Executive Summary

Akero reported Q2 2025 net loss per share of $0.86, beating Wall Street consensus EPS of $0.90*, driven by higher interest income partially offsetting elevated Phase 3 R&D spend . EPS consensus from S&P Global; values retrieved from S&P Global.*
Total operating expenses rose 23% year over year to $80.9M as SYNCHRONY Histology, Real-World, and Outcomes advanced; net loss increased to $70.5M versus $56.0M in Q2 2024 .
Liquidity remained strong: cash, cash equivalents, and short- and long-term marketable securities totaled $1.086B at quarter-end, with runway “into 2028” reiterated; management guided preliminary SYNCHRONY Real-World results in 1H26 and Histology in 1H27 .
Clinical narrative strengthened via NEJM publication of SYMMETRY and EASL late-breaking oral data indicating statistically significant reversal of compensated cirrhosis (F4) due to MASH, supporting disease-modifying potential of EFX and serving as ongoing stock-reaction catalysts .

What Went Well and What Went Wrong

What Went Well

NEJM publication of SYMMETRY and EASL late-breaking oral reinforced EFX’s anti-fibrotic activity and potential to reverse cirrhosis; CEO: “We continued to build on the strong momentum… supported by peer‑reviewed publication… and additional data presentations that reinforce the anti‑fibrotic activity of EFX” .
Strong liquidity and runway: $1.086B cash, cash equivalents and marketable securities; company expects funding “into 2028,” de‑risking Phase 3 execution .
EPS beat vs consensus in Q2 despite higher OpEx, supported by $11.5M interest and other income ; consensus EPS was −$0.90* vs actual −$0.86 . EPS consensus from S&P Global; values retrieved from S&P Global.*

What Went Wrong

Operating expenses escalated to $80.9M (from $65.7M YoY), with R&D up to $69.3M and G&A to $11.6M, pressuring net losses (−$70.5M vs −$56.0M YoY) as Phase 3 scales .
No product revenue yet; statements of operations reflect only operating expenses, highlighting continuing reliance on financing and investment income while pipeline matures .
Weighted-average shares increased to 81.7M (vs 69.2M YoY), dilutive relative to prior year following January 2025 capital raise, which can temper per-share metrics near term .

Financial Results

Metric	Q2 2024	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD Millions)	N/A – no revenue line presented	N/A – no revenue line presented	N/A – no revenue line presented	N/A – no revenue line presented
R&D Expense ($USD Millions)	$55.32	$69.29	$69.57	$69.25
G&A Expense ($USD Millions)	$10.42	$8.73	$11.32	$11.62
Total Operating Expenses ($USD Millions)	$65.74	$78.03	$80.88	$80.87
Interest and Other Income, net ($USD Millions)	$10.99	$9.20	$11.31	$11.54
Interest Expense ($USD Millions)	$(1.23)	$(1.20)	$(1.15)	$(1.17)
Net Loss ($USD Millions)	$(55.99)	$(70.02)	$(70.73)	$(70.51)
EPS, Basic & Diluted ($USD)	$(0.81)	$(0.99)	$(0.90)	$(0.86)
Weighted Avg Shares (Basic & Diluted)	69,160,484	70,573,609	78,656,629	81,721,387

KPIs

KPI	Q4 2024	Q1 2025	Q2 2025
Cash, Cash Equivalents & Short-/Long-term Marketable Securities ($USD Millions)	$797.8	$1,128.3	$1,086.2
Cash, Cash Equivalents & Short-term Marketable Securities ($USD Millions)	$743.1	$743.1	$742.3
Cash Runway	Into 2028	Into 2028	Into 2028

Segment breakdown: Not applicable; Akero is a clinical-stage company without commercial segments .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Multi-year	“Into 2028” (Q4 FY24 and Q1 FY25)	“Into 2028” reiterated (Q2 FY25)	Maintained
SYNCHRONY Real-World topline	1H 2026	“Preliminary results 1H26” (Q1 FY25)	“Preliminary results 1H26” reiterated (Q2 FY25)	Maintained
SYNCHRONY Histology topline (primary histology endpoints)	1H 2027	“52-week results 1H27” (Q1 FY25)	“Readout 1H27” reiterated (Q2 FY25)	Maintained
SYNCHRONY Outcomes (clinical outcomes)	Multi-year	Program ongoing; increased screening following SYMMETRY topline (Q4 FY24)	Ongoing; no date revision disclosed (Q2 FY25)	Maintained

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was available in the document catalog; themes below reflect prepared remarks and press releases.

Topic	Previous Mentions (Q4 FY24, Q1 FY25)	Current Period (Q2 FY25)	Trend
Clinical efficacy: anti-fibrotic activity and cirrhosis reversal	Reported statistically significant reversal of compensated cirrhosis (F4) in SYMMETRY; detailed subgroup analyses; increased screening for Outcomes	NEJM publication of SYMMETRY; EASL late-breaking oral highlighting reversal across high-need subgroups (cryptogenic cirrhosis, T2D)	Strengthening evidence base
Pre-cirrhotic fibrosis (F2-F3) HARMONY findings	New week 96 analyses with AI qFibrosis; multi-modal confirmation (histopathology, FibroScan, ELF)	EASL 2025 analyses show consistent fibrosis improvement and AI corroboration	Consistent, deeper validation
Phase 3 SYNCHRONY execution	Real-World double-blind enrolled; timelines set (Real-World 1H26; Histology 1H27); Outcomes design clarified	Timelines reiterated; program advancement noted	On track
Liquidity and runway	$797.8M cash & marketable securities; follow-on raised $402.5M; runway into 2028	$1.128B (Q1) then $1.086B (Q2); runway into 2028 reiterated	Robust, slightly lower sequential cash
Publications and conferences	Preliminary SYMMETRY topline; AASLD HARMONY analyses	NEJM (SYMMETRY) and Lancet (HARMONY); EASL press program highlights	Elevated scientific profile

Management Commentary

Andrew Cheng, President & CEO: “We continued to build on the strong momentum… supported by the peer‑reviewed publication of 96-week results in the New England Journal of Medicine and additional data presentations that reinforce the anti-fibrotic activity of EFX across all stages of MASH.”
On timelines: “We look forward to reporting preliminary results of our first Phase 3 trial, SYNCHRONY Real-World, in the first half of 2026 as well as a readout of SYNCHRONY Histology in the first half of 2027.”
Clinical framing (Q1): “Cirrhosis had previously been viewed as an irreversible condition… We believe the SYMMETRY week 96 results highlight the potential of EFX to transform the treatment of MASH.”

Q&A Highlights

No Q2 2025 earnings call transcript located in the catalog; no Q&A disclosures found [ListDocuments returned none for earnings-call-transcript in Q2 window].

Estimates Context

EPS vs consensus:
- Q4 2024: actual $(0.99) vs consensus $(1.12)* → beat . EPS consensus from S&P Global; values retrieved from S&P Global.*
- Q1 2025: actual $(0.90) vs consensus $(0.99)* → beat . EPS consensus from S&P Global; values retrieved from S&P Global.*
- Q2 2025: actual $(0.86) vs consensus $(0.90)* → beat . EPS consensus from S&P Global; values retrieved from S&P Global.*

Metric	Q4 2024	Q1 2025	Q2 2025
EPS Consensus Mean ($)	−1.12*	−0.99*	−0.90*
EPS Actual ($)	−0.99	−0.90	−0.86
Beat/Miss	Beat	Beat	Beat

Revenue consensus was $0.0* for each period, consistent with clinical-stage status; company did not present a revenue line in statements of operations . Revenue consensus from S&P Global; values retrieved from S&P Global.*

Key Takeaways for Investors

Three consecutive EPS beats despite Phase 3 ramp reflect disciplined OpEx control and meaningful interest income; near-term EPS trajectory remains sensitive to cash yields and trial cadence . EPS consensus from S&P Global; values retrieved from S&P Global.*
Liquidity at $1.086B and runway into 2028 materially de-risks completion of SYNCHRONY across Real-World, Histology, and Outcomes; dilution risk moderated by January raise, though higher share count persists .
Scientific validation continues to compound: NEJM (SYMMETRY) and Lancet (HARMONY) plus EASL late-breaking underscore disease-modifying potential in both F2–F3 and F4 MASH cohorts—an important medium-term thesis driver .
Near-term trading catalysts: ongoing clinical data visibility and any regulatory interactions; medium-term catalysts: SYNCHRONY Real-World topline (1H26) and Histology readout (1H27) .
Watch net interest trends and OpEx growth as Phase 3 scales; sequential cash decline from $1.128B to $1.086B is modest and aligned with program execution .
With no commercial revenue, thesis remains binary around Phase 3 outcomes; press releases emphasize anti-fibrotic activity and reversal of cirrhosis—monitor payer/regulatory signals and competitive landscape in MASLD/MASH .

Values retrieved from S&P Global.*

Akero Therapeutics, Inc. (AKRO)·Q2 2025 Earnings Summary