Akari Therapeutics Plc Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Akari Therapeutics Plc (AKTX) filed its Q1 2024 10-Q, detailing financial instruments and equity plans.</b>

AI Summary

Akari Therapeutics Plc (AKTX) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Akari Therapeutics Plc filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to equity incentive plans, warrants, and fair value measurements. Key dates mentioned include March 31, 2024, December 31, 2023, and January 1, 2023. The company was formerly known as Celsus Therapeutics Plc and Morria Biopharmaceuticals PLC. The filing references various warrant types including Series Warrants, Series B Warrants, September 2022 Investor Warrants, and December 2021 Placement Agent Warrants.

Why It Matters

For investors and stakeholders tracking Akari Therapeutics Plc, this filing contains several important signals. This 10-Q filing provides an update on Akari Therapeutics' financial position and equity structure as of March 31, 2024, which is crucial for investors to assess the company's current standing and potential. The detailed information on warrants and equity incentive plans can impact the company's future share structure and dilution, affecting shareholder value.

Risk Assessment

Risk Level: medium — Akari Therapeutics Plc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative financial news, but the nature of biotech and its reliance on funding and development pipelines inherently carries medium risk.

Analyst Insight

Investors should review the detailed breakdown of warrants and equity plans to understand potential dilution and the company's financial runway.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 2023-01-01 — Start Date for Q1 2023 (Comparison period)
• 2023-03-31 — End Date for Q1 2023 (Comparison period)

Key Players & Entities

• Akari Therapeutics Plc (company) — Filer name
• Celsus Therapeutics Plc (company) — Former company name
• Morria Biopharmaceuticals PLC (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company uses recurring fair value measurements for certain financial instruments, including warrants, which are subject to valuation inputs like price volatility and share price.
• Equity Incentive Plans [medium — financial]: The filing details the activity and balances within equity incentive plans, including restricted stock units (RSUs) and stock options, which can impact future share count.
• Warrant Activity [medium — financial]: Significant activity and balances are reported for various series of warrants, including Series Warrants and Series B Warrants, impacting potential future equity issuance.

Key Dates

• 2024-03-31: Period End Date — End of the first fiscal quarter for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q report was officially submitted to the SEC.
• 2023-03-31: Prior Year Quarter End — Provides a comparative point for financial analysis.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and position during the quarter.)

Warrants

Financial instruments that give the holder the right, but not the obligation, to purchase a company's stock at a specific price before a certain expiration date. (Can lead to future dilution of existing shares and impact the company's capital structure.)

Key Financial Figures

• $0.0001 — enting 2,000 Ordinary Shares, par value $0.0001 per share AKTX The Nasdaq Capital M

Filing Documents

• aktx-20240331.htm (10-Q) — 1282KB
• aktx-ex31_1.htm (EX-31.1) — 14KB
• aktx-ex31_2.htm (EX-31.2) — 14KB
• aktx-ex32_1.htm (EX-32.1) — 10KB
• aktx-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-060556.txt (&nbsp;) — 6619KB
• aktx-20240331.xsd (EX-101.SCH) — 1252KB
• aktx-20240331_htm.xml (XML) — 1096KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 2 Condensed Consolidated Statements of Shareholders' (Deficit) Equity 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 32 Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 i GENERAL INFORMATION Unless otherwise stated or the context requires otherwise, references in this Quarterly Report on Form 10-Q ("Form 10-Q") to "Akari," the "company," the "Company," "we," "us," "our" or similar designations refer to Akari Therapeutics, Plc and its subsidiaries, taken together. All trademarks, service marks, trade names and registered marks used in this report are trademarks, trade names or registered marks of their respective owners. ii NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q and the documents we incorporate by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical fact, included or incorporated in this report regarding, among other things, our cash resources and projected cash runway, financial position, our strategy, strategic alternatives, future operations, clinical trials (including, without limitation, the anticipated timing enrollment, and results thereof), collaborations, intellectual property, future revenues, projected costs, fundraising and/or financing plans, prospects, developments relating to our competitors and our industry, the timing or likelihood of regulatory actions, filings and approvals for our current and future drug candidates, and the be

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. AKARI THERAPEUTICS, PLC Condensed Con solidated Balance Sheets (Unaudited, in U.S. dollars) March 31, December 31, (In thousands, except share and per share amounts) 2024 2023* ASSETS Current assets: Cash $ 1,310 $ 3,845 Prepaid expenses 1,230 299 Other current assets 232 197 Total current assets 2,772 4,341 Patent acquisition costs, net — 14 Total assets $ 2,772 $ 4,355 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 3,208 $ 1,671 Accrued expenses 1,530 1,566 Warrant liability 604 1,253 Other current liabilities 983 94 Total current liabilities 6,325 4,584 Commitments and contingencies (Note 9) Shareholders' deficit: Share capital of $ 0.0001 par value Authorized: 45,122,321,523 ordinary shares at March 31, 2024 and December 31, 2023, respectively; issued and outstanding: 15,973,121,298 and 13,234,315,298 at March 31, 2024 and December 31, 2023, respectively 1,598 1,324 Additional paid-in capital 176,443 174,754 Capital redemption reserve 52,194 52,194 Accumulated other comprehensive loss ( 761 ) ( 1,040 ) Accumulated deficit ( 233,027 ) ( 227,461 ) Total shareholders' deficit ( 3,553 ) ( 229 ) Total liabilities and shareholders' deficit $ 2,772 $ 4,355 ——————— * The condensed balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date. The accompanying notes are an integral part of these condensed consolidated financial statements. 1 AKARI THERAPEUTICS, PLC Condensed Co nsolidated Statements of Operations and Comprehensive (Loss) Income (Unaudited, in U.S. dollars) Three Months Ended March 31, (In thousands, except share and per share amounts) 2024 2023 Operating expenses: Research and development $ 2,279 $ 1,731 General and administrative 3,710

View Full Filing

View this 10-Q filing on SEC EDGAR