Akero Q2 2023 Earnings Report
Key Takeaways
Akero Therapeutics reported progress in the clinical development of EFX, highlighted by positive results from the Phase 2b SYMMETRY Cohort D study. The company raised $334.8 million in net proceeds, strengthening its cash position as it prepares to initiate Phase 3 SYNCHRONY studies.
Positive results reported from Phase 2b SYMMETRY Cohort D study.
Phase 3 SYNCHRONY studies on track to begin enrolling in the second half of 2023.
36-Week results from the Phase 2b SYMMETRY study are expected to be reported in the fourth quarter of 2023.
Company raised $334.8 million in net proceeds through ATM Facility and underwritten registered direct offering.
Akero
Akero
Forward Guidance
Akero is on track to initiate Phase 3 SYNCHRONY Histology and SYNCHRONY Real-World studies later this year and anticipates reporting Week 36 results from the Phase 2b SYMMETRY main study in Q4 2023.
Positive Outlook
- Phase 3 SYNCHRONY Histology study will evaluate the efficacy of EFX in patients with pre-cirrhotic NASH.
- Phase 3 SYNCHRONY Real-World study will assess the safety and tolerability of EFX in patients with non-invasively diagnosed NASH or NAFLD.
- The company believes its cash, cash equivalents, and marketable securities will be sufficient to fund its operating plan into 2026.
- EFX is designed to reduce liver fat and inflammation, reverse fibrosis, increase insulin sensitivity and improve lipids.
- Akero remains on track to report Week 36 results of the Phase 2b SYMMETRY main study in adult patients with cirrhotic NASH in the fourth quarter of 2023.
Challenges Ahead
- The success of Akero’s product candidate development activities and planned clinical trials are subject to risks and uncertainties.
- Positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies.
- Regulatory developments in the United States and foreign countries could impact Akero’s business.
- Akero’s ability to fund operations is subject to risks and uncertainties.
- Uncertainties exist regarding Akero's growth as a company and expectations regarding its uses of capital, expenses, and financial results.