---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-126579"
form_type: "8-K"
ticker: "LONA"
cik: "0001620463"
company_name: "LeonaBio, Inc."
filed_at: "2026-03-26T23:59:59+00:00"
generated_at: "2026-05-15T08:50:16.156455+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# LeonaBio reports FY2025 net loss $105.6M; acquires Phase 3 lasofoxifene, raises $90M

## Summary
- Net loss of $105.6M ($24.70 per share) for FY2025 vs $96.9M loss in FY2024; R&D expenses rose to $85.6M on lasofoxifene license costs.
- Cash and investments $88.3M at Dec 31, 2025, up from $51.3M year-end 2024; $90M private placement closed with potential $146M from warrant exercises.
- Exclusive global license acquired for Phase 3 lasofoxifene (SERM) for ESR1-mutated metastatic breast cancer; ELAINE-3 enrollment completion expected 4Q2026, topline data 2H2027.
- ATH-1105 Phase 2 proof-of-concept trial in ALS patients on track to initiate in 2H2026; Phase 1 data showed favorable safety and CNS penetration.
- G&A expenses decreased to $16.7M from $26.1M, reflecting cost efficiencies; company renamed from Athira to LeonaBio in Jan 2026.

## SEC filing metadata
- accession: 0001193125-26-126579
- form_type: 8-K
- ticker: LONA
- cik: 0001620463
- company_name: LeonaBio, Inc.
- filed_at: 2026-03-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1620463/000119312526126579/0001193125-26-126579-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1620463/000119312526126579/lona-20260326.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-126579
- JSON: https://secwatch.observer/filing/0001193125-26-126579.json
- Plain text: https://secwatch.observer/filing/0001193125-26-126579.txt

## Key facts
- Earnings Releases
  LeonaBio, Inc. reported financial results for the year ended December 31, 2025.
  - Period: the year ended December 31, 2025
  - Result: reported results
  source text: On March 26, 2025, LeonaBio, Inc. (the “Company”) issued a press release reporting its financial results for the year ended December 31, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1620463/000119312526126579/0001193125-26-126579-index.htm

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