Name: aTYR PHARMA INC Q2 2024 Earnings Call
Start: 2025-11-20 09:18:09.801182+00

Executive Summary

Completed enrollment in the global pivotal Phase 3 EFZO-FIT study in pulmonary sarcoidosis (268 patients, 85 centers across 9 countries); topline data expected in Q3 2025 .
Cash, cash equivalents, restricted cash and investments were $81.4M at quarter-end; R&D expense was $14.0M and G&A was $3.3M for Q2 2024 .
No revenue recognized in Q2 2024; net loss attributable to aTyr was $(16.306)M and diluted EPS was $(0.23) .
Company reiterated operational momentum across EFZO-FIT and EFZO-CONNECT (SSc-ILD) and highlighted NRP2 mechanism data presented at ATS 2024 .
Key near-term catalysts are operational: EFZO-FIT data (Q3 2025) and EFZO-CONNECT interim data (Q2 2025); S&P Global Wall Street consensus estimates were unavailable for Q2 2024.

What Went Well and What Went Wrong

Completed enrollment in EFZO-FIT ahead of guidance (“completed enrollment… the largest interventional study ever to be conducted in sarcoidosis”) .
Solid execution across clinical programs; management: “This landmark study… presents an opportunity to deliver a potentially transformative therapy” (CEO Sanjay S. Shukla, M.D.) .
Scientific validation momentum: efzofitimod mechanism poster at ATS 2024 demonstrated NRP2 as an important immune target in ILD and modulation of myeloid cells .

No Q2 revenue; operating loss widened on higher EFZO-FIT clinical and manufacturing spend (R&D $14.0M vs $9.8M prior-year) .
Cash decreased sequentially to $81.4M from $87.7M in Q1, reflecting higher operating cash use tied to clinical and pre-BLA manufacturing activities .
Earnings call transcript for Q2 2024 was not available in source documents, limiting visibility into Q&A tone and any intraperiod guidance clarifications.

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD Thousands)	0	235	0
R&D Expense ($USD Thousands)	9,840	13,364	13,973
G&A Expense ($USD Thousands)	3,718	3,507	3,342
Total Operating Expenses ($USD Thousands)	13,558	16,871	17,315
Other Income (net) ($USD Thousands)	1,216	1,149	1,009
Net Loss Attributable ($USD Thousands)	(12,338)	(15,491)	(16,306)
Diluted EPS ($USD)	(0.22)	(0.23)	(0.23)
Shares Used (Basic & Diluted)	55,143,805	66,080,593	72,284,351

KPIs

KPI	Q2 2023	Q1 2024	Q2 2024
Cash, Cash Equivalents, Restricted Cash & Investments ($USD Thousands)	N/A	87,710	81,378
EFZO-FIT Enrollment (# Patients)	N/A	Up to 264 planned	268 enrolled
EFZO-FIT Centers / Countries	N/A	>90 centers / 9 countries	85 centers / 9 countries
EFZO-CONNECT Planned Enrollment (SSc-ILD)	Up to 25	Up to 25	Up to 25; OLE added

Consensus vs Actual (Q2 2024)

Metric	Consensus	Actual
Revenue	Unavailable (S&P Global)	$0 ($USD Thousands)
Diluted EPS	Unavailable (S&P Global)	$(0.23)

Values retrieved from S&P Global for estimates were unavailable; consensus comparisons cannot be made.

Metric	Period	Previous Guidance	Current Guidance	Change
EFZO-FIT Enrollment Completion	Q2 2024	Complete enrollment in Q2 2024	Enrollment completed July 22, 2024	Achieved
EFZO-FIT Topline Data Timing	Q3 2025	Not specified in prior PRs	Topline data expected Q3 2025	New
EFZO-CONNECT Interim Data	Q2 2025	Not specified	Interim data expected Q2 2025	New
Cash Runway	Through BLA filing (operational plan)	Sufficient through filing a BLA for efzofitimod in pulmonary sarcoidosis	Sufficient to meet material cash requirements for at least one year from 10-Q filing date	Language revised (more conservative)

Topic	Q4 2023 (Prior-2)	Q1 2024 (Prior-1)	Q2 2024 (Current)	Trend
R&D Execution (EFZO-FIT)	Continued enrollment; anticipated Q2 2024 completion	Anticipated Q2 2024 completion; >90 centers, 9 countries	Enrollment completed (268 patients)	Positive execution
EFZO-CONNECT (SSc-ILD)	Enrolling	Enrolling; 2:2:1 dosing design	Enrolling; OLE added; interim data Q2 2025	Program advancing
Manufacturing & Pre-BLA Prep	Not detailed	Not detailed	Increased manufacturing efforts toward possible BLA; higher operating cash use	Scaling activities
Mechanism of Action / NRP2	Keystone posters validating NRP2 role	ATS poster planned	ATS poster presented: NRP2 as important ILD target; myeloid modulation	Scientific validation
Partnership (Kyorin) & Revenue	Milestones to date $20M; Japan participation	$0.2M collaboration revenue for drug product to Kyorin	$0 collaboration revenue in Q2; continued Japan participation	Stable collaboration
Liquidity & Runway	Cash $101.7M; runway through BLA	Cash $87.7M; maintained BLA runway guidance	Cash $81.4M; 10-Q: at least one-year sufficiency	More conservative framing

“This landmark study is the largest interventional study ever to be conducted in sarcoidosis and presents an opportunity to deliver a potentially transformative therapy to sarcoidosis patients…” — Sanjay S. Shukla, M.D., M.S., President & CEO .
“Ended the second quarter 2024 with $81.4 million in cash, cash equivalents, restricted cash and investments.” — Press release .
ATS 2024: “Findings further demonstrated that neuropilin-2 (NRP2)… is an important new immune target in ILD and that efzofitimod modulates myeloid cells to confer its anti-inflammatory benefit.” — Press release .

The Q2 2024 earnings call transcript was not available in the source corpus; therefore, Q&A themes, guidance clarifications, and tone shifts cannot be evaluated from primary transcript materials for this quarter.

S&P Global consensus estimates for Q2 2024 revenue and EPS were unavailable due to a missing mapping for LIFE in the SPGI/Capital IQ dataset; as a result, comparisons versus consensus cannot be provided. Values retrieved from S&P Global were unavailable.

Clinical execution de-risks near-term operational milestones; EFZO-FIT enrollment completion sets the stage for Q3 2025 topline readout, a key stock-moving catalyst .
Cash of $81.4M and increased R&D/manufacturing spend imply tighter runway; management’s one-year sufficiency statement in the 10-Q is more conservative than prior “through BLA filing” framing .
Lack of Q2 revenue and widening loss reflect investment intensity ahead of potential registration pathway; investors should monitor operating cash burn and potential financing/partnerships .
EFZO-CONNECT (SSc-ILD) provides a second clinical vector with interim data in Q2 2025, supporting broader ILD strategy optionality .
Mechanistic validation (NRP2, myeloid modulation) strengthens scientific narrative, which may aid regulatory interactions and future commercialization messaging .
Collaboration with Kyorin remains strategically important (Japan participation in EFZO-FIT); revenue recognition is episodic and tied to study materials and milestones .
With S&P Global consensus unavailable, positioning into catalysts should focus on operational timelines and funding dynamics rather than quarterly beat/miss framing.