Akari Therapeutics announced that Kameel D. Farag will serve as interim chief financial officer, effective October 22 2025. Farag joined the company in October after a brief transition period and will oversee all financial, accounting, and treasury functions during a critical growth and capital‑raising phase.
Farag brings more than 20 years of biotech finance experience. He was chief financial officer and head of business operations at Aspen Neuroscience, where he tripled the company’s headcount, secured over $150 million in financing, and built manufacturing infrastructure in preparation for clinical data and a potential public offering. Prior to that, he held senior finance roles at Ionis Pharmaceuticals—where he supported revenue and profitability growth for a $1 billion‑plus business—and at Amgen, where he spent 16 years leading international finance functions.
Akari’s financial position underscores the urgency of the appointment. As of September 30 2025, the company held $2.5 million in cash and an accumulated deficit of $259.3 million, a rise from $247.3 million at December 31 2024. The company’s going‑concern warning and the need to fund its preclinical antibody‑drug conjugate (ADC) program, led by AKTX‑101, highlight the importance of strong financial stewardship and capital‑raising capability.
The appointment was met with a positive market reaction; Akari shares rose 5.6 % in pre‑market trading. Investors interpreted Farag’s track record—particularly his success in raising capital and scaling operations at Aspen Neuroscience—as a signal that the company can secure the funding needed to move AKTX‑101 toward clinical development.
Akari’s president and CEO, Abizer Gaslightwala, said Farag’s experience will be instrumental as the company accelerates its ADC platform and advances its lead asset toward the clinic. Farag echoed this sentiment, stating he is excited to apply his experience to help position Akari for its next phase of growth and value creation. His appointment is intended to strengthen financial controls, improve capital efficiency, and position the company for future funding rounds or strategic partnerships.
The company’s strategic focus has shifted toward its ADC platform after impairing the PHP‑303 program. With Farag’s oversight, Akari aims to secure the capital required for clinical development of AKTX‑101 while managing cash burn and maintaining operational flexibility.
In summary, Farag’s appointment signals Akari’s commitment to stabilizing its financial footing amid significant capital needs and positions the company to pursue its ADC pipeline with stronger financial leadership.
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