Akari Therapeutics Files Q2 2024 10-Q

TL;DR

AKARI 10-Q filed: Q2 financials out, equity details updated.

AI Summary

Akari Therapeutics Plc filed its 10-Q for the period ending June 30, 2024. The company reported on its financial position and business operations, including details on its equity incentive plans and warrants. Akari Therapeutics was formerly known as Celsus Therapeutics Plc and Morria Biopharmaceuticals PLC.

Why It Matters

This filing provides investors with an update on Akari Therapeutics' financial health and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Akari Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• Q2 2024 — Reporting Period (Covers the second quarter of 2024)
• 2024-06-30 — End of Period Date (Specific date for financial reporting)

Key Players & Entities

• Akari Therapeutics Plc (company) — Filer of the 10-Q
• Celsus Therapeutics Plc (company) — Former name of Akari Therapeutics Plc
• Morria Biopharmaceuticals PLC (company) — Former name of Akari Therapeutics Plc
• 20240630 (date) — End of reporting period
• 20240819 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• aktx-20240630.htm (10-Q) — 1941KB
• aktx-ex10_3.htm (EX-10.3) — 61KB
• aktx-ex10_5.htm (EX-10.5) — 42KB
• 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
• 0000950170-24-098576.txt ( ) — 8091KB
• aktx-20240630.xsd (EX-101.SCH) — 1390KB
• aktx-20240630_htm.xml (XML) — 1273KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Comprehensive Loss 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 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 67 Item 6. Exhibits 68

SIGNATURES

SIGNATURES 69 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) June 30, December 31, (In thousands, except share and per share amounts) 2024 2023* ASSETS Current assets: Cash $ 4,177 $ 3,845 Prepaid expenses 805 299 Other current assets 94 197 Total current assets 5,076 4,341 Patent acquisition costs, net — 14 Total assets $ 5,076 $ 4,355 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,686 $ 1,671 Accrued expenses 1,685 1,566 Convertible notes, related party 1,000 — Warrant liability 755 1,253 Other current liabilities 653 94 Total current liabilities 8,779 4,584 Commitments and contingencies (Note 9) Shareholders' deficit: Share capital of $ 0.0001 par value Authorized: 45,122,321,523 ordinary shares at June 30, 2024 and December 31, 2023, respectively; issued and outstanding: 24,289,232,698 and 13,234,315,298 at June 30, 2024 and December 31, 2023, respectively 2,430 1,324 Additional paid-in capital 183,007 174,754 Capital redemption reserve 52,194 52,194 Accumulated other comprehensive loss ( 749 ) ( 1,040 ) Accumulated deficit ( 240,585 ) ( 227,461 ) Total shareholders' deficit ( 3,703 ) ( 229 ) Total liabilities and shareholders' deficit $ 5,076 $ 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 (Unaudited, in U.S. dollars) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Operating expenses: Research an

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View this 10-Q filing on SEC EDGAR