The company's operating losses have widened significantly from $35.6 million in 2023Q2 to $90.2 million in 2025Q3, driven by a surge in R&D expenditures to $78.9 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 213K | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | -213K | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | 100% | - | - | - | - |
| Operating Expenses | 330.02M | 285.42M | 172.87M | 115.16M | 100.89M | 80.15M | 45.65M | 13.78M | 4.56M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 43.02M | 37.93M | 31.07M | 29.87M | 19.13M | 15.24M | 8.61M | 1.9M | 1.08M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 287M | 247.5M | 141.8M | 85.28M | 81.76M | 64.92M | 37.05M | 11.88M | 3.49M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -330.02M | -285.42M | -172.87M | -115.16M | -100.89M | -80.15M | -45.65M | -13.78M | -4.56M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -65.11% | -50.12% | -14.14% | -25.87% | -75.58% | -231.33% | -201.88% | - |
| EBITDA | -318.45M | -285.4M | -172.84M | -115.11M | -100.84M | -79.94M | -45.76M | 0 | 414.91K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -18.27% | -65.13% | -50.15% | -14.15% | -26.15% | -74.72% | - | -100% | - |
| D&A (Non-Cash Add-back) | 24K | 18K | 29K | 43K | 41K | 213K | -104K | 13.78M | 4.98M |
| EBIT | -288.2M | -247.39M | -148.66M | -111.29M | -100.78M | -79.21M | -43.73M | -81.71M | -4.56M |
| Net Interest Income | 27.43M | 33.36M | 21.11M | 3.12M | 109K | 947K | 1.9M | 0 | 0 |
| Interest Income | 32.05M | 38.03M | 24.21M | 3.86M | 109K | 947K | 1.9M | 0 | 0 |
| Interest Expense | 4.62M | 4.67M | 3.1M | 739K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 37.2M | 33.36M | 21.11M | 3.12M | 109K | 947K | 1.9M | -67.94M | 0 |
| Pretax Income | -292.82M | -252.06M | -151.76M | -112.03M | -100.78M | -79.21M | -43.76M | -81.71M | -4.56M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -17K | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.02% | 0% | 0% | 0% |
| Net Income | -292.82M | -252.06M | -151.76M | -112.03M | -100.78M | -79.19M | -43.76M | -81.71M | -4.56M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -23.44% | -66.09% | -35.46% | -11.17% | -27.26% | -80.98% | 46.45% | -1690.4% | - |
| Net Income (Continuing) | -292.82M | -252.06M | -151.76M | -112.03M | -100.78M | -79.19M | -43.76M | -81.71M | -4.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.57 | -3.75 | -2.89 | -2.87 | -2.89 | -2.52 | -2.90 | -3.85 | -0.16 |
| EPS Growth % | 0.27% | -29.76% | -0.7% | 0.69% | -14.68% | 13.1% | 24.68% | -2306.25% | - |
| EPS (Basic) | - | -3.75 | -2.89 | -2.87 | -2.89 | -2.52 | -2.90 | -3.85 | -0.16 |
| Diluted Shares Outstanding | 82.01M | 67.14M | 52.57M | 38.98M | 34.83M | 31.46M | 15.07M | 21.22M | 28.56M |
| Basic Shares Outstanding | 82.01M | 67.14M | 52.57M | 38.98M | 34.83M | 31.46M | 15.07M | 21.22M | 28.56M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Clinical trial execution dependency
As reported in financial statements, Akero's R&D expenditure has climbed to $78.9 million in 2025Q3, reflecting a significant intensification of clinical trial activity compared to the $28.0 million level observed in 2023Q2, which underscores the company's aggressive pursuit of late-stage MASH therapeutic development.
The consistent quarter-over-quarter expansion in R&D spending suggests that the company is scaling its clinical infrastructure to support pivotal trials. Investors should monitor whether this cost trajectory remains sustainable given the absence of commercial revenue and the reliance on external capital markets.
Based on Akero's reported figures, operating losses have widened from $35.6 million in 2023Q2 to $90.2 million in 2025Q3, indicating that the company's cost structure is currently dominated by non-scalable clinical development expenses rather than operational efficiencies typical of a commercial-stage enterprise.
The lack of revenue generation means that operating leverage is currently non-existent, as every dollar of increased R&D spend directly impacts the bottom line. This trend appears to reflect the high-stakes nature of the SYMMETRY and HARMONY programs, where clinical progress necessitates increasing cash outflows.
According to recent SEC filings, Akero's quarterly stock-based compensation has risen to $9.3 million in 2025Q3, up from $4.8 million in 2023Q2, which suggests an increasing reliance on equity-based incentives to preserve cash while managing talent in a competitive biotechnology labor market.
While this approach helps conserve liquid assets, it introduces a persistent dilution factor that investors should account for when evaluating per-share value. The divergence between net loss and cash burn warrants further investigation to ensure that non-cash items are not masking the true velocity of capital depletion.
As indicated by the company's financial trajectory, the absence of revenue combined with a $90.2 million quarterly operating loss in 2025Q3 creates a precarious reliance on capital markets, potentially exposing shareholders to significant dilution if clinical milestones are delayed or if market conditions for biotech financing deteriorate.
Short-term focus on the 36-week endpoint miss in F4 patients may be secondary to the broader risk of cash exhaustion before the completion of Phase 3 trials. The market should remain cautious regarding the company's ability to maintain its current development pace without further equity issuance.
Quick answers to the most common questions about buying AKRO stock.
For fiscal year 2024, Akero Therapeutics, Inc. (AKRO) reported total revenue of $0.0M.
Akero Therapeutics, Inc. (AKRO) reported a net loss of $252.1M for the fiscal year ending 2024.