<span item_type="fundamental" item_id="4b8e10a8d8233f28a16be338c6dd182a" counter_id="ST/US/ATHA" env="prod"></span><span item_type="announcement" item_id="579900048801402625" env="prod"></span><p>notice_summary_ytd.revenue.</p><p>notice_summary_ytd.eps.</p><p>notice_summary_ytd.ebit.</p><p></p><h3>Segment Revenue</h3><ul><li><strong>Research and Development</strong>: $2.8 million for the three months ended September 30, 2025, compared to $17.9 million for the same period in 2024, representing a decrease of $15.1 million or 84%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li><li><strong>General and Administrative</strong>: $4.0 million for the three months ended September 30, 2025, compared to $7.6 million for the same period in 2024, representing a decrease of $3.6 million or 47%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h3>Operational Metrics</h3><ul><li><strong>Net Loss</strong>: $6.6 million for the three months ended September 30, 2025, compared to $28.7 million for the same period in 2024, representing a decrease of $22.1 million or 77%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li><li><strong>Total Operating Expenses</strong>: $6.9 million for the three months ended September 30, 2025, compared to $29.6 million for the same period in 2024, representing a decrease of $22.7 million or 77%.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h3>Cash Flow</h3><ul><li><strong>Net Cash Used in Operating Activities</strong>: $26.3 million for the nine months ended September 30, 2025, compared to $71.2 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li><li><strong>Net Cash Used in Investing Activities</strong>: $1.3 million for the nine months ended September 30, 2025, compared to net cash provided by investing activities of $57.6 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li><li><strong>Net Cash Provided by Financing Activities</strong>: $0.02 million for the nine months ended September 30, 2025, compared to $0.2 million for the same period in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h3>Unique Metrics</h3><ul><li><strong>Research and Development Expenses</strong>: Decreased by $50.5 million, from $61.3 million for the nine months ended September 30, 2024, to $10.8 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li><li><strong>General and Administrative Expenses</strong>: Decreased by $7.0 million, from $19.9 million for the nine months ended September 30, 2024, to $12.9 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h3>Future Outlook and Strategy</h3><h4>Core Business Focus</h4><ul><li><strong>ATH-1105 Development</strong>: The company is focusing on advancing the clinical development program for ATH-1105 as a potential treatment for ALS. The first-in-human Phase 1 clinical trial was completed in November 2024, showing a favorable safety profile and supporting continued clinical development.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h4>Non-Core Business</h4><ul><li><strong>Strategic Alternatives</strong>: The company is exploring potential strategic alternatives, including an acquisition, merger, business combination, equity or debt financing, sale of the company, or other transactions to maximize stockholder value.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul><h4>Priority</h4><ul><li><strong>Cost Management</strong>: The company has implemented a workforce reduction and paused further development of fosgonimeton to focus resources on ATH-1105 and strategic alternatives.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1620463/000119312525269544/atha-20250930.htm"></span></li></ul>

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