$AKTX
Akari Therapeutics Plc

2024 Q2 Form 10-Q Financial Statement

#000095017024060556 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.241M $3.710M $2.863M
YoY Change -62.36% 29.58% -7.78%
% of Gross Profit
Research & Development $3.314M $2.279M $1.731M
YoY Change 1.81% 31.66% -19.1%
% of Gross Profit
Depreciation & Amortization $0.00 $13.00K $1.000K
YoY Change -100.0% 1200.0% -0.99%
% of Gross Profit
Operating Expenses $5.555M $5.989M $4.594M
YoY Change -39.68% 30.37% -12.39%
Operating Profit -$7.449M -$5.989M -$4.594M
YoY Change 61.41% 30.37%
Interest Expense $51.00K -$224.0K
YoY Change -41.12%
% of Operating Profit
Other Income/Expense, Net -$109.0K $423.0K $5.595M
YoY Change -101.78% -92.44% -78791.98%
Pretax Income -$7.558M -$5.566M
YoY Change 152.05%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.558M -$5.566M $1.001M
YoY Change 152.05% -656.04% -119.34%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 $0.00
COMMON SHARES
Basic Shares Outstanding 15.85B 15.85B 7.475B
Diluted Shares Outstanding 18.84B 13.45B 7.574B

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.177M $1.310M
YoY Change -41.83%
Cash & Equivalents $4.200M $1.300M $11.58M
Short-Term Investments
Other Short-Term Assets $94.00K $232.0K
YoY Change -88.49%
Inventory
Prepaid Expenses $805.0K $1.230M
Receivables
Other Receivables $0.00
Total Short-Term Assets $5.076M $2.772M
YoY Change -36.53%
LONG-TERM ASSETS
Property, Plant & Equipment $31.81K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.14K
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $5.076M $2.772M
Total Long-Term Assets $0.00 $0.00
Total Assets $5.076M $2.772M
YoY Change -36.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.686M $3.208M
YoY Change 354.68%
Accrued Expenses $1.685M $1.530M
YoY Change -29.85%
Deferred Revenue
YoY Change
Short-Term Debt $600.0K $900.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.779M $6.325M
YoY Change 67.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.779M $6.325M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $8.779M $6.325M
YoY Change 67.81%
SHAREHOLDERS EQUITY
Retained Earnings -$240.6M -$233.0M
YoY Change
Common Stock $185.4M $178.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.703M -$3.553M $6.561M
YoY Change
Total Liabilities & Shareholders Equity $5.076M $2.772M
YoY Change -36.65%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$7.558M -$5.566M $1.001M
YoY Change 152.05% -656.04% -119.34%
Depreciation, Depletion And Amortization $0.00 $13.00K $1.000K
YoY Change -100.0% 1200.0% -0.99%
Cash From Operating Activities -$4.894M -$4.044M -$4.880M
YoY Change -48.88% -17.13% -3.36%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.212M
YoY Change -74.03%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.763M 1.514M 3.212M
YoY Change 121.62% -52.86% -74.03%
NET CHANGE
Cash From Operating Activities -4.894M -4.044M -4.880M
Cash From Investing Activities
Cash From Financing Activities 7.763M 1.514M 3.212M
Net Change In Cash 2.869M -2.535M -1.668M
YoY Change -147.26% 51.98% -122.8%
FREE CASH FLOW
Cash From Operating Activities -$4.894M -$4.044M -$4.880M
Capital Expenditures
Free Cash Flow
YoY Change

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 condensed 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 condensed 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>
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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>
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CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5419683825
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4690496785
CY2024Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
604000
CY2023Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1253000
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1253000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
-649000
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
604000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.981
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.041
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y6M
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
418000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
187000
CY2024Q1 aktx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
406000
CY2023Q4 aktx Accrued External Research And Development Expenses
AccruedExternalResearchAndDevelopmentExpenses
635000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
519000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
669000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
187000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
75000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1530000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1566000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
35000000000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45122321523
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
45122321523
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
296000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
265000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
100000

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