LeonaBio Updates Investors on 2025 Results and Strategy

An update from LeonaBio ( (LONA) ) is now available.

On March 26, 2026, LeonaBio, Inc. released an updated investor presentation alongside full-year 2025 results, highlighting its transformation into a more focused biopharmaceutical company following a rebrand from Athira Pharma and the acquisition of global rights (excluding Asia and parts of the Middle East) to lasofoxifene. The company reported year-end 2025 cash, cash equivalents and investments of $88.3 million, up from $51.3 million a year earlier, and a net loss of $105.6 million, with R&D expenses rising to $85.6 million largely due to acquired in-process R&D tied to the lasofoxifene license while G&A costs declined as strategic cost efficiencies took hold.

Operationally in 2025 and early 2026, LeonaBio acquired an exclusive license to the Phase 3 lasofoxifene program, announced a $90 million private placement in common stock and warrants that could yield up to an additional $146 million, and moved to expand the Phase 3 ELAINE-3 trial to as many as 600 patients in ER-positive, HER2-negative, ESR1-mutated metastatic breast cancer, with enrollment completion targeted for the fourth quarter of 2026 and topline data expected in the second half of 2027. The company also advanced ATH-1105 for ALS, completing a first-in-human Phase 1 trial in November 2024 that showed favorable safety, dose-proportional pharmacokinetics and CNS penetration and presented these data at ALS-focused meetings, while remaining on track to initiate a Phase 2 proof-of-concept trial in ALS patients in the second half of 2026.

Corporate developments included the January 2026 name change from Athira Pharma to LeonaBio to reflect its broadened oncology focus and the February 2026 appointment of Mark F. Kubik as chief business officer to drive licensing and partnership strategy. Management characterized 2025 as a transformational year that established a dual clinical-stage pipeline in oncology and neurodegeneration, with strengthened finances from the private placement expected to support progress toward key clinical and regulatory milestones, potentially enhancing the company’s competitive positioning in the metastatic breast cancer and ALS treatment landscapes.

The most recent analyst rating on (LONA) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on LeonaBio stock, see the LONA Stock Forecast page.

Spark’s Take on LONA Stock

According to Spark, TipRanks’ AI Analyst, LONA is a Neutral.

The score is primarily constrained by weak financial performance (no revenue, sustained losses, and ongoing cash burn), partially offset by low leverage. Technicals also weigh on the score due to a weak trend (below key moving averages) and negative momentum indicators, while valuation provides limited support given a negative P/E and no dividend.

To see Spark’s full report on LONA stock, click here.

More about LeonaBio

LeonaBio, Inc., formerly Athira Pharma, is a clinical-stage biopharmaceutical company based near Seattle focused on novel therapeutics for diseases with high unmet medical need, including treatment-resistant metastatic breast cancer and amyotrophic lateral sclerosis. Its pipeline centers on lasofoxifene, a selective estrogen receptor modulator for ER-positive, HER2-negative, ESR1-mutated metastatic breast cancer, and ATH-1105, an orally available, brain-penetrant small molecule targeting the HGF system for neurodegenerative diseases such as ALS.

The company is positioning itself as a diversified oncology and neurodegeneration player, supported by an experienced management team and a multi-channel investor communications strategy spanning SEC filings, its website, press releases and social media platforms. LeonaBio aims to leverage late-stage oncology assets and early-stage neurology programs to build a sustainable portfolio and potentially reshape treatment paradigms in its chosen indications.

Average Trading Volume: 81,163

Technical Sentiment Signal: Buy

Current Market Cap: $84.3M

For detailed information about LONA stock, go to TipRanks’ Stock Analysis page.