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Akero Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's ongoing clinical development of its lead product candidate, efruxifermin (EFX), which is being tested in the Phase 3 SYNCHRONY program for the treatment of metabolic dysfunction-associated steatohepatitis (MASH).
Akero reported a net loss of $72.7 million for the quarter, compared to $39.7 million in the same period the previous year, reflecting increased research and development expenses.
Research and development expenses for the quarter were $72.2 million, up from $38.6 million in the same quarter last year, driven by costs associated with the SYNCHRONY and SYMMETRY clinical trials.
General and administrative expenses increased to $9.5 million from $8.0 million, attributed to higher stock-based compensation and staffing costs.
Interest and other income for the quarter was $10.2 million, compared to $7.8 million in the previous year, primarily due to interest income from cash and investments.
Akero's cash, cash equivalents, and marketable securities totaled $787.1 million as of September 30, 2024, expected to fund operations into the second half of 2027.
The company faces risks related to clinical development, competition, and regulatory approval processes, as detailed in the 'Risk Factors' section of the filing.
Akero is also subject to ongoing litigation, including a class action lawsuit alleging misstatements related to its Phase 2b SYMMETRY study.
Akero continues to focus on advancing EFX through clinical development and exploring potential collaborations and licensing opportunities to expand its pipeline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akero Therapeutics Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.