Astria Therapeutics, Inc. (NASDAQ:ATXS) has reported its financial results for the third quarter ending September 30, 2025, and provided a corporate update. The company is set to be acquired by Biocryst Pharmaceuticals, Inc. (NASDAQ:BCRX) in the first quarter of 2026.
Navenibart (STAR-0215), the company's lead program, has shown promising results with a rapid, robust, and durable efficacy in the treatment of hereditary angioedema (HAE). The final results from the phase 1b/2 Alpha-Star trial in 29 HAE patients demonstrated an 84–92% mean and 93-100% median percent reduction in attack rate from baseline through six months of treatment. Additionally, the treatment was generally well-tolerated with no serious treatment-emergent adverse events (TEAEs) or discontinuations. The Phase 3 Alpha-Orbit trial for Navenibart is progressing as planned, with topline results anticipated in early 2027.
Furthermore, Astria announced the exclusive licensing of development and commercialization rights in Japan to Kaken Pharmaceutical for Navenibart, receiving an upfront payment of $16 million in the fourth quarter of 2025, with the potential for an additional $16 million in total commercialization and sales milestones. The company is also eligible for tiered royalties with the royalty rate as a percentage of net sales up to 30%, and partial phase 3 cost reimbursement.
Star-0310, an investigational high-potency and long-acting monoclonal antibody ox40 antagonist for the treatment of atopic dermatitis, has shown promising results. Initial Phase 1a trial results presented at the European Academy of Dermatology and Venereology Congress support Star-0310 as a potential best-in-class ox40 antagonist. The drug demonstrated a best-in-class half-life of up to 68 days, consistent with administration every six months, durable cytokine inhibition, and was well-tolerated with no antibody-dependent cellular cytotoxicity (ADCC)-related side effects.
In terms of financials, as of September 30, 2025, Astria had cash, cash equivalents, and short-term investments of $227.7 million, compared to $344.3 million as of September 30, 2024. Collaboration revenue was $0.7 million for the three and nine months ended September 30, 2025 from the Kaken license agreement. Research and development expenses were $24.1 million for the three months ended September 30, 2025, compared to $20.5 million for the three months ended September 30, 2024. General and administrative expenses were $10.7 million for the three months ended September 30, 2025, compared to $8.5 million for the three months ended September 30, 2024. The loss from operations was $34.1 million for the three months ended September 30, 2025, compared to $29.0 million for the three months ended September 30, 2024. The net loss was $31.6 million for the three months ended September 30, 2025, compared to a net loss of $24.5 million for the three months ended September 30, 2024.
Astria Therapeutics is a biopharmaceutical company focused on developing life-changing therapies for allergic and immunologic diseases. The company's mission is to bring life-changing therapies to patients and families affected by such diseases. As a result of these announcements, the company's shares have moved -0.79% on the market, and are now trading at a price of $12.51. For more information, read the company's full 8-K submission here.
