$AKTX
Akari Therapeutics Plc

2024 Q1 Form 10-K Financial Statement

#000095017024038661 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.710M $11.36M $11.36M
YoY Change 29.58% -16.05% -16.05%
% of Gross Profit
Research & Development $2.279M $5.450M $8.021M
YoY Change 31.66% -43.0% -16.11%
% of Gross Profit
Depreciation & Amortization $13.00K $2.150K $4.000K
YoY Change 1200.0% 22.16% 7.87%
% of Gross Profit
Operating Expenses $5.989M $16.81M $16.81M
YoY Change 30.37% -27.21% -27.21%
Operating Profit -$5.989M -$16.81M
YoY Change 30.37% -27.21%
Interest Expense -$224.0K $218.0K $218.0K
YoY Change -96.02% -114.93%
% of Operating Profit
Other Income/Expense, Net $423.0K $6.580M $6.580M
YoY Change -92.44% -4751.49% 23.22%
Pretax Income -$5.566M -$10.01M -$10.01M
YoY Change -43.61% -43.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.566M -$10.01M -$10.01M
YoY Change -656.04% -43.61% -43.61%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 15.85B 9.789B
Diluted Shares Outstanding 13.45B 9.789B

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.310M $3.845M $3.845M
YoY Change -70.98% -70.98%
Cash & Equivalents $1.300M $3.800M
Short-Term Investments
Other Short-Term Assets $232.0K $496.0K $496.0K
YoY Change 398.28% -12.18%
Inventory
Prepaid Expenses $1.230M $299.0K
Receivables
Other Receivables $75.19K
Total Short-Term Assets $2.772M $4.341M $4.341M
YoY Change -68.58% -68.58%
LONG-TERM ASSETS
Property, Plant & Equipment $153.1K
YoY Change
Goodwill
YoY Change
Intangibles $14.00K
YoY Change -17.06%
Long-Term Investments
YoY Change
Other Assets $9.200K
YoY Change 513.33%
Total Long-Term Assets $0.00 $14.00K $14.00K
YoY Change -17.06% -17.06%
TOTAL ASSETS
Total Short-Term Assets $2.772M $4.341M $4.341M
Total Long-Term Assets $0.00 $14.00K $14.00K
Total Assets $2.772M $4.355M $4.355M
YoY Change -68.51% -68.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.208M $1.671M $1.671M
YoY Change 76.52% 76.52%
Accrued Expenses $1.530M $1.566M $1.566M
YoY Change -50.26% -50.26%
Deferred Revenue
YoY Change
Short-Term Debt $900.0K $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.325M $4.584M $4.584M
YoY Change -61.93% -61.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $230.7K
YoY Change -70.83%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.325M $4.584M $4.584M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $6.325M $4.584M $4.584M
YoY Change -61.93% -61.93%
SHAREHOLDERS EQUITY
Retained Earnings -$233.0M -$227.5M
YoY Change 4.62%
Common Stock $178.0M $176.1M
YoY Change 4.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.553M -$229.0K -$229.0K
YoY Change
Total Liabilities & Shareholders Equity $2.772M $4.355M $4.355M
YoY Change -68.51% -68.51%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$5.566M -$10.01M -$10.01M
YoY Change -656.04% -43.61% -43.61%
Depreciation, Depletion And Amortization $13.00K $2.150K $4.000K
YoY Change 1200.0% 22.16% 7.87%
Cash From Operating Activities -$4.044M -$6.858M -$16.43M
YoY Change -17.13% -12.98% -23.59%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.517M $7.020M
YoY Change -72.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.514M 3.517M 7.020M
YoY Change -52.86% -72.78% -72.24%
NET CHANGE
Cash From Operating Activities -4.044M -6.858M -16.43M
Cash From Investing Activities 0.000
Cash From Financing Activities 1.514M 3.517M 7.020M
Net Change In Cash -2.535M -3.341M -9.412M
YoY Change 51.98% -166.29% -342.04%
FREE CASH FLOW
Cash From Operating Activities -$4.044M -$6.858M -$16.43M
Capital Expenditures $0.00
Free Cash Flow -$16.43M
YoY Change -24.09%

Facts In Submission

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates –</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets, liabilities, expenses and related disclosures. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the valuation of share-based awards, the valuation of warrant liabilities, research and development prepayments, accruals and related expenses, and the valuation allowance for deferred income taxes. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed considering changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</span></p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Concentration of credit risk</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">– </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash. The Company generally maintains balances in various operating accounts at financial institutions in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></p>
CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5277639825
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4690496785
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1253000
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
7852000
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
14798000
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-6946000
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7852000
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-6599000
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1253000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
187000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1426000
CY2023Q4 aktx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
635000
CY2022Q4 aktx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
1446000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
669000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
148000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
75000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
128000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1566000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3148000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
35000000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45122321523
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
15000000000
CY2022Q3 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12800000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.987
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.761
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.038
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.031
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1150000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
735000
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2023 aktx Consulting Charges
ConsultingCharges
0
CY2023 aktx Operating Lease Rent Expense
OperatingLeaseRentExpense
200000
CY2022 aktx Operating Lease Rent Expense
OperatingLeaseRentExpense
200000
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-10267
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-18018
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
259
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
270
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10008
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17748
CY2023 aktx Effective Income Tax Rate Reconciliation Tax Expense Benefit Change In Operating Losses Amount
EffectiveIncomeTaxRateReconciliationTaxExpenseBenefitChangeInOperatingLossesAmount
-94
CY2022 aktx Effective Income Tax Rate Reconciliation Tax Expense Benefit Change In Operating Losses Amount
EffectiveIncomeTaxRateReconciliationTaxExpenseBenefitChangeInOperatingLossesAmount
-133
CY2023 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-6635
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
480000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
955000
CY2023Q4 aktx Deferred Tax Assets Property Plant And Equipment And Other Accrued Liabilities
DeferredTaxAssetsPropertyPlantAndEquipmentAndOtherAccruedLiabilities
899000
CY2022Q4 aktx Deferred Tax Assets Property Plant And Equipment And Other Accrued Liabilities
DeferredTaxAssetsPropertyPlantAndEquipmentAndOtherAccruedLiabilities
642000
CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
780000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
1659000
CY2023Q4 aktx Deferred Tax Assets Warrant Revaluation
DeferredTaxAssetsWarrantRevaluation
2895000
CY2022Q4 aktx Deferred Tax Assets Warrant Revaluation
DeferredTaxAssetsWarrantRevaluation
947000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
42978000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
32307000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
42242000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
34616000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
42242000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
34616000
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.19
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.25
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.235
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.19
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10008
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17748
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.235
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.19
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2352
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3372
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
7617
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
4327
CY2023 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
4
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
408
CY2023 aktx Effective Income Tax Rate Reconciliation Nondeductible Expense Other Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOtherPermanentDifferencesAmount
1394
CY2022 aktx Effective Income Tax Rate Reconciliation Nondeductible Expense Other Permanent Differences Amount
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOtherPermanentDifferencesAmount
-1114
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-974
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-248
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
4
CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
123
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
752
CY2022 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-624
CY2023 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
760
CY2023 aktx Effective Income Tax Rate Reconciliation Non Deductible Transaction Costs
EffectiveIncomeTaxRateReconciliationNonDeductibleTransactionCosts
157
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.145

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