AstronauTx has exercised its option to acquire worldwide rights to ATX0926 from Saniona, with the neurological disease candidate now moving towards IND-enabling studies.

Collaboration delivers development candidate

The companies have been working together since 2023 under a research collaboration and option agreement focused on discovering treatments for neurological conditions by modulating an undisclosed ion channel target.

The collaboration combined Saniona’s IonBase ion channel discovery platform with AstronauTx’s expertise in sleep biology and neuroscience.

The work has produced ATX0926, which is expected to enter IND-enabling studies shortly. AstronauTx will now hold exclusive worldwide rights to research, develop, manufacture and commercialise therapeutic candidates arising from the collaboration.

Thomas Feldthus, chief executive officer of Saniona, said: “AstronauTx’s decision to exercise its option is a strong endorsement of both the scientific progress achieved through our collaboration and Saniona’s ion channel discovery platform.”

Feldthus added that the agreement demonstrates Saniona’s ability to generate and advance development candidates with partners while retaining potential long-term value through equity ownership, milestones and royalties.

ATX0926 advances towards clinical development

Under the agreement, AstronauTx will issue Series A shares to Saniona valued at US$5 million. The shares will be priced on the same terms as AstronauTx’s Series A financing completed in October 2023.

Saniona said it will recognise US$5 million in income and record a corresponding investment in AstronauTx on its balance sheet.

For AstronauTx, the option exercise marks the progression of ATX0926 towards clinical development and adds the programme to its pipeline of therapies focused on sleep biology and neurological disease.

Jane Rhodes, chief executive officer of AstronauTx, said: “Exercising this option reflects the strength of the science that has come out of our collaboration with Saniona and our conviction in this target and its mechanism of promoting glymphatic flow as a potential new approach to treating neurological disease.”

Rhodes added that ATX0926 further strengthens the company’s pipeline as it prepares to enter clinical development with its lead programme.

The companies have not disclosed the specific neurological disease indication being pursued by ATX0926 or further details of the molecule’s preclinical profile.