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AKTX on Nasdaq

Akari Therapeutics Plc

Akari Therapeutics Plc is a British pharmaceutical preparations company based in Tampa.2 Its shares trade on Nasdaq under the symbol AKTX.2

$8.37 up 1.09 (14.97%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerAKTX on Nasdaq2
  • IndustryPharmaceutical Preparations2
  • HeadquartersWeybridge, United Kingdom2
  • Incorporated inUnited Kingdom4
  • Business address401 East Jackson Street, Suite 3300, Tampa, Fl 336024
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formOther2
  • LEI2138001XURASAU3MEB682
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressELDER HOUSE, ST GEORGES BUSINESS PARK, KT13 0TS Weybridge, United Kingdom2
  • Registered withCompanies House, 052528422

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Cancer Society estimates that approximately 626,000 people will die of cancer in the United States in 2026.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income7891011-$17.3M in 2025+2% since 2019
-$30.0M-$20.0M-$10.0M02019: -$17.0M-$17.0M20192020: -$18.0M-$18.0M2020+6%2021: -$17.2M-$17.2M2021−4%2022: -$23.1M-$23.1M2022+34%2023: -$16.8M-$16.8M2023−27%2024: -$21.6M-$21.6M2024+29%2025: -$17.3M-$17.3M2025−20%
Net income7891011-$17.3M in 2025+3% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$16.8M-$16.8M20192020: -$17.1M-$17.1M2020+1%2021: -$17.4M-$17.4M2021+2%2022: -$17.7M-$17.7M2022+2%2023: -$10.0M-$10.0M2023−44%2024: -$19.8M-$19.8M2024+98%2025: -$17.3M-$17.3M2025−13%

Every line of the income statement as filed: the last 2 fiscal years, latest first.11

Period ending2025-12-312024-12-31
Research and development$2.8M$7.0M
General and administrative$9.3M$9.7M
Impairment loss on other intangible assets$5.2M
Merger-related expenses$3.3M
Restructuring and other expenses$1.7M
Total operating expenses$17.3M$21.6M
Loss from operations-$17.3M-$21.6M
Interest income$1.0K$8.0K
Interest expense-$949.0K-$244.0K
Gain on settlement of current liabilities$3.0M
Loss on debt extinguishment-$3.2M
Change in fair value of warrant liabilities$775.0K$2.1M
Loss on derivative liability-$230.0K
Foreign currency exchange gains (losses), net-$443.0K$6.0K
Other expense, net-$3.0K
Total other income, net-$1.0M$1.9M
Net loss before income taxes-$18.3M-$19.8M
Income tax benefit$1.0M
Net loss-$17.3M-$19.8M
Net loss per share - basic$0.00$0.00
Net loss per share - diluted$0.00$0.00
Weighted-average number of Ordinary Shares used in computing net loss per share - basic67.3B shares23.9B shares
Weighted-average number of Ordinary Shares used in computing net loss per share - diluted67.3B shares23.9B shares
Foreign currency translation adjustment-$44.0K$302.0K
Total other comprehensive income, net of tax-$44.0K$302.0K
Total comprehensive loss-$17.3M-$19.5M

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Corporate structure

Akari Therapeutics Plc sits at the top of its group. 8 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Akari Therapeutics Plc

  • Bank of Montreal Filed SCHEDULE 13G on Akari Therapeutics Plc, latest Aug 12, 2026
  • White Lion Capital LLC Filed SCHEDULE 13G on Akari Therapeutics Plc, latest Aug 7, 2026
  • MMCAP International Inc. SPC Filed SCHEDULE 13G on Akari Therapeutics Plc, latest Jun 8, 2026
  • Hoyoung Huh Filed SCHEDULE 13G/A on Akari Therapeutics Plc, latest Mar 4, 2026 (2 filings since Feb 14, 2025)
  • Ray Prudo Filed SCHEDULE 13D/A on Akari Therapeutics Plc, latest Mar 4, 2026 (2 filings since Feb 14, 2025)
  • Samir Rashmikant Patel Filed SCHEDULE 13D/A on Akari Therapeutics Plc, latest Mar 4, 2026 (5 filings since Feb 14, 2022)
  • RPC Pharma Ltd Filed SC 13D/A on Akari Therapeutics Plc, latest Jun 20, 2024 (6 filings since Oct 18, 2021)
  • Charles Steve Theofilos Filed SC 13D on Akari Therapeutics Plc, latest Jun 18, 2024
  • Akari Therapeutics Plc Weybridge, United Kingdom
    • Akari Malta Limited Subsidiary · Malta
    • Celsus Therapeutics Inc. Subsidiary · Delaware, United States
    • Ignyte Korea Co., Ltd. Subsidiary · South Korea
    • Morria Biopharma Ltd. Subsidiary · Israel
    • Peak Bio CA, Inc. Subsidiary · California, United States
    • Peak Bio Co., Ltd. Subsidiary · South Korea
    • Volution Immuno Pharmaceuticals SA Subsidiary · Switzerland

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Akari Therapeutics Plc reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$011 Dec 31, 2025$011 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$8.4M11 Dec 31, 2025$8.4M11 Dec 31, 20240%

Properties, in its own words

We currently lease office space for both our U.S. headquarters and U.S laboratory space on a short-term basis. The lease for our U.S. headquarters office space, located in Tampa, FL, expires September 2026 and may be renewed on a month-to-month basis thereafter. We also lease laboratory space, located in San Francisco, CA, which expires in September 2026 and is cancellable anytime with 60 days’ notice. We are not party to any material lease agreements. We believe that our current facilities are adequate to meet our needs and that suitable additional alternative spaces will be available in the future on commercially reasonable terms, if required.

Item 2 of the 10-K filed Mar 30, 2026.6

Leadership

Who has led Akari Therapeutics Plc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gur Roshwalb2015
  2. Rachelle Suzanne Jacques2024
  3. Abizer Gaslightwala2025–now

President

  1. Abizer Gaslightwala2025–now

Chief financial officer

  1. Dov Elefant2015
  2. Wendy F. Dicicco2024
  3. Torsten Hombeck2024–2025
  4. Kameel D. Farag2025–now

Chief operating officer

  1. Clive Richardson2015
20202025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerMelissa Bradford-Klug named Sep 27, 202242
  • Executive OfficerMiles Nunn named Sep 27, 202242
  • DirectorSamir Patel named Jan 9, 2024 to Jun 3, 202643
  • DirectorWa'el Hashad named Oct 19, 2023 to Jan 9, 202444
  • DirectorDavid Byrne named Sep 27, 202242
  • DirectorJames Hill named Sep 27, 202242

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Akari Malta Limited Malta5
  • Celsus Therapeutics Inc. Delaware5
  • Ignyte Korea Co., Ltd. Republic of Korea5
  • Morria Biopharma Ltd. Israel5
  • Peak Bio CA, Inc. California5
  • Peak Bio Co., Ltd. Republic of Korea5
  • Peak Bio Inc. Delaware5
  • Volution Immuno Pharmaceuticals SA Switzerland5

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Celsus Therapeutics Plc.Jul 25, 2012 to Sep 15, 20154
  • Morria Biopharmaceuticals PLCApr 13, 2012 to Jun 20, 20134

Timeline

  1. Oct 1, 20268-K Executive or director change45
  2. Aug 13, 20268-K Results of operations46
  3. Jul 2, 20268-K Shareholder vote47
  4. Jun 26, 20268-K Entered a material agreement48
  5. May 22, 20268-K Entered a material agreement; Unregistered sale of shares49
  6. Mar 17, 20268-K Change to shareholders' rights; Regulation FD disclosure50
  7. Mar 2, 20268-K Shareholder vote51
  8. Dec 17, 20258-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares52
  9. Dec 16, 20258-K Shareholder vote53
  10. Dec 8, 20258-K Regulation FD disclosure54
  11. Nov 26, 20258-K Listing notice or transfer55
  12. Oct 23, 20258-K Executive or director change56
  13. Jun 12, 2025New chief executive Abizer Gaslightwala becomes CEO16
  14. Jan 2, 2024New chief executive Rachelle Suzanne Jacques becomes CEO17
  15. Jan 2, 2015New chief executive Gur Roshwalb becomes CEO18

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202657

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results46
  2. May 15, 2025Reported quarterly or annual results58
  3. Apr 16, 2025Reported quarterly or annual results59
  4. Aug 19, 2024Reported quarterly or annual results60
  5. May 16, 2024Reported quarterly or annual results61
  6. Apr 1, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

321 filings to the SEC since October 2021: 5 annual reports, 8 quarterly reports, 46 major events, 81 insider forms, 19 large holders, 5 private raises, 157 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 14, 20263 EDGAR
  3. Oct 1, 2026DEF 14A EDGAR
  4. Oct 1, 20264 EDGAR
  5. Oct 1, 20268-K EDGAR
  6. Aug 19, 20264 EDGAR
  7. Aug 13, 20268-K EDGAR
  8. Aug 13, 202610-Q EDGAR
  9. Aug 12, 2026SCHEDULE 13G EDGAR
  10. Aug 7, 2026SCHEDULE 13G EDGAR
  11. Aug 5, 20264 EDGAR
  12. Jul 17, 20264 EDGAR
  13. Jul 13, 2026EFFECT EDGAR
  14. Jul 10, 2026S-3/A EDGAR
  15. Jul 8, 2026S-3/A EDGAR
  16. Jul 7, 2026EFFECT EDGAR
  17. Jul 2, 20268-K EDGAR
  18. Jul 2, 2026S-3 EDGAR
  19. Jun 26, 20268-K EDGAR
  20. Jun 26, 2026S-1/A EDGAR

The 321 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 25, 2025Gaslightwala AbizerCEOBuy3,000$0.90$2.7KForm 4
Aug 22, 2025Gaslightwala AbizerCEOBuy8,000$0.93$7.4KForm 4
Aug 21, 2025Gaslightwala AbizerCEOBuy10,000$0.94$9.4KForm 4
Jun 24, 2025Gaslightwala AbizerCEOBuy5,203$1.16$6.0KForm 4
Jun 23, 2025Gaslightwala AbizerCEOBuy943$1.15$1.1KForm 4
Jun 20, 2025Gaslightwala AbizerCEOBuy10,000$1.20$12.0KForm 4
Jun 17, 2025Gaslightwala AbizerCEOBuy15,000$1.20$18.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$24.9M 2022–2026
Money received by yearMoney received by year, 2022–2026: $24.9M in all. Private raises (Form D) $24.9M.$0$5M$10M$15M2022 · Private raises (Form D): $12.8M20222023 · Private raises (Form D): $4.0M202320242025 · Private raises (Form D): $6.2M20252026 · Private raises (Form D): $1.8M2026
Figures by year
YearPrivate raises (Form D)Total
2026$1.8M$1.8M
2025$6.2M$6.2M
2023$4.0M$4.0M
2022$12.8M$12.8M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. May 20, 2026Raised $1.8 million in a private offering of securities43 Form D: $5.5 million offered in all Form D
  2. Oct 16, 2025Raised $6.2 million in a private offering of securities71 Form D: 4 investors so far Form D
  3. Dec 27, 2023Raised $2 million in a private offering of equity44 Form D: 2 investors so far Form D
  4. Oct 4, 2023Raised $2 million in a private offering of equity72 Form D: 11 investors so far Form D
  5. Sep 14, 2022Raised $12.8 million in a private offering of securities42 Form D: 21 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
MMCAP International Inc. SPC100,000$1.0M0.1%New
Cresset Asset Management, LLC20,561$210.6K0.0%No change
Jane Street Group, LLC15,463$158.4K0.0%New
IFP Advisors, Inc181$1.9K0.0%No change
SBI Securities Co., Ltd.14$1430.0%+9
Hrt Financial LP13,745$1400.0%New
Caitong International Asset Management Co., Ltd8$820.0%New
Northwestern Mutual Wealth Management Co7$720.0%New
Truvestments Capital LLC1$100.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Akari Therapeutics Plc is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAkari Therapeutics Plc1
  • CIK0001541157
  • Employer ID (EIN)98-10349226
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; a shell company6
  • Incorporated inEngland and Wales6
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address401 East Jackson Street, Suite 3300, Tampa, FL 336021
  • Phone(929) 274-75101
  • Shares outstanding155,758,529,533 as of Aug 13, 202613
  • Public float$15.0M as of Jun 30, 20256
  • AuditorBDO USA, P.C., New York, New York PCAOB ID 243; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceApr 13, 20121
  • Filings735 in all: 6-K (188), 4 (91), 8-K (62), EFFECT (50), 3 (33), POS AM (25), UPLOAD (25), CORRESP (23)1
    All 59 form types

    424B3 (22), SC 13G/A (19), D (13), 10-Q (12), DEFA14A (11), 424B5 (10), SC 13G (10), 20-F (9), F-1 (9), F-1/A (9), SC 13D/A (9), DEF 14A (8), 425 (6), F-3 (6), S-8 (6), 10-K (5), S-1 (5), S-3 (5), 20FR12G/A (4), NT 10-Q (4), PRE 14A (4), SCHEDULE 13G (4), ARS (3), F-3/A (3), F-6 POS (3), RW (3), SC 13D (3), SCHEDULE 13D/A (3), 20-F/A (2), 20FR12G (2), 8-K/A (2), F-6EF (2), NT 20-F (2), S-3/A (2), S-4/A (2), 4/A (1), 424B2 (1), 424B4 (1), 6-K/A (1), 8-A12B (1), CERTNAS (1), D/A (1), DEFM14A (1), DRS (1), F-6 (1), F-6/A (1), NT 10-K (1), PREM14A (1), S-1/A (1), S-4 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Oct 1, 2026
    Latest 8-K (8-K) Oct 1, 2026

Securities registered for trading

ClassSymbolExchange
American Depository Shares, each representing 2,000 Ordinary Shares, par value $0.000000005 per shareAKTXNasdaq
Ordinary Shares, $0.000000005 par value per share*AKTXNasdaq

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Akari Therapeutics Plc names in Item 1A of its 10-K filed Mar 30, 2026: 51 risks under these headings, as written.6

  • Risks Related to Our Financial Position and Our Capital Requirements
  • We have a history of operating losses and cannot give assurance of future revenues or operating profits.
  • We will require substantial additional capital to fund our operations, and if we are unable to obtain such capital, we will be unable to successfully develop and commercialize any product candidates.
  • Raising additional capital may cause significant dilution to our shareholders or restrict our operations.
  • Our ability to use net operating losses to offset future income may be subject to certain limitations.
  • We have identified material weaknesses in our internal control over financial reporting. If our remediation of the material weaknesses are not effective, or if we experience additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls in the future, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our ADSs.
  • Risks Related to Discovery, Development and Regulatory Approval of Our Product Candidates
  • We have not initiated clinical studies for any of the programs in our active pipeline or entered into any strategic partnerships regarding the continued development of our legacy pipeline assets. As a result, it may be years before we commercialize a product candidate, if ever. If we, alone or with a strategic partner, are unable to identify and advance product candidates through preclinical studies and clinical trials, obtain marketing approval and ultimately commercialize them, or experience significant delays in doing so, our business will be materially harmed.
  • Preclinical and clinical drug development is a lengthy and expensive process, with uncertain timelines and outcomes. If preclinical studies or clinical trials of our product candidates are prolonged or delayed, we may be unable to obtain required regulatory approvals and therefore be unable to commercialize our product candidates or any of our future product candidates on a timely basis or at all.
  • We may encounter substantial delays in the commencement, enrollment or completion of clinical trials or we may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities, which could prevent us from commercializing any product candidates we determine to develop on a timely basis, if at all.
  • Serious adverse events, undesirable side effects or other unexpected properties of our product candidates may be identified during development or after approval, which could lead to the discontinuation of our development programs, refusal by regulatory authorities to approve our product candidates or, if discovered following marketing approval, revocation of marketing authorizations or limitations on the use of our product candidates, any of which would limit the commercial potential of such product candidates.
  • Our proprietary ADC Platform is based on novel technologies that are unproven and may not result in approvable or marketable products, which exposes us to unforeseen risks and makes it difficult for us to predict the time and cost of product development and potential for regulatory approval, and we may not be successful in our efforts to expand our development portfolio of product candidates.
The other 41 risks
  • Interim, initial, or preliminary results from our preclinical testing or clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to additional audit, validation and verification procedures that could result in material changes in the final data.
  • We or a future strategic partner may choose to, or may be required to, suspend, repeat, or terminate clinical trials of our assets if they are not conducted in accordance with regulatory requirements, the results are negative or inconclusive or the trials are not well designed.
  • Our employees, independent contractors, principal investigators, contract research organizations, consultants, vendors and collaboration partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards.
  • Risks Related to Commercialization, Marketing and Competition
  • Our industry is highly competitive, and our product candidates may become obsolete.
  • If we are unable to establish sales, marketing and distribution capabilities on our own or through collaborations with partners, we may not be successful in commercializing any approved drugs.
  • Even if any of our current or future product candidates receive marketing approval, such product candidates may fail to achieve market acceptance by physicians, patients, third-party payors or others in the medical community necessary for commercial success, in which case we may not generate significant revenues or become profitable.
  • Even if we are able to commercialize any product candidate, the third-party payor coverage and reimbursement status of newly approved products is uncertain. Failure to obtain or maintain adequate coverage and reimbursement for our product candidates could limit our ability to market those products and decrease our ability to generate revenue.
  • Our future growth may depend, in part, on our ability to commercialize products in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • EU drug marketing and reimbursement regulations may materially affect our ability to market and receive coverage for our products in the EU Member States.
  • Obtaining and maintaining marketing approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining marketing approval of our product candidates in other jurisdictions.
  • If the market opportunities for any of our product candidates are smaller than we estimate, even assuming approval of a product candidate, our revenue may be adversely affected, and our business may suffer.
  • If we or our partners market products in a manner that violates fraud and abuse and other healthcare laws, or if we or they violate government price reporting laws, we or our partners may be subject to administrative civil and/or criminal penalties.
  • Risks Related to Intellectual Property
  • Our success depends in part on our ability to protect our intellectual property and proprietary technologies.
  • With respect to certain patents, we enjoy only limited geographical protection, and as a consequence we may not be able to protect our intellectual property rights throughout the world.
  • Our intellectual property rights may not adequately protect our technologies and product candidates and may not necessarily address all potential threats to our competitive advantage.
  • Others may claim an ownership interest in our intellectual property, which could expose us to litigation and have a significant adverse effect on our prospects.
  • We may be subject to claims by third parties asserting that we or our employees have misappropriated third-party intellectual property or claiming ownership of what we regard as our own intellectual property. These claims may be costly to defend and if we do not successfully do so, we may be required to pay monetary damages and lose valuable intellectual property rights or personnel.
  • Risks Related to Our Reliance on Third Parties
  • We rely on third parties to conduct, supervise and monitor our preclinical studies and clinical trials, and if those third parties perform in an unsatisfactory manner it may harm our business.
  • We seek to partner with third-party collaborators with respect to aspects of the development and commercialization of our product candidates and we may not succeed in establishing and maintaining collaborative relationships, which may significantly limit our ability to develop and commercialize our product candidates successfully, if at all.
  • If the third parties on which we intend to rely for our clinical trials and results do not perform our clinical trial activities in accordance with good clinical practices and related regulatory requirements, we may be unable to obtain marketing authorization for or commercialize our product candidates.
  • Use of third parties to manufacture our product candidates may increase the risk that we will not have sufficient quantities of our product candidates, products, or necessary quantities at an acceptable cost.
  • Risks Related to our Business Operations
  • We only have a limited number of employees to manage and operate our business. Our business could suffer if we are unable to attract and retain key employees.
  • If we or any third-party manufacturers we engage fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs or liabilities that could harm our business.
  • Any pandemic, epidemic, or outbreak of an infectious disease, may materially and adversely affect our business and our financial results and could cause a disruption to the development of our product candidates.
  • We are currently operating in a period of economic uncertainty and capital markets disruption, which has been significantly impacted by geopolitical instability. Our business, financial condition and results of operations could be materially adversely affected by any negative impact on the global economy and capital markets resulting from the geopolitical tensions or high inflation.
  • Disruptions at the FDA, the SEC and other government agencies caused by the change in presidential administration, funding shortages or potential funding shortages could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner, or otherwise prevent those agencies from performing normal business functions, which could negatively impact our business and our timelines.
  • Our business and operations could suffer in the event of computer system failures or security breaches.
  • Risks Related to our Ordinary Shares and ADSs
  • Our business, operating results and growth rates may be adversely affected by current or future unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk.
  • If we are deemed or become a passive foreign investment company for U.S. federal income tax purposes in 2025 or in any prior or subsequent years, there may be negative tax consequences for U.S. taxpayers that are holders of our ADSs.
  • The market price of our ADSs may be volatile and may fluctuate in a way that is disproportionate to our operating performance.
  • Insiders own a significant amount of our outstanding shares which could delay or prevent a change in corporate control or result in the entrenchment of management and/or the board of directors.
  • Future sales and issuances of our Ordinary Shares or ADSs or rights to purchase ordinary shares or ADSs pursuant to our equity incentive plans could result in additional dilution of the percentage ownership of our shareholders and could cause our share price to fall.
  • Provisions in our Articles of Association and under English law could make an acquisition of our Company more difficult and may prevent attempts by our shareholders to replace or remove our organization management.
  • We have in the past and may in the future fail to meet the requirements for continued listing on Nasdaq. If we fail to maintain compliance with the minimum listing requirements, our ADSs may be delisted, which could have a material adverse effect on the liquidity of our ADSs.
  • We do not anticipate paying cash dividends, and accordingly, shareholders must rely on appreciation in our ADSs for any return on their investment.
  • We incur significant costs and demands upon management as a result of complying with the laws and regulations affecting public companies, which could harm our operating results.
  • U.S. investors may not be able to enforce their civil liabilities against our Company or certain of our directors, controlling persons and officers.
  • The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation.
  • Provisions in the UK City Code on Takeovers and Mergers may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders.
  • Holders of ADSs must act through the depositary to exercise their rights as shareholders of our Company.
  • Holders of our ADSs may be subject to limitations on transfers of ADSs.

Legal proceedings

From time to time, we may become involved in litigation relating to claims arising out of operations in the normal course of business, which we consider routine and incidental to our business.

Refer to Note 10 of the Notes to our consolidated financial statements included elsewhere in this Form 10-K (such consolidated financial statements, the “consolidated financial statements”) related to commitments and contingencies, which is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.6

Sources

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  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
  72. 72