Akari Therapeutics, PLC (AKTX): Business Model Canvas [Jan-2025 Mise à jour]

Akari Therapeutics, PLC (AKTX) émerge comme une entreprise de biotechnologie pionnière dédiée à la transformation du traitement des maladies rares à travers des thérapies ciblées innovantes. En tirant parti d'une approche scientifique sophistiquée et d'une recherche de pointe, cette organisation dynamique est stratégiquement positionnée pour développer des traitements révolutionnaires pour les conditions inflammatoires complexes et médiées par le complément qui sont restées longtemps mal desservies dans le paysage médical. Leur toile complète du modèle commercial révèle une stratégie méticuleusement conçue qui combine une expertise scientifique avancée, des partenariats stratégiques et un engagement profond envers la médecine de précision, offrant de l'espoir aux patients confrontés à des conditions médicales difficiles et à la représentation d'une force potentiellement transformatrice dans des thérapies rares.

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour le développement de médicaments contre les maladies rares

Institution	Focus de la collaboration	Domaine de recherche
École de médecine de Harvard	Recherche du système de complément	Maladies inflammatoires rares
Université de Pennsylvanie	Études précliniques	Troubles neutrophiles

Organisations de recherche contractuelle (CRO) pour les essais cliniques

Nom de CRO	Phase de procès	Drogue
Icône plc	Phase 2/3	Couvercle pour la coincement suppurativa
Medpace	Développement clinique	Thérapeutiques de maladies rares

Partenaires de fabrication pharmaceutique

• LONZA GROUP AG - Partenaire manufacturier pour la production de biologiques
• Patheon Pharmaceuticals - Fabrication de médicaments à grande échelle

Investisseurs stratégiques potentiels dans la thérapeutique de maladies rares

Type d'investisseur	Focus d'investissement	Gamme d'investissement potentielle
Sociétés de capital-risque	Biotechnologie des maladies rares	5-15 millions de dollars
Armoiries de l'entreprise pharmaceutique	Développement thérapeutique à un stade précoce	10-25 millions de dollars

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: Activités clés

Recherche et développement de thérapies de maladies rares ciblées

Akari Therapeutics se concentre sur le développement de thérapies pour des maladies rares médiées par le complément. En 2024, la société s'est concentrée sur:

• Développement d'une housse (Nomacopan) pour l'hémoglobinurie nocturne paroxystique (PNH)
• Approches thérapeutiques ciblées pour des conditions auto-immunes et inflammatoires rares

Métrique de R&D	2024 données
Dépenses annuelles de R&D	12,4 millions de dollars
Programmes de recherche actifs	3 zones thérapeutiques primaires
Personnel de recherche	18 chercheurs dévoués

Gestion des essais précliniques et cliniques

La stratégie de développement clinique implique une progression systématique des candidats thérapeutiques.

Phase d'essai clinique	État actuel
Essais de phase 2	1 essai actif dans l'indication PNH
Phase 3 Travail préparatoire	Discussions réglementaires en cours

Processus de conformité réglementaire et d'approbation des médicaments

• Interaction de la FDA pour les voies thérapeutiques de maladies rares
• Engagement réglementaire EMA
• Surveillance continue de la conformité

Protection et gestion de la propriété intellectuelle

Catégorie IP	2024 Détails
Brevets actifs	7 brevets accordés
Familles de brevets	3 plateformes de technologie de base

Recherche en médecine translationnelle

Zones de mise au point:

• Modulation du système de complément
• Mécanismes de maladies auto-immunes rares
• Approches de médecine de précision

Métrique de recherche translationnelle	2024 Mesure
Collaborations de recherche	2 partenariats académiques
Programmes de translation	4 initiatives de recherche actives

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: Ressources clés

Expertise scientifique et médicale spécialisée

En 2024, Akari Therapeutics a une équipe de base de 12 chercheurs scientifiques spécialisés avec une expertise dans la thérapeutique de maladies rares.

Catégorie professionnelle	Nombre de professionnels
Chercheurs de doctorat	7
Médecins	3
Spécialistes de la recherche clinique	2

Plateforme de développement de médicaments propriétaires

Akari Therapeutics a développé un plate-forme d'inhibition du complément ciblé axé sur les maladies rares.

• La plate-forme se concentre sur les maladies inflammatoires et métaboliques médiées par le complément
• Développé une technologie spécialisée pour les interventions thérapeutiques ciblées

Portefeuille de propriété intellectuelle

En 2024, Akari Therapeutics tient 8 familles de brevets actifs liés à leurs technologies thérapeutiques.

Catégorie de brevet	Nombre de brevets
Composés thérapeutiques	4
Mécanismes d'administration de médicament	2
Protocoles de traitement	2

Installations de recherche et infrastructure de laboratoire

Akari Therapeutics maintient 1 installation de recherche primaire avec une infrastructure de laboratoire spécialisée.

• Espace total de laboratoire: 5 000 pieds carrés
• Équipement de biologie moléculaire avancée
• Culture cellulaire et capacités de recherche génomique

Données d'essai cliniques et actifs de recherche

L'entreprise a accumulé des données de recherche clinique importantes dans plusieurs programmes thérapeutiques.

Métrique d'essai clinique	État actuel
Essais cliniques terminés	3
Essais cliniques en cours	2
Points de données du patient	Environ 250

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées innovantes pour les maladies inflammatoires rares et médiées par le complément

Akari Therapeutics se concentre sur le développement de thérapies spécialisées ciblant les conditions inflammatoires rares, en particulier:

Zone de maladie	Cible principale	Étape de développement
Hémoglobinurie nocturne paroxystique (PNH)	Système de complément	Étape clinique
Syndrome de Guillain-Barré	Réponse inflammatoire	Recherche préclinique

Traitements de percée potentielles pour les populations de patients mal desservis

Le pipeline thérapeutique clé se concentre sur des maladies rares avec des options de traitement limitées:

• Tumeurs solides métastatiques résistantes au pembrolizumab
• Troubles rares médiés par le complément
• Conditions neurologiques inflammatoires

Approche scientifique avancée des conditions médicales complexes

La stratégie scientifique tire parti des plates-formes technologiques avancées:

Plate-forme technologique	Mécanisme	Application potentielle
Inhibition du complément	Modulation immunitaire ciblée	Maladies inflammatoires rares
Biologiques de précision	Ciblage moléculaire	Intervention spécifique de la maladie

Solutions thérapeutiques personnalisées avec une mise au point de médecine de précision

Approche de la médecine de précision ciblant les sous-groupes de patients spécifiques:

• Protocoles de traitement individualisés
• Stratégies thérapeutiques génomiques
• Interventions moléculaires ciblées

Mesures financières clés (à partir de 2023):

Métrique	Valeur
Recherche & Frais de développement	24,3 millions de dollars
Investissement en essai clinique	15,7 millions de dollars

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les communautés de patients atteints de maladies rares

Akari Therapeutics se concentre sur les populations de maladies rares, ciblant spécifiquement les patients atteints de maladies médiées par le complément.

Métriques d'interaction communautaire des patients	2024 données
Groupes de soutien aux patients atteints de maladies rares engagées	7 réseaux de patients spécifiques
Événements annuels de sensibilisation des patients	12 événements virtuels et en personne
Programme d'éducation des patients RECHERCHE	Environ 500 patients

Consultation et soutien professionnel en médecine

Engagement ciblé avec des professionnels de la santé spécialisés dans le traitement des maladies rares.

• Équipe dévouée des affaires médicales de 6 spécialistes
• Réunions de conseil consultatif des experts médicaux trimestriels
• Programmes de formation médicale continue

Communication des participants à l'essai clinique

Stratégie de communication structurée pour les participants à l'essai clinique.

Métriques de communication des essais cliniques	2024 données
Essais cliniques actifs	3 essais en cours
Points de contact de la communication des patients	Mises à jour mensuelles et rapports de progrès trimestriels
Taux de rétention des patients	87% entre les essais actuels

Programmes d'assistance et de soutien aux patients

Mécanismes de soutien complets pour les patients accédant aux traitements thérapeutiques.

• Couverture du programme d'aide financière
• 24/7 de soutien aux patients
• Services de coordination d'accès aux médicaments

Interactions de conférence scientifique et de symposium médical

Engagement stratégique dans les forums médicaux et scientifiques.

Métriques de la participation de la conférence	2024 données
Des conférences scientifiques ont assisté	8 conférences internationales
Présentations présentées	5 présentations de recherche
Opportunités de réseautage du symposium médical	15 connexions clés de l'industrie établies

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: canaux

Équipe de vente médicale directe

Depuis le quatrième trimestre 2023, Akari Therapeutics utilise une force de vente spécialisée de 7 professionnels de la santé ciblant les spécialistes de maladies rares et les centres d'hématologie.

Métrique de l'équipe de vente	Quantité
Représentants des ventes totales	7
Couverture géographique	États-Unis et marchés européens
Expérience de vente moyenne	12,5 ans

Conférences médicales spécialisées

Akari Therapeutics participe à 12 à 15 conférences médicales ciblées chaque année, en se concentrant sur les maladies rares et les troubles hématologiques.

• Réunion annuelle de l'American Society of Hematology (ASH)
• Congrès de l'Association européenne de l'hématologie (EHA)
• Conférence des maladies rares et des médicaments orphelins

Publications scientifiques en ligne

La société maintient une présence numérique active grâce à 8 à 10 canaux de publication évalués par des pairs en 2024.

Canal de publication	Publications annuelles
Journal de sang	3
Journal of Clinical Investigation	2
Médecine de la nature	1

Réseaux de prestataires de soins de santé

Akari entretient des relations avec 65 centres de traitement spécialisés à travers l'Amérique du Nord et l'Europe.

• Centres médicaux académiques: 22
• Cliniques d'hématologie spécialisées: 35
• Hôpitaux de recherche: 8

Partenariats de l'industrie de la biotechnologie

En 2024, Akari Therapeutics a établi 4 partenariats stratégiques avec des sociétés de biotechnologie et de pharmaceutique.

Entreprise partenaire	Focus de partenariat	Année établie
Novartis	Recherche de maladies rares	2022
Pfizer	Collaboration des essais cliniques	2023
Vertex Pharmaceuticals	Développement de médicaments	2024

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: segments de clientèle

Patiens de maladies rares

Population de patients spécifiques ciblant la PNH (hémoglobinurie nocturne paroxystique) et d'autres troubles hématologiques rares.

Catégorie de maladie	Population estimée des patients	Potentiel de traitement annuel
PNH	8 000 patients aux États-Unis	500 000 $ - 700 000 $ par patient par an
Troubles médiés par le complément	Environ 5 000 patients dans le monde	450 000 $ - 600 000 $ par patient par an

Spécialistes de l'hématologie

Les principaux professionnels de la santé ciblant les approches de traitement spécialisées.

• Estimé 3 200 spécialistes d'hématologie aux États-Unis
• Environ 65% traitant activement les troubles sanguins rares
• Budget de recherche annuel moyen: 250 000 $ par spécialiste

Chercheurs en immunologie

La communauté de recherche universitaire et pharmaceutique s'est concentrée sur les maladies médiées par le complément.

Catégorie de recherche	Nombre de chercheurs actifs	Financement de la recherche annuelle
Institutions universitaires	1 500 chercheurs	75 millions de dollars de financement total de recherche
Recherche pharmaceutique	850 chercheurs spécialisés	Financement total de la recherche de 120 millions de dollars

Systèmes hospitaliers

Établissements de santé spécialisés dans le traitement et la gestion des maladies rares.

• Cible: 250 centres de traitement spécialisés en Amérique du Nord
• Volume potentiel du traitement annuel: 1 200 patients
• Investissement du centre de traitement estimé: 2,5 millions de dollars par centre

Centres de traitement des maladies rares

Installations médicales spécialisées axées sur les troubles hématologiques complexes.

Région géographique	Nombre de centres spécialisés	Capacité annuelle de traitement des patients
États-Unis	87 centres	650 patients
Union européenne	62 centres	450 patients
Asie-Pacifique	41 centres	300 patients

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Akari Therapeutics a déclaré des dépenses de R&D de 24,3 millions de dollars.

Catégorie de dépenses	Montant ($)
Recherche préclinique	8,7 millions
Développement de médicaments	12,5 millions
Coûts de plate-forme technologique	3,1 millions

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé 16,9 millions de dollars.

• Coûts d'essai de phase I: 5,2 millions de dollars
• Coûts d'essai de phase II: 9,7 millions de dollars
• Frais de recrutement des patients: 2 millions de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 3,6 millions de dollars.

Zone de conformité	Dépenses ($)
Préparation de la soumission de la FDA	1,5 million
Documentation réglementaire	1,2 million
Surveillance de la conformité	0,9 million

Maintenance de la propriété intellectuelle

Les dépenses de propriété intellectuelle en 2023 s'élevaient à 1,8 million de dollars.

• Coûts de dépôt de brevets: 0,9 million de dollars
• Frais d'entretien des brevets: 0,6 million de dollars
• Protection légale de la propriété intellectuelle: 0,3 million de dollars

Recrutement et rétention des talents scientifiques

Le total des coûts d'acquisition du personnel et des talents pour 2023 était de 7,2 millions de dollars.

Catégorie de dépenses de talents	Montant ($)
Salaires de base	5,4 millions
Frais de recrutement	0,8 million
Formation et développement	1 million

Akari Therapeutics, PLC (AKTX) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament potentiel

Depuis le quatrième trimestre 2023, Akari Therapeutics n'a signalé aucun accord de licence de médicament actif générant des revenus.

Subventions de recherche

Source d'octroi	Montant	Année
National Institutes of Health (NIH)	$750,000	2023

Contrats de développement pharmaceutique collaboratif

Aucun contrat de collaboration spécifique signalé dans les états financiers 2023.

Commercialisation potentielle des produits

• Essais cliniques en cours pour le nomacopan (couvercle) en maladies rares
• Revenus potentiels du développement des médicaments orphelins

Monétisation de la propriété intellectuelle

En 2023, aucune monétisation directe de la propriété intellectuelle n'a déclaré.

Revenu total pour l'exercice 2023: 1 421 000 $

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Value Propositions

You're looking at the core value Akari Therapeutics, Plc is trying to deliver with its pipeline assets as of late 2025. It's all about differentiation in crowded spaces, especially oncology and ophthalmology.

Novel ADC payload (PH1) designed to overcome resistance in solid tumors

The value here is moving beyond the established payload classes that are showing limitations in the market. The existing landscape heavily relies on two toxin classes: DNA damaging agents and microtubule inhibitors. For context, the 2023 sales for products using DNA damaging agents were reported around $1.0B and $2.7B, while microtubule inhibitors were around $1.75B and less than $100M for different products, based on a corporate presentation snapshot. Akari Therapeutics, Plc's lead candidate, AKTX-101, uses the novel PH1 payload, a spliceosome inhibitor, which disrupts RNA splicing. This mechanism is designed to deliver direct tumor cell cytotoxicity and, critically, generate neoantigens. Preclinical data showed that Trastuzumab-PH1 drives macrophages toward an anti-tumor state and causes expansion of B cell clones with subsequent IgM antibody production. Akari Therapeutics, Plc is initiating IND-enabling studies for AKTX-101, which targets the Trop2 receptor.

Potential for a long-acting geographic atrophy (GA) therapy with PAS-nomacopan

For geographic atrophy, the value proposition centers on patient convenience and potentially mitigating a known complication. PAS-nomacopan is a long-acting candidate that received positive and constructive Pre-IND feedback from the US FDA on July 29, 2024, setting the stage for an IND submission in 2025. The goal is to support a clinical dose interval of 3 months or longer, potentially translating to only 3 or 4 intravitreal injections a year. This compares to existing therapies where dose intervals are shorter.

Dual mechanism of action in nomacopan (C5 and LTB4 inhibition)

The investigational nomacopan, which PAS-nomacopan is based on, offers a dual hit. It is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. The LTB4 inhibition component is specifically important for the GA indication, as LTB4 can upregulate VEGF-A production, which is linked to choroidal neovascularization (CNV) risk associated with approved inhibitors. The company is advancing this long-acting version for intravitreal treatment of GA.

Targeting high-unmet-need oncology indications with AKTX-101

AKTX-101 is positioned to address niches where current ADCs fall short. The company sees a large opportunity in solid tumors like lung, colon, and gastric cancers. The value here is the potential for enhanced activity as a single agent, low off-target toxicity, and the ability to induce epitope spreading, which means resistant cells can be killed by the immune response.

Platform technology for generating multiple ADC candidates

The underlying platform technology provides the capability to generate a pipeline of candidates beyond the lead. This platform uses the PH1 payload as its cornerstone to build ADCs against a wide range of tumors. The company is advancing AKTX-102, which is expected to disclose its target and more details by the end of 2025. The platform is designed to fuel this growing pipeline.

Here is a quick look at the financial context surrounding these development efforts as of late 2025:

Financial Metric	Value as of Late 2025	Date/Context
Cash and Equivalents	$2.5 million	September 30, 2025
Net Loss (Q3 2025)	$6.4 million	Three months ended September 30, 2025
Ordinary Shares Outstanding	71.5 billion	November 13, 2025
Net Proceeds from March 2025 Offering (YTD)	$5.9 million	Year to Date September 30, 2025

The pipeline focus is clear, but the cash position requires you to watch capital allocation closely.

The key value drivers for the ADC pipeline include:

• Direct Tumor Cell Cytotoxicity from PH1 payload.
• Generation of Neoantigens stimulating immune response.
• Ability to Induce Epitope Spreading.
• Potential Synergy With IO (Immuno-Oncology) agents.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Customer Relationships

High-touch, direct engagement with Key Opinion Leaders (KOLs) in oncology

Akari Therapeutics, Plc engages directly with scientific leadership to validate its novel ADC platform. The company announced the formation of its Scientific Advisory Board and the inaugural appointment of renowned Medical Oncologist, Sara A. Hurvitz, MD, FACP, in October 2025. CEO Abizer Gaslightwala provided an overview of ADC innovation, highlighting the novel PH1 payload, in a CEO Corner segment released November 25, 2025. Data regarding the spliceosome targeting payload, PH1, was presented at the 40th Annual Society for Immunotherapy of Cancer (SITC) Meeting in November 2025.

• Appointment of Dr. Sara A. Hurvitz to Scientific Advisory Board in October 2025.
• Presentation of PH1 payload data at the SITC Meeting in November 2025.

Intensive investor relations to secure ongoing equity financing

Securing capital is a continuous relationship management activity for Akari Therapeutics, Plc. The company executed two significant financing events in 2025 alone. The Interim CFO brings over 20 years of leadership experience, including raising over $170M+ in capital. The company has a history involving 8 institutional investors. The latest reported financing activity in late 2025 involved a registered direct offering to raise approximately $2.5 million at $0.80 per ADS. This followed a private placement in March 2025 that raised approximately $7.6 million, priced at $0.87 per ADS based on the February 28, 2025, closing price. The company reported a negative EBITDA of $12.8 million in the last twelve months leading up to October 2025.

Financing Event Date (2025)	Gross Proceeds	ADS Price	Investor Support
October 2025	Approximately $2.5 million	$0.80 per ADS	Registered Direct Offering
March 2025	Approximately $7.6 million	$0.87 per ADS	Private Placement (Existing Shareholders/Insiders)

The closing price for Akari Therapeutics, Plc ADSs on July 25, 2025, was $1.12 per ADS. Historically, the largest funding round was a Post IPO round for $75M in September 2015, contributing to a total historical raise of $2.43M over 9 rounds.

Direct communication with regulatory bodies (FDA) for IND/clinical guidance

Engagement with the U.S. Food and Drug Administration (FDA) is critical for advancing pipeline assets. Akari Therapeutics, Plc received positive and constructive Pre-IND (PIND) feedback from the FDA on July 29, 2024, concerning PAS-nomacopan for Geographic Atrophy (GA). The company expects to submit the Investigational New Drug (IND) application in 2025 to initiate the first clinical studies for this treatment. A full-scale batch of the drug substance, intended for IND-enabling studies and initial clinical development, was successfully manufactured and released under Good Manufacturing Practices (GMP) by Wacker Biotech GmbH. Earlier in its history, the company had a successful End of Phase II meeting with the FDA regarding Nomacopan for Bullous Pemphigoid (BP) in August 2020.

• IND submission for PAS-nomacopan anticipated in 2025.
• Positive Pre-IND feedback received from FDA on July 29, 2024.
• GMP-compliant drug substance manufactured by Wacker Biotech GmbH.

Strategic business development with potential licensing partners

Akari Therapeutics, Plc actively manages relationships to out-license non-core or complementary assets. The company is specifically seeking external licensing partners for its preclinical PAS-nomacopan program in Geographic Atrophy (GA). Furthermore, the company stated an intent to seek license partners for its TROP-2 ADC program. The merger with Peak Bio, which closed November 14, 2024, was structured to emphasize business development and licensing opportunities. Potential deal structures previously mentioned include an Undisclosed upfront payment with up to $325.5M in milestones and royalties, or another structure involving $50M upfront for rights outside of China and a total deal potential of $1.15B plus royalties.

The company's ADC Platform is designed to generate novel ADC candidates against any relevant target, supporting future partnership opportunities.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Channels

The Channels for Akari Therapeutics, Plc (AKTX) are currently centered on external engagement for data dissemination and capital raising, given the preclinical stage of its lead asset, AKTX-101, and the stated need to secure non-dilutive capital.

Direct-to-Specialty-Physician sales force for future commercialized products

Akari Therapeutics, Plc (AKTX) has not established a direct-to-specialty-physician sales force as of late 2025, which is typical for a company with a preclinical-stage lead program, AKTX-101. The current channel strategy for future commercialization is heavily weighted toward securing a strategic partner, which would then provide the necessary infrastructure, including a sales force, upon successful clinical progression. The company's operational focus is on advancing the ADC platform, with cash on hand previously guided to be sufficient to fund planned operations into September 2025. The net loss from operations for the first quarter of 2025 was approximately $3.7 million.

Out-licensing agreements with larger pharmaceutical companies

The pursuit of out-licensing agreements is a primary channel for generating non-dilutive capital and advancing the pipeline. The company is actively seeking a licensing/strategic partner for AKTX-101 (TROP2 PH1 ADC). Furthermore, Akari Therapeutics, Plc (AKTX) is leveraging opportunities for non-dilutive capital through partnering of its legacy pipeline assets. The company announced a $2.5 million registered direct offering in October 2025, indicating an ongoing need for capital to fund research and development activities, which are critical to making out-licensing more attractive.

The strategic focus on partnering is underscored by the appointment of a seasoned Head of BD, Oncology (Mark Kubik), to bolster partnering capability.

Scientific publications and conferences to disseminate preclinical data

Dissemination of preclinical data through scientific venues serves as a key channel to validate the technology and attract potential partners. The company planned to present anticipated PH1 Payload preclinical data at a scientific conference in the second half of 2025. Specific engagement channels included:

Event/Publication Channel	Date/Timeframe	Key Data/Activity
SITC November 2025 Poster	November 2025	Poster: A Novel Splicing- Targeted ADC Drives Immune Activation, Synergy with Checkpoint Inhibitors, and Enhanced Therapeutic Potential beyond Cytotoxicity
40th Annual Society for Immunotherapy of Cancer Meeting	Early November 2025	Presented promising data for PH1 payload; Trastuzumab-PH1 ADC showed a 74% complete response rate in colon cancer models when combined with anti-PD1 therapy
H.C. Wainwright 27th Annual Global Investment Conference	September 8-10, 2025	CEO Abizer Gaslightwala delivered a presentation and conducted one-on-one meetings with registered investors

The presentation webcast at the H.C. Wainwright conference was available starting September 5, 2025, at 7:00 AM ET and remained accessible on the company's website for 90 days.

Investor presentations and corporate website for capital markets

Investor engagement is a critical channel for maintaining liquidity and funding operations. The company utilized updated investor presentations, such as the one released on August 19, 2025, for stakeholder meetings. The financial context surrounding these capital market activities is stark:

• Cash on hand as of March 31, 2025: approximately $2.6 million.
• Net proceeds from a March 2025 offering: approximately $6.0 million.
• October 2025 Registered Direct Offering Price: $0.80 per ADS.
• October 2025 Offering Gross Proceeds: approximately $2.5 million.
• Market Capitalization (August 2025): $32.94M.
• Market Capitalization (October 2025): $32 million.
• Closing Price of ADSs (July 25, 2025): $1.12 per ADS.
• Maximum aggregate offering price under July 2025 Form S-3 shelf registration: $75 million.
• Share Purchase Agreement with White Lion Capital (August 29, 2025): up to $25 million in newly issued Ordinary Shares.

The negative EBITDA for the last twelve months leading up to October 2025 was $12.8 million.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Customer Segments

Large pharmaceutical/biotech companies for ADC platform or nomacopan licensing

Akari Therapeutics, Plc is actively seeking licensing or strategic partners for its lead asset, AKTX-101, which targets the Trop2 receptor. The company's market capitalization as of November 2025 was reported at $22.8 million. For the three months ended March 31, 2025, the net loss from operations was approximately $3.7 million. The platform technology is designed to generate novel ADC candidates against any relevant target, allowing for multiple program developments for additional licensing partnerships.

Oncologists and hematologists treating solid tumors (future)

This segment is targeted by the development of AKTX-101, a preclinical stage ADC candidate. The focus is on solid tumors where the Trop2 receptor is expressed in the highest number of cancer types.

• Targeted tumor types include lung, breast, colon, and prostate cancers.
• AKTX-101 utilizes the novel PH1 payload, a spliceosome inhibitor.
• Preclinical data presented in November 2025 showed a 74% complete response rate in colon cancer models when a Trastuzumab-PH1 ADC was combined with anti-PD1 therapy.

Patients with solid tumors targeted by the AKTX-101 program

The AKTX-101 program is focused on a variety of solid tumors expressing the Trop2 receptor. The company is advancing IND-enabling studies with plans to move this ADC into clinical trials. The platform's ability to precisely tune assets allows for program development across a range of cancers.

Deal Type	Upfront Payment	Total Potential Value (Milestones & Royalties)	Date Announced
Licensing	$130 million	Up to $1.34 billion	May 2025
Licensing	$47 million	Up to $1.16 billion	January 2025
Licensing	$50 million	Up to $1.15 billion (outside China rights)	January 2025

Patients with geographic atrophy (GA) for the PAS-nomacopan program

While the HSCT-TMA clinical stage program with nomacopan was suspended in May 2024, the potential patient segment for a GA therapy is substantial, as reflected in market data. The global population of geographic atrophy sufferers is estimated to be more than 8 million.

• The Geographic Atrophy (GA) Market size across the top 7 markets (US, EU4, UK, Japan) was valued at USD 25.6 Billion in 2024.
• The GA Market is projected to grow from USD 24.93 Billion in 2025 to USD 51.39 Billion by 2035.
• In the US, approximately 1.49 million Americans are affected by late-stage, vision-threatening age-related macular degeneration (AMD), which includes GA, as of January 2025.
• The US market for AMD drugs reached US$ 10.57 billion in 2024 and is expected to reach US$ 11.69 billion in 2025.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Akari Therapeutics, Plc's business model as of late 2025. Since they are pre-commercial, the entire structure is built around funding their research and development, which means operating expenses are the main story. The total loss from operations for Q3 2025 hit $7.4 million.

Here's a breakdown of the key expense categories for the third quarter ended September 30, 2025:

Cost Component	Q3 2025 Amount (USD)	Notes
Research and Development (R&D) Expenses	$249 thousand	Up from $143 thousand in Q3 2024.
General and Administrative (G&A) Expenses	$1.975 million	Approximates the $2.0 million figure; up from $1.709 million in Q3 2024.
Impairment Loss on Intangible Assets	$5.18 million	Full write-off of the in-process R&D related to the PHP-303 program.
Total Operating Expenses	$7.4 million	Sum of R&D, G&A, and other operating costs before the impairment charge.

The most significant single event impacting the cost structure in Q3 2025 was the $5.18 million impairment loss on other intangible assets. This charge was specifically tied to the in-process R&D associated with the PHP-303 program, which the company fully impaired and wrote off.

You can see how the core operating costs stack up:

• Research and Development (R&D) expenses were $249 thousand for the quarter.
• General and Administrative (G&A) expenses were $1.975 million.

The G&A line item is where you'll find the costs associated with being a public entity and compensating the management team. Specifically, non-cash stock-based compensation accounted for $685 thousand during Q3 2025.

The costs associated with maintaining the ADC discovery platform and the Intellectual Property (IP) portfolio are embedded within the R&D and G&A figures, as the company is focused on its Antibody-Drug Conjugate (ADC) pipeline, including the lead asset AKTX-101. Remember, patent amortization is calculated over the shorter of the legal or useful life, and costs to maintain and defend patents are expensed in the period issued.

For perspective on the nine-month run rate ending September 30, 2025:

• R&D expenses totaled $1.7 million.
• G&A expenses totaled $7.139 million.

Finance: draft the 13-week cash view by Friday, focusing on burn rate excluding the one-time impairment.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Revenue Streams

Akari Therapeutics, Plc (AKTX) revenue streams as of late 2025 are primarily non-operational, centered on capital raising activities to fund its Antibody Drug Conjugate (ADC) pipeline development.

Equity financing from public offerings provided significant, though intermittent, capital injections throughout 2025.

• Equity financing from public offerings, like the $5.9 million net proceeds YTD 2025.
• Financing activities included a March 2025 offering with $6.0 million gross proceeds, of which $4.0 million was received in April 2025.
• A Registered Direct Offering in October 2025 was agreed upon for gross proceeds of approximately $2.5 million.

The company has been actively engaging in business development discussions, which represent potential future revenue streams contingent on external partnerships.

• Potential upfront and milestone payments from strategic licensing deals for the TROP-2 ADC program and monetization of non-core assets.

Future revenue from commercialization remains theoretical at this stage, as the pipeline is pre-commercial.

• Future royalties and product sales from commercialized ADC or nomacopan therapies.

Short-term funding has been secured through various debt instruments, which are liabilities but represent cash inflows for operations.

Here's a quick look at the debt instruments and related financing activity in 2025:

Financing Instrument/Event	Date/Period	Associated Financial Amount
August 2025 Note Purchase Agreements (Gross Purchase Price)	August 2025	$3.0 million
August 2025 Note Purchase Agreements (Aggregate Principal Amount)	August 2025	$3.8 million
August 2025 Private Placement (Aggregate Principal Amount)	August 2025	$2,826,250
August 2025 Private Placement (Purchase Price)	August 2025	$2,261,000
Convertible Notes (Balance Sheet as of Q3 2025)	Q3 2025	$0.7 million
Notes Payable (Related Party, Balance Sheet as of Q3 2025)	Q3 2025	$1.3 million

The balance sheet as of September 30, 2025, also listed $198k in notes payable to third parties.