Tue, Jun 25, 10:03 AM (74 days ago)
Peak Bio, Inc. reported a net loss of $12.3 million for the nine months ended September 30, 2023, compared to $6.3 million for the same period in 2022. Revenue from government grants was $292.7K, down from $346.4K. Research and development expenses decreased to $1.6 million from $3.4 million, while general and administrative expenses rose to $7.1 million from $3.5 million. An impairment loss of $3.5 million was recorded due to vacating a leased facility. The company’s cash position was $0.1 million as of September 30, 2023. Peak Bio entered into several financing agreements, including convertible notes and a stock purchase agreement with White Lion Capital, to address liquidity needs. A merger agreement with Akari Therapeutics was announced, with Peak Bio to become a wholly-owned subsidiary. The company faces substantial doubt about its ability to continue as a going concern and is actively seeking additional funding.