Akari Therapeutics Reports $3.7 Million Net Loss, Focuses on Antibody-Drug Conjugate Platform

Akari Therapeutics Plc reported a net loss of $3.7 million for the first quarter of 2025, a significant improvement from the $5.6 million loss recorded in the same period of the previous year. The company's total operating expenses decreased by 41% to $3.5 million, down from $6.0 million in the first quarter of 2024. This reduction was primarily driven by a 64% decrease in research and development expenses, which fell to $813,000 from $2.3 million, as the company has shifted its focus towards its antibody-drug conjugate (ADC) platform following the acquisition of Peak Bio in November 2024.

In terms of financial position, Akari's total assets increased slightly to $50.96 million as of March 31, 2025, compared to $50.56 million at the end of 2024. The company reported cash and restricted cash of $2.6 million, which is not sufficient to fund operations for the next year, raising concerns about its ability to continue as a going concern. The accumulated deficit stood at $251 million, reflecting the ongoing challenges in generating revenue, as the company has yet to commercialize any products.

Strategically, Akari has made significant changes to its operational focus, particularly after the merger with Peak Bio, which has allowed it to expand its pipeline of ADC candidates. The company has suspended its previous clinical programs, including nomacopan, to concentrate on developing ADCs that utilize novel payloads. This strategic pivot aims to enhance the efficacy and safety of cancer therapies, with the lead candidate being AKTX-101, which targets Trop2 in various solid tumors.

The company also completed a private placement in March 2025, raising approximately $6 million, which is expected to support its operations into September 2025. However, Akari acknowledges the need for additional funding to sustain its research and development efforts and is exploring various financing options, including equity and debt securities. The company’s workforce has been significantly reduced by 67% as part of a restructuring plan aimed at aligning its resources with its new strategic direction.

Looking ahead, Akari remains focused on advancing its ADC platform and is actively seeking partnerships to further develop its pipeline. The company anticipates that its future financial performance will depend heavily on the successful execution of its research and development plans, as well as its ability to secure additional funding to support ongoing operations.