[Form 4] Akero Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

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.

Positive

• Director exercised vested options rather than selling immediately, indicating retention of underlying shares
• Clear disclosure of indirect holdings totaling 1,200,000 shares via affiliated funds

Negative

• Significant indirect stake (1,200,000 shares) could limit perceived incremental alignment between the director's personal and fund positions
• Multiple exercises at varying strike prices may create short‑term selling pressure if any shares are later liquidated

Insights

Corporate Insider Transactions Analyst

Insider exercised multiple vested options and increased direct holdings to 93,000 shares.

The director executed several option exercises and reported cash purchases on 10/08/2025

These moves increased direct ownership to 93,000 shares while maintaining an indirect position of 1,200,000 shares through affiliated funds; the option strikes ranged from $8.13 to $26.32

Monitor near‑term dilution and insider intent by watching upcoming disclosures of further exercises or sales over the next 90 days and any changes in holdings by the affiliated funds.

Equity Governance Specialist

Transactions are standard Section 16 disclosures tying vested options to acquisitions and fund holdings.

The form clarifies the reporting person is a managing member of the general partners for the funds holding 1,200,000 shares and disclaims beneficial ownership beyond pecuniary interest, which is a common governance disclosure.

Confirmations to watch include whether future filings amend the pecuniary interest statement or report dispositions; any material change could appear on subsequent Form 4s within statutory filing windows.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Graham G. Walmsley

(Last) (First) (Middle)

601 GATEWAY BOULEVARD

SUITE 350

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Akero Therapeutics, Inc. [ AKRO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/08/2025		M		26,000	A	$23.02	28,168	D
Common Stock	10/08/2025		M		15,000	A	$8.13	43,168	D
Common Stock	10/08/2025		M		13,000	A	$26.32	56,168	D
Common Stock	10/08/2025		M		13,000	A	$25.2	69,168	D
Common Stock	10/08/2025		M		23,832	A	$19.97	93,000	D
Common Stock								1,200,000	I	See Footnote(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$23.02	10/08/2025		M			26,000	(2)	06/07/2034	Common Stock	26,000	$0	0	D
Stock Option (Right to Buy)	$8.13	10/08/2025		M			15,000	(2)	06/01/2032	Common Stock	15,000	$0	0	D
Stock Option (Right to Buy)	$26.32	10/08/2025		M			13,000	(2)	05/31/2031	Common Stock	13,000	$0	0	D
Stock Option (Right to Buy)	$25.2	10/08/2025		M			13,000	(2)	05/31/2030	Common Stock	13,000	$0	0	D
Stock Option (Right to Buy)	$19.97	10/08/2025		M			23,832	(2)	11/07/2029	Common Stock	23,832	$0	0	D

Explanation of Responses:

1. The shares are held by Logos Global Master Fund LP ("Logos Master Fund") and Logos Opportunities Fund IV LP ("LOF IV"). Logos GP LLC ("Logos GP") is the general partner of Logos Master Fund and the Reporting Person is a managing member of Logos GP. Logos Opportunities IV GP LLC ("GP IV") is the general partner of LOF IV and the Reporting Person is a managing member of GP IV. The Reporting Person disclaims beneficial ownership of the securities except to the extent of his pecuniary interest therein.

2. The options are vested and currently exercisable.

	/s/ Jonathan Young, Attorney-in-Fact	10/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transactions did Graham G. Walmsley report on the AKRO Form 4?

He reported multiple option exercises and purchases on 10/08/2025, increasing direct holdings to 93,000 shares and showing an indirect position of 1,200,000 shares held by affiliated funds.

How many shares does the reporting person directly own after the transactions?

The filing shows 93,000 common shares beneficially owned directly following the reported transactions.

What are the strike prices and exercise expirations for the options exercised?

Reported strike prices ranged from $8.13 to $26.32; exercised options have expiration dates between 05/31/2030 and 06/07/2034, and are noted as vested and exercisable.

Who holds the indirect 1,200,000 shares and what is the reporting person’s role?

The shares are held by Logos Global Master Fund LP and Logos Opportunities Fund IV LP; the reporting person is a managing member of the affiliated general partner entities and disclaims beneficial ownership except for pecuniary interest.

When was the Form 4 signed and filed?

The filing lists the transaction date as 10/08/2025 and the form was signed by an attorney‑in‑fact on 10/10/2025.