Fri, Aug 23, 8:35 PM (144 days ago)
Peak Bio, Inc.'s Q2 2024 report reflects significant financial challenges, with a net loss of $4.5 million for the six months ending June 30, 2024, compared to $12.7 million in the same period of 2023. Revenue remains nonexistent due to no commercial products, down from $13.9 million in grant revenue last year. Operating expenses decreased to $3.6 million, primarily due to reduced R&D and G&A costs, following workforce reductions and operational streamlining. Cash reserves fell to $0.2 million, necessitating additional financing to sustain operations and fund a merger with Akari Therapeutics. The company faces substantial uncertainties, including reliance on ongoing financing and potential impacts from market conditions. The report highlights a material weakness in internal controls, impacting financial reporting reliability. The company anticipates continued losses and emphasizes the need for strategic partnerships and funding to maintain viability. Future operations hinge on successful regulatory approvals and market acceptance of its product candidates.