LeonaBio, Inc.
LONA evidence brief
What we can confirm
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 clinical-stage biopharmaceutical company developing drug candidates including lasofoxifene and brelgometon, with a focus on oncology and other therapeutic areas. The company has incurred significant operating losses and relies on financing to fund its operations.
Key risk: Operating losses and deficit
BioSniper Score
Based on 6 of 6 signals
Market Cap
$74.8M
Cash Runway
9.1 moLead Asset
ath-1105 (Phase 2/Phase 3)
Next Catalyst
Phase3_Topline · Apr 1, 2028Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 3 clinical trials · 1 catalyst for LeonaBio, Inc..
LeonaBio, Inc. (LONA) is a clinical-stage biopharmaceutical company developing drug candidates including lasofoxifene and brelgometon, with a focus on oncology and other therapeutic areas. The company has incurred significant operating losses and relies on financing to fund its operations.
- As of June 30, 2026, LeonaBio had cash, cash equivalents and investments of $51.1 million and an accumulated deficit of $563.7 million [sec_mda · as of 2026-08-14].
- Net losses were $105.6 million and $96.9 million for the years ended December 31, 2025 and 2024, respectively [sec_mda · as of 2026-03-31].
- The company is advancing drug candidates lasofoxifene and brelgometon through preclinical studies and clinical trials [sec_mda · as of 2026-08-14].
- LeonaBio expects to continue incurring operating losses for the foreseeable future as it advances its pipeline and conducts larger clinical trials [sec_mda · as of 2026-08-14].
What works
- LeonaBio has raised aggregate net cash proceeds of approximately $489.8 million from inception through December 31, 2025, primarily from equity and convertible securities, indicating ongoing investor support [sec_mda · as of 2026-03-31].
- The company has multiple drug candidates in development, including lasofoxifene and brelgometon, which may address significant unmet medical needs [sec_mda · as of 2026-08-14].
What to weigh
- LeonaBio has a significant accumulated deficit of $563.7 million as of June 30, 2026, reflecting years of operating losses with no approved products generating revenue [sec_mda · as of 2026-08-14].
- The company expects to continue incurring operating losses for the foreseeable future, and its cash and investments of $51.1 million as of June 30, 2026 may not be sufficient to fund all planned operations without additional financing [sec_mda · as of 2026-08-14].
- LeonaBio faces risks related to its ability to obtain funding for operations, including development and commercialization of drug candidates, as noted in forward-looking statements [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
Accumulated deficit and cash position as of June 30, 2026
“As of June 30, 2026, we had an accumulated deficit of $563.7 million and cash, cash equivalents and investments of $51.1 million.”
SEC MD&A · August 14, 2026
Net losses for recent fiscal years
“Our net losses were $105.6 million and $96.9 million for the years ended 121 December 31, 2025 and 2024, respectively.”
SEC MD&A · March 31, 2026
Expectation of continued operating losses
“We expect to continue to incur operating losses for the foreseeable future as we: • continue to advance lasofoxifene, brelgometon and any other drug candidates through preclinical studies and clinical trials;”
SEC MD&A · August 14, 2026
Total net cash raised from inception through December 31, 2025
“From inception to December 31, 2025, we have raised aggregate net cash proceeds of approximately $489.8 million primarily from the issuance of our common stock (excluding option exercises), convertible preferred stock, common stock warrants, and convertible notes.”
SEC MD&A · March 31, 2026
Catalyst timeline
- 2028-04-01 · Phase3_Topline — Topline results from a Phase 3 study comparing the combination of lasofoxifene or brelgometon with standard of care; outcome will inform regulatory and commercial potential.
Risks & what to watch (4)›
Key risks
- Operating losses and deficit — Accumulated deficit of $563.7M as of June 30, 2026; net losses of $105.6M in 2025 [sec_mda · as of 2026-08-14].
- Cash runway uncertainty — Cash and investments of $51.1M as of June 30, 2026 may not be sufficient without additional financing [sec_mda · as of 2026-08-14].
- Dependence on financing — Company needs funding for development and commercialization; no approved products generating revenue [sec_mda · as of 2026-08-14].
- Clinical and regulatory risks — Drug candidates lasofoxifene and brelgometon are in development; success of clinical trials and regulatory approval uncertain [sec_mda · as of 2026-08-14].
What to watch
- Upcoming Phase 3 topline data for lasofoxifene or brelgometon, expected around April 1, 2028 [catalyst_timeline].
- Cash burn rate and any new financing rounds or partnerships to extend runway [sec_mda · as of 2026-08-14].
- Progress of clinical trials for lasofoxifene and brelgometon, including enrollment and safety/efficacy results [sec_mda · as of 2026-08-14].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
9.1 months
D/E 0.69 · 0% dilution
Lead: Phase 2/Phase 3
2 candidates
1 upcoming, next in ~580d
0 buys · 5 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
34
Total value held
$68.0M
| Holder | Shares | Value |
|---|---|---|
| perceptive advisors llc | 3,718,644 | $38.2M |
| adar1 capital management, llc | 727,481 | $7.5M |
| acorn capital advisors, llc | 634,539 | $6.5M |
| commodore capital lp | 464,398 | $4.8M |
| vanguard capital management llc | 389,520 | $4.0M |
| simplify asset management inc. | 149,279 | $1.5M |
| propel bio management, llc | 149,279 | $1.5M |
| geode capital management, llc | 80,323 | $826K |
| renaissance technologies llc | 64,222 | $660K |
| blackrock, inc. | 56,051 | $576K |
Showing top 10 of 34 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 clinical-stage biopharmaceutical company developing drug candidates including lasofoxifene and brelgometon, with a focus on oncology and other therapeutic areas. The company has incurred significant operating losses and relies on financing to fund its operations.
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).
What is LeonaBio, Inc.'s next catalyst?
LeonaBio, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: An Open Label, Randomized, Multicenter Study Comparing the Efficacy and Safety of the Combination of" — expected April 1, 2028.
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.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.