ATHENA (Advanced Thermal-Hydraulic Experiment for Nuclear Applications) is a large multipurpose pool-type lead-cooled facility under construction at the Mioveni site in Romania. It has been identified by the FALCON (Fostering ALfred CONstruction) Consortium to characterize large to full-scale ALFRED components, to conduct integral tests, and to investigate the main thermal–hydraulic phenomena inherent in pool-type systems. ATHENA is representative of ALFRED in terms of the difference in height of the thermal barycenters of the heat source and heat sink, i.e., 3.3 m, in order to reproduce the buoyancy forces in the system. Similar to ALFRED’s design, ATHENA minimizes thermal stratification within the main vessel even under natural circulation conditions, through an internal structure referred to as “barrel”. This structure directs the fluid flow towards the main vessel, preventing fluid stagnation near the vessel itself. The paper initially provides a steady-state thermal–hydraulic characterization of the facility, including details of the numerical model developed using the RELAP5/Mod3.3 thermal–hydraulic code. Then, focus is given to the transient analysis considering as a reference scenario a Loss-of-Heat-Sink (LOHS) accidental transient. In this scenario, the Main Circulation Pump (MCP) is assumed to remain operational while the Core Simulator (CS) is deactivated once the lead temperature at the Main Heat Exchanger (MHX) outlet reaches a predefined threshold. A sensitivity analysis is conducted with set points of 430 °C, 450 °C, 470 °C, and 490 °C, assessing the system’s response following MHX isolation from the secondary loop. The study evaluates the impact of different CS deactivation set points on reactor SCRAM delay (reducing CS power to a level representative of decay heat) as well as on system maximum and minimum temperatures.