Tue, May 14, 8:21 PM (73 days ago)
Akili, Inc. filed a 10-Q for the quarter ending March 31, 2024, reporting a net loss of $9.8 million, down from $20.7 million in the same period last year. Revenue increased to $383,000, primarily driven by the launch of EndeavorOTC, an over-the-counter digital therapeutic for ADHD. However, operating expenses decreased significantly due to workforce reductions and a shift in strategy announced in April 2024, focusing on supporting Shionogi & Co. Ltd.'s regulatory and commercialization activities, reducing promotional efforts, and evaluating strategic alternatives. The company has $63.2 million in cash and cash equivalents, expected to fund operations for at least one year. The recent restructuring aims to lower operating expenses while exploring strategic options, including potential transactions to maximize shareholder value.