Astria Therapeutics reported a net loss of $31.6 million for the three months ended September 30, 2025, a widening of the $24.5 million loss recorded in the same period a year earlier. The company posted earnings per share of –$0.55, missing the consensus estimate of –$0.40 by $0.15. Revenue for the quarter was $706,000, far below the analyst expectation of roughly $11 million, reflecting the company’s status as a clinical‑stage biopharma with no product sales yet.
The earnings miss was driven by a 17 % increase in operating expenses, largely from a $5.1 million rise in research and development costs tied to the navenibart and STAR‑0310 programs. General and administrative expenses also climbed 26 % to $10.7 million, reflecting higher stock‑based compensation and expanded support functions. The combined effect of higher costs and limited revenue pushed the loss from operations to $34.1 million, up from $29.0 million a year earlier.
Revenue fell short of expectations because the company’s only source of income is a modest $706,000 in clinical trial support fees, with no product sales or licensing income reported for the quarter. Analysts had anticipated a higher figure based on the company’s prior quarterly revenue of $1.1 million, but the decline underscores the continued reliance on external funding rather than earned revenue.
Cash, cash equivalents and short‑term investments stood at $227.7 million at the end of September, a decline from $344.3 million a year earlier. The $16 million upfront payment from the Kaken license agreement, combined with the company’s existing cash, is expected to fund operations through 2028, covering the remaining milestones for the ALPHA‑ORBIT Phase 3 trial and the Phase 1a study of STAR‑0310.
Astria also confirmed a definitive agreement with BioCryst Pharmaceuticals to acquire all outstanding shares for $8.55 in cash per share plus 0.59 shares of BioCryst stock. The transaction, approved by both boards, is slated to close in the first quarter of 2026 and will provide Astria shareholders with a liquidity event while allowing the company’s pipeline to continue under BioCryst’s umbrella. Management emphasized that the deal offers a compelling exit for shareholders and positions the assets for accelerated development and commercialization.
Investor focus shifted toward the acquisition announcement rather than the earnings miss. While the earnings miss and revenue shortfall highlighted the company’s ongoing cash burn, the premium offered by BioCryst and the strategic fit for Astria’s lead assets dominated market sentiment, underscoring the importance of the acquisition for the company’s future trajectory.
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