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Akili, Inc. (Nasdaq: AKLI), a digital medicine company, announced an amended agreement with Shionogi, including cash payments and debt forgiveness, strategic business exploration with workforce reduction, and the release date for first quarter 2024 financial results. Shionogi canceled a $5.0 million debt and will make payments for SDT-001. Akili will receive $10.5 million upfront, up to $4.5 million for development and support services, and up to $3.0 million in potential regulatory milestone payments. The board is exploring strategic alternatives to maximize shareholder value, leading to a revised operating plan and budget for 2024, a 46% reduction in workforce, and a focus on Shionogi’s activities. The Company plans to release financial results on May 14, 2024, and continue marketing authorization efforts for EndeavorOTC.
