Akari Therapeutics(US:AKTX)2022-09-26 16:00Financial Performance - The net loss for the three months ended June 30, 2022, was $5,679,978, compared to a net loss of $4,346,335 for the same period in 2021, indicating a 30.6% increase in losses[8] - For the six months ended June 30, 2022, the company reported a net loss of $10,856,373, compared to a net loss of $10,184,836 for the same period in 2021[16] - The total comprehensive loss for the six months ended June 30, 2022, was $10,936,963, compared to $9,956,857 for the same period in 2021, reflecting an increase of 9.8%[8] - The company expects to continue incurring substantial losses over the next several years during its development phase[22] Assets and Liabilities - Total current assets as of June 30, 2022, were $11,352,247, a slight decrease from $11,625,099 as of December 31, 2021[6] - Total liabilities decreased to $3,045,311 as of June 30, 2022, from $6,093,446 as of December 31, 2021, a reduction of 50%[6] - Shareholders' equity increased to $8,325,780 as of June 30, 2022, from $5,554,582 as of December 31, 2021, marking a 49.8% increase[6] - Cash and cash equivalents as of June 30, 2022, were $8,151,177, down from $9,361,270 as of December 31, 2021, a decrease of 12.9%[6] - As of June 30, 2022, the company had cash of $8,151,177, a decrease from $14,055,777 at the end of June 2021[16] Research and Development - Research and development expenses for the three months ended June 30, 2022, were $2,851,108, up from $2,183,349 for the same period in 2021, representing a 30.6% increase[8] - For the first half of 2022, research and development expenses totaled $4,990,715, a decrease of 12.6% from $5,712,733 in the same period of 2021[36] - The company is focused on developing advanced therapies for autoimmune and inflammatory diseases involving the complement (C5) and leukotriene (LTB4) pathways[18] Financing Activities - The company raised $12,366,469 from the issuance of shares during the six months ended June 30, 2022, compared to $1,993,529 in the same period of 2021[16] - The company issued 1,175,185,200 shares related to financing, resulting in additional paid-in capital of $13,368,950[10] - Approximately $22,000,000 remains available under the securities purchase agreement with Aspire Capital, which allows for the purchase of up to $30,000,000 of the company's ADSs[20] - The Company entered into a Purchase Agreement with Aspire Capital to purchase up to $30 million of the Company's ADS over a 30-month period[50] Stock-Based Compensation - The company recorded approximately $221,692 in stock-based compensation expenses for employees and directors during the six months ended June 30, 2022, compared to $166,994 for the same period in 2021, representing a year-over-year increase of 32.6%[80] - The expected volatility for options granted during the six months ended June 30, 2022, ranged from 72.8% to 90.4%[75] - The Company granted 253,134,400 options during the period ended June 30, 2022, with a weighted average exercise price of $0.01[70] Clinical Trials and Operations - The ongoing COVID-19 pandemic poses risks that could adversely impact the company's business operations and clinical trials[23] - The company announced on August 1, 2022, the discontinuation of the clinical program evaluating nomacopan in bullous pemphigoid and is reallocating resources to a Phase 3 clinical trial of nomacopan in severe pediatric HSCT-TMA[87] Tax and Compliance - The Company has recorded a full valuation allowance on its deferred tax assets as of June 30, 2022, indicating no expected realization of these assets[41] - The Company has no uncertain tax positions as of June 30, 2022, indicating a stable tax compliance status[42]