Brief: Akili Reports Job cuts And Announces Business Transformation To Non-Prescription Model

Akili

13/09/2023 13:45

Sept 13 (Reuters) - Akili Inc  AKLI.O :
    * AKILI ANNOUNCES BUSINESS TRANSFORMATION, FOCUSING ON
NON-PRESCRIPTION MODEL
    * AKILI INC - LEANER NON-PRESCRIPTION OPERATING MODEL WILL
SUPPORT
REDUCED OPERATING EXPENSES AND HEADCOUNT, EXTEND CASH RUNWAY
INTO 2H 2025
    * AKILI INC - BY LATE 2025, NON-PRESCRIPTION BUSINESS MODEL
EXPECTED TO OPERATE AT 60-70% GROSS MARGINS
    * AKILI INC - 2023 NON-GAAP TOTAL OPERATING EXPENSES
EXPECTED TO
BE BETWEEN $55 MILLION AND $60 MILLION
    * AKILI INC - COMPANY'S WORKFORCE WILL BE REDUCED BY
APPROXIMATELY
40%
    * AKILI INC - COMPANY PLANS TO INVEST A PORTION OF SAVINGS
IN
ACTIVITIES TO DRIVE CONSUMER AWARENESS AND CAPITAL-EFFICIENT
EXPANSION OF BUSINESS
    * AKILI INC: 2023 NON-GAAP TOTAL OPERATING EXPENSES EXPECTED
TO BE
BETWEEN $55 MILLION AND $60 MILLION
    * AKILI - TO REDUCE STAFF, RESOURCES FOCUSED ON ITS
PEDIATRIC
PRESCRIPTION BUSINESS, WHILE ENABLING CONTINUED SUPPORT FOR
EXISTING PEDIATRIC CUSTOMERS
    * AKILI INC: 2024 NON-GAAP TOTAL OPERATING EXPENSES EXPECTED
TO BE
BETWEEN $42 MILLION AND $47 MILLION
    * AKILI INC - PLANS TO PURSUE REGULATORY APPROVAL FOR
OVER--COUNTER LABELING OF ITS TREATMENT PRODUCTS
    * AKILI INC - COMPANY IS ON TRACK TO SUBMIT ITS ADULT
CLINICAL
TRIAL DATA LATER THIS YEAR TO FDA FOR OTC AUTHORIZATION OF
ENDEAVOROTC
    * AKILI INC: BY LATE 2025, NON-PRESCRIPTION BUSINESS MODEL
EXPECTED TO OPERATE AT 60-70% GROSS MARGINS
    * AKILI INC - PLANNING TO SUBMIT DATA TO FDA TO CONVERT ITS
PEDIATRIC PRESCRIPTION PRODUCT, ENDEAVORRXⓇ, TO OTC IN 2024
    * AKILI INC - EXPECTS THAT BOTH ENDEAVOROTC AND ENDEAVORRX
WILL
REMAIN ON MARKET AS COMPANY PURSUES THESE PLANS

Source text for Eikon:  ID:nBw89GH9ba 
Further company coverage:  AKLI.O 

 ((Reuters.Briefs@thomsonreuters.com;))