Executive Summary

Akari reported Q1 2025 net loss from operations of $3.7M, an improvement versus $5.6M in Q1 2024, driven by lower R&D and G&A after the 2024 portfolio pivot and restructuring .
R&D expenses fell to $0.8M (from $2.3M YoY) largely due to suspension of the HSCT-TMA nomacopan program; G&A decreased to $2.7M (from $3.7M YoY) on lower legal/professional fees and D&O insurance .
Cash was $2.6M at March 31, 2025; net proceeds from a March 2025 offering totaled $6.0M, with $4.0M received in April; management previously guided cash sufficiency into September 2025, implying a limited runway and a near-term need for partnering or financing .
Near-term catalysts are preclinical PH1 payload data presentation in 2H 2025, continued IND-enabling work on AKTX-101 (TROP2/PH1 ADC), and active BD discussions for licensing and out-licensing of non-core assets, which could be stock-moving if crystallized .

What Went Well and What Went Wrong

What Went Well

Significant YoY opex reduction: net loss from operations improved by ~$1.9M YoY to $3.7M, with R&D falling to $0.8M and G&A to $2.7M after strategic program suspension and lower corporate costs .
Strategic focus sharpened on ADCs; CEO emphasized becoming a key ADC player with novel immuno-oncology payloads (PH1) and lead program AKTX-101 targeting TROP2; appointment of a seasoned Head of BD, Oncology (Mark Kubik) bolsters partnering capability .
Advancing pipeline and milestones: plans to present preclinical PH1 proof-of-concept in 2H 2025, complete further preclinical studies (including prostate cancer cell lines), explore AKTX-101 in solid tumors (including lung), and pursue strategic collaborations for PH1 payload and AKTX-101 IND-enabling activities .

What Went Wrong

Cash remains tight: $2.6M balance at quarter-end despite $6.0M gross proceeds from March offering; prior guidance indicates runway only into September 2025, highlighting ongoing financing/partnering dependency .
No top-line revenue and no EPS estimate comparisons available; lack of a conventional earnings call transcript limits clarity on quarterly financial cadence and detailed metrics for traders .
Program transition risks: reductions stem from suspending the HSCT-TMA nomacopan clinical program; execution now hinges on ADC preclinical/IND-enabling progress and converting BD interest into tangible deals .

Financial Results

P&L (Operating Expenses and Net Loss)

Metric ($USD Millions)	Q1 2024	Q1 2025
Research & Development	$2.3	$0.8
General & Administrative	$3.7	$2.7
Net Loss from Operations	$5.6	$3.7

Notes: Company did not disclose quarterly revenue or EPS in Q1 2025 press release; detailed financial statements were referenced but not fully available in the accessible exhibit chunks .

Liquidity

Metric ($USD Millions)	Q2 2024	Q1 2025
Cash and Equivalents	$4.177	$2.6
Net Proceeds (Mar 2025 Offering)	N/A	$6.0; $4.0 received in April

Segment/KPIs

Akari is a preclinical-stage oncology biotech focused on ADCs; no commercial revenue segments or product-level sales reported .
Operating KPIs highlighted: ongoing ADC platform development and BD milestones rather than commercial metrics .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	FY 2025	Not previously specified in Q2 2024 materials	Cash sufficient into September 2025	New explicit runway timing
PH1 Payload Preclinical Data	2H 2025	Not specified	Anticipate presenting proof-of-concept immuno-oncology activity	New milestone
AKTX-101 (TROP2/PH1 ADC) IND-Enabling	2025	Continued IND-enabling	Continued progress and exploration across solid tumors including lung; single-agent and combination studies	Maintained/expanded scope
BD/Strategic Partnerships (PH1/AKTX-101)	2025	Exploring licensing	Ongoing efforts; continued discussions on advancing AKTX-101 through additional IND-enabling activities	Maintained emphasis
Out-licensing Non-core Assets	2025	Pursuing	Continue efforts as a source of non-dilutive capital	Maintained emphasis

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available; themes drawn from Q1 press release and a May 29, 2025 investor/other transcript.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q1 2025)	Trend
Strategic Pivot to ADCs	Q2 2024: Portfolio prioritization and merger path with Peak Bio; suspension of HSCT-TMA; financing actions	CEO focus on ADC leadership; PH1 payload differentiation; AKTX-101 lead program; new Head of BD Oncology	Accelerating ADC focus
PH1 Payload Differentiation	FY 2024 update: ADC platform and PH1 attributes; bi-functional, immunostimulatory, reduced off-target toxicity	Detailed mechanism: spliceosome inhibition, immune activation, combination synergy, resistance mitigation; preclinical data plans	Reinforced with specifics
Combination with CPIs	FY 2024: Potential synergy noted	Preclinical data showing enhanced survival and immunologic memory in CPI combinations	Strengthening synergy narrative
BD and Partnerships	Q2 2024: Licensing exploration; financing via notes/placement	Active partnering discussions; appointment of BD leader; seeking PH1/AKTX-101 partners	Intensifying BD efforts
Out-licensing Non-core Assets	Q2 2024: Reduction-in-force and prioritization	Continued efforts to out-license inflammation/ophthalmology/rare disease assets for non-dilutive capital	Execution focus
Cash Runway	Q2 2024: Cash $4.177M; later FY guidance to Sept 2025 sufficiency	$2.6M cash at Q1-end; $6.0M offering proceeds; emphasis on operational efficiency and capital allocation	Tight runway; capital efficiency emphasized
Regulatory/Legal/Macro	Q2 2024: FDA PIND feedback for PAS-nomacopan GA; merger-related disclosures	Forward-looking risks include supply chain tariffs and IP	Broader risk disclosures

Management Commentary

“We remain laser focused on becoming a key player in the ADC space and advancing our novel ADC platform built around immuno-oncology payloads and our lead asset AKTX-101… We… believe [new BD leader Mark Kubik’s] expertise will be invaluable as we continue to advance our novel ADC platform technology.” — Abizer Gaslightwala, President & CEO .
“Our novel payload… targets something called the spliceosome… by attacking the spliceosome… it causes the cell to die. But more importantly, it… revs up the immune system… that’s what makes our payload really unique.” — CEO (Investor transcript) .
“We think [AKTX-101] could play in lung cancer… We’re working on advancing that to… IND enabling studies… Behind that, we have two other undisclosed targets… colon, pancreatic, and potentially prostate.” — CEO (Investor transcript) .
“[Combination with checkpoint inhibitors]… we are synergistic, not just additive… This could crack the [combination] knot…” — CEO (Investor transcript) .
“Cash on hand expected to be sufficient to fund planned operations into September 2025.” — FY 2024 press release .

Q&A Highlights

Pivot rationale and strategic focus: Company shifted from inflammation to oncology ADCs via Peak Bio merger; focus on differentiated PH1 payload and ADC platform; out-licensing legacy assets to fund oncology ambitions .
Partnering interest: Management highlighted increased big pharma interest in early-stage ADC platforms; ongoing discussions with multiple companies around PH1 payload and approach; cannot disclose names .
Mechanism and durability: Spliceosome inhibition drives tumor cell death and immune activation; preclinical data show long-term survival and immunologic memory upon re-challenge; supports the durability thesis in combination regimens .
Safety and translational path: Favorable early non-human primate safety signals; advancing to IND-enabling studies for AKTX-101, with exploration across solid tumors including lung .

Estimates Context

Wall Street consensus (S&P Global) for Q1 2025 EPS and revenue was unavailable after querying; no estimate counts populated, indicating lack of active coverage for quarterly EPS/revenue at this time [GetEstimates for Q1 2025 returned empty].
As a result, there are no beat/miss determinations versus consensus for Q1 2025.

Key Takeaways for Investors

Opex discipline improved the P&L: net operating loss narrowed to $3.7M on sharply reduced R&D and G&A; supports capital-efficient execution while pipeline advances .
Cash runway into September 2025 underscores urgency for BD and financing; near-term partnering, out-licensing, or capital markets events are pivotal for continuity .
PH1 payload differentiation and CPI synergy are central to the thesis; upcoming 2H 2025 preclinical data and IND-enabling progress on AKTX-101 are key catalysts .
Leadership additions (Head of BD Oncology) and CEO’s oncology background aim to accelerate deal-making; watch for licensing announcements on PH1/AKTX-101 .
Absence of revenue/EPS guidance and consensus limits estimate-driven trading; stock may trade on qualitative catalysts (data releases, BD) and runway disclosures .
Out-licensing of non-core assets could provide non-dilutive capital; monitor execution against this stated goal .
Risk disclosures include supply chain/tariff risks and IP; preclinical-to-clinical translation remains the principal execution risk for ADC programs .

Appendices

Prior Quarter Reference (Q2 2024)

Metric ($USD Millions)	Q2 2024
Research & Development	$3.3
General & Administrative	$2.2
Net Loss	$7.6
Cash	$4.177

Current Quarter Summary Figures (Q1 2025)

Net loss from operations: $3.7M .
R&D expense: $0.8M .
G&A expense: $2.7M .
Cash: $2.6M at March 31, 2025; offering net proceeds $6.0M, with $4.0M received in April .

Document Availability Notes

Q1 2025 8-K press release (Item 2.02) and Exhibit 99.1 read in full where accessible; some financial statement tables referenced but not fully retrievable in the exhibit chunks .
No Q1 2025 earnings-call transcript found; investor/other transcript on May 29, 2025 used for management commentary and Q&A themes .
FY 2024 press release (April 16, 2025) reviewed for runway and platform guidance; includes detailed annual financial statements .

Citations:

Akari Therapeutics Plc (AKTX)·Q1 2025 Earnings Summary