aTyr Pharma Reports $64M Net Loss for Fiscal Year 2024, Decreased Revenues and Increased R&D Expenses

aTyr Pharma, Inc. reported a net loss of $64.0 million for the fiscal year ending December 31, 2024, compared to a net loss of $50.4 million in the previous year. The company's total revenues decreased to $0.2 million from $0.4 million, primarily due to reduced collaboration revenue from its partnership with Kyorin Pharmaceutical Co., Ltd. for the development of efzofitimod, its lead therapeutic candidate. Research and development expenses rose significantly to $54.4 million, up from $42.3 million in 2023, driven by increased costs associated with the EFZO-FIT study and preparations for a potential biologics license application (BLA).

In terms of operational developments, aTyr Pharma has made significant progress in its clinical trials. The EFZO-FIT study, a pivotal Phase 3 trial evaluating efzofitimod for pulmonary sarcoidosis, completed enrollment in July 2024 with 268 patients, exceeding the target of 264. Topline data from this study is anticipated in the third quarter of 2025. Additionally, the company initiated the EFZO-CONNECT study, a Phase 2 trial for systemic sclerosis-associated interstitial lung disease (SSc-ILD), with interim data expected in the second quarter of 2025. The company also launched an Individual Patient Expanded Access Program in February 2024, allowing patients who completed the EFZO-FIT study to access efzofitimod outside of the clinical trial.

aTyr Pharma's financial position as of December 31, 2024, showed cash, cash equivalents, and available-for-sale investments totaling $75.1 million, a decrease from $102.9 million in 2023. The company has incurred significant losses since its inception, with an accumulated deficit of $532.0 million. To support ongoing operations and clinical trials, aTyr Pharma plans to raise additional capital through equity offerings, collaborations, and strategic partnerships. The company has an "at-the-market" offering program with Jefferies LLC, allowing it to sell shares as needed, and has raised approximately $40.3 million through this program in 2024.

Looking ahead, aTyr Pharma aims to transition from a clinical-stage biotechnology company to a commercial pharmaceutical entity, contingent on the successful development and regulatory approval of efzofitimod. The company is focused on expanding its product pipeline based on its proprietary tRNA synthetase biology platform, which it believes has potential applications in treating various immune-mediated diseases. However, the company acknowledges the inherent risks and uncertainties in clinical development, including potential delays and challenges in obtaining regulatory approvals.