Astria Therapeutics Reports Third Quarter 2021 Financial Results and Provides a Corporate Update -- STAR-0215, in Development to Treat HAE, on Track for Initial Phase 1 Clinical Results Expected by Year End 2022 -- -- Ne

Astria Therapeutics Reports Third Quarter 2021

Financial Results and Provides a Corporate Update

-- STAR-0215, in Development to Treat

HAE, on Track for Initial Phase 1 Clinical Results Expected by Year End 2022 --

-- New Preclinical Data on STAR-0215

Demonstrating High Potency and Extended Plasma Half-Life --

-- Findings on Burdens of Disease

and Treatment in HAE Support Substantial Need to Decrease Patient Burden --

BOSTON, Mass., November 10, 2021 - Astria

Therapeutics, Inc. (NASDAQ:ATXS), a biopharmaceutical company developing STAR-0215 for the treatment of hereditary angioedema (HAE),

today reported financial results for the third quarter ended September 30, 2021 and provided a corporate update.

"Our new company name, Astria, embodies

our commitment to put patients first in all that we do. Astria originates from the Greek word for star, and patients are our guiding stars.

Our goal is to develop the most patient-friendly preventative treatment option for HAE with dosing once every three months or longer,"

said Jill C. Milne, Ph.D., Chief Executive Officer of Astria Therapeutics. "With STAR-0215, we believe we can reduce treatment burden,

and we are looking forward to advancing development of STAR-0215 through clinical proof of concept with initial results anticipated by

STAR-0215 (formerly QLS-215) for the Treatment

Corporate Highlights

Third Quarter 2021 Financial Results

Position: As of September 30, 2021, Astria had cash and cash equivalents of $131.8

million, compared to $139.5 million as of June 30,

2021. The Company expects that it has sufficient cash to fund its current operating plan through 2023. Net cash used in operating activities

for the three months ended September 30, 2021, was $7.7 million, compared to $9.9

million for the three months ended September 30, 2020.

Expenses: Research and development expenses were $3.8 million for the three months ended

September 30, 2021, compared to $7.8 million for the three months ended September 30, 2020.

Expenses: General and administrative expenses were $4.1 million for the three months ended September 30, 2021, compared to $3.1 million

for the three months ended September 30, 2020.

Loss: Loss from operations was $7.9 million for the three months ended September 30, 2021, compared to $10.9 million for the three

months ended September 30, 2020.

Net loss was $7.9 million for the three months ended September 30, 2021, compared to a net loss of $10.9 million for the three months

ended September 30, 2020.

Per Share Basic and Diluted: Net loss per share basic and diluted was $0.61 for the three months ended September 30, 2021, compared

to a net loss basic and diluted of $3.36 per share for the three months ended September 30, 2020.

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 preclinical development for the treatment of

and on Facebook and LinkedIn.

Forward Looking Statements

This press release contains forward-looking

statements within the meaning of applicable securities laws and regulations including, but not limited to, statements regarding: the

Company's projected cash runway; expectations regarding the timing for the filing of an IND and commencement of a Phase 1

clinical trial for STAR-0215, the timing of the initial results from such trial and that the results from such trial could provide

clinical proof of concept for the activity and plasma half-life improvements for STAR-0215; the potential attributes and

differentiated profile of STAR-0215 as a treatment for HAE, and the potential commercial opportunity for STAR-0215 in HAE; the need

for effective treatments for HAE; and the Company's broader goal to meet the unmet needs of patients with rare and niche

allergic and immunological diseases. The use of words such as, but not limited to, "anticipate," "believe,"

"continue," "could," "estimate," "expect," "goals,"

"intend," "may," "might," "plan," "potential," "predict,"

"project," "should," "target," "will," or "would" and similar words

expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor

assurances of future performance. Instead, they are based on the Company's current beliefs, expectations and assumptions

regarding the future of its business, future plans and strategies, future financial performance, results of pre-clinical and

clinical results of the Company's product candidates and other future conditions. Actual results may differ materially from

those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties:

related to the Company's ability to recognize the anticipated benefits of the Quellis acquisition; changes in applicable laws

or regulations; the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors,

including the COVID-19 pandemic; risks inherent in pharmaceutical research and development, such as: adverse results in our drug

discovery, preclinical and clinical development activities, the risk that the results of pre-clinical studies may not be replicated

in clinical studies, the Company's ability to enroll patients in our clinical trials, and the risk that any of the

Company's clinical trials may not commence, continue or be completed on time, or at all; decisions made by, or feedback

received from, the U.S. FDA and other regulatory authorities, investigational review boards at clinical trial sites and other review

bodies with respect to STAR-0215 and any future product candidates; the Company's ability to manufacture sufficient quantities

of drug substance and drug product on a cost-effective and timely basis; the Company's ability to obtain, maintain and enforce

intellectual property rights for STAR-0215 and any other future product candidates; competition with respect to STAR-0215 in HAE or

with respect to any other future product candidates; the risk that survey results and market research may not be accurate predictors

of the commercial landscape for HAE and the anticipated position of STAR-0215 in HAE based on its pre-clinical profile; the

Company's ability to manage its cash usage and the possibility of unexpected cash expenditures; the Company's ability to

obtain necessary financing to conduct its planned activities and to manage unplanned cash requirements; general economic and market

conditions; as well as the risks and uncertainties set forth under the caption "Risk Factors" in the Company's

most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other

important factors in the Company's subsequent filings with the SEC. New risks and uncertainties may emerge from time to time,

and it is not possible to predict all risks and uncertainties. The Company may not actually achieve the forecasts or expectations

disclosed in our forward-looking statements, and investors and potential investors should not place undue reliance on the

Company's forward-looking statements. Neither the Company, nor its affiliates, advisors or representatives, undertake any

obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or

otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company's

views as of any date subsequent to the date hereof.

Astria Therapeutics, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share data)

Astria Therapeutics, Inc.

Selected Consolidated Balance Sheets Data

Astria Therapeutics, Inc.

Selected Consolidated Statements of Cash Flows