RTW Investments and Roderick Wong Report 5.87M AKRO Shares (7.3%)

Rhea-AI Filing Summary

RTW Investments, LP and Roderick Wong reported beneficial ownership of 5,873,308 shares of Akero Therapeutics, representing 7.3% of the outstanding common stock. The ownership is reported as shared voting and shared dispositive power, with no sole voting or dispositive power recorded.

The percentage is calculated using 79,717,570 shares outstanding as reported by the company. The filing is an amendment to a Schedule 13G and discloses that the RTW Funds hold the right to receive dividends or sale proceeds on the reported shares.

Positive

• Material disclosure: RTW Investments and Roderick Wong report ownership of 5,873,308 shares, equal to 7.3% of AKRO.
• Clear voting status: Filing specifies shared voting and shared dispositive power and 0 sole voting/dispositive power.
• Disclosure basis provided: Percentage calculated using 79,717,570 shares outstanding (company report).
• Filed as Schedule 13G/A (Amendment): indicates compliance with beneficial ownership reporting requirements.

Negative

• None.

Insights

Financial Analyst

TL;DR: RTW holds a material passive stake of 7.3% in AKRO; disclosure clarifies voting and dispositive arrangements.

RTW Investments and Dr. Roderick Wong report a 5,873,308-share position in Akero, equal to 7.3% of the class on a 79.7M-share base. The Schedule 13G/A format signals a non-control, passive investment rather than an activist intent, since the filing states the shares are held in the ordinary course of business and not to influence control. This is materially significant because stakes above 5% must be disclosed and can attract market attention, but the filing itself does not indicate operational or strategic changes. Impact assessment: impactful (disclosure-level).

Corporate Governance Expert

TL;DR: A disclosed 7.3% shared stake indicates material ownership without sole control; governance influence appears limited by filing language.

The filing specifies shared voting and shared dispositive power for the reported shares and explicitly records 0 shares of sole voting or dispositive power. The certification in Item 10 affirms the position is held in the ordinary course and not intended to change control. From a governance perspective, this clarifies that while RTW has meaningful economic exposure, the filing does not assert control rights or an intent to pursue board or management changes. Impact assessment: impactful (material disclosure, non-control).

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Akero Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

00973Y108

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00973Y108

1

Names of Reporting Persons

RTW Investments, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,873,308.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,873,308.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,873,308.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.3 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 00973Y108

1

Names of Reporting Persons

Roderick Wong

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,873,308.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,873,308.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,873,308.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Akero Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 601 GATEWAY BOULEVARD, SUITE 350, SOUTH SAN FRANCISCO, CA, 94080.
Item 2.
(a)	Name of person filing: (i) RTW Investments, LP ("RTW Investments"), a Delaware limited partnership and the investment adviser to certain funds (the "RTW Funds"), with respect to shares of Common Stock, par value $0.0001 per share (the "Shares") of Akero Therapeutics, Inc. (the "Company") directly held by the RTW Funds; and (ii) Roderick Wong, M.D. ("Dr. Wong"), the Managing Partner and Chief Investment Officer of RTW Investments, with respect to the Shares directly held by the RTW Funds. The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." The filing of this statement should not be construed as an admission that any of the foregoing persons or any Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of the Shares reported herein.
(b)	Address or principal business office or, if none, residence: The address of the business office of each of the Reporting Persons is 40 10th Avenue, Floor 7, New York, New York 10014.
(c)	Citizenship: RTW Investments is a Delaware limited partnership. Dr. Wong is a citizen of the United States.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 00973Y108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Rows 5 - 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in Row 11 of the cover pages are calculated based upon 79,717,570 Shares outstanding as of May 1, 2025 as reported in the Company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 15, 2025.
(b)	Percent of class: RTW Investments: 7.3% Dr. Wong: 7.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: RTW Investments: 0 Dr. Wong: 0
	(ii) Shared power to vote or to direct the vote: RTW Investments: 5,873,308 Shares Dr. Wong: 5,873,308 Shares
	(iii) Sole power to dispose or to direct the disposition of: RTW Investments: 0 Dr. Wong: 0
	(iv) Shared power to dispose or to direct the disposition of: RTW Investments: 5,873,308 Shares Dr. Wong: 5,873,308 Shares
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2. The RTW Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Shares reported herein.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

RTW Investments, LP

Signature:	/s/ Roderick Wong, M.D.
Name/Title:	Roderick Wong, M.D., Managing Partner
Date:	08/14/2025

Roderick Wong

Signature:	s/ Roderick Wong, M.D.
Name/Title:	Roderick Wong, M.D.
Date:	08/14/2025

FAQ

How many AKRO shares does RTW Investments report owning?

RTW Investments and Roderick Wong report beneficial ownership of 5,873,308 shares of Akero Therapeutics common stock.

What percentage of AKRO does the 5,873,308 shares represent?

The reported position represents 7.3% of Akero Therapeutics' outstanding common stock based on the filing.

What voting and dispositive powers are reported for the AKRO shares?

The filing shows 0 shares with sole voting or dispositive power and 5,873,308 shares with shared voting and shared dispositive power.

On what share count is the 7.3% calculation based?

The percentage is calculated using 79,717,570 shares outstanding, as reported in the company’s referenced report.

Does the Schedule 13G/A indicate RTW intends to influence control of AKRO?

The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and not to change or influence control.