Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
“Athira Pharma (ATHA) has a market capitalization of ~$12.1MM despite having $33.7MM in NCAV as of 3/31. This busted biotech announced a strategic review back in September, hiring Cantor Fitzgerald, but didn't completely halt their research pipeline. ATHA has one potential ALS therapy (ATH-1105) currently in a Phase 1 trial with healthy adults, the company is hoping to dose with actual ALS patients later this year. If we assume they'll burn another $15MM (currently spending ~$9MM/quarter) chasing the drug development ghost and on any strategic transaction expenses, liquidation value comes in around $0.48/share versus a current quote of $0.31/share. That's before ascribing anything for the public listing or IP value with ATH-1105. Perspective Advisors is the largest shareholder with ~14% of the shares outstanding, they previously indicated in a 13D filing they have been in discussions with management on a reverse merger or other transaction. BML owns 8% and has been more active in pushing for liquidations recently. This situation isn't as clean as I typically like and has a significant ongoing burn, but I continue to hold a small position. BSD Analysis: Athira Pharma, Inc. (ATHA) Athira is a classic high-risk, high-reward biotech speculation currently navigating a precarious strategic review after the failure of its lead Alzheimer's candidate, LIFT-AD. The current narrative hinges entirely on the success of ATH-1105 for ALS, a completely separate indication that is still in early Phase 1 development but has shown promising preclinical effects on the neurotrophic HGF system. Management's decision to implement a significant reverse stock split and aggressively reduce cash burn signals a company fighting for its corporate life and seeking a last-ditch licensing or M&A rescue. For the speculative investor, the upside is a massive re-rating should any further positive ATH-1105 clinical data materialize, but the downside is a near-total loss as the cash runway dwindles amid the search for a buyer.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
