Astria Therapeutics reports Q2 EPS (43c), consensus (38c)

As of June 30, 2024, Astria had cash, cash equivalents and short-term investments of $354.7 million, compared to $246.5 million as of December 31, 2023. The Company expects that its cash, cash equivalents and short-term investments as of June 30, 2024 will be sufficient to fund its operations into mid-2027, including all navenibart program activities through the completion of a planned Phase 3 pivotal trial as well as advancing the STAR-0310 OX40 program through submission of an IND and early proof-of-concept results from a Phase 1a clinical trial. Net cash used in operating activities for the three months ended June 30, 2024 was $16.8 million, compared to $10.7 million for the three months ended June 30, 2023. “As we prepare for Phase 3 with initiation expected in Q1 2025, our vision for navenibart is to be the market-leading treatment for HAE, a large and growing market. Based on its profile and the data to date, we believe that navenibart could be patients’ and physicians’ first choice treatment and change the way that people live with their HAE,” said Jill C. Milne, Ph.D., Chief Executive Officer at Astria Therapeutics. “We also presented preclinical data on STAR-0310 that supports our vision for the program to be a best-in-class OX40 antagonist for the treatment of AD and potentially other diseases. We believe that we are in a strong position to become a leading allergy and immunology company that aims to change the way that patients live with their disease.”