aibioAkari Therapeutics files NT 10-Q, cites public offering work and expected impairment
Tickers AKTX
Akari Therapeutics says its quarterly report for the period ended March 31, 2026 will be late, partly because of work on an upcoming public offering. It also expects a material non-cash impairment charge, and its March 2026 annual report carried a going-concern paragraph.
Key facts
- Company
- Akari Therapeutics Plc (NASDAQ: AKTX)
- News type
- Distress
- Primary source
- Akari Therapeutics Plc Form NT 10-Q filed May 18, 2026 (SEC EDGAR)
Akari Therapeutics, Plc (Nasdaq: AKTX) told the SEC on May 18, 2026 that it cannot file its quarterly report on time. In a Form 12b-25 notification of late filing, known as an NT 10-Q, the company said the report for the quarter ended March 31, 2026 will be late. It also said it expects to record a material non-cash impairment charge.
Why the report is late
An NT 10-Q gives a company a short extension to file a quarterly report. Under Rule 12b-25, the company must file on or before the fifth calendar day after the due date. Akari checked the box saying the delay could not be eliminated without unreasonable effort or expense.
In the narrative, Akari says management and counsel were devoting substantial time and resources to its previously announced upcoming public offering and to the disclosures related to it. That is the reason the notice gives for the delay. The company expects to file within the five-day extension. The notice does not give the size of the offering or name its underwriters or agents, and the public offering is not described in the NT itself.
The impairment charge
The notice says the statements of operations in the quarterly report will show a change in results from the same period a year earlier, because of an impairment charge under US GAAP. Akari says the impairment test was triggered mainly by a sustained decline in its market price and market capitalization relative to the carrying value of its net assets. Management judged that to be an indicator of impairment, then evaluated recoverability and fair value under US GAAP. It expects to recognize a material non-cash impairment charge from that work. The notice does not give the amount.
A charge of that kind does not use cash, but it shows the company's own view that the asset it carries is worth less than its book value.
The annual report behind the notice
Akari's annual report on Form 10-K, filed March 30, 2026, includes an audit report from BDO USA, P.C. with a going-concern paragraph. The auditor says the company has suffered recurring losses from operations, has defaulted on debt obligations and has a net capital deficiency. Together, the auditor says, those conditions raise substantial doubt about its ability to continue as a going concern. The statements cover the years ended December 31, 2025 and 2024.
The 10-K puts the net loss at $17.3 million for 2025, against $19.8 million for 2024. Net cash used in operating activities was $10.6 million in 2025 and $12.6 million in 2024. The 10-K says the company "will need to raise additional capital to continue to fund our operations and service our obligations in the future." Its debt is short-dated. In August 2025 it sold notes with a 20% original issue discount, an aggregate purchase price of $3,011,000 and an aggregate principal amount of $3,763,750, maturing between August 15, 2026 and September 26, 2026. Chairman Hoyoung Huh bought a note with a principal amount of $1,250,000.
What the company is building
Akari describes itself as an oncology company developing next-generation antibody-drug conjugates, or ADCs, built on proprietary payloads. It is based in Tampa, Florida. Its lead payload, PH1, targets RNA splicing through the spliceosome. The lead candidate, AKTX-101, targets the Trop-2 receptor, and the 10-K says the company has only recently begun preclinical studies of it. The company says it aims to start a first-in-human Phase 1 trial by late 2026 or early 2027. It is also advancing a second ADC against the antigen CEACAM5.
The company has no clinical data on any of these candidates in the filing. That leaves the impairment question, the offering and the going-concern warning all tied to programs that have not yet entered the clinic.
Who is involved
Kameel Farag signed the NT 10-Q and is the contact named in it. The 10-K lists him as interim chief financial officer and principal financial officer. Abizer Gaslightwala signed the 10-K as president and chief executive officer. Huh, M.D., Ph.D., is listed as chairman of the board.