Here are the 10-Q quarterly reports from Akero Therapeutics, Inc. (AKRO) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AKRO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AKRO filings page.
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 (AKRO) Q2 2025 10-Q highlights: The clinical-stage biotech remains pre-revenue and focused on its FGF21 analog efruxifermin (EFX). Operating expenses rose 23% YoY to $80.9 m as Phase 3 SYNCHRONY trials (≈3,500 pts, three global studies) ramped, driving a quarterly net loss of $70.5 m (-$0.86/sh) versus $56.0 m (-$0.81/sh) a year ago. Six-month loss totalled $141.2 m, up 29%.
Balance sheet strengthened by a January 2025 follow-on offering (6.4 m shares & 2.0 m pre-funded warrants) and ATM sales, adding ~$389 m net. Cash, cash equivalents and marketable securities reached $1.09 b (vs $0.83 b YE-24), offsetting a $115.9 m operating cash burn YTD and covering the $35.7 m Hercules term loan (interest-only until Jan-26). Management projects ≥12 months liquidity.
Key takeaways for investors: 1) Ample capital should fund completion of Phase 3, but ongoing R&D spend (~$69 m/qtr) will keep losses high. 2) Share dilution lifted WAVG shares 18% YoY to 81.7 m; additional ATM capacity of $262 m remains. 3) Investment thesis hinges on EFX clinical success; no alternative revenue sources exist. 4) Standard biotech risks—trial delays, manufacturing, competition and regulatory—are detailed in Risk Factors.