Akari Therapeutics(AKTX) - 2024 Q2 - Quarterly Results

Financial Performance - The net loss for Q2 2024 was $7.6 million, compared to a net loss of $4.0 million in Q2 2023[12] - For the three months ended June 30, 2024, Akari Therapeutics reported a net loss of $7,558,000, compared to a net loss of $4,000,000 for the same period in 2023, representing an increase of 89% in losses year-over-year[26] - The loss from operations for the six months ended June 30, 2024, was $13,438,000, compared to $9,209,000 for the same period in 2023, reflecting a 46% increase[26] - Other income (expense), net for the six months ended June 30, 2024, was $(184,000), compared to $63,000 for the same period in 2023, indicating a negative shift in financial performance[26] Cash and Assets - As of June 30, 2024, the company had cash of $4.2 million, an increase from $3.8 million as of December 31, 2023[7] - Total assets as of June 30, 2024, were $5,076,000, an increase from $4,355,000 as of December 31, 2023, reflecting a growth of 16%[27] Liabilities and Shareholders' Deficit - Total liabilities increased to $8,779,000 as of June 30, 2024, compared to $4,584,000 at the end of 2023, marking an increase of 91%[27] - The total shareholders' deficit widened to $(3,703,000) as of June 30, 2024, from $(229,000) at the end of 2023[27] Research and Development - Research and development expenses for Q2 2024 were $3.3 million, up from $1.5 million in Q2 2023, primarily due to increased manufacturing costs for PAS-nomacopan[7] - Research and development expenses for the six months ended June 30, 2024, were $5,593,000, up from $3,255,000 in the same period of 2023, indicating a 72% increase[26] - The company has released its first full-scale batch of drug substance under GMP conditions, suitable for clinical use[4] General and Administrative Expenses - General and administrative expenses decreased to $2.2 million in Q2 2024 from $3.1 million in Q2 2023, attributed to a reduction in headcount[8] - General and administrative expenses for the three months ended June 30, 2024, were $2,241,000, down from $3,091,000 in the same period of 2023, showing a decrease of 27%[26] Merger and Restructuring - The merger with Peak Bio is on track for a fourth quarter closing, with a focus on Peak's ADC platform and Akari's PAS-nomacopan program[5] - Merger-related costs for Q2 2024 were $0.3 million, with no such costs incurred in Q2 2023[10] - Merger-related costs for the six months ended June 30, 2024, amounted to $1,298,000, with no such costs reported in the same period of 2023[26] - Restructuring costs related to the reduction-in-force were $1.6 million for both Q2 2024 and the six months ended June 30, 2024[11] Future Plans - The company plans to file an IND application for PAS-nomacopan in geographic atrophy in the second half of 2025, following positive feedback from the US FDA[4] Share Information - The weighted-average number of ordinary shares used in computing net loss per share increased to 18,836,479 for the three months ended June 30, 2024, compared to 10,115,006 for the same period in 2023[26]