The firm remains pre-revenue with deep operating losses, exemplified by the $15.8 million operating loss reported in 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.2K | 35.85K | 42.4K | 39.77K | 10.16K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.2K | -35.85K | -42.4K | -39.77K | -10.16K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | 46.43% | 15.45% | -6.61% | -291.5% | - | - | - | - | - | - |
| Operating Expenses | 29.51M | 17.27M | 21.64M | 16.81M | 23.09M | 17.21M | 17.98M | 24.85M | 23.8M | 34.96M | 27.25M | 11.3M | 10.18M | 3.61M | 1.75M | 2.25M | 792K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 8.74M | 9.28M | 9.66M | 11.36M | 13.53M | 8.08M | 9.16M | 8.2M | 10.9M | 11.67M | 9.94M | 5.5M | 3.76M | 2.33M | 734K | 1.41M | 545K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 3.46M | 2.81M | 6.98M | 8.02M | 9.56M | 9.13M | 12.19M | 16.65M | 15.59M | 23.29M | 17.31M | 5.8M | 6.42M | 1.28M | 1.02M | 841K | 247K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 5.18M | 5M | -2.57M | 0 | 0 | -3.37M | 0 | -2.68M | -13.39K | -43.97K | -44.22K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -29.51M | -17.27M | -21.64M | -16.81M | -23.09M | -17.21M | -17.98M | -24.87M | -19.99M | -34.96M | -27.25M | -30.58M | -10.18M | -3.61M | -3.67M | -2.25M | -792K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 20.18% | -28.78% | 27.21% | -34.12% | 4.26% | 27.7% | -24.4% | 42.81% | -28.31% | 10.91% | -200.53% | -182.22% | 1.66% | -63.2% | -183.71% | - |
| EBITDA | -28.95M | -17.35M | -21.63M | -16.8M | -23.08M | -17.21M | -17.97M | -24.85M | -19.96M | -34.92M | -27.21M | -30.57M | -10.17M | -3.6M | -3.67M | -2.38M | -675.88K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -50.34% | 19.77% | -28.73% | 27.21% | -34.13% | 4.24% | 27.68% | -24.53% | 42.85% | -28.34% | 11.01% | -200.66% | -182.16% | 1.66% | -53.73% | -252.72% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 14K | 4K | 4K | 4.13K | 8.91K | 19.2K | 35.85K | 42.4K | 39.77K | 10.16K | 8K | 2K | 2K | -137K | 0 |
| EBIT | -28.95M | -17.35M | -19.55M | -16.81M | -23.09M | -17.21M | -17.98M | -24.75M | -16.47M | -35.4M | -27.25M | -19.29M | -9.61M | -3.42M | -3.36M | -2.12M | -675.88K |
| Net Interest Income | -953.28K | -948K | 252K | 82K | 45.94K | 10.6K | 13K | 5K | 222.26K | 0 | -9.01M | -3.03M | 0 | 0 | -601K | 0 | 117K |
| Interest Income | 994 | 1K | 8K | 82K | 45.94K | 10.6K | 13K | 5K | 222.26K | 175.39K | 143.19K | 20.7K | 0 | 0 | 440K | 0 | 122K |
| Interest Expense | 954.27K | 949K | -244K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.15M | 3.05M | 0 | 202K | 1.04M | 0 | 5K |
| Other Income/Expense | -402K | -1.03M | 1.85M | 6.8M | 5.34M | -210.1K | 899.36K | 116.92K | -507.93K | 2.38M | 9.11M | -14.72M | 567.57K | -14K | 2.23M | 128K | 117K |
| Pretax Income | -29.91M | -18.3M | -19.79M | -10.01M | -17.75M | -17.42M | -17.08M | -24.75M | -23.5M | -32.57M | -18.14M | -45.32M | -9.65M | -3.62M | -1.44M | -2.12M | -675K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -1.86M | -1M | 0 | 0 | 0 | 0 | 0 | -7.91M | -3.55M | -4.65M | -43.97K | 0 | 0 | 0 | 1.92M | -9K | 0 |
| Effective Tax Rate % | 6.23% | 5.48% | 0% | 0% | 0% | 0% | 0% | 31.94% | 15.11% | 14.28% | 0.24% | 0% | 0% | 0% | -133.45% | 0.42% | 0% |
| Net Income | -28.05M | -17.3M | -19.79M | -10.01M | -17.75M | -17.42M | -17.08M | -16.85M | -19.95M | -27.92M | -18.14M | -45.32M | -9.65M | -3.62M | -1.44M | -2.12M | -675K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -56.43% | 12.6% | -97.75% | 43.61% | -1.86% | -2.01% | -1.4% | 15.56% | 28.56% | -53.93% | 59.97% | -369.71% | -166.52% | -152.26% | 32.28% | -213.93% | - |
| Net Income (Continuing) | -28.05M | -17.3M | -19.79M | -10.01M | -17.75M | -17.42M | -17.08M | -16.85M | -16.47M | -35.4M | -18.06M | -45.32M | -9.61M | -3.62M | -4.25M | -2.12M | -675K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1333.08 | -20800.00 | -132800.00 | -163200.00 | -455200.00 | -649600.00 | -896000.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -48.00 | -64.00 | -16.00 |
| EPS Growth % | 47.23% | 84.34% | 18.63% | 64.15% | 29.93% | 27.5% | 39.13% | 30.88% | 55.63% | -50% | 62.4% | -133.52% | -13.88% | -6666566.67% | 25% | -300% | - |
| EPS (Basic) | - | -20800.00 | -132800.00 | -163200.00 | -455200.00 | -649600.00 | -896000.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -48.00 | -64.00 | -16.00 |
| Diluted Shares Outstanding | 21.04K | 21.04K | 5.97K | 2.45K | 1.56K | 1.07K | 789 | 457 | 385 | 311 | 294 | 213 | 21 | 0 | 124.59K | 133.7K | 133.7K |
| Basic Shares Outstanding | 21.04K | 21.04K | 5.97K | 2.45K | 1.56K | 1.07K | 427 | 457 | 385 | 294 | 226 | 213 | 21 | 0 | 124.59K | 133.7K | 133.7K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and financing risk
As reported in recent financial filings, AKTX maintains a pre-revenue cost structure characterized by fluctuating R&D outlays, which reached $1.5 million in 2026Q1, alongside persistent SG&A expenses that consistently consume capital without generating any offsetting top-line revenue to support the firm's ongoing clinical development programs.
The company's cost structure is entirely defined by its clinical-stage status, with R&D spending serving as the primary driver of the quarterly net loss. Investors should note that the lack of revenue means every dollar spent on clinical trials and administrative overhead directly depletes the company's limited cash reserves.
Based on the provided income statement data, AKTX's net losses exhibit significant quarterly volatility, with the 2026Q1 net loss of $14.5 million highlighting the impact of non-operating items and share-based compensation on the bottom line, which complicates the assessment of true operational efficiency for the firm.
The reported net income figures are heavily influenced by non-cash charges and stock-based compensation, which can mask the underlying cash burn rate. Analysts should focus on the net cash outflow rather than GAAP net income to better understand the company's actual runway and capital requirements.
According to historical income statement data, AKTX lacks meaningful operating leverage, as the firm continues to report deep operating losses, such as the $15.8 million loss in 2026Q1, without any corresponding gross profit to scale against the fixed costs of its clinical and administrative operations.
The absence of revenue means that the company cannot achieve operating leverage in the traditional sense, as there is no gross margin to cover the rising R&D and SG&A expenses. This suggests that the firm's financial health is entirely dependent on external capital raises until a product is successfully commercialized.
As indicated by the reported $5.2 million cash position, the company faces a critical liquidity challenge, suggesting that the current burn rate may be unsustainable without immediate external financing, which could lead to significant shareholder dilution and further pressure on the firm's long-term valuation prospects.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its quarterly burn rate, which appears to be accelerating. The reliance on continuous capital raises to fund operations creates a high-risk environment where the timing and terms of future financing are paramount to survival.
Quick answers to the most common questions about buying AKTX stock.
For fiscal year 2025, Akari Therapeutics, Plc (AKTX) reported total revenue of $0.0M.
Akari Therapeutics, Plc (AKTX) reported a net loss of $17.3M for the fiscal year ending 2025.