FDA-aligned Phase 3 design in hand for an MSA drug with no approved rivals, but Phase 3 launch hinges on closing a partnership before Q3 2027 cash runs out

Alterity Therapeutics is a clinical-stage company developing an oral drug to treat multiple system atrophy, a fatal neurological disease for which no treatment is currently approved.

ATH434 is an oral iron-chelating small molecule that slowed functional decline by 48% versus placebo in Phase 2 for multiple system atrophy, a fatal orphan neurodegeneration with no approved disease-modifying therapy. The thesis resolves on whether Alterity closes a partnership or secures non-dilutive funding before its Q3 2027 runway expires, as Phase 3 cannot launch without external capital. FDA has confirmed a single pivotal trial plus Phase 2 data can support NDA approval, but that approval path rests entirely on Phase 2 open-label and placebo-controlled data, not a completed Phase 3.