Akari Therapeutics (NASDAQ: AKTX) surged 17.21% to $0.1900 in after-market trading, with shares stabilizing at $0.1610 during regular trading. The stock’s rise may be linked to the biotech company’s financial results, despite the absence of significant news.
What Results Has AKTX Shared?
Akari Therapeutics (AKTX) has recently unveiled its financial outcomes and significant achievements for the full fiscal year, concluding on December 31, 2022. The company also shared noteworthy advancements regarding its ongoing endeavors.
Financial Highlights
- As of December 31, 2022, Akari Therapeutics held cash reserves totaling around $13.2 million, reflecting an increase from the $9.4 million recorded on December 31, 2021. Throughout 2022, the company engaged Paulson Investment Company, LLC, and A.G.P./ Alliance Global Partners as placement agents, facilitating three registered direct offerings that generated approximately $27.7 million in gross proceeds.
- Research and development expenses for the full year of 2022 amounted to roughly $9.6 million, up from approximately $9.1 million in 2021.
- General and administrative expenses for the full year of 2022 totaled approximately $13.5 million, compared to around $8.1 million in 2021.
- In terms of other income, Akari Therapeutics reported approximately $5.3 million for the full year of 2022, in contrast to approximately $0.2 million in other expenses during 2021. This change was predominantly driven by the classification of warrants issued as part of the September 2022 offering, which are recognized as liabilities and subject to periodic revaluation.
- Akari Therapeutics incurred a net loss of approximately $17.8 million for the full year of 2022, slightly higher than the net loss of approximately $17.4 million incurred in 2021.
Progress Highlights
Akari Therapeutics (AKTX) is actively involved in pre-clinical research on a long-acting PAS-nomacopan to address geographic atrophy (GA), a condition affecting the vision of approximately one million individuals in the U.S. alone. Furthermore, AKTX is actively pursuing intellectual property rights for nomacopan in various pipeline programs beyond its current priorities. These efforts are focused on future development, potential licensing, or partnerships. Notably, in April 2023, the European Patent Office granted a patent for the use of nomacopan in treating autoimmune blistering diseases.
