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Agreement and Plan of Merger (Tables) | 3 Months Ended
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Mar. 31, 2025
Agreement And Plan Of Merger [Abstract] |
Summary of Total Consideration Paid | The following table summarizes the total consideration paid pursuant to the Merger Agreement, which was based on the closing market price of Akari's ADS as of the November 14, 2024 acquisition date:
($ in thousands) |  | Number of ADSs issued and issuable on exercise |  |  | Consideration |
Company ADSs issued to Peak Bio Inc. shareholders |  |  | 12,613,942 |  |  | $ | 28,129 |
Company ADSs issuable on exercise of November 2022 Peak Investor Warrants and April 2023 Peak Investor Warrants |  |  | 2,764,569 |  |  |  | 1,844 |
Company ADSs issuable on exercise of Peak Bio Adjusted Options |  |  | 1,618,081 |  |  |  | — |
Total consideration |  |  | 16,996,592 |  |  | $ | 29,973 |
Summary of Assumptions Used to Determine Fair Value of the Assumed Warrants | The following assumptions were used to determine the fair value of the assumed warrants as of November 14, 2024:
|  | Peak Bio Assumed Warrants |  |
|  | November 2022 |  |  | April 2023 |  |
Stock (ADS) price |  | $ | 2.23 |  |  | $ | 2.23 |  |
Exercise price |  | $ | 39.18 |  |  | $ | 2.04 |  |
Expected term (in years) |  |  | 3.0 |  |  |  | 3.5 |  |
Expected volatility |  |  | 86.4 | % |  |  | 84.1 | % |
Risk-free interest rate |  |  | 4.3 | % |  |  | 4.3 | % |
Expected dividend yield |  |  | — |  |  |  | — |  |
Summary of Final Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final fair values of assets acquired and liabilities assumed as of the acquisition date (in thousands):
Assets acquired |  |  |
Cash and restricted cash |  | $ | 382 |
Prepaid expenses and other current assets |  |  | 10 |
Acquired in-process research and development |  |  | 39,180 |
Total assets acquired |  |  | 39,572 |
Liabilities assumed |  |  |
Accounts payable and accrued expenses |  |  | 6,979 |
Convertible notes |  |  | 700 |
Notes payable |  |  | 659 |
Notes payable, related party |  |  | 1,651 |
Deferred tax liability |  |  | 8,040 |
Total liabilities assumed |  |  | 18,029 |
Total assets acquired and liabilities assumed |  |  | 21,543 |
Goodwill |  |  | 8,430 |
Net assets acquired |  | $ | 29,973 |
Summary of Fair Value of IPR&D Intangible Assets | The fair value of IPR&D intangible assets was as follows (in thousands):
In-Process Research and Development |  |  |
AKTX 101 |  | $ | 34,000 |
PHP 303 |  |  | 5,180 |
Total in-process research and development |  | $ | 39,180 |
Summary of Pro Forma Financial Information | The un audited pro forma financial information is for comparative purposes only and is not necessarily indicative of what would have occurred had the acquisition been made at that date or of results which may occur in the future (in thousands).
|  | Three Months Ended March 31, 2024 |  |
|  | As Reported |  |  | Pro Forma |  |
Net loss |  | $ | (5,566 | ) |  |  | (7,607 | ) |

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