Akari Therapeutics Plc

AKTXdata completeness 63%20 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Akari Therapeutics Plc earns about -364% on equity, but has diluted owners by 1469% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$17.4M¹	−$17.7M²	−$10M³	−$19.8M⁴	−$17.3M⁴
Operating cash flow	−$18.8M⁵	−$21.5M⁶	−$16.4M⁷	−$12.6M⁸	−$10.6M⁸
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$9.36M⁹	$13.3M¹⁰	$3.85M¹¹	$0¹²	$0¹²
Diluted shares	4.29B	6.24B	9.79B	23.89B	67.33B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

your share of equity

Profit it earned you last year

−$0

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0 of net worth that earned you −$0 last year.

iii. Is this a good business?

Moat signal · return on equity

-364% avg · 5y

FY21 -314%FY22 -991%FY23 —FY24 -89%FY25 -61%

It earned an average -364% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+1469% shares · 5y

Share count is up 1469% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

20-F · period ending 2021-12-31 · accession 0001410578-23-000848 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-24-038661 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0000950170-25-054278 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001493152-26-013664 (NetIncomeLoss)
20-F · period ending 2021-12-31 · accession 0001410578-23-000848 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000950170-24-038661 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000950170-25-054278 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001493152-26-013664 (NetCashProvidedByUsedInOperatingActivities)
20-F · period ending 2021-12-31 · accession 0001410578-23-000848 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0000950170-24-038661 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0000950170-25-054278 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001493152-26-013664 (CashAndCashEquivalentsAtCarryingValue)