Athira Clinches Exclusive Rights to Breast Cancer Therapy Lasofoxifene, Fueling 86% Stock Rally

Athira Pharma, Inc. (ATHA) has locked in exclusive global rights to Lasofoxifene, marking a strategic pivot in the biotech company’s portfolio. The acquisition fueled an impressive 86.28% surge in share price to $7.72, hitting a new 52-week high as investors cheered the deal.

Clinical Momentum Behind the Exclusive Rights Acquisition

Lasofoxifene represents a targeted approach to a treatment-resistant subset of breast cancer. The selective estrogen receptor modulator (SERM) targets estrogen receptor-positive, HER2-negative metastatic breast cancer characterized by ESR1 mutations—genetic changes that typically confer resistance to standard endocrine therapies. The drug’s tissue-selective mechanism aims to maintain estrogen signaling outside breast tissue, potentially reducing side effects and protecting bone health compared to conventional treatments.

The asset enters Athira’s pipeline at a meaningful stage. The ELAINE-3 Phase 3 trial, evaluating Lasofoxifene combined with Eli Lilly’s Verzenio (abemaciclib), is already more than halfway enrolled. Supporting this stage advancement, earlier Phase 2 data showed compelling signals: a median progression-free survival of 13 months in heavily pre-treated patients and a 56% objective response rate with the combination therapy. These early indicators set expectations for the pivotal trial’s primary endpoint of progression-free survival, with topline results anticipated in mid-2027.

Financing Framework and Timeline Extension

To advance this program, Athira secured $90 million in upfront financing through common stock and warrant sales, with Commodore Capital, Perceptive Advisors, and TCGX leading the investment round. The deal structure includes potential additional proceeds of up to $146 million upon warrant exercise, substantially bolstering Athira’s balance sheet. The capital infusion extends the company’s operational runway to 2028, positioning it through critical trial readouts and regulatory interactions.

Broader Pipeline and Market Context

Beyond Lasofoxifene, Athira continues progressing ATH-1105, a next-generation molecule targeting amyotrophic lateral sclerosis (ALS), with Phase 2 trials slated for early 2026. Over the trailing 12 months, ATHA stock traded within a $2.20 to $6.08 range before today’s breakout move, reflecting the market’s prior uncertainty around the company’s pipeline trajectory and capital position. The Lasofoxifene exclusive rights announcement has shifted that narrative considerably.