Akari Therapeutics Reports $6.4 Million Net Loss in Q3 2025, Shifts Focus to ADC Platform

Akari Therapeutics Plc reported its financial results for the third quarter of 2025, revealing a net loss of $6.4 million, compared to a loss of $2.9 million in the same period last year. For the nine months ending September 30, 2025, the company recorded a net loss of $12 million, a decrease from $16 million in the prior year. The increase in quarterly losses was primarily attributed to a $5.18 million impairment charge on intangible assets, reflecting a strategic shift in focus towards its antibody-drug conjugate (ADC) platform following the acquisition of Peak Bio in November 2024.

Total operating expenses for the third quarter reached $7.4 million, significantly higher than the $2.9 million reported in the same quarter of 2024. This increase was driven by higher general and administrative costs, which rose to $2 million from $1.7 million, and the aforementioned impairment loss. Research and development expenses saw a modest increase to $249,000 from $143,000 year-over-year, while expenses for the nine-month period decreased to $1.7 million from $5.7 million, reflecting the company's decision to suspend development of legacy programs in favor of its ADC initiatives.

In terms of liquidity, Akari reported cash and restricted cash totaling $2.5 million as of September 30, 2025, a slight decrease from $2.6 million at the end of 2024. The company has incurred substantial losses since its inception, leading to an accumulated deficit of $259.3 million. To support ongoing operations, Akari has engaged in various financing activities, including a registered direct offering that closed on October 16, 2025, which raised $2.5 million. The company also entered into an Ordinary Share Purchase Agreement with White Lion Capital, allowing for potential future funding of up to $25 million.

Operationally, Akari has shifted its focus to developing ADCs, particularly its lead candidate AKTX-101, which targets Trop2 and utilizes a novel payload. The company has suspended further development of its previous lead candidates, nomacopan and PAS-nomacopan, and is seeking strategic partnerships for their advancement. The company’s workforce was significantly reduced in May 2024 as part of a restructuring plan aimed at aligning resources with its new strategic direction.

Looking ahead, Akari anticipates continued operating losses as it invests in the development of its ADC platform. The company is actively seeking additional funding to support its operations and research activities, with management expressing uncertainty about its ability to continue as a going concern without securing further capital. The company’s future financial health will depend on its ability to successfully develop its product candidates and secure necessary funding.