0000950170-23-041346 | 10-Q | XBRL Viewer

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Property and Equipment, Net - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 244,000	$ 221,000	$ 480,000	$ 375,000

Common Stock

6 Months Ended

Jun. 30, 2023

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:


	June 30,		December 31,
	2023		2022
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		7,676,606		4,269,861
Shares available for future grant under the 2020 Equity Incentive Plan		2,659,883		4,253,854
Shares available for future grant under the Employee Stock Purchase Plan		1,199,313		916,640
Total		11,535,802		9,440,355

The Company’s 2020 Equity Incentive Plan (“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, or 3) an amount determined by the Company’s board of directors.

The Company’s 2020 Employee Stock Purchase Plan (“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, 2023, the Company’s 2020 Plan and ESPP reserves increased by 1,893,869 shares and 378,774 shares, respectively.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Description of Business	6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	1. Description of Business Organization Athira Pharma, Inc. (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 late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration. At The Market Common Stock Offering In January 2023, the Company entered into a sales agreement with Cantor Fitzgerald & Co. ("Cantor Fitzgerald"), and BTIG, LLC ("BTIG"), to sell shares of our common stock having aggregate sales proceeds of up to $75.0 million, from time to time, through an “at the market” (“ATM”) equity offering program under which Cantor Fitzgerald and BTIG are acting as sales agents. The Company has not sold any securities pursuant to this ATM offering. 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 June 30, 2023, 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 June 30, 2023, the Company had $196.3 million in cash, cash equivalents and investments and had not generated positive cash flows from operations. 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 $196.3 million of cash, cash equivalents and investments at June 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this report.

Description of Business

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

Organization

Athira Pharma, Inc. (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 late clinical-stage biopharmaceutical company focused on developing small molecules to restore neuronal health and slow neurodegeneration.

At The Market Common Stock Offering

In January 2023, the Company entered into a sales agreement with Cantor Fitzgerald & Co. ("Cantor Fitzgerald"), and BTIG, LLC ("BTIG"), to sell shares of our common stock having aggregate sales proceeds of up to $75.0 million, from time to time, through an “at the market” (“ATM”) equity offering program under which Cantor Fitzgerald and BTIG are acting as sales agents. The Company has not sold any securities pursuant to this ATM offering.

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 June 30, 2023, 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 June 30, 2023, the Company had $196.3 million in cash, cash equivalents and investments and had not generated positive cash flows from operations. 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 $196.3 million of cash, cash equivalents and investments at June 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the 12 months following the date of this report.

Stock-based Compensation - Weighted-Average Assumptions used in Estimating Fair Value of each Stock Options using Black-Scholes Option-Pricing Model (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	3.52%	2.00%
Expected volatility	99.09%	92.78%
Expected term (in years)	5 years 9 months 29 days	6 years 3 days
Expected dividend yield	0.00%

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Research and development expenses	$ 6,205	$ 3,843
Employee compensation and benefits	2,661	3,415
Professional services and other	1,837	1,346
Total accrued Liabilities	$ 10,703	$ 8,604

Commitments and Contingencies - Operating Lease Expense and Variable Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 88,000	$ 88,000	$ 176,000	$ 177,000
Variable lease expense	$ 42,000	$ 41,000	$ 102,000	$ 85,000

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2023

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:


	Six Months Ended June 30,
	2023		2022
Stock options to purchase common stock		7,326,434		3,839,003
Non-vested Restricted Stock Units		350,172		239,839
Employee stock purchase plan		3,473		4,836
Total		7,680,079		4,083,678

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023
Remaining 2023		236
2024		480
2025		494
2026		509
Thereafter		346
Total undiscounted lease payments		2,065
Present value adjustment for minimum lease commitments		(311	)
Net lease liability	$	1,754

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:


	June 30, 2023
Weighted average remaining lease term (years)		4.2
Weighted average discount rate		8.1	%

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease expense	$	88,000	$	88,000	$	176,000	$	177,000
Variable lease expense	$	42,000	$	41,000	$	102,000	$	85,000

Accrued Liabilities

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Research and development expenses	$	6,205	$	3,843
Employee compensation and benefits		2,661		3,415
Professional services and other		1,837		1,346
Total accrued liabilities	$	10,703	$	8,604

Stock-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Equivalent, Non-vested, Beginning Balance \| shares	236,339
Share Equivalent, Granted \| shares	136,000
Share Equivalent, Cancelled \| shares	(22,167)
Share Equivalent, Non-vested, Ending Balance \| shares	350,172
Weighted-Average Grant Date Fair Value, Non-vested, Beginning Balance \| $ / shares	$ 15.16
Weighted-Average Grant Date Fair Value, Non-vested, Granted \| $ / shares	3.30
Weighted-Average Grant Date Fair Value, Non-vested, Cancelled \| $ / shares	7.46
Weighted-Average Grant Date Fair Value, Non-vested, Ending Balance \| $ / shares	$ 11.04

Property and Equipment, Net

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, Net

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


	June 30,			December 31,
	2023			2022
Lab equipment	$	661		$	433
Office furniture, fixtures, and computer equipment		712			692
Leasehold improvement		4,322			4,296
Property and equipment, at cost		5,695			5,421
Less: accumulated depreciation		(1,848	)		(1,368	)
Property and equipment, net	$	3,847		$	4,053

Depreciation expense was $244,000 and $480,000 for the three and six months ended June 30, 2023, respectively. Depreciation expense was $221,000 and $375,000 for the three and six months ended June 30, 2022, respectively.

Fair Value - Schedule of Fair Value of Cash Equivalents, Short-term Investments and Long-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	$ 113,628	$ 95,966
Recurring Basis \| Short-term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	73,272	105,392
Investments, Unrealized Gains	3
Investments, Unrealized Losses	(813)	(1,014)
Investments, Fair Value	72,462	104,378
Recurring Basis \| Short-term Investments \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	17,287	36,933
Investments, Unrealized Losses	(19)	(168)
Investments, Fair Value	17,268	36,765
Recurring Basis \| Short-term Investments \| Corporate Bonds \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	1,500	3,302
Investments, Unrealized Losses	(9)	(62)
Investments, Fair Value	1,491	3,240
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	54,485	65,157
Investments, Unrealized Gains	3
Investments, Unrealized Losses	(785)	(784)
Investments, Fair Value	53,703	64,373
Recurring Basis \| Long Term Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	10,324	45,745
Investments, Unrealized Losses	(107)	(916)
Investments, Fair Value	10,217
Investments, Fair Value		44,829
Recurring Basis \| Long Term Investments \| U.S. Government Debt and Agency Securities \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, Amortized Cost	10,324	45,745
Investments, Unrealized Losses	(107)	(916)
Investments, Fair Value	10,217
Investments, Fair Value		44,829
Recurring Basis \| Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	93,243	78,035
Cash equivalents, Unrealized Losses	(22)	(26)
Cash equivalents, Fair Value	93,221	78,009
Recurring Basis \| Cash Equivalents \| Money Market Fund \| Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost		7
Cash equivalents, Fair Value		7
Recurring Basis \| Cash Equivalents \| Commercial Paper \| Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash equivalents, Amortized Cost	93,243	78,028
Cash equivalents, Unrealized Losses	(22)	(26)
Cash equivalents, Fair Value	$ 93,221	$ 78,002

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“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 Consolidated Financial Statements

The accompanying unaudited condensed consolidated balance sheet as of June 30, 2023, and unaudited condensed consolidated statements of operations and comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2023 and 2022, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022, are unaudited. The balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2022. 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, 2022, 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 June 30, 2023, and the unaudited

condensed consolidated results of its operations for the three and six months ended June 30, 2023 and 2022 and the unaudited condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2023 and 2022 are also unaudited. The unaudited condensed consolidated results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023 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, 2022 included in its Annual Report on Form 10-K filed with the SEC on March 23, 2023.

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 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.


	June 30,		December 31,
	2023		2022
Cash and cash equivalents	$	113,628	$	95,966
Restricted cash		631		420
Cash, cash equivalents and restricted cash	$	114,259	$	96,386

Grant Income

In December 2020, the Company accepted a grant from the National Institute on Aging (“NIA”) of the National Institutes of Health (“NIH”) to support its ACT-AD Phase 2 clinical trial for fosgonimeton (then-named ATH-1017), the Company’s lead therapeutic candidate being developed for the treatment of individuals with mild-to-moderate Alzheimer’s disease. The Company recognizes income related to the NIH grant in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss as qualifying expenses under the grant agreement are incurred. As of June 30, 2023, the Company has recognized aggregate grant income of $15.2 million in connection with the NIH grant, equal to the total grant amount approved and the Company will not recognize any additional grant income in connection with the NIH grant.

During the three months ended June 30, 2023, the Company did not recognize any grant income. During the three months ended June 30, 2022, the Company recognized a reversal of $1.3 million of grant income previously recorded in the three months ended March 31, 2022. During the six months ended June 30, 2023 and 2022, the Company recognized grant income of $0.2 million and $1.0 million, respectively, in connection with the NIH grant. As of December 31, 2022, the Company incurred qualifying expenses in excess of cash received of approximately $1.2 million, which is included in unbilled grant receivable on the unaudited condensed consolidated balance sheets. During the six months ended June 30, 2023 and 2022, the Company received cash of $1.4 million and $4.6 million, respectively.

Short-term and Long-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, short-term investments, and long-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 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 proprietary drug discovery platform (“ATH platform”), the Company’s drug discovery efforts and the development of its product 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 (“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 (“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, discussed in more detail below.

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 lease includes 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 lease. 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.

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (“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 June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments: Credit Losses (Topic 326) as clarified in ASU 2019-04, ASU 2019-05, and ASU 2020-02. The objective of the standard is to provide information about expected credit losses on financial instruments at each reporting date and to change how other-than-temporary impairments on investment securities are recorded. The Company adopted ASU 2016-13 effective January 1, 2023 and it did not have a material impact on its financial condition, results of operations or cash flows.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (57,417,000)	$ (45,315,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	5,901,000	5,826,000
Depreciation expense	480,000	375,000
Non-cash lease expense	104,000	92,000
Amortization of premiums and accretion of discounts on available-for-sale securities, net	(737,000)	149,000
Changes in operating assets and liabilities:
Unbilled grant receivable	1,227,000	2,336,000
Prepaid expenses and other current assets	(87,000)	1,149,000
Accounts payable and accrued liabilities	210,000	365,000
Operating lease liability	(157,000)	(139,000)
Net cash used in operating activities	(50,476,000)	(35,162,000)
Investing activities
Purchases of available-for-sale securities	(24,891,000)	(51,670,000)
Maturities of available-for-sale securities	93,173,000	71,951,000
Purchases of property and equipment	(274,000)	(896,000)
Net cash provided by investing activities	68,008,000	19,385,000
Financing activities
Proceeds from exercise of common stock options and issuance of common stock under employee stock purchase plan	341,000	507,000
Net cash provided by financing activities	341,000	507,000
Net increase (decrease) in cash, cash equivalents and restricted cash	17,873,000	(15,270,000)
Cash, cash equivalents and restricted cash, beginning of period	96,386,000	110,537,000
Cash, cash equivalents and restricted cash, end of period	$ 114,259,000	$ 95,267,000

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

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.


	June 30,		December 31,
	2023		2022
Cash and cash equivalents	$	113,628	$	95,966
Restricted cash		631		420
Cash, cash equivalents and restricted cash	$	114,259	$	96,386

Stock-based Compensation - Stock-based Compensation Expense Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 3,119	$ 3,095	$ 5,901	$ 5,826
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,287	971	2,284	1,756
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,832	$ 2,124	$ 3,617	$ 4,070

Common Stock (Tables)

6 Months Ended

Jun. 30, 2023

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:


	June 30,		December 31,
	2023		2022
Shares issuable upon the exercise of outstanding common stock options and the vesting of outstanding common restricted stock units granted		7,676,606		4,269,861
Shares available for future grant under the 2020 Equity Incentive Plan		2,659,883		4,253,854
Shares available for future grant under the Employee Stock Purchase Plan		1,199,313		916,640
Total		11,535,802		9,440,355

Significant Agreements

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Significant Agreements

6. Significant Agreements

Washington State University (“WSU”) License Agreement

The Company is party to an amended and restated exclusive license agreement with sublicensing terms with Washington State University (“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.

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 June 30, 2023.

During the year ended December 31, 2020, the Phase 2 clinical trial milestone had been 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 June 30, 2023, 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 June 30, 2023, the Company has not entered into or incurred any liability from a sublicense agreement.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development	$ 21,615	$ 14,803	$ 42,908	$ 29,263
General and administrative	10,025	8,766	18,502	17,693
Total operating expenses	31,640	23,569	61,410	46,956
Loss from operations	(31,640)	(23,569)	(61,410)	(46,956)
Grant income		(1,259)	157	975
Other income, net	2,043	493	3,836	666
Net loss	(29,597)	(24,335)	(57,417)	(45,315)
Unrealized gain (loss) on available-for-sale securities	90	(469)	1,017	(1,537)
Comprehensive loss attributable to common stockholders	$ (29,507)	$ (24,804)	$ (56,400)	$ (46,852)
Net loss per share attributable to common stockholders, basic	$ (0.78)	$ (0.65)	$ (1.51)	$ (1.20)
Net loss per share attributable to common stockholders, diluted	$ (0.78)	$ (0.65)	$ (1.51)	$ (1.20)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic	37,999,578	37,667,971	37,961,700	37,630,856
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted	37,999,578	37,667,971	37,961,700	37,630,856

Stock-based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0.00%
Fair value of options granted	$ 9.5	$ 15.7
Fair value of restricted stock units granted	0.4	0.1
Fair value of options vested	6.1	4.3
Aggregate intrinsic value of options exercised	0.2	$ 3.0
Unrecognized compensation cost	$ 22.3
Remaining weighted-average period expected to recognize unrecognized compensation cost	2 years 4 months 24 days

Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,287	$	971	$	2,284	$	1,756
General and administrative		1,832		2,124		3,617		4,070
Total stock-based compensation expense	$	3,119	$	3,095	$	5,901	$	5,826

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:


	Six Months Ended June 30,
	2023			2022
Risk-free interest rate		3.52	%		2.00	%
Expected volatility		99.09	%		92.78	%
Expected term (in years)		5.83			6.01
Expected dividend yield		—			—

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

Changes in shares available for grant under the 2020 Plan during the six months ended June 30, 2023 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2022		4,253,854
2020 Plan reserve increase on January 1, 2023		1,893,869
Options and restricted stock units granted		(3,733,183	)
Options and restricted stock units forfeited, cancelled, or expired		245,343
Shares available for grant at June 30, 2023		2,659,883

Summary of Option Activity under the 2020 Plan

A summary of stock option activity under the 2020 Plan for the six months ended June 30, 2023 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, 2022		4,033,522		$	11.75	8.40		$	827
Granted		3,597,183			3.35
Exercised		(81,095	)		1.35
Forfeited/expired		(223,176	)		6.52
Balance at June 30, 2023		7,326,434		$	7.90		8.74	$	705
Expected to vest		5,213,485		$	6.61		9.13	$	181
Options exercisable		2,112,949		$	11.11		7.78	$	524

Summary of Stock Options Outstanding and Exercisable under the 2020 Plan

Stock options outstanding and exercisable under the 2020 Plan consisted of the following at June 30, 2023:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 4.22		4,001,495		587,653
8.93 to 19.94		2,955,654		1,328,944
20.55 to 29.41		369,285		196,352
Total		7,326,434		2,112,949

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 ("RSU"), activity for the six months ended June 30, 2023 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2022		236,339		$	15.16
Granted		136,000			3.30
Cancelled		(22,167	)		7.46
Vested		—			—
Non-vested at June 30, 2023		350,172		$	11.04

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
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	7,680,079	4,083,678
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	7,326,434	3,839,003
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	350,172	239,839
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	3,473	4,836

Common Stock - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	11,535,802	9,440,355
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	7,676,606	4,269,861
Shares available for Future Grant under 2020 Equity Incentive Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	2,659,883	4,253,854
Shares available for Future Grant under Employee Stock Purchase Plan
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	1,199,313	916,640

Common Stock - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Class Of Stock [Line Items]
Reserved shares of common stock for future issuance	11,535,802	9,440,355
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			1,893,869
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			378,774

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 5,695	$ 5,421
Less: accumulated depreciation	(1,848)	(1,368)
Property and equipment, net	3,847	4,053
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	661	433
Office Furniture, Fixtures, and Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, at cost	712	692
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment, at cost	$ 4,322	$ 4,296

Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 113,628	$ 95,966
Restricted cash	631	420
Cash, cash equivalents and restricted cash	$ 114,259	$ 96,386	$ 95,267	$ 110,537

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Jun. 30, 2023
Commitments And Contingencies [Line Items]
Legal settlement expense	$ 10,000
Accrued legal settlement	$ 10,000	$ 10,000
Wang V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date		June 25, 2021
Name of plaintiff		Fan Wang and Hang Gao
Jawandha V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date		June 25, 2021
Name of plaintiff		Harshdeep Jawandha
Slyne V. Athira Pharma Inc.,
Commitments And Contingencies [Line Items]
Lawsuit filing date		June 25, 2021
Name of plaintiff		Timothy Slyne and Tai Slyne
Athira Pharma Inc V Dr. Kawas
Commitments And Contingencies [Line Items]
Lawsuit filing date		August 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
Laboratory and Office Facilities \| Bothell, Washington \| Minimum
Commitments And Contingencies [Line Items]
Operating lease initial term		6 years 3 months 18 days
Laboratory and Office Facilities \| Bothell, Washington \| Maximum
Commitments And Contingencies [Line Items]
Operating lease initial term		7 years

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 113,628	$ 95,966
Short-term investments	72,462	104,378
Unbilled grant receivable		1,227
Prepaid expenses and other current assets	6,043	5,962
Total current assets	192,133	207,533
Restricted cash	631	420
Property and equipment, net	3,847	4,053
Operating lease right-of-use asset	1,159	1,263
Long-term investments	10,217	44,829
Other long-term assets	61	55
Total assets	208,048	258,153
Current liabilities:
Accounts payable	612	2,501
Accrued liabilities	10,703	8,604
Accrued legal settlement	10,000	10,000
Current operating lease liability	347	326
Total current liabilities	21,662	21,431
Operating lease liability, less current portion	1,407	1,585
Total liabilities	23,069	23,016
Stockholders' equity:
Common stock, $0.0001 par value; 900,000,000 shares authorized at June 30, 2023 and December 31, 2022, respectively; 38,054,583 and 37,877,387 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	4	4
Additional paid-in capital	434,865	428,623
Accumulated other comprehensive loss	(939)	(1,956)
Accumulated deficit	(248,951)	(191,534)
Total stockholders' equity	184,979	235,137
Total liabilities and stockholders' equity	$ 208,048	$ 258,153

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 ("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 ("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 ("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 ("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.

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 unaudited 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 purports to bring the action derivatively on behalf of the Company, which is a nominal defendant to the action. The derivative complaint alleges 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 asserts 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 seeks 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 purports to bring the action derivatively on behalf of the Company, which is a nominal defendant to the action. The derivative complaint alleges 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 asserts 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 seeks 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. The Company believes it has adequate reserves related to this matter as of the balance sheet date.

Government Investigations

In November 2022, the Company received a Civil Investigative Demand from the Civil Division of the Department of Justice ("the Demand"). The Demand seeks documents and information relating to our relationship with WSU, certain of our grant applications in 2016 and 2019 with the National Institutes of Health ("NIH"), and our receipt of a NIH grant in 2020. The Company is cooperating with the Department of Justice with respect to the Demand.

In February 2023, the Securities and Exchange Commission ("SEC"), sent the Company a subpoena seeking documents and information relating to, among other things, the Company's former chief executive officer's alterations of images in certain research papers. The Company is cooperating with the SEC with respect to the subpoena.

The Company cannot predict the outcome of these lawsuits or government investigations. Failure by the Company to obtain a favorable resolution of these actions could have a material adverse effect on our 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 June 30, 2023, 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):


	June 30, 2023
Remaining 2023		236
2024		480
2025		494
2026		509
Thereafter		346
Total undiscounted lease payments		2,065
Present value adjustment for minimum lease commitments		(311	)
Net lease liability	$	1,754

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


	June 30, 2023
Weighted average remaining lease term (years)		4.2
Weighted average discount rate		8.1	%

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Operating lease expense	$	88,000	$	88,000	$	176,000	$	177,000
Variable lease expense	$	42,000	$	41,000	$	102,000	$	85,000

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	June 30,			December 31,
	2023			2022
Lab equipment	$	661		$	433
Office furniture, fixtures, and computer equipment		712			692
Leasehold improvement		4,322			4,296
Property and equipment, at cost		5,695			5,421
Less: accumulated depreciation		(1,848	)		(1,368	)
Property and equipment, net	$	3,847		$	4,053

Stock-based Compensation - Summary of Stock Options Outstanding and Exercisable under the 2020 Plan (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	7,326,434	4,033,522
Shares Exercisable	2,112,949
Exercise Price $0.16 to 4.22
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Shares Outstanding	4,001,495
Shares Exercisable	587,653
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	2,955,654
Shares Exercisable	1,328,944
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	369,285
Shares Exercisable	196,352
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

Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grant income		$ (1,259,000)	$ 157,000	$ 975,000
Unbilled grant receivable					$ 1,227,000
Accrued liabilities	$ 10,703,000		$ 10,703,000		8,604,000
Number of operating segments \| Segment			1
Accounting Standards Update [Extensible Enumeration]			us-gaap:AccountingStandardsUpdate201613Member
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023		Jan. 01, 2023
Change in accounting principle, accounting standards update, adopted	true		true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true		true
National Institutes of Health Grant
Basis Of Presentation And Significant Accounting Policies [Line Items]
Grants received			$ 1,400,000	4,600,000
Reversal grant income		$ 1,300,000
Grant income	$ 0		200,000	$ 1,000,000.0
Aggregate grant income	$ 15,200,000		15,200,000
Unbilled grant receivable					$ 1,200,000
Additional grant income			$ 0

Stock-based Compensation - Summary of Option Activity Changes in Shares Available for Grant under the 2020 Plan (Details)	6 Months Ended
	Jun. 30, 2023 shares
Share-Based Payment Arrangement [Abstract]
Available for Grant, Beginning Balance	4,253,854
2020 Plan reserve increase on January 1, 2023	1,893,869
Options and restricted stock units granted	(3,733,183)
Options and restricted stock units forfeited, cancelled, or expired	245,343
Available for Grant, Ending Balance	2,659,883

Stock-based Compensation

6 Months Ended

Jun. 30, 2023

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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,287	$	971	$	2,284	$	1,756
General and administrative		1,832		2,124		3,617		4,070
Total stock-based compensation expense	$	3,119	$	3,095	$	5,901	$	5,826

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:


	Six Months Ended June 30,
	2023			2022
Risk-free interest rate		3.52	%		2.00	%
Expected volatility		99.09	%		92.78	%
Expected term (in years)		5.83			6.01
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 six months ended June 30, 2023 and 2022 was $9.5 million and $15.7 million, respectively. The fair value of restricted stock units granted during the six months ended June 30, 2023 and 2022 was $0.4 million and $0.1 million, respectively.

Stock Option and Restricted Stock Unit Activity

Changes in shares available for grant under the 2020 Plan during the six months ended June 30, 2023 were as follows:


	Shares Available for Grant
Shares available for grant at December 31, 2022		4,253,854
2020 Plan reserve increase on January 1, 2023		1,893,869
Options and restricted stock units granted		(3,733,183	)
Options and restricted stock units forfeited, cancelled, or expired		245,343
Shares available for grant at June 30, 2023		2,659,883

A summary of stock option activity under the 2020 Plan for the six months ended June 30, 2023 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, 2022		4,033,522		$	11.75	8.40		$	827
Granted		3,597,183			3.35
Exercised		(81,095	)		1.35
Forfeited/expired		(223,176	)		6.52
Balance at June 30, 2023		7,326,434		$	7.90		8.74	$	705
Expected to vest		5,213,485		$	6.61		9.13	$	181
Options exercisable		2,112,949		$	11.11		7.78	$	524

The total fair value of options granted that vested during the six months ended June 30, 2023 and 2022 was $6.1 million and $4.3 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 June 30, 2023. The aggregate intrinsic value of options exercised was $0.2 million and $3.0 million during the six months ended June 30, 2023 and 2022, respectively, determined as of the date of option exercise. As of June 30, 2023, there was $22.3 million of total unrecognized compensation cost related to unvested stock options. The Company expects to recognize this cost over a remaining weighted-average period of 2.4 years. The Company utilizes newly issued shares to satisfy option exercises.

Stock options outstanding and exercisable under the 2020 Plan consisted of the following at June 30, 2023:



Exercise Price ($)	Shares Outstanding		Shares Exercisable
0.16 to 4.22		4,001,495		587,653
8.93 to 19.94		2,955,654		1,328,944
20.55 to 29.41		369,285		196,352
Total		7,326,434		2,112,949

A summary of restricted stock unit ("RSU"), activity for the six months ended June 30, 2023 is as follows:


	Share Equivalent			Weighted- Average Grant Date Fair Value
Non-vested at December 31, 2022		236,339		$	15.16
Granted		136,000			3.30
Cancelled		(22,167	)		7.46
Vested		—			—
Non-vested at June 30, 2023		350,172		$	11.04

Stock-based Compensation - Summary of Option Activity under the 2020 Plan (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Shares, Beginning Balance \| shares	4,033,522
Shares, Granted \| shares	3,597,183
Shares, Exercised \| shares	(81,095)
Shares, Forfeited/expired \| shares	(223,176)
Shares, Ending Balance \| shares	7,326,434	4,033,522
Shares, Expected to vest \| shares	5,213,485
Shares, Options exercisable \| shares	2,112,949
Weighted-Average Exercise price per Share, Beginning Balance \| $ / shares	$ 11.75
Weighted-Average Exercise price per Share, Granted \| $ / shares	3.35
Weighted-Average Exercise price per Share, Exercised \| $ / shares	1.35
Weighted-Average Exercise price per Share, Forfeited/expired \| $ / shares	6.52
Weighted-Average Exercise price per Share, Ending Balance \| $ / shares	7.90	$ 11.75
Weighted-Average Exercise price per Share, Expected to vest \| $ / shares	6.61
Weighted-Average Exercise price per Share, Options exercisable \| $ / shares	$ 11.11
Weighted-Average Remaining Contractual Term (in years)	8 years 8 months 26 days	8 years 4 months 24 days
Weighted-Average Remaining Contractual Term, Expected to vest (in years)	9 years 1 month 17 days
Weighted-Average Remaining Contractual Term, Options exercisable (in years)	7 years 9 months 10 days
Aggregate Intrinsic Value, Outstanding Balance \| $	$ 705	$ 827
Aggregate Intrinsic Value, Expected to vest \| $	181
Aggregate Intrinsic Value, Options exercisable \| $	$ 524

Commitments and Contingencies - Weighted Average Remaining Lease Term and Weighted Average Discount Rate to Determine the Operating Lease Liability (Details)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term (years)	4 years 2 months 12 days
Weighted average discount rate	8.10%

Fair Value

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Commercial paper	2		93,243		—		(22	)		93,221
Total cash equivalents		$	93,243	$	—	$	(22	)	$	93,221
Short-term investments:
Commercial paper	2		17,287		—		(19	)		17,268
U.S. government debt and agency securities	2		54,485		3		(785	)		53,703
Corporate bonds	2		1,500		—		(9	)		1,491
Total short-term investments		$	73,272	$	3	$	(813	)	$	72,462
Long-term investments:
U.S. government debt and agency securities	2		10,324		—		(107	)		10,217
Total long-term investments		$	10,324	$	—	$	(107	)	$	10,217


	December 31, 2022
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	7	$	—	$	—		$	7
Commercial paper	2		78,028		—		(26	)		78,002
Total cash equivalents		$	78,035	$	—	$	(26	)	$	78,009
Short-term investments:
Commercial paper	2		36,933		—		(168	)		36,765
U.S. government debt and agency securities	2		65,157		—		(784	)		64,373
Corporate bonds	2		3,302		—		(62	)		3,240
Total short-term investments		$	105,392	$	—	$	(1,014	)	$	104,378
Long-term investments:
U.S. government debt and agency securities	2		45,745		—		(916	)		44,829
Total long-term investments		$	45,745	$	—	$	(916	)	$	44,829

All the commercial paper, U.S. government debt, municipal bonds 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. Those that are designated as long-term investments have an effective maturity date that is more than one year, but less than two years, from the respective balance sheet date.

As of June 30, 2023, 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 June 30, 2023 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 + Details

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2023		2022
Research and development expenses	$	6,205	$	3,843
Employee compensation and benefits		2,661		3,415
Professional services and other		1,837		1,346
Total accrued liabilities	$	10,703	$	8,604

Commitments and Contingencies - Reconciliation of Undiscounted Operating Lease Cash Flows to Operating Lease Liability Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remaining 2023	$ 236
2024	480
2025	494
2026	509
Thereafter	346
Total undiscounted lease payments	2,065
Present value adjustment for minimum lease commitments	(311)
Net lease liability	$ 1,754

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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

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


	June 30, 2023
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Commercial paper	2		93,243		—		(22	)		93,221
Total cash equivalents		$	93,243	$	—	$	(22	)	$	93,221
Short-term investments:
Commercial paper	2		17,287		—		(19	)		17,268
U.S. government debt and agency securities	2		54,485		3		(785	)		53,703
Corporate bonds	2		1,500		—		(9	)		1,491
Total short-term investments		$	73,272	$	3	$	(813	)	$	72,462
Long-term investments:
U.S. government debt and agency securities	2		10,324		—		(107	)		10,217
Total long-term investments		$	10,324	$	—	$	(107	)	$	10,217


	December 31, 2022
	Level	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Cash equivalents:
Money market fund	1	$	7	$	—	$	—		$	7
Commercial paper	2		78,028		—		(26	)		78,002
Total cash equivalents		$	78,035	$	—	$	(26	)	$	78,009
Short-term investments:
Commercial paper	2		36,933		—		(168	)		36,765
U.S. government debt and agency securities	2		65,157		—		(784	)		64,373
Corporate bonds	2		3,302		—		(62	)		3,240
Total short-term investments		$	105,392	$	—	$	(1,014	)	$	104,378
Long-term investments:
U.S. government debt and agency securities	2		45,745		—		(916	)		44,829
Total long-term investments		$	45,745	$	—	$	(916	)	$	44,829

Description of Business - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Jan. 31, 2023	Jun. 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		$ 407.4
Cash, cash equivalents, and investments		$ 196.3
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 proceeds from issuance of common stock	$ 75.0

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, 2021	$ 321,084	$ 4	$ 417,363	$ (388)	$ (95,895)
Beginning balance, shares at Dec. 31, 2021		37,379,077
Issuance of common stock upon exercise of common stock options	210		210
Issuance of common stock upon exercise of common stock options, shares		244,981
Stock-based compensation	2,731		2,731
Unrealized (loss) gain on available-for-sale securities	(1,068)			(1,068)
Net loss	(20,980)				(20,980)
Ending balance at Mar. 31, 2022	301,977	$ 4	420,304	(1,456)	(116,875)
Ending balance, shares at Mar. 31, 2022		37,624,058
Beginning balance at Dec. 31, 2021	321,084	$ 4	417,363	(388)	(95,895)
Beginning balance, shares at Dec. 31, 2021		37,379,077
Unrealized (loss) gain on available-for-sale securities	(1,537)
Net loss	(45,315)
Ending balance at Jun. 30, 2022	280,565	$ 4	423,696	(1,925)	(141,210)
Ending balance, shares at Jun. 30, 2022		37,817,724
Beginning balance at Mar. 31, 2022	301,977	$ 4	420,304	(1,456)	(116,875)
Beginning balance, shares at Mar. 31, 2022		37,624,058
Issuance of common stock upon exercise of common stock options	83		83
Issuance of common stock upon exercise of common stock options, shares		163,387
Issuance of common stock under employee stock purchase plan	214		214
Issuance of common stock under employee stock purchase plan, shares		30,279
Stock-based compensation	3,095		3,095
Unrealized (loss) gain on available-for-sale securities	(469)			(469)
Net loss	(24,335)				(24,335)
Ending balance at Jun. 30, 2022	280,565	$ 4	423,696	(1,925)	(141,210)
Ending balance, shares at Jun. 30, 2022		37,817,724
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 (loss) 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
Issuance of common stock upon exercise of common stock options, shares	81,095
Unrealized (loss) gain on available-for-sale securities	$ 1,017
Net loss	(57,417)
Ending balance at Jun. 30, 2023	184,979	$ 4	434,865	(939)	(248,951)
Ending balance, shares at Jun. 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 (loss) 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

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

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


	Six Months Ended June 30,
	2023		2022
Stock options to purchase common stock		7,326,434		3,839,003
Non-vested Restricted Stock Units		350,172		239,839
Employee stock purchase plan		3,473		4,836
Total		7,680,079		4,083,678

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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		38,054,583
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

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	38,054,583	37,877,387
Common stock, shares outstanding	38,054,583	37,877,387

Significant Agreements - Additional Information (Details) - Washington State University License Agreement - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	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 [Member]
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

Immaterial Error Correction (Unaudited) - Summary of Immaterial Errors Correction in the Weighted-Average Number of Common Shares Outstanding (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Weighted average shares outstanding,basic	37,999,578	37,667,971	37,961,700	37,630,856
Weighted average shares outstanding, diluted	37,999,578	37,667,971	37,961,700	37,630,856
Net loss per share, basic	$ (0.78)	$ (0.65)	$ (1.51)	$ (1.20)
Net loss per share, diluted	$ (0.78)	$ (0.65)	$ (1.51)	$ (1.20)

- Definition

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

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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.

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