Astria Therapeutics Announces Pricing of $100 Million Underwritten Offering of Common Stock

Astria Therapeutics Announces Pricing of $100

Million Underwritten Offering of Common Stock

BOSTON, Mass., December 15, 2022 -

Astria Therapeutics, Inc. ("Astria Therapeutics," "Astria," the "Company," "our,"

or "us") (Nasdaq: ATXS), a biopharmaceutical company developing STAR-0215 for the treatment of hereditary angioedema and

focused on life-changing therapies for rare and niche allergic and immunological diseases, today announced the pricing of an underwritten

offering of 9,082,653 shares of its common stock at a price of $11.01 per share. The gross proceeds of the offering are expected to be

approximately $100 million, before deducting underwriting discounts and commissions and other estimated offering expenses. In addition,

the underwriters have a 30-day option to purchase up to an additional 1,362,397 shares of common stock at the public offering price less

underwriting discounts and commissions.

All of the securities

are being offered by Astria. The offering is expected to close on or about December 19, 2022, subject to satisfaction of customary

Jefferies and Evercore

ISI are acting as joint book-running managers for the offering. LifeSci Capital and Oppenheimer & Co. are acting as co-lead

managers and H.C. Wainwright & Co. is acting as co-manager for the offering.

described above are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-264911), which was

declared effective by the Securities and Exchange Commission (the "SEC") on May 23, 2022. The offering is being

made only by means of a prospectus supplement and the accompanying prospectus. A prospectus supplement relating to the offering will

be filed with the SEC and will be available at www.sec.gov. When available, copies of the prospectus supplement and the

accompanying prospectus may be obtained for free by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520

Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; or

Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055,

or by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com

does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be

any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration

or qualification under the securities laws of any such jurisdiction.

About Astria Therapeutics

Astria Therapeutics is a biopharmaceutical company,

and our mission is to bring life-changing therapies to patients and families affected by rare and niche allergic and immunological diseases.

Our lead program, STAR-0215, is a monoclonal antibody inhibitor of plasma kallikrein in clinical development for the treatment of hereditary

Forward Looking Statements

Any statements in this press release about future

expectations, plans and prospects for the Company, including statements about the anticipated completion of the offering and the expected

gross proceeds of the offering, among other things, statements containing the words "believes," "anticipates,"

"plans," "expects," "may" and similar expressions, constitute forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking

statements as a result of various important factors, including: risks and uncertainties associated with market conditions, the satisfaction

of customary closing conditions relating to the offering, as well as uncertainties inherent in the initiation and completion of preclinical

studies and clinical trials and clinical development of the Company's product candidates; whether interim results from a clinical

trial will be predictive of the final results of the trial or the results of future trials; expectations for regulatory approvals to

conduct trials or to market products; availability of funding sufficient for the Company's foreseeable and unforeseeable operating

expenses and capital expenditure requirements; other matters that could affect the availability or commercial potential of the Company's

product candidates; and general economic and market conditions and other factors discussed in the "Risk Factors" section

of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which is on file with the SEC,

and in other filings that the Company may make with the SEC in the future. In addition, the forward-looking statements included in this

press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events

and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking

statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements

should not be relied upon as representing the Company's views as of any date subsequent to the date of this release.