Fri, Aug 23, 8:31 PM (144 days ago)
For the quarter ending March 31, 2024, Peak Bio, Inc. reported a significant decline in revenues, with no grant revenue recognized compared to $13,854 in the same period last year. Operating expenses decreased to $2.2 million from $7.2 million, primarily due to reduced research and development costs and the absence of an impairment loss recognized in the previous year. The net loss narrowed to $2.4 million from $6.8 million year-over-year, reflecting improved operational efficiency. The company’s cash position deteriorated, with cash and restricted cash totaling $128,612, down from $624,177 at year-end 2023. Current liabilities surged to $22.3 million, highlighting financial strain and raising substantial doubt about the company's ability to continue as a going concern. In March 2024, Peak Bio entered a merger agreement with Akari Therapeutics, which may impact future operations and financial health. The company has raised approximately $3.5 million in gross proceeds from convertible notes post-quarter, but ongoing financing challenges remain a concern. Overall, while operating losses have decreased, liquidity risks and reliance on external funding persist, necessitating close monitoring by stakeholders.