Astria Therapeutics, Inc. (NASDAQ:ATXS) has announced an amendment to its 2022 Inducement Stock Incentive Plan, increasing the number of shares reserved for issuance from 1.7 million to 2.8 million shares of its common stock. This strategic move is designed to attract and retain top talent by offering competitive compensation packages that include equity in the company. The Inducement Plan allows for the granting of stock awards to new hires and certain non-employees, in line with Nasdaq Listing Rule 5635(c)(4), without requiring shareholder approval.
Astria Therapeutics is also making significant progress in its drug programs. The FDA has cleared Astria's new AD drug for trial, with the Phase 1a trial's initiation and the subsequent proof-of-concept study in AD patients expected in 2026. Additionally, the company's investigational therapy, navenibart, has received Orphan Medicinal Product Designation from the European Commission and Orphan Drug Designation from the FDA for the treatment of hereditary angioedema (HAE). Astria plans to advance navenibart into a Phase 3 trial in 2025.
In a partnership with Ypsomed AG, Astria is developing an autoinjector for navenibart, aiming to provide patients with a user-friendly administration method. The company ended the quarter with around $355 million in cash reserves, expected to sustain operations through mid-2027.
Analysts from TD Cowen and H.C. Wainwright have maintained their Buy ratings for Astria, highlighting the potential of navenibart. Oppenheimer has raised its stock target for the company, maintaining an Outperform rating, despite a higher than expected second-quarter loss.
