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Sep 30, 2025
Akero Q3 2025 Earnings Report
Akero reported a wider net loss in Q3 2025, driven by higher R&D expenses as its Phase 3 SYNCHRONY program progressed.
Key Takeaways
Akero Therapeutics posted a net loss of $81.6 million for Q3 2025 as it ramped up clinical trial activity for its lead candidate EFX. Increased spending on CROs and CMO services pushed R&D expenses higher, while cash reserves remained strong.
Net loss widened to $81.6 million, up from $72.7 million in Q3 2024
R&D expenses increased to $78.9 million, primarily from Phase 3 SYNCHRONY program spending
Cash and cash equivalents stood at $176.0 million, with total liquidity of $988.3 million including marketable securities
Akero announced a merger agreement with Novo Nordisk in October 2025
Forward Guidance
Akero expects to continue increasing R&D spend as it advances the SYNCHRONY trials. The company has sufficient liquidity to fund operations for at least 12 months, though additional funding may be required if the Novo Nordisk merger does not close.
Positive Outlook
- Enrollment completed for SYNCHRONY Real-World trial; data expected in H1 2026
- EFX showed promising fibrosis and cirrhosis regression in Phase 2b results
- Cash, cash equivalents, and marketable securities total $988 million
- Reported progress across all three SYNCHRONY Phase 3 studies
- Maintains exclusive global rights to EFX with robust IP position
Challenges Ahead
- Net loss increased due to clinical trial and manufacturing costs
- Pending Novo merger may limit strategic flexibility in the near term
- Stockholder lawsuit still active on appeal
Historical Earnings Impact
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Avg. Return Before/After Earnings
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