Akero Therapeutics SEC Filings

Akero Therapeutics reported Q3 2025 results and operational updates. The company recorded a net loss of 81,566, driven by research and development expense of 78,883 and general and administrative expense of 11,353. Net loss per share was 0.99. For the nine months, net loss totaled 222,796.

Liquidity remained strong, with cash, cash equivalents, and marketable securities of 988,316 as of September 30, 2025. During 2025, Akero raised 378,350 in net proceeds from a follow-on offering and 10,361 via its ATM program, then terminated and repaid its Hercules term loan (35,000), recognizing a 1,557 loss on extinguishment. Stockholders’ equity rose to 957,637, with 80,149,218 shares outstanding at quarter-end; 82,316,179 were outstanding as of November 3, 2025.

Operationally, Akero is advancing EFX through its global Phase 3 SYNCHRONY program across three trials with planned enrollment of about 3,500 patients. The company announced an Agreement and Plan of Merger on October 9, 2025, under which it would become a wholly owned subsidiary of Novo, subject to completion. Management states current liquidity is expected to fund operations for at least 12 months from issuance.

Akero Therapeutics called a virtual special meeting for December 2, 2025 at 11:00 a.m. ET to ask stockholders to adopt its merger agreement with Novo Nordisk. If approved and completed, each Akero common share will be converted into the right to receive $54.00 in cash plus one contingent value right (CVR), subject to the CVR Agreement terms. The board unanimously recommends voting FOR the merger, an advisory executive compensation proposal, and a potential adjournment to solicit additional proxies.

Approval of the merger requires the affirmative vote of a majority of outstanding shares as of the November 7, 2025 record date. There were 82,324,445 shares outstanding; the majority threshold is 41,162,223 votes. As of November 6, 2025, Akero’s Nasdaq closing price was $53.91 per share.

Options in-the-money will be cashed out for the spread and one CVR per underlying share; RSUs vest and convert to cash at $54.00 per unit plus one CVR per unit. If the merger closes, Akero will become a wholly owned subsidiary of Novo and its stock will be delisted. If terminated under specified circumstances, Akero may owe a $165,000,000 termination fee, or be entitled to a $185,000,000 reverse termination fee from Novo.

Akero Therapeutics (AKRO) disclosed an insider transaction by its Chief Development Officer. On 11/04/2025, the officer exercised stock options and acquired 3,527 shares at $28.35 and 4,739 shares at $21.10 (code M). Following these transactions, the officer reported ownership of 74,800 shares, held directly.

A footnote states the reported amount was adjusted to correct a prior overstatement of common stock ownership. Another footnote confirms the options were vested and currently exercisable.

Akero Therapeutics called a virtual special meeting for stockholders to vote on adopting a Merger Agreement with Novo Nordisk, under which NN Invest Sub will merge into Akero and Akero will become a wholly owned subsidiary of Novo. If completed, each share of Akero common stock will be converted into the right to receive $54.00 in cash plus one contingent value right (CVR) tied to an Approval Milestone Payment under the CVR Agreement.

Akero’s board unanimously determined the transaction is advisable and fair and recommends voting FOR the Merger Proposal, the non-binding Compensation Proposal, and the Adjournment Proposal. Closing requires approval by a majority of outstanding shares. Appraisal rights are available for stockholders who comply with Delaware law procedures. Following closing, Akero’s shares will be delisted and deregistered.

Equity awards will be treated in cash at the Closing Consideration (plus a CVR per underlying share) as described, subject to exercise price mechanics. If the merger is not completed, Akero remains a standalone public company. The agreement includes a $165,000,000 termination fee payable by Akero in certain circumstances and a $185,000,000 reverse termination fee payable by Parent in specified cases.

Akero Therapeutics (AKRO) reported an insider transaction by its President and CEO, who is also a director. On 10/10/2025, the executive exercised 30,000 stock options at an exercise price of $19.87 per share and sold 30,000 shares of common stock at a $53.978 weighted-average price.

The transactions were effected under a Rule 10b5-1 trading plan dated August 16, 2024. Following the sale, the executive held 526,114 shares of common stock directly and 380,017 derivative securities (options) beneficially owned. The option grant vests in 48 equal monthly installments commencing on December 8, 2023.

Akero Therapeutics (AKRO) director Graham G. Walmsley reported multiple option exercises and acquisitions on 10/08/2025 that increased his direct holdings to 93,000 common shares and reflect an indirect interest of 1,200,000 shares held by affiliated funds. The filing lists five option exercises covering 90,832 shares (strike prices from $8.13 to $26.32) and corresponding non‑derivative acquisitions at prices between $8.13 and $26.32. All reported options are noted as vested and exercisable, and the indirect position is held through Logos Master Fund and Logos Opportunities Fund IV with the reporting person as a managing member of the affiliated general partners.

The transactions were disclosed on a single Form 4 filed by one reporting person; the filer disclaims beneficial ownership except for pecuniary interest. The signature block shows the form was signed by an attorney‑in‑fact on 10/10/2025.

Akero Therapeutics (AKRO) Form 4 shows Chief Scientific Officer Timothy Rolph used a Rule 10b5-1 plan to exercise 12,500 vested stock options at an exercise price of $28.35 and immediately sold those shares in multiple transactions on 10/07/2025. The sale comprised 11,463 shares at a weighted-average price of $46.013 and 1,037 shares at a weighted-average price of $46.822, leaving the reporting person with 166,571 shares beneficially owned and 49,945 options outstanding after the transactions. The filing cites a previously adopted Rule 10b5-1 trading plan dated 08/12/2024 and confirms the exercised options were vested and exercisable.