Akari Therapeutics Plc, a UK-based oncology company, reported a net loss of $19.8 million for the year ended December 31, 2024, a significant increase from the $10 million net loss reported in 2023. This increase is primarily attributed to a 29% rise in total operating expenses to $21.6 million, driven by increased research and development expenses ($6.983 million in 2024 versus $5.45 million in 2023), primarily due to increased spending on preclinical ADC development and clinical trial close-out costs for the discontinued HSCT-TMA program. General and administrative expenses decreased by 15% to $9.664 million, largely due to a reduction-in-force implemented in May 2024. The 2024 figures also include $3.273 million in merger-related expenses and $1.723 million in restructuring costs, absent in 2023.
The company's financial performance reflects a strategic shift towards its antibody-drug conjugate (ADC) platform following its merger with Peak Bio, Inc. in November 2024. This merger resulted in the suspension of Akari's legacy programs, nomacopan and PAS-nomacopan, with plans to seek external partners for their further development. The company's cash balance stood at approximately $2.6 million as of December 31, 2024, and it anticipates needing substantial additional capital to fund its operations and the development of its ADC pipeline, which currently includes AKTX-101 (preclinical stage) and AKTX-102 (discovery stage). The company has engaged in several private placements throughout 2024 and 2025 to raise capital.
Significant organizational changes occurred during the year, including a reduction-in-force resulting in a 67% decrease in employee headcount and the appointment of Abizer Gaslightwala as President and CEO, effective April 21, 2025. The company's strategy focuses on advancing AKTX-101 towards Investigational New Drug (IND) application and potential first-in-human trials, progressing AKTX-102 through preclinical studies, developing additional ADC programs using novel payloads (PH5 and PH6), and out-licensing its legacy non-oncology assets. The company also plans to leverage its ADC platform and payload library for potential partnerships with other biopharmaceutical companies.
Akari's financial statements reveal material weaknesses in its internal control over financial reporting as of December 31, 2024, related to information technology general controls, purchase-to-pay processes, and business combination accounting. The company is implementing remediation plans to address these weaknesses. The company's financial outlook indicates that its existing cash resources are projected to fund operations into September 2025, but further fundraising is anticipated to sustain operations beyond that timeframe. The company's filings also detail various risk factors, including those related to its financial position, capital requirements, product development, regulatory approvals, commercialization, competition, intellectual property, and reliance on third parties. The company's filings also include extensive disclosures regarding its corporate governance structure and executive compensation.
About Akari Therapeutics Plc
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.