Akero Therapeutics

Akero Therapeutics is focused on developing treatments for serious metabolic diseases, particularly non-alcoholic steatohepatitis (NASH). NASH is a chronic liver disease that is characterized by the buildup of fat in the liver, inflammation, and damage to liver cells. 

Its lead product candidate, efruxifermin (EFX), is a once-weekly injection dosing of the fibroblast growth factor 21 fusion protein, which, as of August 2023, was in Phase IIb clinical trials for EFX in patients with pre-cirrhotic NASH and cirrhotic NASH and thus was being developed as a multi-modal investigational drug for NASH. Furthermore, the company claims it was the first investigational drug for NASH to receive the most designations; 1) Prime (from European Medicines Agency in 2020), 2) Fast Track (from FDA in 2021), and 3) Breakthrough Therapy (from FDA in 2022). In addition, the company has several research programs with undisclosed indications. 

Key Customers and Partnerships

In October 2019, the company partnered with InSphero to use InSphero’s 3D InSight Human Liver Disease Platform to investigate the effects of  Akero’s drug candidate, AKR-001, in various types of liver cells. 

Funding and Financials

The company began trading on Nasdaq in June 2019 under the ticker symbol “AKRO” and raised USD 92 million at IPO. In May 2023, the company announced an underwritten public offering of USD 200 million in gross proceeds. The funds raised were used for the clinical development of EFX, to support future clinical trials, potential in-licensing for pipeline diversification, and working capital and general corporate purposes.

The company did not generate any revenue in the three months ended March 2023. However, it reported a net loss of USD 25.8 million, which had improved slightly by 1% YoY. Its cash and cash equivalent position as of March 2023 was at USD 343.2 million, which extended the company’s cash runway until 2025.