LeonaBio (LONA) AI Stock Analysis

• Market Cap: $43.41M
• Dividend Yield: N/A
• Average Volume (3M): 41.47K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.32
• Revenue Growth: N/A
• EPS Growth: 66.10%
• Country: US
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.68
• Shares Outstanding: 9,335,913
• 10 Day Avg. Volume: 36,543
• 30 Day Avg. Volume: 41,474
• PEG Ratio: 0.01
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.23
• Enterprise Value/Market Cap: -0.04
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 2.36
• Enterprise Value/Ebitda: 0.04
• 1Y Price Target: $4.00
• Price Target Upside: -13.98% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: $4.50 ▼(-3.23% Downside)

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.

Positive Factors

Low leverage / solvency

Very low debt reduces fixed financial obligations and bankruptcy risk, giving management more flexibility to fund R&D via equity or partnerships. Over a multi-month horizon this structural solvency cushion supports continuation of clinical programs without immediate refinancing pressure.

Improving cash burn trend

A large reduction in negative operating cash flow indicates management has meaningfully slowed cash outflows or optimized spend. If sustained, this durable improvement extends runway, lowers near-term financing needs and increases odds of reaching key clinical inflection points with less dilution.

Focused lead program in neurodegeneration

A concentrated pipeline centered on ATH-1017 and a defined HGF/MET mechanism targets a large unmet market (Alzheimer’s). Structural focus can attract partners and streamline resource allocation; clinical progress here materially de-risks the company’s long-term business model if efficacy is shown.

Negative Factors

No revenue and persistent losses

Being a clinical-stage company with zero product revenue means operations depend on external capital until approval/commercialization. Persistent large losses erode equity and require recurring financing, creating structural dilution risk and ongoing dependency on markets or partners.

Sharp decline in equity and assets

A dramatic fall in equity over several years indicates sustained value erosion from losses and dilution. This weakens the balance sheet, reduces ability to absorb clinical setbacks, and limits negotiating leverage with potential partners, presenting a lasting strategic constraint.

Dependence on external financing

A business model dependent on equity, grants, or partnerships creates structural execution risk: adverse market conditions or negative trial news can restrict access to funding. Long-term viability is contingent on consistent capital access or successful partnering/licensing outcomes.

LeonaBio Business Overview & Revenue Model

Company Description

LeonaBio, Inc., clinical-stage biopharmaceutical company, focuses on developing small molecules to restore neuronal health and slow neurodegradation. Its product pipeline includes ATH-1105 for the treatment of amyotrophic lateral sclerosis, which is in phase 1 clinical trial; ATH-1020 for the treatment of neurodegenerative diseases, which is phase 1 clinical trial, as well as early compounds which is in preclinical phase. The company was formerly known as Athira Pharma, Inc. and changed its name to LeonaBio, Inc. in January 2026. LeonaBio, Inc. was incorporated in 2011 and is headquartered in Bothell, Washington.

How the Company Makes Money

Athira Pharma primarily generates revenue through the development and commercialization of its proprietary therapeutic candidates. As a clinical-stage company, Athira does not yet have products on the market, so its primary sources of funding include public and private investments, grants, and collaborations with other pharmaceutical companies. Once its therapies, such as fosgonimeton, gain regulatory approval, Athira anticipates generating revenue through product sales, licensing agreements, and potential milestone payments from strategic partnerships. The company's financial health is heavily reliant on successful clinical trials and obtaining necessary regulatory approvals for their drug candidates.

LeonaBio Financial Statement Overview

Summary

Income statement and cash flow are very weak due to zero revenue, persistent losses, and ongoing cash burn, despite meaningful improvement in TTM loss and operating cash outflow versus 2024. The balance sheet benefits from very low leverage, but equity has fallen sharply over time, indicating continued value erosion.

Income Statement

ATHA reports no revenue across the provided periods, with consistently large operating and net losses. Losses have narrowed meaningfully in TTM (Trailing-Twelve-Months) versus 2024 (net loss of ~$37.7M vs. ~$96.9M), but profitability remains deeply negative and the business has not yet demonstrated a repeatable revenue base.

Balance Sheet

Leverage is very low (debt-to-equity ~0.03 in TTM (Trailing-Twelve-Months)), which reduces solvency risk. However, equity and assets have declined sharply over time (equity down to ~$26.8M in TTM (Trailing-Twelve-Months) from ~$321.1M in 2021), and returns on equity are strongly negative—highlighting ongoing value erosion from sustained losses.

Cash Flow

Cash generation remains weak with negative operating cash flow and negative free cash flow in every period. While cash burn improved substantially in TTM (Trailing-Twelve-Months) (operating cash flow of about -$52.3M vs. about -$97.2M in 2024), free cash flow growth is negative in TTM (Trailing-Twelve-Months) and cash flows continue to track net losses rather than showing a path to self-funding operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-686.00K	0.00	0.00	0.00	-479.00K	-2.00M
EBITDA	-37.49M	-95.81M	-125.97M	-88.01M	-54.37M	-19.59M
Net Income	-37.72M	-96.94M	-117.67M	-95.64M	-54.85M	-19.95M
Balance Sheet
Total Assets	30.03M	58.78M	160.25M	258.15M	332.01M	279.56M
Cash, Cash Equivalents and Short-Term Investments	25.23M	51.27M	147.42M	200.34M	253.76M	184.68M
Total Debt	912.00K	1.22M	1.58M	1.91M	1.92M	1.00M
Total Liabilities	3.25M	13.94M	30.06M	23.02M	10.92M	5.28M
Stockholders Equity	26.79M	44.84M	130.19M	235.14M	321.08M	274.28M
Cash Flow
Free Cash Flow	-52.34M	-97.20M	-101.06M	-73.61M	-44.67M	-26.43M
Operating Cash Flow	-52.34M	-97.17M	-100.75M	-72.47M	-43.10M	-24.11M
Investing Cash Flow	-4.07M	54.83M	95.09M	57.66M	-4.08M	-210.07M
Financing Cash Flow	58.00K	194.00K	493.00K	654.00K	97.09M	292.75M

LeonaBio Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.65
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LONA, the sentiment is Negative. The current price of 4.65 is below the 20-day moving average (MA) of 5.95, below the 50-day MA of 5.53, and above the 200-day MA of 4.11, indicating a neutral trend. The MACD of -0.36 indicates Positive momentum. The RSI at 31.77 is Neutral, neither overbought nor oversold. The STOCH value of 12.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LONA.

LeonaBio Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CLRB	53 Neutral	$13.36M	-0.29	-145.42%	―	―	79.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SNSE	51 Neutral	$11.55M	-0.43	-67.47%	―	―	9.63%
COCP	45 Neutral	$13.51M	-1.03	-94.94%	―	―	49.10%
LONA	41 Neutral	$43.41M	-0.48	-89.42%	―	―	66.10%
IMRN	38 Underperform	$7.80M	-1.44	-49.00%	―	47.17%	26.84%
BIVI	38 Underperform	$9.35M	-0.13	-94.79%	―	―	84.44%