Alterity Therapeutics Aims to Advance ATH434 into Phase 3 in 2026
Alterity Therapeutics issued a letter to shareholders, which read in part, "Our goal for 2025 was the successful completion of the Phase 2 program investigating our lead asset, ATH434, in multiple system atrophy and to produce data that would enable us to advance into Phase 3. We accomplished this mission and then some. Results from the Phase 2 trials were resoundingly favourable with data demonstrating the drug to be safe and well-tolerated with strong signals of efficacy in an indication that, at present, has no approved disease-modifying treatments available for patients. As a result, optimism at Alterity is abound, and we are now focused on advancing ATH434 towards a pivotal Phase 3 clinical program in MSA and potential entry into an estimated $2.4B market opportunity. As 2026 begins, Alterity is positioned to achieve several clinical and operational milestones that offer the potential to greatly enhance the company's value, while elevating its position among the top echelon of innovators in addressing neurodegeneration. I am pleased to share with you more details on what has been accomplished and what we soon plan to achieve...Alterity enters 2026 with one of the most promising clinical programs in MSA worldwide, a growing body of supportive scientific evidence, and a strengthened platform to deliver meaningful value to patients and shareholders. A key milestone during the year will be our End-of-Phase 2 meeting with the FDA in mid-2026, which represents the final regulatory step before initiating our pivotal, Phase 3 study. In parallel, we anticipate an active year of publications, conference presentations, and expanded external activities. In summary, we have three key objectives in 2026: Finalize our regulatory strategy in order to initiate our Phase 3 trial for ATH434 in MSA; Deepen our external engagement across the medical, advocacy, investor, and partner communities; and, Build for scalable growth including a focus on expanding our intellectual property protection. This is a very exciting time in the growth and evolution of Alterity as evidenced by a very productive series of meetings in San Francisco around the annual J.P. Morgan Healthcare conference last week. I would like to thank our employees for their dedication, and our shareholders for their ongoing support as we embark on what we believe will be a dynamic and value-building 2026. We remain committed to our mission of improving the lives of people living with debilitating and devastating neurodegenerative diseases."
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- Clinical Trial Success: In 2025, Alterity successfully completed Phase 2 trials for ATH434, demonstrating strong safety and efficacy signals, paving the way for a transition to Phase 3 trials, which is expected to unlock significant market opportunities.
- Significant Market Potential: ATH434 targets Multiple System Atrophy (MSA), a condition currently lacking effective treatments, with a potential market size of $2.4 billion, and successful advancement will greatly enhance Alterity's competitive position in the biotech sector.
- Regulatory Alignment Plans: Alterity plans to hold an End-of-Phase 2 meeting with the FDA in mid-2026 to finalize the design and key clinical endpoints for Phase 3 trials, ensuring compliance and effectiveness in clinical development.
- Strengthened Leadership Team: In 2025, Alterity enhanced its governance structure by appointing Julian Babarczy as the new Chair of the Board, increasing the leadership team's expertise and market responsiveness, preparing for critical milestones in 2026.
Clinical Trial Results: New analysis from the ATH434-201 trial shows strengthened efficacy at a high dose for treating Multiple System Atrophy (MSA), with positive outcomes also reported in the ATH434-202 open-label trial for advanced MSA patients.
Market Potential: An independent assessment indicates a potential peak sales opportunity of USD $2.4 billion for ATH434 in the MSA market, driven by strong physician interest based on Phase 2 trial results.
Regulatory Engagement: Alterity Therapeutics is actively engaging with the U.S. FDA to discuss necessary data for advancing ATH434 into Phase 3 trials, following a series of Type C meetings to align on clinical development topics.
Financial Position: As of September 30, 2025, Alterity reported a cash balance of A$54.56 million, with operating cash outflows of A$5.34 million for the quarter, and successfully raised A$20 million from a strategic placement to support its programs.

ATH434 Clinical Trial Results: Data from the Phase 2 trial of ATH434 in Multiple System Atrophy (MSA) show it slows disease progression and stabilizes orthostatic hypotension, with significant improvements observed in clinical endpoints compared to placebo.
Neuroimaging and Biomarker Analysis: Advanced neuroimaging and biomarker assessments in the trial enhance the understanding of MSA diagnosis and track disease evolution, indicating a multimodal approach may improve diagnostic accuracy.

Clinical Trial Presentation: Data from Alterity Therapeutics' ATH434-201 Phase 2 trial in Multiple System Atrophy (MSA) will be presented at the 2025 International Congress of Parkinson's Disease and Movement Disorders, highlighting its potential as a first-ever treatment for MSA.
Efficacy and Safety Results: The trial demonstrated significant clinical efficacy, improved motor performance, and a favorable safety profile for ATH434, which is designed to inhibit protein aggregation associated with neurodegeneration.
Corporate Update Announcement: Alterity Therapeutics will present a corporate update at the Biotech Showcase on September 3, 2025, in Australia and September 2, 2025, in the U.S., focusing on their advancements in neurodegenerative disease treatments.
Clinical Trial Progress: The company has shown promising results for its lead asset, ATH434, in clinical trials for Multiple System Atrophy (MSA), a rare Parkinsonian disorder, and is actively developing therapies for Parkinson's disease and related conditions.

Clinical Trial Results: The ATH434-202 Phase 2 clinical trial demonstrated that ATH434 significantly improved neurological symptoms and slowed disease progression in patients with advanced Multiple System Atrophy (MSA), showing a reduction in impairment on the Unified MSA Rating Scale and stabilization of key biomarkers.
Safety Profile: ATH434 was well-tolerated among participants, with no serious adverse events related to the treatment reported, supporting its favorable safety profile and potential for further development as a disease-modifying therapy for MSA.





