlement fund account				$ 8,400
Wang V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date				Jun. 25, 2021
Name of plaintiff				Fan Wang and Hang Gao
Jawandha V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date				Jun. 25, 2021
Name of plaintiff				Harshdeep Jawandha
Slyne V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date				Jun. 25, 2021
Name of plaintiff				Timothy Slyne and Tai Slyne
Athira Pharma Inc V Dr. Kawas
Commitments And Contingencies [Line Items]
Lawsuit filing date				Aug. 12, 2022
Name of defendant				Dr. Kawas
Laboratory and Office Facilities \| Bothell, Washington
Commitments And Contingencies [Line Items]
Operating lease expiration month and year				2027-08
Operating lease existence of option to extend				true
Operating lease, additional term of contract	5 years			5 years
Laboratory and Office Facilities \| Bothell, Washington \| Minimum
Commitments And Contingencies [Line Items]
Operating lease initial term	6 years 3 months 18 days			6 years 3 months 18 days
Laboratory and Office Facilities \| Bothell, Washington \| Maximum
Commitments And Contingencies [Line Items]
Operating lease initial term	7 years			7 years

Commitments and Contingencies - Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2024	$ 123
2025	494
2026	509
Thereafter	346
Total undiscounted lease payments	1,472
Present value adjustment for minimum lease commitments	(158)
Net lease liability	$ 1,314

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments

The following table reconciles the Company’s undiscounted operating lease cash flows to its operating lease liability (in thousands):


	September 30, 2024
Remaining 2024		123
2025		494
2026		509
Thereafter		346
Total undiscounted lease payments		1,472
Present value adjustment for minimum lease commitments		(158	)
Net lease liability	$	1,314

Weighted Average Remaining Lease Term and Weighted Average Discount Rate and Operating Lease Expense and Variable Lease Expense

The weighted average remaining lease term and the weighted average discount rate used to determine the operating lease liability were as follows:


	September 30, 2024
Weighted average remaining lease term (years)		3.2
Weighted average discount rate		8.1	%

Operating lease expense and variable lease expense consisted of the following (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease expense	$	89	$	89	$	265	$	265
Variable lease expense		41		42		108		144

Corporate Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Corporate Restructuring

11. Corporate Restructuring

The Company currently estimates that it will incur costs of approximately $2.8 million for termination benefits relating to the Restructuring, substantially all of which the Company expects to recognize in the third and fourth quarters of 2024 and pay out in cash during the fourth quarter of 2024 and first quarter of 2025.

The Company expensed the following costs associated with the termination benefit payments resulting from the Restructuring (in thousands):


	Nine Months Ended
	September 30, 2024
Research and development expense		1,007
General and administrative expense		1,309
Total severance expense		2,316

As of September 30, 2024, the accrued liability balance associated with the Restructuring is $2.3 million and is included in the accrued expenses line of the accompanying unaudited condensed consolidated balance sheet.

Corporate Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Cost Associated With Termination Benefit Payment of Restructuring

The Company expensed the following costs associated with the termination benefit payments resulting from the Restructuring (in thousands):


	Nine Months Ended
	September 30, 2024
Research and development expense		1,007
General and administrative expense		1,309
Total severance expense		2,316

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2022	$ 235,137	$ 4	$ 428,623	$ (1,956)	$ (191,534)
Beginning balance, shares at Dec. 31, 2022		37,877,387
Issuance of common stock upon exercise of common stock options	99		99
Issuance of common stock upon exercise of common stock options, shares		73,213
Stock-based compensation	2,782		2,782
Unrealized gain on available-for-sale securities	927			927
Net loss	(27,820)				(27,820)
Ending balance at Mar. 31, 2023	211,125	$ 4	431,504	(1,029)	(219,354)
Ending balance, shares at Mar. 31, 2023		37,950,600
Beginning balance at Dec. 31, 2022	235,137	$ 4	428,623	(1,956)	(191,534)
Beginning balance, shares at Dec. 31, 2022		37,877,387
Unrealized gain on available-for-sale securities	1,278
Net loss	(90,387)
Ending balance at Sep. 30, 2023	154,764	$ 4	437,359	(678)	(281,921)
Ending balance, shares at Sep. 30, 2023		38,054,583
Beginning balance at Mar. 31, 2023	211,125	$ 4	431,504	(1,029)	(219,354)
Beginning balance, shares at Mar. 31, 2023		37,950,600
Issuance of common stock upon exercise of common stock options	11		11
Issuance of common stock upon exercise of common stock options, shares		7,882
Issuance of common stock under employee stock purchase plan	231		231
Issuance of common stock under employee stock purchase plan, shares		96,101
Stock-based compensation	3,119		3,119
Unrealized gain on available-for-sale securities	90			90
Net loss	(29,597)				(29,597)
Ending balance at Jun. 30, 2023	184,979	$ 4	434,865	(939)	(248,951)
Ending balance, shares at Jun. 30, 2023		38,054,583
Stock-based compensation	2,494		2,494
Unrealized gain on available-for-sale securities	261			261
Net loss	(32,970)				(32,970)
Ending balance at Sep. 30, 2023	154,764	$ 4	437,359	(678)	(281,921)
Ending balance, shares at Sep. 30, 2023		38,054,583
Beginning balance at Dec. 31, 2023	130,188	$ 4	439,739	(349)	(309,206)
Beginning balance, shares at Dec. 31, 2023		38,172,603
Issuance of common stock upon vesting of restricted stock units, shares		154,049
Stock-based compensation	2,679		2,679
Unrealized gain on available-for-sale securities	212			212
Net loss	(26,337)				(26,337)
Ending balance at Mar. 31, 2024	106,742	$ 4	442,418	(137)	(335,543)
Ending balance, shares at Mar. 31, 2024		38,326,652
Beginning balance at Dec. 31, 2023	$ 130,188	$ 4	439,739	(349)	(309,206)
Beginning balance, shares at Dec. 31, 2023		38,172,603
Issuance of common stock upon exercise of common stock options, shares	75,660
Unrealized gain on available-for-sale securities	$ 352
Net loss	(81,937)
Ending balance at Sep. 30, 2024	57,583	$ 4	448,719	3	(391,143)
Ending balance, shares at Sep. 30, 2024		38,669,073
Beginning balance at Mar. 31, 2024	106,742	$ 4	442,418	(137)	(335,543)
Beginning balance, shares at Mar. 31, 2024		38,326,652
Issuance of common stock upon vesting of restricted stock units, shares		2,000
Issuance of common stock under employee stock purchase plan	148		148
Issuance of common stock under employee stock purchase plan, shares		110,723
Stock-based compensation	3,205		3,205
Unrealized gain on available-for-sale securities	99			99
Net loss	(26,859)				(26,859)
Ending balance at Jun. 30, 2024	83,335	$ 4	445,771	(38)	(362,402)
Ending balance, shares at Jun. 30, 2024		38,439,375
Issuance of common stock upon exercise of common stock options	12		12
Issuance of common stock upon exercise of common stock options, shares		75,660
Issuance of common stock upon vesting of restricted stock units, shares		154,038
Stock-based compensation	2,936		2,936
Unrealized gain on available-for-sale securities	41			41
Net loss	(28,741)				(28,741)
Ending balance at Sep. 30, 2024	$ 57,583	$ 4	$ 448,719	$ 3	$ (391,143)
Ending balance, shares at Sep. 30, 2024		38,669,073

Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

Unaudited Interim Condensed Consolidated Financial Statements

Fair Value Measurements

Restricted Cash


	September 30,		December 31,
	2024		2023
Cash and cash equivalents	$	68,856	$	90,584
Restricted cash, current		8,373		—
Restricted cash, non-current		631		631
Cash, cash equivalents and restricted cash	$	77,860	$	91,215

Short-term Investments

Use of Estimates

Research and Development Expenses

General and Administrative Expenses

Leases

Stock-based Compensation

Net Loss Per Share Attributable to Common Stockholders

Segments

Corporate Restructuring

Emerging Growth Company Status

Recently Adopted Accounting Pronouncements

Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-based Compensation

9. Stock-based Compensation

Stock‑based compensation expense recognized was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development	$	1,124	$	944	$	3,263	$	3,228
General and administrative		1,812		1,550		5,557		5,167
Total stock-based compensation expense	$	2,936	$	2,494	$	8,820	$	8,395

Valuation Assumptions

The fair value of stock options was determined using the Black-Scholes option-pricing model and the assumptions below. Each of these inputs is subjective and generally required significant judgment.

•

Fair Value of Common Stock—The fair value of each share of common stock is based on the closing price of the Company’s common stock on the date of grant, or other relevant determination date, as reported on The Nasdaq Global Select Market.

•

Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the option.

•

Expected Volatility—Because the Company was previously privately held and did not have any trading history for its common stock, the expected volatility was estimated based on the average volatility for comparable publicly traded life sciences companies over a period equal to the expected term of the stock option grants. The comparable companies were chosen based on the similar size, stage in life cycle or area of specialty. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available.

•

Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding and is determined using the simplified method (based on the midpoint between the vesting date and the end of the contractual term) as the Company has limited history of relevant stock option exercise activity.

•

Expected Dividend Yield—The Company has never paid dividends on its common stock and has no plans to pay dividends going forward. Therefore, it used an expected dividend yield of zero.

The fair value of each stock option was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Nine Months Ended September 30,
	2024			2023
Risk-free interest rate		4.26	%		3.54	%
Expected volatility		96.93	%		99.18	%
Expected term (in years)		6.00			5.48
Expected dividend yield		—			—

The grant date fair value of restricted stock units is based upon the fair market value of the Company’s common stock based on its closing price as reported on the date of grant on the Nasdaq Global Select Market.

The fair value of options granted during the nine months ended September 30, 2024 and 2023 was $10.2 million and $9.8 million, respectively. The fair value of restricted stock units granted during the nine months ended September 30, 2024 and 2023 was less than $0.1 million and $0.4 million, respectively.

Stock Option Activity

Changes in shares available for grant under the 2020 Plan and the 2024 Inducement Plan during the nine months ended September 30, 2024 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2023		3,158,094
2020 Plan reserve increase on January 1, 2024		1,908,630
Shares reserved upon adoption of the 2024 Inducement Plan		750,000
Options and restricted stock units granted		(4,090,804	)
Options and restricted stock units forfeited, cancelled, or expired		50,566
Shares available for grant at September 30, 2024		1,776,486

A summary of stock option activity under the 2020 Plan and the 2024 Inducement Plan for the nine months ended September 30, 2024 was as follows:


	Shares			Weighted- Average Exercise price per Share		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2023		6,820,869		$	7.97	8.24		$	387
Granted		4,088,804			3.16
Exercised		(75,660	)		0.16
Forfeited/expired		(50,566	)		11.48
Balance at September 30, 2024		10,783,447		$	6.18		8.27	$	—
Expected to vest		5,905,187		$	4.27		8.86	$	—
Options exercisable		4,878,260		$	8.49		7.56	$	—

The total fair value of options granted that vested during the nine months ended September 30, 2024 and 2023 was $9.2 million and $8.3 million, respectively.

The aggregate intrinsic value in the table above is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the Company’s common stock underlying all options that were in-the-money at September 30, 2024. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2024 and 2023 was $0.2 million and $0.2 million, respectively, determined as of the date of option exercise. As of September 30, 2024, there was $17.7 million of total unrecognized compensation cost related to non-vested stock options. The Company expects to recognize this cost over a remaining weighted-average period of 2.2 years. The Company utilizes newly issued shares to satisfy option exercises.

Stock options outstanding and exercisable under the 2020 Plan and the 2024 Inducement Plan consisted of the following at September 30, 2024:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 4.22		7,703,393		2,515,358
8.93 to 19.94		2,727,806		2,084,154
20.55 to 29.41		352,248		278,748
Total		10,783,447		4,878,260

Restricted Stock Unit Activity

A summary of restricted stock unit, or RSU, activity for the nine months ended September 30, 2024 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2023		310,087		$	11.44
Granted		2,000			2.51
Cancelled		—			—
Vested		(310,087	)		11.44
Non-vested at September 30, 2024		2,000		$	2.51

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value

3. Fair Value

The Company has certain assets and liabilities that are measured at fair value on a recurring basis according to a fair value hierarchy that prioritizes the inputs, assumptions and valuation techniques used to measure fair value. The three levels of the fair value hierarchy are:

Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

Level 2—Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level 3—Inputs are generally unobservable and reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques, including probability-based simulation methodologies.

The determination of a financial instrument’s level within the fair value hierarchy is based on an assessment of the lowest level of any input that is significant to the fair value measurement. The Company considers observable data to be market data, which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The following tables reflect the Company’s financial asset balances measured at fair value on a recurring basis (in thousands):


	September 30, 2024
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	33	$	—	$	—		$	33
U.S. government debt and agency securities	2		18,120		5		—			18,125
Commercial paper	2		23,983		1		(3	)		23,981
Total cash equivalents		$	42,136	$	6	$	(3	)	$	42,139


	December 31, 2023
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	63	$	—	$	—		$	63
Commercial paper	2		59,227		—		(30	)		59,197
Total cash equivalents		$	59,290	$	—	$	(30	)	$	59,260
Short-term investments:
Commercial paper	2		6,431		—		(4	)		6,427
U.S. government debt and agency securities	2		50,723		—		(315	)		50,408
Total short-term investments		$	57,154	$	—	$	(319	)	$	56,835

All the commercial paper, U.S. government debt and agency securities, U.S. treasury bills, and corporate bonds designated as short-term investments have an effective maturity date that is equal to or less than one year from the respective balance sheet date.

As of September 30, 2024, the Company does not intend to sell any securities in unrealized loss positions, and it is not more-likely-than-not that the Company will be required to sell such securities prior to the recovery of the amortized cost basis. Based on the Company's assessment, the Company concluded all impairments as of September 30, 2024 to be due to factors other than credit loss, such as changes in interest rates. A credit loss allowance was not recognized and the unrealized losses for available-for-sale securities were recorded in other comprehensive loss.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details