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Sep 30, 2023
Astria Q3 2023 Earnings Report
Astria Therapeutics reported financial results for the third quarter ended September 30, 2023 and provided a corporate update.
Key Takeaways
Astria Therapeutics reported a net loss of $17.7 million for the third quarter of 2023, with R&D expenses at $13.3 million and G&A expenses at $6.9 million. The company's cash, cash equivalents, and short-term investments totaled $188.8 million as of September 30, 2023, which, combined with proceeds from a recent offering, is expected to fund operations into 2026.
Cash, cash equivalents and short-term investments of $188.8 million as of September 30, 2023.
Expects cash, cash equivalents and short-term investments of $188.8 million as of September 30, 2023, together with proceeds from a $64.0 million underwritten offering in October 2023, will be sufficient to fund its current operating plan into 2026.
Net loss was $17.7 million for the three months ended September 30, 2023.
Loss from operations was $20.2 million for the three months ended September 30, 2023.
Astria
Astria
Forward Guidance
Astria Therapeutics expects that its cash, cash equivalents and short-term investments as of September 30, 2023, together with proceeds from a $64.0 million underwritten offering in October 2023, will be sufficient to fund its current operating plan into 2026.
Positive Outlook
- STAR-0215 program in a strong position to achieve goal of becoming a first-choice preventative therapy for hereditary angioedema.
- Data from the Phase 1a healthy subject trial recently shared at ACAAI support the potential to provide patients with dosing options two or four times per year, without compromising on safety or efficacy.
- Expects to deliver initial proof-of-concept results in Q1 2024 from the Phase 1b/2 ALPHA-STAR trial in HAE patients.
- Addition of STAR-0310, an OX40 inhibitor for atopic dermatitis which we believe has the potential to be best-in-class.
- Working towards important milestones for STAR-0215 and STAR-0310 next year.
Challenges Ahead
- Changes in applicable laws or regulations.
- Possibility that we may be adversely affected by other economic, business, and/or competitive factors.
- Risks inherent in pharmaceutical research and development, such as: adverse results in our drug discovery, preclinical and clinical development activities.
- Risk that the results of preclinical studies may not be replicated in clinical trials, that the preliminary or interim results from clinical trials may not be indicative of the final results.
- General economic and market conditions.