Akili Provides Corporate Updates
DENVER, Colo., Apr 30, 2024 (247marketnews.com)- Akili, Inc. (Nasdaq:AKLI) commented on multiple corporate updates, including revisions to its strategic distribution agreement in which Shionogi & Co. canceled and forgave a $5 million long-term debt obligation and agreed to make certain payments for SDT-001, the Japanese, localized version of Akili’s AKL-T01 digital treatment, marketed as EndeavorRx in the United States. Additionally, Akili will receive an upfront payment of $10.5 million in consideration for the elimination of future royalty payments and certain future milestone payments. Akili will also be eligible to receive up to a total of $4.5 million from Shionogi in consideration of Akili development and support services, with at least $1.5 million of such services fees payable up front, and up to a total of $3.0 million from Shionogi in potential regulatory milestone payments. SDT-001 is currently under marketing approval review in Japan as a potential digital treatment for children and adolescents with attention-deficit/hyperactivity disorder (“ADHD”).
Akili’s board of directors also initiated a process, currently ongoing, to evaluate potential strategic alternatives to maximize shareholder value, in which the board of directors will evaluate, together with its external advisors, a range of potential strategic alternatives.
Furthermore, Akili’s board of directors approved a revised operating plan and budget for the remainder of 2024 that lowers operating expenses, including a 46% workforce reduction.
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