Akari Therapeutics, Plc

What they do

Akari is an oncology company developing next-generation antibody-drug conjugates (ADCs) built around its proprietary payload, PH1, which targets RNA splicing. Its lead candidate, AKTX-101, targets the Trop-2 receptor and is in IND-enabling studies. The company also has a second candidate, AKTX-102, against CEACAM5, relevant in pancreatic, colon, stomach, esophageal, and lung cancers. It has no approved products and no revenue from product sales.

Revenue drivers

• No product revenue yet — Akari has not commercialized any products and reported zero quarterly revenue in 2023 and 2024; it funded operations through equity offerings and financing.
• AKTX-101 (Trop-2 ADC) — Lead candidate, in IND-enabling studies targeting the Trop-2 receptor; potential future revenue if approved, but no clinical trials started yet.
• AKTX-102 (CEACAM5 ADC) — Preclinical ADC against CEACAM5, an antigen in multiple solid tumors; no development funding or timeline disclosed.
• PH1 payload platform collaborations — Strategic research collaboration with Whitehawk Therapeutics to explore PH1 in dual-payload ADCs; may generate collaboration revenue or milestone payments.

Recent performance

For Q2 2026, Akari reported a net loss (figure not fully disclosed in excerpts), with R&D expenses of $2.1 million (up from $0.7 million in Q2 2025) and G&A expenses of $2.5 million (flat year-over-year). As of June 30, 2026, the company had cash and equivalents of $7.7 million, total assets of $38.6 million, total liabilities of $20.0 million, and shareholder equity of $18.6 million. Annual net losses were $17.3 million in 2025 and $19.8 million in 2024, with operating cash flows of -$10.6 million in 2025 and -$12.6 million in 2024.

Strategy

Akari is advancing AKTX-101 through IND-enabling activities toward a planned Phase 1 trial initiation in mid-2027. Management is also progressing AKTX-102 and exploring expansion of the PH1 payload platform via a collaboration with Whitehawk Therapeutics for dual-payload ADCs. The company presented preclinical data at ASCO 2026 showing PH1 synergy with a KRAS inhibitor in pancreatic cancer models, aiming to build scientific rationale. It is also strengthening its intellectual property portfolio with newly issued international patents for PH1.

Risks

• No clinical-stage assets — All pipeline candidates are preclinical; AKTX-101 has not started clinical trials, and it will likely be many years before any potential commercialization.
• Limited cash runway — Cash and equivalents were $7.7 million as of June 30, 2026, and the company has a history of operating losses and negative operating cash flows.
• Material weaknesses in internal controls — Management concluded that disclosure controls and internal control over financial reporting were not effective as of June 30, 2026, due to material weaknesses, though remediation is underway.
• IPR&D impairment risk — The company holds IPR&D assets that could be impaired in the future, which may adversely affect financial condition and results.

Outlook

Management expects to continue incurring significant losses as it conducts research, development, and IND-enabling activities. Akari plans to initiate its First-In-Human Phase 1 trial for AKTX-101 by mid-2027 (the 10-K stated late 2026/early 2027, but the earnings release says mid-2027). The company aims to leverage its PH1 platform through collaborations and data presentations, and it raised approximately $8.6 million in gross proceeds in Q2 2026 to support these priorities.