Published on 22 Jun 2022 on Market Watch

Athira says its Alzheimer's treatment did not meet endpoint in mid-stage trial; stock falls 68%

Shares of Athira Pharma Inc. tumbled 68.0% in premarket trading on Wednesday after the company said an exploratory Phase 2 study assessing its experimental treatment for patients with mild-to-moderate Alzheimer's disease did not meet the primary endpoint. "We are in the fortuitous situation that we have a much larger trial ongoing with more than 200 patients completing at least 20 weeks of treatment providing us with an opportunity to obtain more insights in an expedited manner," Athira CEO Mark Litton said in a news release. "Our strong cash position allows us to continue to progress fosgonimeton development." Athira's stock is down 35.1% this year, while the broader S&P 500 has declined 21.0%. fdsup://factset/Doc%20Viewer%20Single?_expand=nV2Sq9&float_window=true . fdsup://factset/Doc%20Viewer%20Single?_expand=nV2Sr4&float_window=true