The balance sheet is highly vulnerable, evidenced by a current ratio of 0.27 and a significant goodwill concentration of $30.3 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Total Current Assets | 3.59M | 5.46M | 2.95M | 4.34M | 13.81M | 11.63M | 14.58M | 10.27M | 16.4M | 28.81M | 45.63M | 69.66M | 6.43M | 7.83M | 1.12M | 27K | 34.42K |
| Cash & Short-Term Investments | 2.77M | 5.2M | 2.6M | 3.85M | 13.25M | 9.36M | 14.06M | 5.73M | 5.97M | 28.11M | 44.12M | 68.92M | 6.22M | 7.66M | 1.1M | 6K | 9.11K |
| Cash Only | 2.77M | 5.2M | 2.6M | 3.85M | 13.25M | 9.36M | 14.06M | 5.73M | 5.97M | 28.11M | 34.1M | 68.92M | 6.22M | 7.66M | 1.1M | 6K | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.02M | 0 | 0 | 0 | 0 | 0 | 9.11K |
| Accounts Receivable | 0 | 0 | 201K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 12K | 21K | 12.15K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | -2.01M | 0 | 0 | -1.87K | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 821K | 259K | 60K | 197K | 100K | 90.3K | 229.2K | 0 | 585K | 706.41K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 30.3M | 42.43M | 47.61M | 14K | 17K | 22.93K | 27.15K | 35K | 53K | 237.26K | 239.9K | 235.07K | 49K | 68 | 2K | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 20K | 55.9K | 58.36K | 40.51K | 49K | 0 | 2K | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 8.43M | 8.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 30.3M | 34M | 39.18M | 14K | 17K | 22.93K | 27.15K | 30K | 33K | 39.12K | 39.37K | 52.48K | 59 | 68 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 521.83K | 142.24K | 143.67K | 142.08K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 585K | 142.24K | 142.17K | 142.08K | -59 | 0 | 0 | 0 | 0 |
| Total Assets | 33.89M | 47.89M | 50.56M | 4.36M | 13.83M | 11.65M | 14.6M | 10.31M | 16.45M | 29.05M | 45.87M | 69.89M | 6.48M | 7.83M | 1.12M | 27K | 34.42K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 2423.89% | -5.28% | 1061.01% | -68.52% | 18.75% | -20.25% | 41.7% | -37.35% | -43.37% | -36.67% | -34.37% | 978.6% | -17.26% | 599.29% | 4048.15% | -21.55% | - |
| Total Current Liabilities | 13.41M | 12.35M | 19.91M | 4.58M | 12.04M | 6.09M | 5.22M | 5.46M | 3.08M | 9.02M | 11.71M | 21.12M | 1.36M | 1.23M | 3.85M | 2.24M | 1.24M |
| Accounts Payable | 8.64M | 8.77M | 12.41M | 1.67M | 947K | 1.79M | 3.38M | 1.23M | 1.59M | 1.97M | 2.21M | 4.32M | 555.53K | 652K | 1.7M | 1.38M | 776.45K |
| Days Payables Outstanding | - | - | - | - | - | - | - | 23.35K | 16.15K | 16.97K | 20.32K | 155.23K | - | - | - | - | - |
| Short-Term Debt | 732K | 754K | 3.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 534 | 0 | 898K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -534 | -113 | 0 | 0 | 0 |
| Other Current Liabilities | 4.04M | 2.83M | 1.58M | 2.73M | 7.95M | 1.12M | 0 | 1.01M | 1.84M | 7.78M | 7.66M | 16.4M | 798.97K | 0 | 358.99K | 259K | 460.6K |
| Current Ratio | 0.27x | 0.44x | 0.15x | 0.95x | 1.15x | 1.91x | 2.79x | 1.88x | 5.33x | 3.19x | 3.90x | 3.30x | 4.73x | 6.36x | 0.29x | 0.01x | 0.03x |
| Quick Ratio | 0.27x | 0.44x | 0.15x | 0.95x | 1.15x | 1.91x | 2.79x | 2.07x | 5.98x | 3.19x | 3.90x | 3.30x | 4.73x | 6.36x | 0.29x | 0.01x | 0.03x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 6.09M | 7.21M | 8.42M | 0 | 0 | 0 | 0 | 1.01M | 0 | 48K | 56.36K | 49.07K | 268K | 787K | 630K | 276K | 826.05K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 28.04M | 6.95M | 8.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 261K | 383K | 0 | 0 | 0 | 0 | 0 | 0 | 48K | 56.36K | 49.07K | 0 | 787K | 630K | 60K | 87.06K |
| Total Liabilities | 19.51M | 19.56M | 28.33M | 4.58M | 12.04M | 6.09M | 5.22M | 6.47M | 3.08M | 9.07M | 11.77M | 21.17M | 1.63M | 2.02M | 4.48M | 2.51M | 2.06M |
| Total Debt | 732K | 754K | 3.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 534 | 113 | 898K | 0 | 0 |
| Net Debt | -2.04M | -4.45M | 661K | -3.85M | -13.25M | -9.36M | -14.06M | -5.73M | -5.97M | -28.11M | -34.1M | -68.92M | -6.22M | -7.66M | -206K | -6K | 0 |
| Debt / Equity | 0.05x | 0.03x | 0.15x | - | - | - | - | - | - | - | - | - | 0.00x | 0.00x | - | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.07x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -30.34x | -18.28x | -80.11x | - | - | - | - | - | - | - | -2.98x | -6.31x | - | -16.92x | -3.23x | - | -135.18x |
| Total Equity | 14.38M | 28.33M | 22.23M | -229K | 1.79M | 5.55M | 9.38M | 3.84M | 13.38M | 19.98M | 34.1M | 48.72M | 4.85M | 5.81M | -3.36M | -2.48M | -2.03M |
| Equity Growth % | 1223.95% | 27.44% | 9806.99% | -112.79% | -67.76% | -40.81% | 144.64% | -71.32% | -33.05% | -41.41% | -30% | 903.91% | -16.53% | 273.04% | -35.21% | -22.49% | - |
| Book Value per Share | 683.46 | 1346.39 | 3722.20 | -93.58 | 1148.08 | 5176.68 | 11893.94 | 8393.87 | 34742.86 | 64241.06 | 115995.07 | 228730.16 | 231095.24 | 0.14 | -26.97 | -18.59 | -15.17 |
| Total Shareholders' Equity | 14.38M | 28.33M | 22.23M | -229K | 1.79M | 5.55M | 9.38M | 3.84M | 13.38M | 19.98M | 34.1M | 48.72M | 4.85M | 5.81M | -3.36M | -2.48M | -2.03M |
| Common Stock | 0 | 0 | 5.32M | 1.32M | 745K | 475.97K | 384.73K | 31.99M | 23.65M | 22.93M | 18.34M | 18.34M | 927K | 675K | 245K | 225K | 218.66K |
| Retained Earnings | -279M | -264.55M | -247.25M | -227.46M | -217.45M | -199.71M | -182.28M | -138.24M | -116.47M | -107.51M | -74.94M | -56.8M | -30.19M | -20.54M | -16.92M | -12.62M | -10.63M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -768K | -782K | -738K | 51.15M | 51.42M | 51.65M | -648.07K | -12.24M | -12.25M | -236.25K | -280.1K | 156.48K | -18K | -10K | -11K | -9K | 60.74K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, AKTX's current ratio has deteriorated to 0.27 in 2026Q1, reflecting a precarious liquidity position where available cash of $2.8 million is insufficient to cover the firm's immediate short-term obligations, signaling a high risk of near-term insolvency without external capital infusion.
The persistent decline in the current ratio suggests that the company is struggling to maintain a sufficient buffer against its ongoing clinical trial expenditures. Investors should monitor the firm's ability to secure non-dilutive funding or strategic partnerships, as the current cash runway appears critically short.
Based on reported figures, AKTX's equity base has been severely impacted by accumulated deficits, which reached negative $279.0 million in 2026Q1, illustrating the long-term erosion of shareholder value driven by continuous R&D spending without the support of commercial revenue to offset these substantial operational losses.
The negative trajectory of retained earnings highlights the high-risk nature of the company's clinical-stage business model. This trend suggests that future capital requirements will likely necessitate further equity dilution, which may continue to pressure the valuation for existing shareholders.
According to recent SEC filings, AKTX's asset base is heavily skewed toward goodwill, which stood at $30.3 million in 2026Q1, representing a significant portion of total assets and indicating that the firm's valuation is largely tied to intangible expectations rather than tangible, productive capital assets.
The reliance on goodwill, particularly following the merger with Peak Bio, warrants further investigation into potential impairment risks if clinical milestones are not met. The absence of meaningful PPE suggests an asset-light model that is entirely dependent on the successful execution of its R&D pipeline.
As indicated by the balance sheet data, the company's reliance on periodic debt adjustments and equity-based financing creates a volatile capital structure, where the $732.0K in total debt as of 2026Q1 serves as a minor but illustrative indicator of the firm's ongoing struggle to manage liabilities.
While the debt-to-equity ratio remains low, the primary risk is not traditional leverage but the structural inability to generate internal cash flow. This suggests that the balance sheet is highly sensitive to market sentiment, making the firm vulnerable to sudden shifts in investor appetite for speculative biotech assets.
Quick answers to the most common questions about buying AKTX stock.
As of 2025, Akari Therapeutics, Plc (AKTX) had total assets of $47.9M including $5.5M in current assets.
Akari Therapeutics, Plc (AKTX) carries total debt of $0.8M, offset by $5.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Akari Therapeutics, Plc (AKTX) has total shareholders' equity (book value) of $28.3M ($1346.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Akari Therapeutics, Plc (AKTX) reported a current ratio of 0.44x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.