Akili Interactive, the company behind a video game-like prescription digital therapeutic for children with ADHD, reported its first full-year earnings since going public last year.
The company reported $323,000 in revenue for 2022 compared with $538,000 for 2021. Akili said 2022 revenue was entirely made up of funds earned from sales of EndeavorRx, its therapeutic that received FDA clearance for kids 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 Japanese pharma company Shionogi.
GAAP net loss was $8 million for the year, compared with a loss of $61.3 million in 2021, which Akili attributed to a reduction of liabilities relating to the company’s earnout shares. 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 posted revenue of $111,000, compared with $82,000 in the third quarter. GAAP net loss was $16.8 million for Q4, compared to a net income of $53.2 million in the third quarter of 2022, which Akili attributed to the reduction of liabilities relating to the company’s earnout shares. Non-GAAP net loss was $19.5 million for 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.
On an earnings call, CEO Eddie Martucci said the company plans to submit to the FDA to expand EndeavorRx to adolescents over age 12, which Akili thinks could double its total addressable market.
“With our heightened focus on EndeavorRx and the ADHD marketplace, we’ll look to prove out that a digital treatment can indeed scale like a drug. I believe EndeavorRx has the potential to be the first example of this new paradigm,” he said.
THE LARGER TREND
Akili received FDA De Novo clearance for EndeavorRx in 2020 and went public through a merger with a special purpose acquisition company in August.
Early this year, Akili said it would cut 30% of its staff, about 46 workers, and put some programs related to cognitive health outside of ADHD on hold to “conserve capital and focus.”
According to the company, its cash runway extends into the first quarter in 2025.
Akili reports first public full-year earnings as it focuses on ADHD
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