Akari Therapeutics delays 2024 annual report over merger accounting

Akari Therapeutics, plc (Nasdaq: AKTX) said it will be unable to file its Annual Report on Form 10-K for the year ended December 31, 2024 on time without unreasonable effort or expense.

The company said it needs more time to finish its financial statement close. The main reason is that accounting for the business combination that occurred on November 14, 2024 is not yet complete, along with other accounting items. Akari expects to file the report within the fifteen calendar day extension provided by Rule 12b-25, the SEC rule that gives companies a short grace period for late reports.

Akari also said it expects the annual results to differ from the prior year. The 2024 financial statements will include the results of Peak Bio, Inc. from the acquisition date of November 14, 2024. They will also show "a significant increase in operating expenses and net loss" due to merger-related and restructuring expenses, according to the company's late-filing notice.

The company listed other changes in the business, including hiring of key personnel, pipeline prioritization and changes to its available liquidity and capital resources.

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