10-Q · May 15, 2026
aTyr Pharma's Q1 2026 report shows a notable improvement in EPS to -$0.11 from -$0.17 in the previous quarter, despite revenues remaining at $0.0. Gross margins were not disclosed, reflecting ongoing challenges in…
Earnings analysis · 10-Q
ATYR earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q extract does not include current-quarter revenue, margins, EPS, balance-sheet detail, or cash-flow statements, so those metrics cannot be assessed reliably. Operationally, aTyr is conserving capital…
Read full summary
The supplied 10-Q extract does not include current-quarter revenue, margins, EPS, balance-sheet detail, or cash-flow statements, so those metrics cannot be assessed reliably. Operationally, aTyr is conserving capital through a workforce reduction of approximately 60% and targeting approximately $13 million of annualized savings, but it expects approximately $4.2 million of restructuring charges and still requires additional capital for the Planned Phase 3 Study. The clinical outlook remains highly uncertain after EFZO-FIT failed its primary endpoint and the FDA characterized the study as failed, while CDMO, litigation and Nasdaq listing risks add further pressure.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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$58.9M Liquidity Supports Near-Term Operations
Cash, cash equivalents, restricted cash and available-for-sale investments totaled approximately $58.9 million as of June 30, 2026. Management believes these resources will cover material cash requirements for at least one year from the filing date.
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Cost Reduction Plan Targets $13M Annual Savings
The Restructuring Plan is expected to reduce annualized operating expenses by approximately $13 million beginning in Q4 2026. Management expects the plan to reduce the workforce by approximately 60% to 20 full-time employees.
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Phase 3 Protocol Awaits FDA Feedback
Management submitted the Planned Phase 3 Study protocol to the FDA in June 2026 and expects FDA comments by the end of August 2026. The planned study is intended to continue efzofitimod development in pulmonary sarcoidosis.
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Global Efzofitimod Rights Revert to aTyr
The company retains global rights to develop and commercialize efzofitimod following termination of the Kyorin Agreement. The filing states that approximately $155.0 million of future development, regulatory and sales milestones will no longer be available under that agreement.
What to watch
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Additional Capital Required for Phase 3
The company states that its approximately $58.9 million of liquidity will not fund the Planned Phase 3 Study and that additional capital will be required for the study and any further clinical trials. Financing could involve dilution, debt obligations or unfavorable strategic-partnering terms.
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Failed Prior Study Raises FDA Approval Risk
The EFZO-FIT study did not meet its primary endpoint of steroid reduction, and the FDA views the study as failed and indicated its results will not be useful in establishing effectiveness. The Planned Phase 3 Study will use a higher, unstudied dosing frequency of 5.0 mg/kg every three weeks versus once every four weeks in past trials.
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CDMO Inspection and Site Relocation Risk
The FDA issued the company’s current CDMO a Form 483 in March 2026. Separately, the CDMO plans to relocate the microbial manufacturing site, creating potential transition, validation and commercial-supply risks.
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Deep Restructuring and Executive Turnover
The restructuring will reduce the workforce by approximately 60% to 20 employees, and the company expects approximately $4.2 million of severance and related charges. The CFO and General Counsel are expected to leave effective September 30, 2026, creating transition and execution risk.
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Securities Litigation Remains Outstanding
Two securities class-action complaints filed in October 2025 were consolidated, and an amended complaint filed May 1, 2026 added the CFO as a defendant. The company moved to dismiss on July 17, 2026, with opposition due August 28, 2026.
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Nasdaq Minimum Bid-Price Deficiency
Nasdaq granted the company an additional compliance period through November 30, 2026 to regain the $1.00 minimum bid-price requirement. The filing states that the stock traded between $0.40 and $6.61 from January 1, 2025 through August 6, 2026.
Management's outlook
No quantitative revenue or EPS guidance was provided in the supplied 10-Q text. Management expects the August 2026 restructuring to reduce annualized operating expenses by approximately $13 million beginning in Q4 2026; the company estimates approximately $4.2 million of restructuring charges in Q3 2026.
Earlier filings 4
10-K · March 5, 2026
aTyr reported that its Phase 3 EFZO-FIT study in pulmonary sarcoidosis did not meet the primary endpoint (change in mean daily OCS dose at week 48), but showed nominally positive secondary findings (KSQ‑Lung p=0.0479;…
10-Q · August 7, 2025
aTyr reported no revenue and a GAAP net loss of $19.5M (net loss per share $0.22) for Q2 2025. Cash and investments improved — total cash, cash equivalents, restricted cash and available-for-sale investments were $83.2M…
10-Q · May 2, 2024
aTyr reported $235,000 of license and collaboration revenue in Q1 2024 (vs $0 in Q1 2023) but posted a larger net loss of $15.5 million ($0.23 loss per share) as R&D spending rose. Cash, cash equivalents and investments…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.