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Jun 30, 2023
Akero Q2 2023 Earnings Report
Akero Therapeutics reported second quarter financial results and provided business updates.
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.
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.
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