---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-323692"
form_type: "8-K"
ticker: "LONA"
cik: "0001620463"
company_name: "LeonaBio, Inc."
filed_at: "2025-12-18T23:59:59+00:00"
generated_at: "2026-05-16T12:44:54.633041+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Athira Pharma raises ~$90M via PIPE and licenses lasofoxifene from Sermonix

## Summary
- PIPE gross proceeds ~$90M; investors include Commodore, TCGX, Perceptive; priced at $6.35/share with warrants.
- Sermonix license grants exclusive rights to oral lasofoxifene outside Asia; $34.9M equity issued to Sermonix.
- Milestone payments to Sermonix up to $100M; royalties from sub-single to low-single digit percentages.
- Ligand agreement imposes separate milestones up to $21M and mid-single to low-double digit royalties.
- Commodore and TCGX each get board designee if holding ≥5%; Company to seek resignation of two current directors.

## SEC filing metadata
- accession: 0001193125-25-323692
- form_type: 8-K
- ticker: LONA
- cik: 0001620463
- company_name: LeonaBio, Inc.
- filed_at: 2025-12-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1620463/000119312525323692/0001193125-25-323692-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1620463/000119312525323692/atha-20251218.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-323692
- JSON: https://secwatch.observer/filing/0001193125-25-323692.json
- Plain text: https://secwatch.observer/filing/0001193125-25-323692.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.