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BOSTON/LONDON - Akari Therapeutics, Plc (NASDAQ:AKTX), a small-cap biotech company with a market capitalization of $37 million, is continuing research on its novel spliceosome modulator payload PH1, which has demonstrated potential to inhibit key cancer tumor drivers, according to a press release issued Wednesday. According to InvestingPro data, the company’s stock has declined over 72% in the past year, though analysts maintain price targets between $5-$7.
The company’s antibody drug conjugates (ADCs) utilize the PH1 payload, which modulates RNA splicing to cause cancer cell death while simultaneously activating the immune system against tumors. Preclinical data shows the payload can induce cytotoxicity in cancer cells influenced by oncogenic drivers including KRAS, BRAF, and FGFR3. While the company reported a net loss of $17.9 million in the last twelve months, InvestingPro analysis indicates several additional growth metrics and financial health indicators available to subscribers.
"We are excited to build on the scientific data already established for our novel PH1 spliceosome modulator payload with continued, ongoing research," said Abizer Gaslightwala, President and CEO of Akari Therapeutics.
The company indicated that preliminary data from additional preclinical research testing PH1’s activity against an established oncogenic driver in a major tumor is expected before year-end.
According to the company’s preclinical studies, the PH1 payload offers several potential advantages, including the ability to activate the immune system by generating neoantigens through protein mis-splicing, reduced off-target toxicity through engineered linkers that only release the payload inside targeted cancer cells, and the ability to circumvent traditional cancer resistance mechanisms.
Akari’s lead candidate, AKTX-101, targets the Trop2 receptor on cancer cells. The company is also advancing ADCs using the PH1 payload against an undisclosed target.
The company stated that in preclinical studies, AKTX-101 has shown significant activity and prolonged survival compared to ADCs with traditional payloads, both as a single agent and in combination with checkpoint inhibitors. Investors anticipating the company’s next earnings report, scheduled for August 13, can access comprehensive financial analysis and additional ProTips through InvestingPro.
In other recent news, Akari Therapeutics has seen several significant developments. The company announced that its shareholders approved an increase in shares available under the 2023 Equity Incentive Plan, raising the total to 19,806,000,000 ordinary shares. Additionally, Akari Therapeutics secured an Indian patent for its PH1 payload technology, which is used in cancer treatment applications. This patent covers the company’s spliceosome inhibitor payload and antibody drug conjugate technology. Furthermore, Maxim Group initiated coverage on Akari Therapeutics with a Buy rating and a price target of $5.00, highlighting the potential of Akari’s antibody drug conjugates. In a strategic move, Akari appointed Mark F. Kubik as the new Head of Business Development for Oncology. Kubik brings over 25 years of experience in oncology therapeutics, having held positions at companies like SeaGen and I-MAB Biopharma. These developments reflect Akari Therapeutics’ ongoing efforts to expand its oncology business and enhance its technological capabilities.
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