Jul. 30 at 12:35 PM
$AKLI Reports First Quarter 2024 Financial Results and Provides Business Update
On May 8, 2024, the Company voluntarily prepaid its debt and all outstanding obligations under the Amended and Restated Loan and Security Agreement with Silicon Valley Bank (SVB) and SVB Innovation Credit Fund VIII, L.P., which was terminated in full in connection with the voluntary prepayment. Following the Company's repayment of its loan from SVB and the previously announced cancellation and forgiveness of the Company's corporate bond issued to Shionogi & Co., Ltd. (Shionogi), the Company no longer has any outstanding debt payment obligations.
Amid the recent restructuring and related workforce reduction announced in late April 2024, the Company's efforts are primarily focused on supporting Shionogi's regulatory and commercialization activities, continuing to support current users of its EndeavorRx and EndeavorOTC products and make its products available for purchase, and continuing to pursue regulatory authorization for EndeavorOTC, in parallel with exploration of potential strategic alternatives.
The Company has historically reported certain commercial metrics for EndeavorOTC. In light of the Company's recently announced restructuring and substantially reduced promotional activity for its products, and the Company's and its board of directors' exploration of potential strategic alternatives, the Company no longer intends to report these metrics for EndeavorOTC as it no longer believes that they provide useful information to investors and others in understanding and evaluating its business and results of operations.
https://www.businesswire.com/news/home/20240514206940/en/
