Akari Therapeutics Plc (AKTX) SEC Filings & Earnings Calls

Shareholder approval required for equity plan amendment; failure could lead to forfeiture of RSUs and adjustment payments.

“RSU grant subject to shareholder approval of amendment to 2023 Plan to increase ADS reserve.”

Massive dilution risk

“Proposed increase of 144,000,000,000 ordinary shares; outstanding options of 16.3B shares at $0.00055 exercise price”

Low exercise price options

“weighted average exercise price of $0.00055” · word for word

Concentrated insider ownership

“All current directors and executive officers as a group (9 individuals) 61,831,578,978 30.0%”

Going concern uncertainty

“we have concluded that there is substantial doubt regarding our ability to continue as a going concern within one year after the date that our condensed consolidated financial statements” · word for word

Cash runway limited

“our existing cash is sufficient to fund our operations into December 2026” · word for word

No revenue, history of losses

“To date, we have not generated any revenue.” · word for word

Dilution risk from equity financing

“The sale of equity or convertible debt securities may result in dilution to our existing shareholders.” · word for word

Cash burn and widening losses; reliance on financing

“Net loss $4.8M, cash $7.7M”

Dilution risk from equity offering and pending warrant issuance

“issued and sold to the Investors the remaining 980,395 ADSs, or prefunded warrants in lieu thereof” · word for word

Extreme Dilution Risk

“The Company had the right, but not the obligation, to require White Lion to purchase, from time to time, up to $25,000,000 in aggregate gross purchase price of newly issued Ordinary Shares... the Company could realize an aggregate of up to approximately $16.5 million in gross proceeds if the these warrants are exercised for cash.” · word for word

Change of Control Risk

“Matthew Joseph Nachtrab Revocable Trust dtd 12/18/2014 would beneficially own 48%... Thomas Mollick 38%... While Nasdaq may deem the issuance of the Excess Shares to be a change of control for purposes of Nasdaq Listing Rule 5635(b), we do not believe that the issuance of the Excess Shares will actually result in a 'change of control' of the Company for any ” · word for word

Pre-Revenue / Going Concern Risk

“Akari, in common with other similar-sized biotechnology companies, intends to seek additional fundraisings when necessary to implement its operating plan. Failure to do so may delay research and development activities.” · word for word

Going Concern Risk

“we have concluded that there is substantial doubt regarding our ability to continue as a going concern within one year after the date that our condensed consolidated financial statements ... are issued.” · word for word

Liquidity Risk

“our existing cash is sufficient to fund our operations into June 2026.” · word for word

Dilution Risk

“The sale of equity or convertible debt securities may result in dilution to our existing shareholders.” · word for word

Impairment Risk

“We have IPR&D and future impairment of IPR&D may have an adverse impact on our future financial condition and results of operations.” · word for word

Going concern risk due to insufficient cash

“As of December 31, 2025, we had cash of approximately $5.2 million. We will require additional capital in order to develop and commercialize our current product candidates or any future product candidates that we may develop or acquire. There is no assurance that additional funds will be available when we need them on terms that are acceptable to us, or at a” · word for word

Nasdaq delisting risk

“on November 24, 2025, we received a written notice from the Nasdaq Listing Qualifications, or the Notification Letter, notifying us that we were not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.” · word for word

Material weaknesses in internal controls

“we determined that, as of December 31, 2025, we did not maintain effective internal control over financial reporting due to material weaknesses identified relating to the lack of formalized information technology general controls, lack of formally designed and implemented 'purchase to pay' controls, and lack of effective controls over business combination ac” · word for word

Preclinical stage; no approved products or revenue

“We have not initiated clinical development of any of the product candidates in our active pipeline and expect that it will be many years, if ever, before any of our candidates is ready for commercialization.” · word for word

Concentrated insider ownership

“As of March 1, 2026, our directors and executive officers, together with their affiliates and related persons, beneficially own, in the aggregate, approximately 37.3% of our outstanding ordinary shares.” · word for word

Shareholder dilution from warrant exercises

“Assuming the full exercise of the Pre-Funded Warrants, Series G Warrants, Note Exchange Warrants and Placement Agent Warrants, an aggregate of 80,462,236 ADSs representing 159,898,691,533 ordinary shares will be outstanding, and the ownership interest of our existing shareholders would be correspondingly reduced.” · word for word

Potential delisting if shareholder approval not obtained

“The failure of our shareholders to approve the Warrant Exercise Proposals will mean that the Company (i) cannot permit the exercise of the Pre-Funded Warrants, Series G Warrants, Note Exchange Warrants and Placement Agent Warrants, and (ii) may incur substantial additional costs and expenses.” · word for word

Dilution from warrant exercise and future equity issuance

“If the Warrant Exercise Proposal is approved, existing shareholders will suffer dilution in their ownership interests in the future to the extent that the Company issues shares underlying the Private Placement Warrants.” · word for word

Cash runway risk / pre-revenue biotech

“The Company, in common with other similar-sized biotechnology companies, intends to seek additional fundraisings when necessary to implement its operating plan. Failure to do so may delay research and development activities.” · word for word

Nasdaq non-compliance risk if warrant exercise not approved

“The costs and expenses associated with holding such meetings could materially and adversely impact our ability to fund our operations.” · word for word

Going concern uncertainty

“Based on our recurring losses from operations incurred since inception, our expectation of continuing operating losses for the foreseeable future, negative operating cash flows for the foreseeable future, and the need to raise additional capital to finance its future operations, we have concluded that there is substantial doubt regarding our ability to conti” · word for word

Cash runway only into December 2025

“As of the date of this report, our existing cash, together with funds from the October 2025 Financing, is sufficient to fund our operations into December 2025.” · word for word

No approved products or revenue

“We do not have any products available for commercial sale, and we have not generated any product revenue from our portfolio of product candidates or other sources.” · word for word

Dilution risk from equity financings

“The sale of equity or convertible debt securities may result in dilution to our existing shareholders.” · word for word