Mission Statement, Vision, & Core Values (2024) of Akero Therapeutics, Inc. (AKRO)

An Overview of Akero Therapeutics, Inc. (AKRO)

General Summary of Akero Therapeutics, Inc.

Akero Therapeutics, Inc. was incorporated in January 2017 and has focused its efforts on developing therapies for metabolic diseases, particularly through its lead product candidate, EFX (eflornithine). The company has built a robust pipeline and intellectual property portfolio while raising significant capital to support its operations. As of 2024, Akero has not yet generated revenue from product sales, as it is still in the development phase of EFX.

As of 2024, Akero Therapeutics has achieved significant milestones, including the completion of various clinical trials and partnerships to advance its product candidates. The company has raised over $1.4 billion in gross proceeds through various equity offerings and collaborations. Its current cash, cash equivalents, and short- and long-term marketable securities stand at approximately $787.1 million, sufficient to fund operations into the second half of 2027.

Company's Financial Performance in the Latest Financial Reports

For the nine months ended September 30, 2024, Akero Therapeutics reported a net loss of $182.0 million, compared to a net loss of $96.6 million for the same period in 2023. The increased loss is attributed to higher research and development expenses, which totaled $72.2 million, up from $38.6 million in the prior year. General and administrative expenses also rose to $29.2 million from $22.6 million, reflecting increased staffing and stock-based compensation.

The company reported cash used in operating activities of $163.0 million for the nine months ended September 30, 2024, compared to $96.7 million for the same period in 2023. In terms of financing, Akero generated $369.9 million in cash from financing activities during the nine-month period, primarily through a follow-on public offering.

Introduction to Akero as a Leader in the Industry

Akero Therapeutics is positioned as a leader in the biotechnology sector, focusing on innovative treatments for metabolic diseases. The company's commitment to research and development is evident in its substantial investments, amounting to over $72.2 million in R&D expenses in the latest financial period. This dedication not only highlights Akero's ambition to bring its lead product, EFX, to market but also its potential to address significant unmet medical needs in the metabolic disease space.

As the company advances its clinical programs, it continues to attract attention within the industry, supported by its strong financial foundation and strategic partnerships. For those interested in understanding the factors contributing to Akero's success and its future prospects, further information can be explored below.

Mission Statement of Akero Therapeutics, Inc. (AKRO)

Mission Statement of Akero Therapeutics, Inc. (AKRO)

Akero Therapeutics, Inc. is committed to transforming the treatment of serious metabolic diseases, with a primary focus on developing innovative therapies for patients suffering from metabolic dysfunction associated with non-alcoholic steatohepatitis (NASH), specifically through its lead product candidate, EFX. The mission statement encapsulates the essence of the company’s objectives and serves as a guiding framework for its operations and strategic direction.

Core Component 1: Innovation in Treatment

At the heart of Akero's mission is a commitment to innovation. The company aims to pioneer new therapeutic approaches that address unmet medical needs in metabolic diseases. In its pursuit of innovation, Akero is advancing EFX, a long-acting FGF21 analog, which has shown promising results in clinical trials for treating patients with NASH. As of September 30, 2024, Akero has incurred approximately $182 million in net losses for the nine months ending, reflecting its ongoing investment in research and development.

Core Component 2: Commitment to Quality

Akero Therapeutics places a strong emphasis on quality in its product development processes. The company adheres to stringent regulatory standards and conducts comprehensive clinical trials to ensure that its therapies meet the highest safety and efficacy benchmarks. The ongoing Phase 2b SYMMETRY study, evaluating EFX in patients with compensated cirrhosis, is a testament to this commitment; results are anticipated in February 2025. As of September 30, 2024, Akero reported cash and marketable securities totaling $787.1 million, underscoring its financial capacity to maintain quality in its development efforts.

Core Component 3: Patient-Centric Approach

Akero’s mission is fundamentally driven by a patient-centric approach, striving to improve the lives of individuals affected by metabolic diseases. The company’s development of EFX aims to not only treat the symptoms of NASH but also address the underlying pathophysiology of the disease. Akero is dedicated to engaging with patients and healthcare professionals to ensure that its therapies are aligned with patient needs and expectations. This approach is reflected in the company’s significant investment in clinical trials, which amounted to $207.4 million in total operating expenses for the nine months ending September 30, 2024.

Vision Statement of Akero Therapeutics, Inc. (AKRO)

Vision Statement of Akero Therapeutics, Inc. (AKRO)

As of 2024, Akero Therapeutics, Inc. focuses on its vision to transform the treatment landscape for patients suffering from serious metabolic diseases, particularly through its innovative product candidate EFX.

Akero aims to pioneer the development of therapies that address unmet medical needs in metabolic diseases. The company is committed to advancing EFX, a long-acting FGF21 analog, through clinical trials to demonstrate its efficacy and safety.

In its pursuit of clinical excellence, Akero is currently conducting several key studies, including:

Akero emphasizes a patient-centric approach, focusing on the quality of life for patients with metabolic diseases. The company aims to provide comprehensive treatment options that not only target the disease but also enhance overall health and well-being.

As of September 30, 2024, Akero reported:

• Cash, cash equivalents, and marketable securities: $787.1 million
• Net loss for the nine months ended September 30, 2024: $182.0 million
• Accumulated deficit: $756.1 million

This financial position supports Akero's vision by providing the necessary resources to advance its clinical programs and research initiatives.

Akero's collaborations enhance its capabilities and reach. Notably, a $25.0 million equity investment from Pfizer in 2022 exemplifies strategic partnerships aimed at accelerating development and commercialization efforts.

Through these initiatives, Akero Therapeutics, Inc. seeks to fulfill its vision of becoming a leader in the treatment of metabolic diseases, ultimately improving patient outcomes and quality of life.

Core Values of Akero Therapeutics, Inc. (AKRO)

Commitment to Innovation

Innovation is at the heart of Akero Therapeutics, Inc.'s mission. The company is dedicated to developing transformational treatments for patients with serious metabolic diseases, particularly focusing on metabolic dysfunction-associated steatohepatitis (MASH).

In 2024, Akero is advancing its lead product candidate, efruxifermin (EFX), which is currently undergoing Phase 3 clinical trials. The SYNCHRONY program includes three key trials aimed at supporting marketing approval applications for patients with pre-cirrhotic MASH (F2-F3) and compensated cirrhosis (F4) due to MASH. As of September 30, 2024, Akero reported an accumulated deficit of $756.1 million, reflecting its substantial investment in research and development.

Akero's commitment to innovation is demonstrated through its clinical trials, which build upon previous Phase 2b studies involving over 300 patients treated for up to 96 weeks. Preliminary results indicated statistically significant fibrosis regression and MASH resolution, showcasing EFX's potential as a leading treatment option.

Integrity

Integrity is fundamental to Akero's operations, guiding its interactions with stakeholders, including patients, investors, and partners. The company's transparent communication regarding its clinical trial progress and financial status exemplifies this value.

As of September 30, 2024, Akero reported a net loss of $182.0 million for the nine months ended, compared to $96.6 million for the same period in 2023. This transparency in financial reporting reflects Akero's integrity in managing investor expectations.

Furthermore, Akero's collaboration with Amgen under the licensing agreement for EFX illustrates its commitment to ethical practices. The agreement includes milestone payments contingent on the successful development of EFX, which aligns the interests of both companies.

Collaboration

Collaboration is a core value that drives Akero's success. The company actively seeks partnerships to enhance its research capabilities and streamline the development of its therapies.

In 2024, Akero raised gross proceeds of $366.9 million from a follow-on public offering, which underscores the collaborative efforts in securing funding for ongoing clinical trials. Additionally, the strategic partnership with Pfizer, which included a $25.0 million equity investment in 2022, showcases Akero's ability to form alliances that bolster its research and development initiatives.

Akero's ongoing collaboration with regulatory authorities also highlights its commitment to working together with external stakeholders to ensure compliance and facilitate the approval process for its therapies.

Excellence

Excellence is a guiding principle for Akero, influencing its approach to research, development, and patient care. The company strives for the highest standards in its clinical trials and operational practices.

As of September 30, 2024, Akero reported having $787.1 million in cash, cash equivalents, and short- and long-term marketable securities, indicating a strong financial position to support its ambitious research agenda. The rigorous Phase 3 SYNCHRONY program is designed to ensure that EFX meets the necessary efficacy and safety benchmarks required for regulatory approval, reflecting Akero's commitment to excellence in delivering effective treatments.

Moreover, Akero is focused on maintaining high-quality standards in its clinical trials, which are crucial for obtaining FDA approval and ensuring patient safety.

Accountability

Accountability is a core value that Akero embraces, ensuring that it remains responsible for its actions and decisions. The company maintains rigorous oversight of its financial and operational performance.

In 2024, Akero's financial disclosures reveal a total operating expense of $207.4 million for the year ended December 31, 2023, reflecting its commitment to transparency and accountability in managing resources. The commitment to detailed financial reporting and adherence to regulatory standards demonstrates Akero's dedication to being accountable to its shareholders and stakeholders.

Additionally, Akero's obligation to pay milestone payments to Amgen under their licensing agreement emphasizes its accountability in fulfilling contractual commitments as it progresses through the development of EFX.

Updated on 16 Nov 2024

Resources:

1. Akero Therapeutics, Inc. (AKRO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Akero Therapeutics, Inc. (AKRO)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Akero Therapeutics, Inc. (AKRO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.