Mon, Aug 19, 8:34 PM (148 days ago)
Akari Therapeutics, Plc reported a significant decline in financial health for Q2 2024, with a net loss of $7.6 million compared to $4.0 million in Q2 2023. The company's total operating expenses rose by 61%, driven by increased research and development costs, particularly related to the development of PAS-nomacopan, which is now the focus following the suspension of the HSCT-TMA program. Cash reserves stood at $4.2 million, insufficient to sustain operations beyond Q4 2024 without additional funding, raising concerns over the company's ability to continue as a going concern. Liabilities surged to $8.8 million from $4.6 million, leading to a shareholders' deficit of $3.7 million. The company is under scrutiny from Nasdaq for failing to meet minimum equity requirements, having submitted a compliance plan with an extension until September 2024. Future operations hinge on the successful completion of a merger with Peak Bio, expected to close by year-end, contingent on achieving specific financial milestones. The company’s reliance on external funding remains critical, with ongoing uncertainties surrounding its clinical trials and market acceptance of its therapies.