Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Akari Therapeutics Plc files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
17.3
23.3
11.8
8.74
8.82
9.13
9.56
5.45
6.98
2.82
Selling, general and administrative
9.94
11.8
11.7
8.22
9.16
8.08
13.5
11.4
9.66
9.28
Operating expenses
27.2
37.8
20.8
17
18
17.2
23.1
16.8
21.6
17.3
Operating income
-27.2
-37.8
-20.8
-17
-18
-17.2
-23.1
-16.8
-21.6
-17.3
Interest expense
0
0
0.24
0.1
Interest income
0.14
0.18
0.22
0.01
0.01
0.01
0.05
0.08
0.01
0
Other non-operating income
9.11
2.38
0.29
0.12
0.9
-0.21
5.34
6.8
1.85
-1.03
Pre-tax income
-18.1
-35.4
-20.5
-16.8
-17.1
-17.4
-0.02
-10
-19.8
-18.3
Income tax
0
0
0
0
0
0
0
0
0
-1
Net income
-18.1
-35.4
-20.5
-16.8
-17.1
-17.4
-17.7
-10
-19.8
-17.3
EBITDA
-27.2
-37.7
-20.7
-16.9
-18
-17.2
-23.1
-16.8
-21.6
EPS, basic
-0.02
-0.03
-0.01
-0.01
-0.01
0.00
0.00
0.00
0.00
0.00
EPS, diluted
-0.02
-0.03
-0.01
-0.01
-0.01
0.00
0.00
0.00
0.00
0.00
Shares, basic (weighted)
1,178
1,247
1,540
1,831
3,159
4,292
6,243
9,789
23,888
67,328
Shares, diluted (weighted)
1,178
1,247
1,540
1,831
3,159
4,292
6,243
9,789
23,888
67,328
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
34.1
28.1
5.45
5.73
14.1
9.36
13.3
3.85
0
5.2
Short-term investments
10
0
Other current assets
1.51
0.71
1.42
0.71
0.23
0.09
0.1
0.2
0.2
0.01
Total current assets
45.6
28.8
7.45
6.44
14.6
11.6
13.8
4.34
2.95
5.46
Property, plant and equipment
0.06
0.06
0.02
0.01
0
0
0
Goodwill
8.43
8.43
Intangible assets
0.04
0.04
0.03
0.03
0.03
0.02
0.02
0.01
Total assets
45.9
29.1
8.03
6.48
14.6
11.6
13.8
4.36
50.6
47.9
Accounts payable
2.21
1.97
1.59
1.23
3.38
1.79
0.95
1.67
12.4
8.77
Accrued liabilities
1.84
4.8
1.49
4.23
1.84
3.18
3.15
1.57
3.14
2.34
Total current liabilities
11.7
11.8
4.92
4.58
19.9
12.4
Other non-current liabilities
0.38
0.03
Total liabilities
11.8
11.9
4.92
6.47
5.22
6.09
12
4.58
28.3
19.6
Paid-in capital
91
105
107
134
140
153
167
175
213
234
Retained earnings
-74.9
-110
-127
-165
-182
-200
-217
-227
-247
-265
Other comprehensive income
-0.28
-0.24
-0.35
-0.35
-0.65
-0.54
-0.77
-1.04
-0.74
-0.78
Shareholders' equity
34.1
22.2
4.37
0.01
9.38
5.56
1.79
-0.23
22.2
28.3
Total equity
34.1
22.2
4.37
0.01
9.38
5.56
1.79
-0.23
22.2
28.3
Total liabilities and equity
45.9
29.1
8.03
6.48
14.6
11.6
13.8
4.36
50.6
47.9
Shares outstanding
1,178
1,526
0.31
2,246
3,847
4,760
7,445
13,234
53,187
90,537
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18.1
-35.4
-20.5
-16.8
-17.1
-17.4
-17.7
-10
-19.8
-17.3
Depreciation and amortization
0.04
0.04
0.04
0.02
0.01
0
0
0
0.01
Stock-based compensation
3.93
2.73
1.65
1.05
0.33
0.31
0.74
1.15
2.25
2.89
Deferred income tax
-1.09
Change in payables
-0.67
0.01
-3.69
2.38
-0.25
-0.24
-0.88
-0.94
5.22
-1
Cash from operations
-24.6
-31.6
-22.8
-12.9
-17
-18.8
-21.5
-16.4
-12.6
-10.6
Capital expenditures
-0.05
-0.04
0
0
Purchases of investments
-46.1
0
0
Cash from investing
-10.1
9.99
0
0
0.38
Debt repaid
-0.75
-0.55
Stock issued
0
15.7
0.5
12.6
25
14.3
25.2
7.02
11.8
10.7
Cash from financing
0
15.7
0.5
12.6
25.1
14.3
25.3
7.02
11
13.2
Exchange rate effect
-0.13
-0.05
-0.01
0.03
0.2
-0.14
0.11
0.01
-0
0
Net change in cash
-34.8
-5.99
-22.3
-0.24
8.32
-4.69
3.89
-9.41
-1.19
2.6
Free cash flow
-24.7
-31.6
-22.8
-12.9
Interest paid
0
0
0.14
0.1
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $9.76 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-166.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-80.2%
Net income / average total assets.
Return on invested capital (ROIC)
-224.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
27.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
151.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
24.7%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-5.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
51.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
26.8%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
181.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
120.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
84.4%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.60x
Current assets / current liabilities.
Quick ratio
0.55x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.55x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share
-$0.00
Cash from operations / diluted weighted shares.
Book value per share
$0.00
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.02x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.02x
Market cap / tangible book value, when positive.
Earnings yield
-163.0%
Net income / market cap (the inverse of P/E).
Was Akari Therapeutics Plc profitable in fiscal 2025?
No. It reported a net loss of $17.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.