aTyr Pharma, Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing therapies for fibrosis and inflammation, recorded no revenue for the three months ended September 30, 2024, a stark decline from $353,000 in the same period in 2023. For the nine months ended September 30, 2024, total revenues were $235,000, down from $353,000 in the prior year.
Operating expenses surged to $18.1 million for the third quarter of 2024, compared to $13.0 million in the same quarter of 2023. This increase contributed to a loss from operations of $18.1 million, compared to a loss of $12.6 million in the prior year. The consolidated net loss for the three months ended September 30, 2024, was $17.3 million, up from $11.3 million in the same period in 2023. For the nine-month period, the consolidated net loss reached $49.1 million, compared to $35.6 million in 2023.
The company's cash and cash equivalents decreased significantly, totaling $11.5 million as of September 30, 2024, down from $22.5 million at the end of 2023. Total current assets also fell to $76.3 million from $103.0 million over the same period. aTyr Pharma's total stockholders' equity decreased to $65.1 million from $90.5 million at the end of 2023.
Research and development expenses rose sharply, totaling $42.1 million for the nine months ended September 30, 2024, compared to $29.5 million in 2023. This increase was primarily driven by higher costs associated with the development of efzofitimod, the company's lead therapeutic candidate, particularly related to the ongoing EFZO-FIT study.
In terms of strategic developments, aTyr Pharma continues to rely on collaborations for funding and development. The company has received $20 million in upfront and milestone payments from Kyorin Pharmaceutical for the development of efzofitimod in Japan, with potential for an additional $155 million in future milestones. However, the company has not generated any revenue from product sales to date and anticipates continued net losses as it advances its clinical programs.
The company is actively seeking additional capital through equity offerings and collaborations to support its operations, as it does not expect to achieve profitability in the near future. As of September 30, 2024, aTyr Pharma had an accumulated deficit of $517.1 million, reflecting its ongoing financial struggles.
About aTYR PHARMA INC
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