LeonaBio reported full year 2025 results and bolstered its balance sheet with a $90 million private placement financing. The company issued cash-exercisable warrants that could provide up to an additional $146 million upon exercise, funding key clinical and regulatory milestones through 2027. ATH-1105 is a brain-penetrant small molecule modulating the neurotrophic HGF system for neurodegenerative diseases including ALS. Phase 1 data in healthy volunteers demonstrated favorable safety, dose-proportional pharmacokinetics and CNS penetration, and the company plans to initiate a Phase 2 proof-of-concept study in ALS patients in the second half of 2026. In December 2025, LeonaBio obtained an exclusive global license (excluding Asia and select Middle Eastern countries) from Sermonix Pharmaceuticals for lasofoxifene, a novel SERM targeting ESR1 mutations in ER+ breast cancer. The ongoing ELAINE-3 Phase 3 trial, combining lasofoxifene with abemaciclib, has been amended to enroll up to 600 patients with enrollment expected to finish in 4Q 2026 and topline progression-free survival data due in 2H 2027.