A
Akari Therapeutics Plc
AKTXCIK 0001541157NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsX0GBFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-17.30M
Total Assets
$47.89M
Equity
$28.33M
Shares Out
91.57B
Op. Cash Flow
$-10.57M
Business
Akari Therapeutics Plc is an oncology company developing next‑generation antibody‑drug conjugates (ADCs) built around proprietary cancer‑killing payloads. Its main products and research focus include lead payload PH1 and discovery‑stage payloads PH5 and PH6, plus ADC candidates AKTX‑101 (Trop2‑targeting) and AKTX‑102, which pair these payloads with validated antibody targets. Key business activities comprise ADC discovery and preclinical development, payload library and partnering/out‑licensing of programs, and management of legacy non‑oncology assets for external development. The company pursues clinical and commercial opportunities across the U.S., EU and U.K., relying on CDMOs for manufacturing and biopharmaceutical partners or outsourced channels for future commercialization.
Summary from filing dated 2025-04-15
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2015 2015-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 3 | 7 | 5 | 10 | 6 | |
| General and administrative | 9 | 10 | 11 | 14 | 6 | |
| Impairment loss on other intangible assets | 5 | — | — | — | — | |
| Merger-related expenses | — | 3 | — | — | — | |
| Restructuring and other expenses | — | 2 | — | — | — | |
| Total operating expenses | 17 | 22 | 17 | — | 31 | |
| Loss from operations | −17 | −22 | −17 | −23 | −31 | |
| Interest income | 1,000 | 8,000 | 82,000 | 46,000 | 20,705 | |
| Interest expense | −949,000 | −244,000 | — | — | — | |
| Gain on settlement of current liabilities | 3 | — | — | — | — | |
| Loss on debt extinguishment | −3 | — | — | — | — | |
| Change in fair value of warrant liabilities | 775,000 | 2 | 7 | 7 | 11 | |
| Loss on derivative liability | −230,000 | — | — | — | — | |
| Foreign currency exchange gains (losses), net | −443,000 | 6,000 | 136,000 | 453,000 | — | |
| Other expense, net | — | −3,000 | — | — | — | |
| Total other income, net | −1 | 2 | 7 | — | −15 | |
| Net loss before income taxes | −18 | −20 | — | — | −45 | |
| Income tax benefit | 1 | — | — | — | 0 | |
| Net loss | −17 | −20 | −10 | −18 | −45 | |
| Net loss per share - basic | 0 | 0 | 0 | 0 | — | |
| Net loss per share - diluted | 0 | 0 | 0 | 0 | — | |
| Weighted-average number of Ordinary Shares used in computing net loss per share - basic | 67,328 | 23,888 | 9,789 | 6,243 | — | |
| Weighted-average number of Ordinary Shares used in computing net loss per share - diluted | 67,328 | 23,888 | 9,789 | 6,243 | — | |
| Foreign currency translation adjustment | −44,000 | 302,000 | −269,000 | −230,000 | 110,399 | |
| Total other comprehensive income, net of tax | −44,000 | 302,000 | −269,000 | −230,000 | — | |
| Total comprehensive loss | −17 | −19 | −10 | −18 | −45 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 5 | 3 | — | — | — | |
| Restricted cash | 60,000 | 60,000 | 0 | — | — | |
| Prepaid expenses | 185,000 | 92,000 | 299,000 | 465,000 | — | |
| Other current assets | 14,000 | 201,000 | 197,000 | 100,000 | — | |
| Total current assets | 5 | 3 | 4 | 14 | — | |
| Goodwill | 8 | 8 | — | — | — | |
| Other intangible assets | 34 | 39 | — | — | — | |
| Total assets | 48 | 51 | 4 | 14 | — | |
| Accounts payable | 9 | 12 | 2 | 947,000 | — | |
| Accrued expenses | 2 | 3 | 2 | 3 | — | |
| Convertible notes, net | 673,000 | 700,000 | — | — | — | |
| Convertible notes, related party | — | 250,000 | — | — | — | |
| Notes payable, net | 81,000 | 659,000 | — | — | — | |
| Notes payable, related party | — | 2 | — | — | — | |
| Warrant liabilities | 61,000 | 1 | 1 | 8 | — | |
| Other current liabilities | 424,000 | 94,000 | 94,000 | 94,000 | — | |
| Total current liabilities | 12 | 20 | 5 | — | — | |
| Derivative liability | 230,000 | — | — | — | — | |
| Other non-current liabilities | 31,000 | 383,000 | — | — | — | |
| Deferred tax liability | 7 | 8 | — | — | — | |
| Total liabilities | 20 | 28 | 5 | 12 | — | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| Share capital of $0.000000005 par value Authorized: 761,963,201,733 and 245,035,791,523 ordinary shares at December 31, 2025 and December 31, 2024, respectively; issued and outstanding: 90,536,879,533 and 53,186,919,523 ordinary shares at December 31, 2025 and December 31, 2024, respectively | — | 5 | 1 | 745,000 | — | |
| Additional paid-in capital | 234 | 213 | — | — | — | |
| Capital redemption reserve | 59 | 52 | 52 | 52 | — | |
| Accumulated other comprehensive loss | −782,000 | −738,000 | −1 | −771,000 | — | |
| Accumulated deficit | −265 | −247 | −227 | −217 | — | |
| Total shareholders equity | 28 | 22 | −229,000 | 2 | 6 | |
| Total liabilities and shareholders equity | 48 | 51 | 4 | 14 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2015 2015-12-31 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | — | 14,000 | 4,000 | 4,000 | — | |
| Stock-based compensation | 3 | 2 | 1 | 735,000 | 1 | |
| Issuance of shares for services | 27,000 | 271,000 | 142,000 | — | 750,000 | |
| Accretion of debt issuance costs | 589,000 | — | — | — | — | |
| Impairment loss on other intangible assets | 5 | — | — | — | — | |
| Deferred income tax benefit | −1 | — | — | — | — | |
| Unrealized foreign currency exchange losses (gains) | −99,000 | 255,000 | −255,000 | −334,000 | — | |
| Prepaid expenses and other current assets | 594,000 | 1 | — | — | — | |
| Accounts payable and accrued expenses | −998,000 | 5 | −936,000 | −877,000 | 4 | |
| Net cash used in operating activities | −11 | −13 | −16 | −22 | −5 | |
| Cash acquired in Peak Bio Acquisition | — | 382,000 | — | — | 1 | |
| Net cash provided by investing activities | — | 382,000 | — | — | 1 | |
| Proceeds from issuance of shares, net of issuance costs | 11 | 12 | 7 | 25 | 75 | |
| Proceeds from issuance of warrants | 1 | — | — | — | — | |
| Proceeds from issuance of notes payable | 2 | — | — | — | — | |
| Proceeds from issuance of convertible notes | — | 1 | — | — | — | |
| Repayment of notes payable and convertible notes | −553,000 | −750,000 | — | — | — | |
| Proceeds from issuance of restricted shares | — | 26,000 | — | — | 0 | |
| Proceeds from employee vesting of restricted shares | 33,000 | 2,000 | 4,000 | — | — | |
| Proceeds from pre-funded warrants | 330,000 | — | — | 94,000 | — | |
| Payments on seller-financed purchases | −499,000 | −1 | — | — | — | |
| Net cash provided by financing activities | 13 | 11 | 7 | 25 | 69 | |
| Effect of exchange rates on cash | 1,000 | −4,000 | 7,000 | 105,000 | — | |
| Net change in cash | 3 | −1 | −9 | 4 | — | |
| Financing costs in accounts payable and accrued expenses | — | 348,000 | 55,000 | — | — | |
| Seller-financed purchases | 499,000 | 1 | — | — | — | |
| Issuance of share capital for settlement of convertible notes, related party | 309,000 | — | — | — | — | |
| Issuance of share capital for settlement of related party debt | 1 | — | — | — | — | |
| Issuance of share capital for payments in kind | 595,000 | — | — | — | — | |
| Modification of warrants in connection with issuance of notes payable | 3 | — | — | — | — | |
| Modification of warrants in connection with amendment of convertible notes | 192,000 | — | — | — | — | |
| Issuance of warrants in connection with note exchange and cancellation | 4 | — | — | — | — | |
| Payroll taxes on stock-based compensation in accrued expenses | — | 193,000 | — | — | — | |
| Issuance of ordinary shares for Peak Bio Acquisition | — | 28 | — | — | — | |
| Warrants assumed in connection with Peak Bio Acquisition | — | 2 | — | — | — | |
| Cash paid for interest | 101,000 | 143,000 | — | — | — | |
| Cash paid for income taxes | — | — | — | — | — |
Filings
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