Executive Summary

EPS of $1.68 loss missed Wall Street consensus (-$1.22*) by $0.46; revenue remains non-existent/in-line with $0.0* estimate . Values retrieved from S&P Global.*
Operating discipline drove a materially smaller net loss: $(6.6)M vs $(28.7)M YoY, with R&D down to $2.8M (from $17.9M) and G&A to $4.1M (from $7.6M) .
Liquidity of $25.2M in cash, cash equivalents and investments; company executed a 10-for-1 reverse split in September and continues exploring strategic alternatives with Cantor engaged .
Pipeline update: Phase 1 ATH-1105 showed favorable safety/tolerability and CNS penetration; management “look[s] forward to an opportunity to advance this program into ALS patients” (potential near-term catalyst: ALS patient study initiation/partnering update) .

What Went Well and What Went Wrong

Significant OpEx reduction: R&D $2.8M, G&A $4.1M, bringing total OpEx to $6.9M (vs $29.6M YoY); net loss narrowed to $(6.6)M (vs $(28.7)M) .
ATH-1105 Phase 1 results reinforced favorable safety/tolerability, dose-proportional PK and CNS penetration, supporting continued clinical development .
Management tone constructive on ALS path: “We look forward to an opportunity to advance this program into ALS patients, in order to move us one step closer to bringing a potential novel therapy to patients” .

EPS missed consensus (-$1.68 actual vs -$1.22* estimate); absence of revenue limits near-term financial catalysts . Values retrieved from S&P Global.*
Ongoing cash burn: net cash used in operations $26.3M for the nine months YTD, with liquidity at $25.2M as of quarter-end .
No quantitative financial guidance; strategic alternatives remain open-ended, and EPS comparability is affected by the 10-for-1 reverse split effective Sept 17, 2025 .

Metric	Q3 2024	Q2 2025	Q3 2025
Research & Development ($USD Millions)	$17.922	$3.661	$2.825
General & Administrative ($USD Millions)	$11.699	$3.630	$4.049
Total Operating Expenses ($USD Millions)	$29.621	$7.291	$6.874
Other Income, net ($USD Millions)	$0.880	$0.325	$0.263
Net Loss ($USD Millions)	$(28.741)	$(6.966)	$(6.611)
Diluted EPS ($USD)	$(7.46) (split-adjusted)	$(0.18)	$(1.68)
Weighted Avg Shares	3,851,758	39,092,961	3,943,887

Notes: EPS comparability is affected by the 10-for-1 reverse split effective Sept 17, 2025 .

Estimates vs Actuals

Metric	Q3 2024	Q2 2025	Q3 2025
Revenue Consensus Mean ($USD Millions)	$0.0*	$0.0*	$0.0*
Primary EPS Consensus Mean ($USD)	$(7.06)*	$(1.40)*	$(1.22)*
Reported Revenue ($USD Millions)	N/A (no revenue line presented)	N/A (no revenue line presented)	N/A (no revenue line presented)
Reported Diluted EPS ($USD)	$(7.46)	$(0.18)	$(1.68)

Values retrieved from S&P Global.*

Liquidity & Cash Flow KPIs

KPI	Q3 2024	Q2 2025	Q3 2025
Cash, Cash Equivalents & Investments ($USD Millions)	$51.3 (12/31/24)	$29.8 (6/30/25)	$25.2 (9/30/25)
Cash & Cash Equivalents ($USD Millions)	$48.438 (12/31/24)	$19.888 (6/30/25)	$20.874 (9/30/25)
Net Cash Used in Operations ($USD Millions)	$71.2 (9M 2024)	$21.7 (6M 2025)	$26.3 (9M 2025)

Segment Breakdown: Not applicable; Athira reported no product revenue and presented operating expenses and net loss only .

Metric	Period	Previous Guidance	Current Guidance	Change
Clinical timeline: ATH-1105 ALS patient dosing	FY2025	“On-track to enable dosing ALS patients in late 2025.”	“Look forward to an opportunity to advance … into ALS patients” (no specific timing)	Maintained/unspecified timing
Strategic alternatives	Ongoing	Exploring strategic alternatives; Cantor engaged	Continued exploration; Cantor engaged	Maintained
Financial guidance (Revenue, margins, OpEx, tax)	Q3 2025	None provided	None provided	No change

Note: A Q3 2025 earnings call transcript was not found via our document tools or IR site; press releases provide the qualitative themes .

Topic	Previous Mentions (Q1 2025)	Previous Mentions (Q2 2025)	Current Period (Q3 2025)	Trend
ATH-1105 clinical progress	Phase 1 completed; on-track for ALS dosing late 2025	Phase 1 data: favorable safety/PK/CNS; preparations substantially complete for future ALS trial	Phase 1 reinforced favorable safety/PK/CNS; intent to advance into ALS patients	Consistent progress; nearing patient study initiation
Strategic alternatives/partnering	Initiated process; Cantor engaged	Ongoing; partner options under consideration	Ongoing; focus on maximizing stockholder value	Unchanged; awaiting update
Cost discipline (OpEx)	R&D $4.3M; G&A $5.2M	R&D $3.7M; G&A $3.6M	R&D $2.8M; G&A $4.1M	Continued OpEx reductions YoY
Capital structure/Nasdaq compliance	—	—	10-for-1 reverse split effective Sept 17, 2025	Addressed minimum bid requirement
Alzheimer’s program (fosgonimeton)	Paused post LIFT-AD topline	Paused; strategic alternatives ongoing	Paused; focus on ATH-1105	Program deprioritized; focus reallocated

“We continue to explore strategic alternatives focusing on maximizing stockholder value and remain encouraged by the promising data to-date supporting the continued development of ATH-1105 as a potential therapy for ALS.” — Mark Litton, Ph.D., President & CEO .
“We were especially pleased to present results from the Phase 1 study of ATH-1105 that continue to demonstrate favorable safety and tolerability in healthy volunteers and dose proportional pharmacokinetics and CNS penetration.” — Mark Litton, Ph.D. .
“We look forward to an opportunity to advance this program into ALS patients, in order to move us one step closer to bringing a potential novel therapy to patients desperately in need of an effective treatment option.” — Mark Litton, Ph.D. .

A Q3 2025 earnings call transcript was not available in our document index or IR site; therefore, no Q&A details could be extracted .

EPS missed consensus: -$1.68 actual vs -$1.22* estimate for Q3 2025, driven by continued operating expenses and lack of revenue; Q2 2025 EPS of -$0.18 compared to -$1.40* estimate suggests prior quarter beat, but note reverse split affects comparability . Values retrieved from S&P Global.*
Revenue remains in-line at $0 vs $0.0* consensus (no product revenues reported) . Values retrieved from S&P Global.*
With continued OpEx reductions and pending ALS trial initiation/partnering, near-term estimate updates may focus on operating expense trajectory and timing of clinical milestones rather than revenue growth .

ATH-1105 transition from healthy volunteers to ALS patients is the key near-term catalyst; watch for initiation details or partner announcement under the ongoing strategic alternatives process .
Operating discipline materially narrowed the net loss (to $(6.6)M) amidst a revenue-free model; monitoring R&D and G&A trajectories remains central to the short-term EPS path .
Liquidity at $25.2M requires careful attention to burn rate ($26.3M YTD net cash used in operations) and potential partnering capital or strategic outcomes to extend runway .
EPS missed Q3 consensus; estimate revisions may incorporate lower OpEx but also timing uncertainty for ALS trial start/partnering . Values retrieved from S&P Global.*
Reverse split (10-for-1) addressed Nasdaq bid price compliance; EPS comparability across quarters is impacted and should be normalized when benchmarking performance .
Alzheimer’s program remains paused; focus and resources are concentrated on ALS (ATH-1105) and strategic alternatives, simplifying the narrative and execution priorities .
Stock catalysts: formal update on strategic alternatives, ALS patient trial commencement, and any non-dilutive funding or partnership terms that validate ATH-1105’s path and extend cash runway .