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Akili, Inc. (Nasdaq: AKLI) is a pioneering digital medicine company focused on developing innovative cognitive treatments through advanced technology. Akili leverages video game experiences to create clinically-validated digital therapeutics aimed at improving attention and cognitive function. Their flagship products, EndeavorRx and EndeavorOTC, target ADHD in children and adults respectively. These treatments are grounded in rigorous scientific research and have shown significant efficacy in clinical trials.
In recent developments, Akili reported a significant revenue increase in the third quarter of 2023, with total revenues reaching $702 thousand, a 5x growth from the previous quarter. Notably, Akili has shifted its business strategy to focus on non-prescription models, simplifying access to its treatments. The company recently submitted EndeavorOTC to the FDA for authorization as an over-the-counter treatment for adult ADHD. Additionally, Akili has partnered with Shionogi for the Japanese market, where the Phase 3 study for pediatric ADHD is underway.
Financially, Akili ended the third quarter with a robust cash position of $86.3 million. Despite operating expenses, the company maintains a positive gross margin of approximately 60%. CEO Matt Franklin expressed optimism about achieving profitability through these strategic shifts and ongoing regulatory advancements.
Akili's commitment to innovation extends beyond ADHD. The company is exploring broader applications of its technologies, aiming to transform digital therapeutics into a mainstream treatment modality. With a dedication to rigorous clinical validation and user engagement, Akili stands at the forefront of the digital medicine revolution.
Akili, Inc. (NASDAQ: AKLI) will conduct a conference call and webcast to discuss its financial and operational results for Q1 2023 on May 11, 2023, at 4:30 p.m. ET. The event will be accessible via www.akiliinteractive.com under the Investor Relations section. Investors can join by calling 888-575-5163 (toll-free) or 416-764-8620 (international), referencing “Akili Q1 2023 Earnings.” Akili is at the forefront of digital medicine, focusing on innovative cognitive treatments through engaging video game experiences, validated by clinical trials. Their unique platform aims to address cognitive impairments with enhanced user experiences.
Akili, Inc. (AKLI) reported significant growth in EndeavorRx prescriptions, with a 37% increase in Q4 2022 over Q3 2022 and a 166% increase in FY 2022 over FY 2021. The company plans to expand its sales force and pursue an FDA label expansion for older children with ADHD. Financial highlights show a net loss of $8.0 million for FY 2022, a reduction compared to the previous year, while total revenues decreased to $323,000. Akili reaffirms non-GAAP operating expenses for FY 2023 at $55M - $60M and expects a cash runway into Q1 2025, bolstered by a cash position of $136.1 million as of Dec 31, 2022.
Akili, Inc. (Nasdaq: AKLI) announced a conference call and webcast to discuss its Q4 2022 and full year 2022 financial results on March 7, 2023, at 4:30 p.m. ET. Investors can access the live audio on the company's website. Akili is focused on developing cognitive treatments through digital technologies that engage users via video game experiences, targeting cognitive impairment.
Akili, Inc. (Nasdaq: AKLI), a pioneer in digital medicine, will participate in the Cowen 43rd Annual Health Care Conference in Boston on March 8. Highlights include a panel discussion with Scott Kollins, Chief Medical Officer, at 8 AM on prescription digital therapeutics and a 9:50 AM fireside chat featuring Co-Founder and CEO Eddie Martucci along with President Matt Franklin. The company will engage with investors throughout the day. Akili is noted for its innovative treatments targeting cognitive impairments through engaging video game experiences, supported by rigorous clinical research.
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