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Jun 30, 2022
Akero Q2 2022 Earnings Report
Akero Therapeutics reported financial results for Q2 2022 and provided a business update.
Key Takeaways
Akero Therapeutics reported second quarter financial results, highlighting a $25 million equity investment from Pfizer and a $100 million term loan facility from Hercules Capital to support the development of efruxifermin (EFX). The company is progressing with its Phase 2b HARMONY and SYMMETRY studies and expects to report HARMONY results in September.
Secured a $25 million equity investment from Pfizer and up to a $100 million term loan facility from Hercules Capital to support the development of EFX.
Presented data at the 2022 International Liver Congress demonstrating the potential of EFX to treat patients at the highest genetic risk for progressive NASH.
Presented new post hoc analyses of the BALANCED study at the 2022 Keystone Symposium, highlighting the association of EFX treatment with a coordinated reduction in synthesis of collagen subtypes implicated in liver fibrosis.
Completed all required visits for the Week 24 primary analysis in the ongoing Phase 2b HARMONY study in patients with pre-cirrhotic NASH and expects to report results in September.
Akero
Akero
Forward Guidance
Akero anticipates its cash reserves, along with the Hercules facility, will sufficiently fund operations until Q3 2024. The company expects to report results from the HARMONY study in September and SYMMETRY study in the second half of 2023.
Positive Outlook
- Cash reserves expected to fund operations until Q3 2024.
- Anticipated reporting of HARMONY study results in September.
- Advancing the SYMMETRY study with results expected in the second half of 2023.
- First patient randomized into Cohort D of the SYMMETRY study.
- Potential for EFX to address unmet needs in NASH treatment.
Challenges Ahead
- Uncertainties related to clinical trial outcomes.
- Potential impacts of COVID-19 on operations and clinical trials.
- Risks associated with regulatory developments.
- Dependence on successful execution of strategy.
- Competition in the NASH treatment market.