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Jun 30, 2024
Akero Q2 2024 Earnings Report
Akero Therapeutics reported financial results and provided a business update, highlighting the initiation of the Phase 3 SYNCHRONY Outcomes trial of Efruxifermin (EFX) and expansion of the leadership team.
Key Takeaways
Akero Therapeutics reported second quarter financial results, including cash, cash equivalents and marketable securities of $848.3 million as of June 30, 2024. The company believes its current resources will fund Phase 3 SYNCHRONY studies through primary endpoint readouts and its operating plan into the second half of 2027.
Initiated Phase 3 SYNCHRONY Outcomes trial of Efruxifermin (EFX) in patients with compensated cirrhosis (F4) due to MASH.
Presented poster and late-breaking oral presentation on EFX at the EASL Congress 2024.
Expanded leadership team with the addition of Scott Gangloff as Chief Technical Officer.
Cash, cash equivalents and short and long-term marketable securities totaled $848.3 million as of June 30, 2024.
Forward Guidance
Akero believes that its current cash, cash equivalents, and short- and long-term marketable securities will be sufficient to fund its Phase 3 SYNCHRONY Histology and Real-World studies through readout of their respective primary endpoints and Akero’s current operating plan into the second half of 2027.
Positive Outlook
- Current cash, cash equivalents, and short- and long-term marketable securities are projected to be sufficient to fund Phase 3 SYNCHRONY Histology and Real-World studies through readout of their respective primary endpoints.
- Current resources are expected to fund Akero’s current operating plan into the second half of 2027.
- Ongoing Phase 3 SYNCHRONY clinical trial program consists of three global, randomized, placebo-controlled trials to support marketing applications.
- Patients are using the LyoJect 3S dual chamber syringe, a pre-filled device designed for self-administration and intended for commercial use.
- Scott’s extensive knowledge and experience of establishing and optimizing supply chains will support a robust manufacturing capability for EFX at launch.
Challenges Ahead
- The success, cost, and timing of Akero’s product candidate development activities and planned clinical trials.
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