Akari Therapeutics Q1 net loss $5.6M; cash $1.3M; merges with Peak Bio, cuts 67% workforce

Akari Therapeutics Plc

Q1 net loss $5.6M vs net income $1.0M in Q1 2023; adjusted net loss $6.2M excluding warrant gains.
Cash $1.3M as of March 31, 2024; issued $1M in unsecured convertible notes from CEO and Chairman.
Entered all-stock merger with Peak Bio, expected close Q3 2024; combined company will trade as AKTX.
Appointed Samir R. Patel as interim CEO; suspended HSCT-TMA program.
Reduced workforce by ~67% as part of restructuring to cut costs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Akari Therapeutics Plc reported the first quarter ended March 31, 2024 results: net income Net loss was approximately $5.6 million.

Period: the first quarter ended March 31, 2024
Net income: Net loss was approximately $5.6 million
Result: reported results

Exact text from the filing

Akari Therapeutics, Plc (Nasdaq: AKTX), a late-stage biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, has reported financial results for the first quarter ended March 31, 2024 as well as recent company highlights.

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Source: SEC EDGAR

accession 0000950170-24-060806

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