$AKTX
Akari Therapeutics Plc

2022 Q4 Form 20-F Financial Statement

#000141057823000848 Filed on May 01, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.53M $13.53M $2.021M
YoY Change 569.28% 67.4% -9.77%
% of Gross Profit
Research & Development $9.561M $9.561M $3.851M
YoY Change 148.28% -21.63% -17.36%
% of Gross Profit
Depreciation & Amortization $1.760K $3.708K $1.010K
YoY Change 74.26% -10.22%
% of Gross Profit
Operating Expenses $23.09M $23.09M $5.872M
YoY Change 293.19% 34.12% -14.9%
Operating Profit -$23.09M
YoY Change 34.12%
Interest Expense $5.482M -$1.460M $95.14K
YoY Change 5661.62% 699.47% 5.71%
% of Operating Profit
Other Income/Expense, Net -$141.5K $5.340M -$11.12K
YoY Change 1172.12% -19532.85% 11.2%
Pretax Income -$17.75M -$17.75M -$5.788M
YoY Change 206.63% 1.86% -15.13%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.75M -$17.75M -$5.788M
YoY Change 206.63% 1.86% -15.13%
Net Earnings / Revenue
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $0.00 $0.00 -$1.215K
COMMON SHARES
Basic Shares Outstanding 7.445B 6.243B
Diluted Shares Outstanding 6.243B

Balance Sheet

Concept 2022 Q4 2022 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.25M $13.25M $9.361M
YoY Change 41.54% 41.54% -33.42%
Cash & Equivalents $13.20M $9.361M
Short-Term Investments
Other Short-Term Assets $99.54K $564.8K $2.264M
YoY Change -95.6% -75.05% 335.35%
Inventory
Prepaid Expenses $465.2K $2.174M
Receivables
Other Receivables $245.0K
Total Short-Term Assets $13.81M $13.81M $11.63M
YoY Change 18.84% 18.84% -20.27%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change
Goodwill
YoY Change
Intangibles $16.88K $22.93K
YoY Change -26.38%
Long-Term Investments
YoY Change
Other Assets $1.500K
YoY Change
Total Long-Term Assets $16.88K $16.88K $22.93K
YoY Change -26.38% -26.38% 14.65%
TOTAL ASSETS
Total Short-Term Assets $13.81M $13.81M $11.63M
Total Long-Term Assets $16.88K $16.88K $22.93K
Total Assets $13.83M $13.83M $11.65M
YoY Change 18.75% 18.75% -20.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $946.7K $946.7K $1.789M
YoY Change -47.07% -47.07% -47.08%
Accrued Expenses $3.148M $3.148M $3.185M
YoY Change -1.16% -1.16% 73.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.04M $12.04M $6.093M
YoY Change 97.6% 97.6% 16.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $790.8K
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.04M $12.04M $6.093M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $12.04M $12.04M $6.093M
YoY Change 97.6% 97.6% 16.73%
SHAREHOLDERS EQUITY
Retained Earnings -$217.5M -$199.7M
YoY Change 8.89%
Common Stock $167.8M $153.6M
YoY Change 9.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.791M $1.791M $5.555M
YoY Change
Total Liabilities & Shareholders Equity $13.83M $13.83M $11.65M
YoY Change 18.75% 18.75% -20.22%

Cashflow Statement

Concept 2022 Q4 2022 2021 Q4
OPERATING ACTIVITIES
Net Income -$17.75M -$17.75M -$5.788M
YoY Change 206.63% 1.86% -15.13%
Depreciation, Depletion And Amortization $1.760K $3.708K $1.010K
YoY Change 74.26% -10.22%
Cash From Operating Activities -$7.881M -$21.50M -$5.004M
YoY Change 57.5% 14.1% 18.29%
INVESTING ACTIVITIES
Capital Expenditures $142.2K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$142.2K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.19M $1.116M
YoY Change 76.27% -81.36%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.92M 25.29M 1.116M
YoY Change 1057.41% 76.93% -81.36%
NET CHANGE
Cash From Operating Activities -7.881M -21.50M -5.004M
Cash From Investing Activities -142.2K
Cash From Financing Activities 12.92M 25.29M 1.116M
Net Change In Cash 5.040M 3.889M -3.887M
YoY Change -229.66% -185.39% -320.88%
FREE CASH FLOW
Cash From Operating Activities -$7.881M -$21.50M -$5.004M
Capital Expenditures $142.2K
Free Cash Flow -$21.65M
YoY Change

Facts In Submission

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CY2021 aktx Ordinary Share Subscriptions Deposit Received
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CY2021 aktx Initial Valuation Of Warrant Liability Non Cash Financing Activities
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CY2022 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">NOTE 1 – Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Akari Therapeutics, Plc, (the “Company” or “Akari”) is incorporated in the United Kingdom. The Company is a clinical-stage biopharmaceutical company focused on developing advanced therapies for autoimmune and inflammatory diseases involving the complement (C5) and leukotriene (LTB4) pathways. The Company’s activities since inception have consisted of performing research and development activities and raising capital.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company is subject to a number of risks similar to those of clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with the Russian invasion of Ukraine, risks associated with clinical trials of products, dependence on third-party collaborators for research and development operations, need for marketing authorization of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">To fully execute its business plan, the Company will need, among other things, to complete its research and development efforts and clinical and regulatory activities. These activities may take several years and will require significant operating and capital expenditures in the foreseeable future. There can be no assurance that these activities will be successful. If the Company is not successful in these activities it could delay, limit, reduce or terminate preclinical studies, clinical trials or other research and development activities. To fund its capital needs, the Company plans to raise funds through equity or debt financings or other sources, such as strategic partnerships and alliance and licensing arrangements, and in the long term, from the proceeds from sales of commercial products. Additional funds may not be available when the Company needs them, on terms that are acceptable to it, or at all. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Nasdaq Continued Listing Rules</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">On October 24, 2022, the Company received a deficiency notification letter from the Listing Qualifications Staff of the Nasdaq Stock Market (the “Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Company’s Common Stock had closed below $1.00 per share for the previous thirty consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had 180 calendar days from the date of such notice, or until April 24, 2023, to regain compliance with the minimum bid price requirement. To regain compliance, the bid price for the Company’s Common Stock must have closed at $1.00 per share or more for a minimum of ten consecutive business days. On April 25, 2023, Nasdaq granted the Company an additional 180 calendar day period, or until October 23, 2023, in which to regain compliance with the minimum $1.00 bid price requirement. While the Company is exercising diligent efforts to maintain the listing of its ADSs on Nasdaq, there can be no assurance that the Company will be able to maintain compliance with the Nasdaq listing standards.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Liquidity</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2022, the Company had $13.2 million of cash. To date, the Company has primarily financed its operations through the sale of share capital. The Company has experienced significant negative cash flows from operations since inception including net losses of <span style="-sec-ix-hidden:Hidden_3h1-ZReo60WC2XQRwb31Iw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$17.7</span></span> million, <span style="-sec-ix-hidden:Hidden_7xyRy4fcP0uUJtGsDSIyKQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$17.4</span></span> million and <span style="-sec-ix-hidden:Hidden_7lIXIUkysECddELyWnMLwA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$17.1</span></span> million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of April 28, 2023, the Company expects its existing cash, which includes net proceeds of $3.7 million received from the issuance of share capital in its March 2023 registered direct offering (See Note 11), will be sufficient to fund its operations through October 2023. To fund its future capital needs, the Company plans to raise additional funds through equity or debt financings or other sources, such as strategic partnerships, alliance and/or licensing arrangements, government grants and in the long term, proceeds from sales of commercial product.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Based on its recurring losses from operations incurred since inception, the Company’s expectation of continuing operating losses for the foreseeable future, negative operating cash flows for the foreseeable future, and the need to raise additional capital to finance its future operations, the Company has concluded that there is substantial doubt regarding its ability to continue as a going concern within one year after the date that these consolidated financial statements are issued. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As such, the accompanying consolidated financial statements do not reflect any adjustments relating to the recoverability and classification of recorded assets and liabilities that might be necessary if the Company is unable to continue as a going concern.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0.55pt;"><b style="font-weight:bold;">Use of Estimates –</b> The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and the reported amounts of expenses during the reporting periods. 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, the evaluation of impairment and useful lives of intangible assets (patents), accrued liabilities 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 in light of 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.</p>
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 us-gaap Current Federal Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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CY2021 aktx Effective Income Tax Rate Reconciliation Tax Expense Benefit Change In Operating Losses Amount
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CY2022 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2020 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Income Tax Reconciliation Other Adjustments
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
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CY2022Q4 aktx Deferred Tax Assets Property Plant And Equipment And Other Accrued Liabilities
DeferredTaxAssetsPropertyPlantAndEquipmentAndOtherAccruedLiabilities
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CY2021Q4 aktx Deferred Tax Assets Property Plant And Equipment And Other Accrued Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2022 us-gaap Number Of Reportable Segments
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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0

Files In Submission

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aktx-20221231_cal.xml Edgar Link unprocessable
aktx-20221231_lab.xml Edgar Link unprocessable
0001410578-23-000848-index-headers.html Edgar Link pending
0001410578-23-000848-index.html Edgar Link pending
0001410578-23-000848.txt Edgar Link pending
0001410578-23-000848-xbrl.zip Edgar Link pending
aktx-20221231.xsd Edgar Link pending
aktx-20221231x20f.htm Edgar Link pending
aktx-20221231xex23d1.htm Edgar Link pending
aktx-20221231xex31d1.htm Edgar Link pending
aktx-20221231xex31d2.htm Edgar Link pending
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aktx-20221231xex32d2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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aktx-20221231_def.xml Edgar Link unprocessable
aktx-20221231_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
aktx-20221231x20f_htm.xml Edgar Link completed
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