NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: Akili, Inc. (NASDAQ: AKLI)’s sale to Virtual Therapeutics for $0.4340 per share of common stock in cash. If you are an Akili shareholder, click here to learn more about your rights and options. Encore Wire Corporation (NASDAQ: WIRE)’s sale to Prysmian for $29 ...

NEW YORK, June 05, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Akili, Inc. (NASDAQ: AKLI), relating to a tender offer from Vital Therapeutics Corporation. Under the terms of the agreement, Vital Therapeutics Corporation will acquire all the outstandi ...

NEW YORK, June 4, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Akili, Inc. (NASDAQ: AKLI), relating to a tender offer from Vital Therapeutics Corporation. Under the terms of the agreement, Vital Therapeutics Corporation will acquire all the outstanding sh ...

MILWAUKEE, May 29, 2024 /PRNewswire/ -- Ademi LLP is investigating Akili (Nasdaq: AKLI) for possible breaches of fiduciary duty and other violations of law in its transaction with Virtual Therapeutics.Click here to learn how to join the https://www.ademilaw.com/case/akili-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.In the transaction, Akili shareholders will receive only $0.4340 per share of common stock in cash. The transaction agreement unreasonably limits compe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Common stock, $0.0001 par value per share AKLI Nasdaq Capital Market FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________ | --- | --- | --- | --- | --- | --- | --- | --- | ...

[Executive Summary & Strategic Direction](index=1&type=section&id=Executive%20Summary%20%26%20Strategic%20Direction) Akili is undergoing a significant strategic review, including evaluating alternatives, restructuring debt, and refocusing operations [Strategic Initiatives and Business Update](index=1&type=section&id=Strategic%20Initiatives%20and%20Business%20Update) The company is evaluating strategic alternatives, has fully prepaid its debt, and is focusing on existing products and partnerships - Akili's board of directors has initiated an ongoing process to evaluate **potential strategic alternatives** to maximize shareholder value[2](index=2&type=chunk)[7](index=7&type=chunk) - On May 8, 2024, Akili **voluntarily prepaid its debt** and all outstanding obligations under its agreement with Silicon Valley Bank[5](index=5&type=chunk) - Following this repayment and a prior bond cancellation, the Company **no longer has any outstanding debt payment obligations**[5](index=5&type=chunk) - After recent restructuring, efforts are focused on supporting **Shionogi's regulatory and commercialization activities**[5](index=5&type=chunk) - The company is pursuing **regulatory authorization for EndeavorOTC** while exploring strategic alternatives[5](index=5&type=chunk) - The Company has **suspended financial guidance** until further notice due to the evaluation of strategic alternatives[7](index=7&type=chunk) - Akili will **no longer report certain commercial metrics** for EndeavorOTC, given reduced promotional activity[5](index=5&type=chunk) [Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The company's Q1 2024 results show lower revenue but an improved net loss, with non-GAAP measures used to clarify performance [First Quarter 2024 Financial Highlights](index=1&type=section&id=First%20Quarter%202024%20Financial%20Highlights) Q1 2024 saw lower revenues and gross margins due to reduced ad spend, though net loss improved quarter-over-quarter Revenues and Gross Margins | Metric | Q1 2024 | Q4 2023 | | :----- | :------ | :------ | | Revenues | $383 thousand | $749 thousand | | Gross Margins | 55% | 66% | - The primary reason for the decrease in revenues was **reduced EndeavorOTC advertising spend**[9](index=9&type=chunk) - The decline in gross margins was primarily due to the impact of **lower product revenue against certain fixed costs**[9](index=9&type=chunk) Operating Expenses | Metric | Q1 2024 | Q4 2023 | | :---------------------- | :------ | :------ | | GAAP Total Operating Expenses | $11.1 million | $12.1 million | | Non-GAAP Total Operating Expenses | $9.8 million | $11.6 million | - The decrease in both GAAP and non-GAAP total operating expenses was driven by **reductions in EndeavorOTC advertising spend**[9](index=9&type=chunk) Net Loss | Metric | Q1 2024 | Q4 2023 | | :------------ | :------ | :------ | | GAAP Net Loss | $(9.8) million | $(11.1) million | | Non-GAAP Net Loss | $(9.3) million | $(10.8) million | Cash Position | Metric | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Cash and cash equivalents | $63.2 million | $75.2 million | [Non-GAAP Financial Measures Explanation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The company uses non-GAAP measures, excluding items like stock-based compensation, to provide a clearer view of ongoing business performance - Akili derives non-GAAP financial measures by excluding items such as **stock-based compensation expense**, severance costs, and changes in earn-out liabilities[8](index=8&type=chunk) - Management believes these non-GAAP measures offer a useful complement to GAAP results for analyzing **ongoing business and operating performance**[8](index=8&type=chunk) [Product Information](index=3&type=section&id=Product%20Information) This section details the company's digital therapeutic products, EndeavorOTC for adults and the prescription-based EndeavorRx for children [EndeavorOTC](index=3&type=section&id=EndeavorOTC) EndeavorOTC is a digital therapeutic for adults with ADHD, available under FDA's emergency policy but not yet fully cleared - EndeavorOTC is a digital therapeutic designed to improve attention function and ADHD symptoms in **adults 18 years and older**[11](index=11&type=chunk) - It is available under the FDA's current Enforcement Policy for Digital Health Devices but **has not been cleared or authorized by the FDA** for any indications[11](index=11&type=chunk) - **No serious adverse events** have been reported in any of its clinical studies[11](index=11&type=chunk) [EndeavorRx](index=3&type=section&id=EndeavorRx) EndeavorRx is a prescription digital therapeutic for improving attention function in children aged 8-17 with ADHD - EndeavorRx is a prescription digital therapeutic indicated to improve attention function in **children ages 8-17** with ADHD[12](index=12&type=chunk) - It is intended for use as **part of a broader therapeutic program** and is not a standalone treatment or medication substitute[12](index=12&type=chunk) - The most common side effect observed was frustration; **no serious adverse events** were associated with its use[12](index=12&type=chunk) [About Akili](index=3&type=section&id=About%20Akili) Akili is a digital medicine company developing cognitive treatments delivered through engaging video game experiences - Akili pioneers cognitive treatments through game-changing technologies, creating a new category of medicine **experienced like entertainment**[13](index=13&type=chunk) - Its platform is powered by proprietary therapeutic engines designed to **target cognitive impairment at its source** in the brain[13](index=13&type=chunk) [Cautionary Note Regarding Forward-Looking Statements](index=3&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to significant risks and uncertainties, and the company disclaims any obligation to update them - Forward-looking statements are subject to risks related to the evaluation of strategic alternatives, managing the business post-restructuring, and **obligations under the Shionogi agreement**[14](index=14&type=chunk)[15](index=15&type=chunk) - Additional risks include obtaining **FDA approval for EndeavorOTC**, generating revenue, defending intellectual property, and navigating regulatory requirements[15](index=15&type=chunk) - The Company **cautions against undue reliance** on these statements and disclaims any obligation to update them[15](index=15&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated balance sheets, statements of operations, and a GAAP to non-GAAP reconciliation [Unaudited Condensed Consolidated Balance Sheets](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show the company's financial position at March 31, 2024, compared to prior periods, highlighting changes in assets and liabilities Unaudited Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2024 | December 31, 2023 | March 31, 2023 | | :-------------------------- | :------------- | :---------------- | :------------- | | Cash and cash equivalents | $63,161 | $75,150 | $87,869 | | Total current assets | $64,998 | $78,030 | $121,325 | | Total assets | $67,365 | $80,383 | $124,597 | | Total current liabilities | $11,212 | $12,967 | $11,420 | | Total liabilities | $17,157 | $21,851 | $32,157 | | Total stockholders' equity | $50,208 | $58,532 | $92,440 | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations detail financial performance for Q1 2024, showing decreased revenues and a reduced net loss versus prior periods Unaudited Condensed Consolidated Statements of Operations (in thousands) | Metric | Q1 2024 | Q1 2023 | Q4 2023 | | :-------------------------- | :------ | :------ | :------ | | Revenues | $383 | $113 | $749 | | Cost of revenues | $173 | $137 | $252 | | Gross profit (loss) | $210 | $(24) | $497 | | Research and development | $4,183 | $6,084 | $4,296 | | Selling, general and administrative | $6,892 | $13,011 | $7,824 | | Total operating expenses | $11,075 | $19,095 | $12,120 | | Operating loss | $(10,865) | $(19,119) | $(11,623) | | Net loss | $(9,763) | $(20,711) | $(11,147) | [GAAP to Non-GAAP Reconciliation](index=7&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) This table reconciles GAAP to non-GAAP operating expenses and net loss, adjusting for items like stock-based compensation and earn-out liabilities Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands) | Metric | Q1 2024 | Q1 2023 | Q4 2023 | | :-------------------------- | :------ | :------ | :------ | | GAAP Total Operating Expenses | $11,075 | $19,095 | $12,120 | | Stock-based compensation | $(1,302) | $(2,759) | $(556) | | Expenses related to workforce reduction | $- | $(2,329) | $- | | **Non-GAAP Total Operating Expenses** | **$9,773** | **$14,007** | **$11,564** | | GAAP Net Loss | $(9,763) | $(20,711) | $(11,147) | | Stock-based compensation | $1,302 | $2,759 | $556 | | Expenses related to workforce reduction | $- | $2,329 | $- | | Change in estimated fair value for earn-out liabilities | $(888) | $2,013 | $(181) | | **Non-GAAP Net Loss** | **$(9,349)** | **$(13,610)** | **$(10,772)** | [Investor and Media Contact](index=7&type=section&id=Investor%20and%20Media%20Contact) This section provides contact information for investor and media inquiries - Matt Franklin, President and Chief Executive Officer, is listed as the contact for investor and media inquiries[19](index=19&type=chunk)

Akili (NASDAQ:AKLI) stock is rocketing higher on Tuesday after the digital medicine company provided investors with a positive corporate update.According to this update, Shionogi has canceled and forgiven $5 million in debt that Akili owed it. The company has also agreed to make payments for Akili’s SDT-001. That includes a $10.5 million upfront payment to cancel future royalty payments and milestone payments.To go along with that, Akili is still eligible for up to $4.5 million in payments from Shionogi for ...

Exhibit 99.1 Akili Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update FY 2023 total revenues of $1.7M, a 420% increase over FY 2022 as EndeavorOTC® gained traction in the market following June 2023 product release Reports fourth quarter 2023 total revenues of $749 thousand, representing 7% growth over the third quarter of 2023, and positive gross margins of 66%, representing a 6 percentage point increase over the third quarter of 2023 Akili partner Shionogi releases pos ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR (Exact name of Registrant as specified in its Charter) Delaware 92-3654772 (State or other jurisdiction of incorporation or organization) 71 Commercial Street, Mailbox 312 Boston, MA 02109 (Address of principal executive offices) (Zip Code) (I.R.S. Employer Identification No.) Registr ...

3 Top Tips to Use to Decide When to Sell Penny Stocks in 2024Investing in penny stocks offers a unique opportunity for investors looking to expand their portfolios with potentially high-reward options. Recognized for their affordability, these stocks allow individuals to purchase shares in emerging companies without a significant financial outlay. However, understanding when to sell penny stocks is crucial to maximizing returns and minimizing risks.[Read More] What Makes a Winning Penny Stocks Trading Strat ...