Athira Pharma Inc.

01/06/2023 | Press release | Distributed by Public on 01/06/2023 16:31

Material Agreement - Form 8-K




Washington, DC 20549



Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 6, 2023

Athira Pharma, Inc.

(Exact name of registrant as specified in its charter)




(State or other jurisdiction

of incorporation)


File Number)

(IRS Employer

Identification No.)

18706 North Creek Parkway, Suite 104
Bothell, WA 98011

(Address of principal executive offices, including zip code)

(425) 620-8501

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share


The Nasdaq Stock Market LLC
(The Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).

Item 1.01. Entry into a Material Definitive Agreement

On January 6, 2023, Athira Pharma, Inc, a Delaware corporation (the "Company"), entered into a Controlled Equity Offering Sales AgreementSM(the "Sales Agreement") with Cantor Fitzgerald & Co. ("Cantor") and BTIG, LLC ("BTIG" and together with Cantor, the "Agents" and each, an "Agent"). The Sales Agreement provides for the offer and sale of the Company's common stock, par value $0.0001 per share, from time to time through an "at the market offering" program under which the Agents will each act as sales agent, subject to certain limitations, including the maximum aggregate dollar amount registered pursuant to the applicable prospectus supplement.

Under the Sales Agreement, the Company will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitation on the number of shares that may be sold in any

one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, the Agents may sell the shares by any method permitted by law deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including sales made directly on The Nasdaq Stock Market LLC or on any other existing trading market for the common stock, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices and/or any other method permitted by law. The Agents will use commercially reasonable efforts consistent with their normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The Nasdaq Stock Market LLC. The Sales Agreement may be terminated by the Company upon written notice to the Agents for any reason or by an Agent, with respect to itself only, upon written notice to the Company for any reason or at any time under certain circumstances, including but not limited to the occurrence of a material adverse change in the Company. Under the terms of the Sales Agreement, the Company may also sell shares to each Agent acting as principal for such Agent's own account at prices agreed upon at the time of sale.

The Sales Agreement provides that each Agent will be entitled to compensation for its services equal to 3.0% of the aggregate gross proceeds from each sale made by such Agent under the Sales Agreement. The Company has no obligation to sell any shares under the Sales Agreement, and may at any time suspend solicitation and offers under the Sales Agreement. The Sales Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company and the Agents, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Sales Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties.

The shares will be issued pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-261073), declared effective by the Securities and Exchange Commission (the "SEC") on November 24, 2021. The Company filed a prospectus supplement, dated January 6, 2023, with the SEC in connection with the offer and sale of the shares pursuant to the Sales Agreement.

The foregoing description of the Sales Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, a copy of which is filed herewith as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The legal opinion of Wilson Sonsini Goodrich & Rosati, Professional Corporation, relating to the shares of common stock being offered is filed as Exhibit 5.1 to this Current Report on Form 8-K.

This Current Report shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Item 2.02 Results of Operations and Financial Condition

On January 6, 2023, the Company announced the Company's preliminary and unaudited estimate of approximately $245.2 million in cash, cash equivalents and investments as of December 31, 2022 (such information, the "Financial Condition Information"). The Financial Condition Information is set forth in a prospectus supplement filed by the Company on January 6, 2023 under the caption "Certain Preliminary Financial Position Information". These preliminary results are based on management's initial analysis of operations for the quarter and year ended December 31, 2022 and are subject to further internal review and audit by the company's external auditors.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.



Controlled Equity Offering Sales AgreementSM, dated January 6, 2023, among the Company, Cantor Fitzgerald & Co. and BTIG, LLC.


Legal Opinion of Wilson Sonsini Goodrich & Rosati, P.C.


Consent of Wilson Sonsini Goodrich & Rosati, P.C. (included in Exhibit 5.1).


Cover Page Interactive Data File (formatted as Inline XBRL).


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Athira Pharma, Inc.


January 6, 2023


/s/ Mark Litton

Mark Litton

President and Chief Executive Officer