LeonaBio, Inc.
LONA evidence brief
What we can confirm
- BioSniper Score:
- 7.4 / 10
- Market Cap:
- $65.2M
- Lead Asset:
- ath-1105 (Phase 2/Phase 3)
What it means
What to watch
Prepared research question
What matters most for LONA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · LONA
LeonaBio, Inc. (LONA) is a pre-revenue biotech company advancing drug candidates lasofoxifene and brelgometon through clinical trials, with significant operating losses and an accumulated deficit of $563.7 million as of June 30, 2026.
Key risk: Cash runway uncertainty
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$65.2M
Cash Runway
—
Lead Asset
ath-1105 (Phase 2/Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 3 clinical trials for LeonaBio, Inc..
LeonaBio, Inc. (LONA) is a pre-revenue biotech company advancing drug candidates lasofoxifene and brelgometon through clinical trials, with significant operating losses and an accumulated deficit of $563.7 million as of June 30, 2026.
- Cash & equivalents of $32.3M as of 2026-06-30 [sec].
- Net income of -$19.0M for the period ended 2026-06-30 [sec].
- Shareholders' equity of $33.6M as of 2026-06-30 [sec].
- Accumulated deficit of $563.7M as of June 30, 2026 [sec_mda].
- Company expects existing cash plus anticipated private placement proceeds to fund operations until 2028 [sec].
What works
- Cash and equivalents of $32.3M as of 2026-06-30 provide near-term liquidity for ongoing R&D [sec].
- Company has raised aggregate net cash proceeds of approximately $489.8M from inception to December 31, 2025, indicating sustained investor interest [sec_mda].
- Multiple drug candidates (lasofoxifene, brelgometon, ATH-1105) are in clinical or preclinical stages, diversifying pipeline risk [sec_mda].
What to weigh
- Accumulated deficit of $563.7M as of June 30, 2026 reflects sustained operating losses with no path to near-term profitability [sec_mda].
- Payment obligations to Sermonix third-party service providers total approximately $16.8M, primarily due within one month, creating near-term cash pressure [sec].
- Company expects to continue incurring operating losses for the foreseeable future, with R&D and G&A expenses expected to increase substantially [sec_mda].
- If additional capital cannot be raised on acceptable terms, the company may be forced to delay, limit, or terminate drug development programs [sec_mda].
From the filings
Quoted directly from source documents.
Cash and equivalents as of June 30, 2026
“cash, cash equivalents and investments of $51.1 million”
SEC MD&A · August 14, 2026
Accumulated deficit as of June 30, 2026
“accumulated deficit of $563.7 million”
SEC MD&A · August 14, 2026
Net losses for years ended December 31, 2025 and 2024
“net losses were $105.6 million and $96.9 million for the years ended 121 December 31, 2025 and 2024”
SEC MD&A · March 31, 2026
Payment obligations to Sermonix service providers
“payment obligations to certain of Sermonix's third-party service providers that total approximately $16.8 million, that are primarily due in the next month”
SEC filings · December 18, 2025
Catalyst timeline
- 2020-09-28 · Phase3_Start: A Randomized, Placebo-Controlled, Double-Blind Study of ATH-1017 Treatment in Subjects With Mild to Moderate Alzheimer's Disease — This Phase 3 trial for ATH-1017 in Alzheimer's disease has already started; watch for interim or final efficacy/safety results.
- 2021-06-30 · Phase3_Start: Open-Label Extension of Studies ATH-1017-AD-0201 and ATH-1017-AD-0202 in Subjects With Mild to Moderate Alzheimer's Disease — Open-label extension study for ATH-1017; long-term safety and durability data may emerge.
- 2023-10-31 · Phase3_Start: An Open Label, Randomized, Multicenter Study Comparing the Efficacy and Safety of the Combination of Lasofoxifene and Abemaciclib to the Combination of Fulvestrant and Abemaciclib for the Treatment of Pre- and Postmenopausal Women and Men With Locally Advanced or Metastatic ER+/HER2- Breast Cancer With an ESR1 Mutation — Phase 3 trial for lasofoxifene in combination with abemaciclib for ESR1-mutated breast cancer; key catalyst for pipeline value.
Risks & what to watch (4)›
Key risks
- Cash runway uncertainty — Cash & equivalents $32.3M as of 2026-06-30; company expects funding until 2028 but payment obligations of $16.8M due soon [sec].
- Sustained operating losses — Accumulated deficit $563.7M as of 2026-06-30; net losses $105.6M in 2025; no profitability expected soon [sec_mda].
- Dependence on future financing — Failure to raise capital on acceptable terms could force delay or termination of drug programs [sec_mda].
- Clinical trial execution risk — Multiple drug candidates in early stages; R&D expenses expected to increase substantially [sec_mda].
What to watch
- Ability to raise additional capital through private placements or other financing to extend cash runway beyond 2028 [sec].
- Progress of lasofoxifene and brelgometon through clinical trials, particularly any efficacy or safety readouts [sec_mda].
- Management of near-term payment obligations to Sermonix service providers totaling $16.8M [sec].
- Trend in net losses and accumulated deficit as the company continues to invest in R&D [sec_mda].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.69 · 0% dilution
Lead: Phase 2/Phase 3
2 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
39
Total value held
$69.9M
| Holder | Shares | Value |
|---|---|---|
| perceptive advisors llc | 1,859,322 | $19.1M |
| kalehua capital management llc | 787,402 | $8.1M |
| adar1 capital management, llc | 727,481 | $7.5M |
| acorn capital advisors, llc | 634,539 | $6.5M |
| commodore capital lp | 464,398 | $4.8M |
| nea management company, llc | 464,398 | $4.8M |
| tcg crossover management, llc | 464,398 | $4.7M |
| spruce street capital lp | 393,701 | $3.8M |
| vanguard capital management llc | 194,760 | $2.0M |
| seven fleet capital management lp | 164,676 | $1.7M |
Showing top 10 of 39 institutional holders of LeonaBio, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 1.4%
- Days to cover
- 0.9
- Shares short
- 78,425
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
LONA short interestGovernance
Frequently asked questions
What is the AI investment thesis for LeonaBio, Inc.?
LeonaBio, Inc. (LONA) is a pre-revenue biotech company advancing drug candidates lasofoxifene and brelgometon through clinical trials, with significant operating losses and an accumulated deficit of $563.7 million as of June 30, 2026.
What is LeonaBio, Inc.'s lead drug candidate?
LeonaBio, Inc.'s most advanced tracked candidate is ath-1105 (Phase 2/Phase 3) for Amyotrophic lateral sclerosis (ALS).
Who is the CEO of LeonaBio, Inc.?
Dr. Mark J. Litton M.B.A., Ph.D. is the chief executive officer of LeonaBio, Inc. (LONA).
Where is LeonaBio, Inc. headquartered?
LeonaBio, Inc. (LONA) is headquartered in Bothell, WA, United States.
What therapeutic areas does LeonaBio, Inc. focus on?
LeonaBio, Inc. develops therapies across Oncology, Neurology, Reproductive.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.