Akili Releases First Public Full-Year Results Focusing on ADHD

Akili InteractiveThe company behind a video game-like digital prescription treatment for children with ADHD, has reported its first annual revenue since going public last year.

The company reported revenue of $323,000 for 2022, compared to $538,000 for 2021. Akili said revenue for 2022 was entirely made up of funds from sales of EndeavorRx, his treatment that has received FDA clearance for children with ADHD between 8 and 12 years old.

In 2021, the company said it earned $186,000 in EndeavorRx revenue plus proceeds from a collaboration with The Japanese pharmaceutical company Shionogi.

GAAP net loss was $8 million for the year, compared to a loss of $61.3 million in 2021, which Akili attributed to a reduction in the company’s earn-out stock liabilities . It reported a non-GAAP net loss of $78.3 million in 2022, compared to a net loss of $56.4 million in 2021.

In the fourth quarter, Akili recorded revenue of $111,000, compared to $82,000 in the third quarter. GAAP net loss was $16.8 million for the fourth quarter, compared to net income of $53.2 million in the third quarter of 2022, which Akili attributed to the reduction in equity-related liabilities of company price supplement. Non-GAAP net loss was $19.5 million in the fourth quarter, compared to a net loss of $18.5 million in the third quarter.

Akili said 1,801 prescriptions for EndeavorRx were written in the fourth quarter by 801 unique prescribers.

During an earnings call, CEO Eddie Martucci said the company plans to submit to the FDA to expand EndeavorRx to teens over 12, which Akili says could double its total addressable market.

“With our increased focus on EndeavorRx and the ADHD market, we will seek to prove that a digital treatment can indeed evolve like a medicine. I believe EndeavorRx has the potential to be the first example of this new paradigm,” did he declare.

THE GREAT TREND

Akili received FDA de novo clearance for EndeavorRx in 2020 and went public through a merger with an ad hoc acquisition company in August.

Earlier this year, Akili said so cut 30% of its workforceabout 46 workers, and suspended some cognitive health-related programs outside of ADHD to “conserve capital and focus.”

According to the company, its cash trail extends to the first quarter of 2025.