Akili, Inc. announced several corporate developments, including an amendment to its partnership with Shionogi & Co. The amended agreement eliminates a $5 million debt obligation and includes payments for the distribution of Akili’s digital treatment in Japan.

As part of the amendment, Akili received an upfront payment and will be eligible for additional milestone and development support fees totaling up to $9 million. Consequently, Akili has eliminated future royalty and milestone payments to Shionogi.

Akili’s board of directors has initiated a strategic review to evaluate potential alternatives to maximize shareholder value. The review will consider various options, but there is no guarantee of a transaction.

To support this review, Akili has revised its operating plan and reduced its workforce by 46%, eliminating its marketing and medical affairs teams. Promotional activities for EndeavorRx and EndeavorOTC have been significantly scaled back, but support for existing users will continue.

Akili continues to pursue marketing authorization from the FDA for its EndeavorOTC product, which is currently under review. The company will release its first quarter 2024 financial results on May 14, 2024, but will not host an earnings conference call.

Source link: http://www.businesswire.com/news/home/20240430639511/en/Akili-Announces-Amended-Agreement-with-Shionogi-Shift-in-Corporate-Strategy-and-Release-Date-for-First-Quarter-2024-Financial-Results

author avatar
Ferry Darma
Ferry Darma is Director of Media Relations at The Clinical Trial Vanguard. Ferry, a computer data scientist, focuses on the latest clinical trial industry news and trends.