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Sep 30, 2022
Akero Q3 2022 Earnings Report
Akero reported third quarter financial results and provided business updates.
Key Takeaways
Akero Therapeutics reported third quarter financial results, highlighting positive Week 24 results from the Phase 2b HARMONY study evaluating EFX in the treatment of adult patients with pre-cirrhotic NASH (F2-F3) and the closing of an upsized underwritten public offering of common stock for gross proceeds of approximately $230.0 million.
Akero reported positive Week 24 results from the Phase 2b HARMONY study evaluating EFX in the treatment of adult patients with pre-cirrhotic NASH (F2-F3).
Akero closed an upsized underwritten public offering of 8,846,154 shares of its common stock at a public offering price of $26.00 per share, with gross proceeds of approximately $230.0 million.
Akero successfully manufactured a new drug product-device combination for use in Phase 3 clinical trials.
Akero remains on track to report Week 36 results of the Phase 2b SYMMETRY main study in adult patients with cirrhotic NASH (F4, compensated) in the second half of 2023.
Forward Guidance
Akero anticipates key milestones for 2023.
Positive Outlook
- Akero remains on track to report Week 36 results of the Phase 2b SYMMETRY main study in adult patients with cirrhotic NASH (F4, compensated) in the second half of 2023.
- Akero remains on track to report results of Cohort D in the first half of 2023.
- Akero believes that its cash, cash equivalents and marketable securities will be sufficient to fund its current operating plan into 2025.
Challenges Ahead
- There are risks related to the impact of COVID-19 on Akero’s ongoing and future operations, including potential negative impacts on Akero’s employees, third-parties, manufacturers, supply chain and production as well as on global economies and financial markets.
- The success, cost, and timing of Akero’s product candidate development activities and planned clinical trials are uncertain.
- Akero’s ability to execute on its strategy is subject to risks.
- Positive results from a clinical study may not necessarily be predictive of the results of future or ongoing clinical studies.
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