Athira Shares Plunge After Phase 2/3 Fosgonimeton Trial For Alzheimer's Fails To Meet Endpoints

(RTTNews) - Shares of Athira Pharma Inc. (ATHA) dropped over 72 percent in after-hours trading on Tuesday following the company's announcement that the Phase 2/3 LIFT-AD clinical trial of fosgonimeton for mild-to-moderate Alzheimer's disease did not meet its primary endpoint and key secondary endpoints.

ATHA closed Tuesday's regular trading at $2.83 down $0.26 or 8.41%. In the after-hours trading the stock further dropped $2.04 or 72.17%.

According to the company, the topline results showed that neither the trial's primary endpoint (the Global Statistical Test or GST) nor its key secondary endpoints of ADAS-Cog11 and ADCS-ADL23 reached statistical significance compared with placebo at 26 weeks. However, both components of GST, cognition (ADAS-Cog11) and function (ADCS-ADL23), directionally favored fosgonimeton treatment, and in pre-specified subgroups characterized by more rapid disease progression, cognition and function improved or stabilized in the fosgonimeton treated group.

Global Statistical Test is a combination of results from measures of cognition (ADAS-Cog11) and function (ADCS-ADL23).

In addition, data across biomarkers of protein pathology, inflammation and neurodegeneration showed directional improvements with fosgonimeton treatment that are consistent with the broad neuroprotective mechanism of HGF modulation.

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