Akari Therapeutics (AKTX) Financials

Akari Therapeutics’ latest quarter shows a company still in cash-preservation mode, with no revenue and ongoing losses, but it also raised enough financing to keep cash from falling sharply in Q1 2026.

For the quarter ended March 31, 2026, Akari reported zero revenue and a net loss of $14.5 million, compared with a $5.3 million loss in Q4 2025. The larger loss was driven in part by a $12.1 million impairment charge, which weighed heavily on operating results.

Cash flow remains the key story. Operating cash burn improved slightly on a sequential basis, with cash used in operations of $2.5 million in Q1 2026 versus $3.0 million in Q4 2025. Financing activities added a modest $53,000, helping limit the quarterly cash decline to $2.4 million.

At quarter-end, Akari had $2.8 million in cash and equivalents, down from $2.5 million in the prior quarter and well below the company’s larger cash balances seen earlier in 2025. That said, the balance sheet still carries a sizable amount of non-current assets, including $30.3 million in intangible assets.

Looking across the last several quarters, the trend is mixed:

• Cash used in operations improved to $2.5 million in Q1 2026 from $3.0 million in Q4 2025.
• Operating expenses fell sharply from the prior quarter when excluding the impairment, suggesting management is keeping regular spending relatively contained.
• The company continues to access financing when needed, including equity and debt activity across prior quarters.
• Akari still reports no revenue, so the business remains dependent on external funding.
• The quarter included a large impairment charge, which is non-cash but signals possible pressure on asset values.
• Cash and equivalents of $2.8 million provide limited liquidity relative to quarterly losses and operating needs.
• Net loss widened to $14.5 million in Q1 2026 from $5.3 million in Q4 2025.
• Total liabilities were $19.5 million, well above cash on hand.
• Retained earnings remained deeply negative at $(279.0) million, reflecting long-term accumulated losses.
• Dilution risk remains elevated given the company’s repeated reliance on equity financing in prior quarters.

Bottom line: Akari Therapeutics is still a high-risk, pre-revenue biotech story. The recent quarter showed some discipline on operating cash burn, but the company remains dependent on financing and remains vulnerable to further losses, dilution, or balance-sheet pressure if it does not generate meaningful clinical or strategic progress.