Akili, Inc.

CIK:0001850266|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 383	$ 113
Cost of revenues	173	137
Gross profit (loss)	210	(24)
Operating expenses:
Research and development	4,183	6,084
Selling, general and administrative	6,892	13,011
Total operating expenses	11,075	19,095
Operating loss	(10,865)	(19,119)
Other income (expense):
Other income	667	1,043
Interest expense	(453)	(622)
Change in estimated fair value of earn-out liabilities	888	(2,013)
Total other income (expense)	1,102	(1,592)
Loss before income taxes	(9,763)	(20,711)
Net loss	(9,763)	(20,711)
Unrealized gain on short-term investments		23
Comprehensive loss	(9,763)	(20,688)
Net loss	$ (9,763)	$ (20,711)
Weighted average common stock outstanding - basic	78,526,669	78,079,013
Weighted average common shares outstanding - diluted	78,526,669	78,079,013
Net loss per share - basic	$ (0.12)	$ (0.27)
Net loss per share - diluted	$ (0.12)	$ (0.27)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (9,763)	$ (20,711)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	75	77
Reduction in the carrying amount of right-of-use assets	135	169
Stock-based compensation expense	1,302	2,759
Amortization of premium on short-term investments		(432)
Non Cash Interest Expense	162	194
Change in fair value of earn-out liabilities	(888)	2,013
Changes in operating assets and liabilities:
Accounts receivable	156	(8)
Prepaid expenses and other current assets	776	1,079
Prepaid expenses and other long-term assets	6	(1)
Accounts payable	(184)	(1,268)
Accrued expenses and other current liabilities	(1,532)	(2,788)
Operating lease liabilities	(179)	(195)
Deferred revenue	(62)	14
Net cash used in operating activities	(9,996)	(19,098)
Cash flows from investing activities:
Acquisition of property and equipment	(3)	(3)
Capitalized software development costs	(227)
Purchases of short-term investments		(22,082)
Proceeds from maturities of short-term investments		75,000
Net cash provided by (used in) investing activities	(230)	52,915
Cash flows from financing activities:
Proceeds from exercise of stock options	1
Taxes paid related to net share settlement of share-based awards	(14)	(45)
Repayment of principal on note payable	(1,875)
Net cash used in financing activities	(1,888)	(45)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(12,114)	33,772
Cash, cash equivalents, and restricted cash at beginning of period	75,455	54,402
Cash, cash equivalents, and restricted cash at end of period	63,341	88,174
Supplementary Information:
Cash paid for interest	$ 310	$ 422

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 63,161	$ 75,150
Restricted cash	180	305
Accounts receivable	144	300
Prepaid expenses and other current assets	1,513	2,275
Total current assets	64,998	78,030
Property and equipment, net	835	680
Operating lease right-of-use asset	1,442	1,577
Prepaid expenses and other long-term assets	90	96
Total assets	67,365	80,383
Current liabilities:
Accounts payable	1,101	1,285
Accrued expenses and other current liabilities	1,794	3,326
Deferred revenue	38	100
Operating lease liability	779	756
Note payable, short term	7,500	7,500
Total current liabilities	11,212	12,967
Note payable, long term	1,671	3,445
Operating lease liability, net of current portion	1,528	1,730
Corporate bond, net of bond discount	2,115	2,054
Earn-out liabilities	608	1,632
Other long-term liabilities	23	23
Total liabilities	17,157	21,851
Commitments and contingencies
Stockholders' equity
Common stock, $0.0001 par value: 1,000,000,000 shares authorized; 78,684,864 and 78,356,527 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	8	8
Additional paid-in capital	359,744	358,305
Accumulated deficit	(309,544)	(299,781)
Total stockholders' equity	50,208	58,532
Total liabilities and stockholders' equity	$ 67,365	$ 80,383