Athira Pharma licenses lasofoxifene rights, raises $90M in PIPE financing

LeonaBio, Inc.

Licensed exclusive rights to oral lasofoxifene from Sermonix and Ligand for $34.9M in equity, plus monthly payments and up to $100M milestones.
PIPE raises ~$90M gross from Commodore, TCGX, Perceptive and others at $6.35/share with warrants exercisable after ELAINE-3 milestones.
Both PIPE and Sermonix closings expected December 23, 2025; proceeds for working capital, excluding debt repayment or stock redemption.
Commodore and TCGX each get board designation rights if holding 5%+; company to seek resignation of two current directors within 6 months.
Joseph Edelman (Perceptive) is a board member; Perceptive affiliates hold ~29% of Sermonix capital stock.

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