Akari Therapeutics Plc Files Q3 2024 10-Q

TL;DR

AKARI 10-Q filed: Q3 financials out, R&D expenses detailed. Check financials.

AI Summary

Akari Therapeutics Plc filed a 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates. Key financial data points and disclosures related to common stock, additional paid-in capital, and research and development expenses are included. The company was formerly known as Celsus Therapeutics Plc and Morria Biopharmaceuticals PLC.

Why It Matters

This filing provides investors with a crucial update on Akari Therapeutics' financial health and operational progress for the third quarter of 2024, impacting investment decisions.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Period End Date (Financials reported up to this date.)
• 2024-11-19 — Filing Date (Date the 10-Q was submitted to the SEC.)

Key Players & Entities

• Akari Therapeutics Plc (company) — Filer of the 10-Q
• Celsus Therapeutics Plc (company) — Former company name
• Morria Biopharmaceuticals PLC (company) — Former company name
• 2024-09-30 (date) — Period of report
• 2024-11-19 (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-20240930.htm (10-Q) — 1888KB
• aktx-ex31_1.htm (EX-31.1) — 15KB
• aktx-ex31_2.htm (EX-31.2) — 15KB
• aktx-ex32_1.htm (EX-32.1) — 11KB
• aktx-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-128727.txt ( ) — 8340KB
• aktx-20240930.xsd (EX-101.SCH) — 1455KB
• aktx-20240930_htm.xml (XML) — 1372KB

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 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II OTHER INFORMATION 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

SIGNATURES

SIGNATURES 38 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) September 30, December 31, (In thousands, except share and per share amounts) 2024 2023* ASSETS Current assets: Cash $ 2,246 $ 3,845 Prepaid expenses 396 299 Other current assets 92 197 Total current assets 2,734 4,341 Patent acquisition costs, net — 14 Total assets $ 2,734 $ 4,355 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accounts payable $ 4,782 $ 1,671 Accrued expenses 2,605 1,566 Convertible notes, related party 1,000 — Warrant liability 725 1,253 Other current liabilities 316 94 Total current liabilities 9,428 4,584 Commitments and contingencies (Note 9) Shareholders' deficit: Share capital of $ 0.0001 par value Authorized: 45,122,321,523 ordinary shares at September 30, 2024 and December 31, 2023, respectively; issued and outstanding: 24,289,231,523 and 13,234,315,298 at September 30, 2024 and December 31, 2023, respectively 2,430 1,324 Additional paid-in capital 183,088 174,754 Capital redemption reserve 52,194 52,194 Accumulated other comprehensive loss ( 926 ) ( 1,040 ) Accumulated deficit ( 243,480 ) ( 227,461 ) Total shareholders' deficit ( 6,694 ) ( 229 ) Total liabilities and shareholders' deficit $ 2,734 $ 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 Nine Months Ended September 30, September 30, (In thousands, except share and per share amounts) 2024 2023 2024 2023 Operati

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View this 10-Q filing on SEC EDGAR