In This Story
Akari Therapeutics, Plc has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2.9 million, consistent with the same quarter the previous year. The company reported a net loss of $16.0 million for the nine months ended September 30, 2024, compared to $5.9 million in the previous year.
Research and development expenses increased to $0.5 million for the quarter, from a negative $0.3 million in the same quarter of the previous year, primarily due to clinical trial costs and manufacturing development activities.
General and administrative expenses decreased to $1.7 million from $2.8 million in the same quarter of the previous year, largely due to reduced personnel costs following a reduction-in-force.
Merger-related costs amounted to $1.0 million for the quarter, associated with the merger with Peak Bio, Inc., which was completed on November 14, 2024.
Restructuring and other costs for the quarter were $0.1 million, related to severance and other costs from the reduction-in-force implemented in May 2024.
Interest income for the quarter was less than $0.1 million, while interest expense was also less than $0.1 million, primarily related to convertible notes and insurance premium financing.
The company recorded a gain of less than $0.1 million from the change in fair value of warrant liability, compared to a loss of $0.3 million in the previous year.
Akari's cash balance as of September 30, 2024, was $2.2 million, with an accumulated deficit of $243.5 million. The company anticipates the need for additional financing to fund operations into the first quarter of 2025.
The company completed a private placement in November 2024, raising $3.2 million through the issuance of ADSs and warrants.
Akari regained compliance with Nasdaq's minimum shareholders’ equity requirement as of November 18, 2024, following a delisting determination in October 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akari Therapeutics Plc quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.