0001493152-26-024446 | 10-Q | XBRL Viewer

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Income Taxes (Details Narrative) - USD ($)	3 Months Ended
Income Taxes (Details Narrative) - USD ($)	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Income tax expense	$ 859,000
Unrecognized tax benefits	0		$ 0
Expected Current Year Loss and Historical Loss [Member]
Intangible Asset, Finite-Lived [Line Items]
Income tax expense	0	$ 0
Impairment Loss on Other Intangible Assets [Member]
Intangible Asset, Finite-Lived [Line Items]
Income tax expense	$ 800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Description of Business	3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]
Description of Business	Note 1. Description of Business *Business Overview* Akari Therapeutics, Plc, (the “Company” or “Akari”) is incorporated in the United Kingdom. The Company is developing next-generation antibody-drug conjugates (“ADCs”) through its proprietary technology platform that enables the Company to establish a pipeline of ADC candidates that target and kill cancer cells and stimulate the immune system, all while overcoming the limitations inherent in existing therapies. The Company’s activities since inception have consisted of performing research and development activities and raising capital. The Company is subject to a number of risks similar to those of preclinical and clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research and development operations, need for marketing authorization of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies. To fully execute its business plan, the Company will need, among other things, to complete its research and development efforts, preclinical and regulatory activities, and clinical trials. These activities may take several years and will require significant operating and capital expenditures in the foreseeable future. There can be no assurance that these activities will be successful. If the Company is not successful in these activities it could delay, limit, reduce or terminate its preclinical studies or other discovery and research activities. *Basis of presentation* The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC and assumes that the Company will continue to operate as a going concern. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, including normal and recurring adjustments, which the Company considers necessary for the fair statement of financial information. The results of operations and comprehensive loss for the three months ended March 31, 2026, are not necessarily indicative of expected results for the fiscal year ending December 31, 2026, or any other future period. The condensed consolidated balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2025 and notes thereto included in its Form 10-K, as filed with the SEC on March 30, 2026. *Use of estimates* The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets, liabilities, expenses and related disclosures. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the valuation of warrant liabilities and the impairment assessment of goodwill and indefinite-lived intangible assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed considering changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. *Liquidity and Financial Condition* The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements—Going Concern, which requires management to assess the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued. The Company has incurred substantial losses and negative cash flows since inception and had an accumulated deficit of $279.0 million as of March 31, 2026. The Company’s cash balance of $2.8 million as of March 31, 2026 is not sufficient to fund its operations for the one-year period after the date these condensed consolidated financial statements are issued. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least a one-year period following the issuance of these condensed consolidated financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in research and development. The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as uncertainty of preclinical research outcomes, uncertainty of additional funding, and history of operating losses. Substantial additional financing will be needed by the Company to fund its operations. Management is currently evaluating different strategies to obtain the required funding for future operations. These strategies may include but are not limited to private placements and/or public offerings of equity and/or debt securities, and strategic research and development collaborations and/or similar arrangements. There can be no assurance that these future funding efforts will be successful. *Par Value Change* Effective December 15, 2025, shareholders approved to sub-divide each of the ordinary shares with a par value of $0.0001 into one ordinary share with a par value $0.000000005 and 19,999 deferred shares with a par value $0.000000005 (the “Deferred Shares”), with such shares having the rights and being subject to the restrictions as set out in the new Articles of Association. As a result, the number of outstanding ordinary shares of the Company remained unchanged and there were 1,429,517,750,998,477 Deferred Shares created. The deferred shares were repurchased and cancelled, and the Company issued 10 ordinary shares in connection with a buyback agreement. The rights attached to the ordinary shares, with a par value of $ 0.000000005 (including voting and dividend rights and rights on a return of capital) are identical in all respects to the previously outstanding ordinary shares with a par value of $0.0001. The Deferred Shares have limited rights and are effectively valueless. There is no direct effect on the value of an ADS. *ADS Ratio Change* Effective March 31, 2026, the Company changed the ratio of its American Depositary Shares (“ADS”) to ordinary shares, par value $0.000000005 per share, from one ADS representing 2,000 ordinary shares to a new ratio of one ADS representing 80,000 ordinary shares (the “ADS Ratio Change”). All ADS and per ADS amounts in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the ADS Ratio Change. *Nasdaq Continued Listing Rules* On November 24, 2025, the Company received a letter (“Letter”) from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Capital Market (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Company’s ADS had closed below $1.00 per share (the “Minimum Bid Requirement”) for the previous thirty consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had 180 calendar days from the date of such notice, or until May 25, 2026, to regain compliance with the Minimum Bid Requirement. Following the successful completion of the ADS Ratio Change, the Company received a letter from the Nasdaq Office of General Counsel notifying the Company that the Company has regained compliance with the Minimum Bid Requirement.

Description of Business

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Description of Business

Note 1. Description of Business

Business Overview

Akari Therapeutics, Plc, (the “Company” or “Akari”) is incorporated in the United Kingdom. The Company is developing next-generation antibody-drug conjugates (“ADCs”) through its proprietary technology platform that enables the Company to establish a pipeline of ADC candidates that target and kill cancer cells and stimulate the immune system, all while overcoming the limitations inherent in existing therapies. The Company’s activities since inception have consisted of performing research and development activities and raising capital.

The Company is subject to a number of risks similar to those of preclinical and clinical stage companies, including dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with clinical trials of products, dependence on third-party collaborators for research and development operations, need for marketing authorization of products, risks associated with protection of intellectual property, and competition with larger, better-capitalized companies.

To fully execute its business plan, the Company will need, among other things, to complete its research and development efforts, preclinical and regulatory activities, and clinical trials. These activities may take several years and will require significant operating and capital expenditures in the foreseeable future. There can be no assurance that these activities will be successful. If the Company is not successful in these activities it could delay, limit, reduce or terminate its preclinical studies or other discovery and research activities.

Basis of presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the SEC and assumes that the Company will continue to operate as a going concern. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, including normal and recurring adjustments, which the Company considers necessary for the fair statement of financial information. The results of operations and comprehensive loss for the three months ended March 31, 2026, are not necessarily indicative of expected results for the fiscal year ending December 31, 2026, or any other future period. The condensed consolidated balance sheet at December 31, 2025, has been derived from the audited consolidated financial statements at that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2025 and notes thereto included in its Form 10-K, as filed with the SEC on March 30, 2026.

Use of estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets, liabilities, expenses and related disclosures. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the valuation of warrant liabilities and the impairment assessment of goodwill and indefinite-lived intangible assets. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are periodically reviewed considering changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

Liquidity and Financial Condition

The Company follows the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 205-40, Presentation of Financial Statements—Going Concern, which requires management to assess the Company’s ability to continue as a going concern within one year after the date the consolidated financial statements are issued.

The Company has incurred substantial losses and negative cash flows since inception and had an accumulated deficit of $279.0 million as of March 31, 2026. The Company’s cash balance of $2.8 million as of March 31, 2026 is not sufficient to fund its operations for the one-year period after the date these condensed consolidated financial statements are issued. These factors raise substantial doubt about the Company’s ability to continue as a going concern for at least a one-year period following the issuance of these condensed consolidated financial statements. The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales of its product candidates currently in research and development. The Company is subject to a number of risks and uncertainties similar to those of other companies of the same size within the biotechnology industry, such as uncertainty of preclinical research outcomes, uncertainty of additional funding, and history of operating losses. Substantial additional financing will be needed by the Company to fund its operations. Management is currently evaluating different strategies to obtain the required funding for future operations. These strategies may include but are not limited to private placements and/or public offerings of equity and/or debt securities, and strategic research and development collaborations and/or similar arrangements. There can be no assurance that these future funding efforts will be successful.

Par Value Change

Effective December 15, 2025, shareholders approved to sub-divide each of the ordinary shares with a par value of $0.0001 into one ordinary share with a par value $0.000000005 and 19,999 deferred shares with a par value $0.000000005 (the “Deferred Shares”), with such shares having the rights and being subject to the restrictions as set out in the new Articles of Association. As a result, the number of outstanding ordinary shares of the Company remained unchanged and there were 1,429,517,750,998,477 Deferred Shares created. The deferred shares were repurchased and cancelled, and the Company issued 10 ordinary shares in connection with a buyback agreement. The rights attached to the ordinary shares, with a par value of $ 0.000000005 (including voting and dividend rights and rights on a return of capital) are identical in all respects to the previously outstanding ordinary shares with a par value of $0.0001. The Deferred Shares have limited rights and are effectively valueless. There is no direct effect on the value of an ADS.

ADS Ratio Change

Effective March 31, 2026, the Company changed the ratio of its American Depositary Shares (“ADS”) to ordinary shares, par value $0.000000005 per share, from one ADS representing 2,000 ordinary shares to a new ratio of one ADS representing 80,000 ordinary shares (the “ADS Ratio Change”). All ADS and per ADS amounts in the accompanying condensed consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to reflect the ADS Ratio Change.

Nasdaq Continued Listing Rules

On November 24, 2025, the Company received a letter (“Letter”) from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Capital Market (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the bid price for the Company’s ADS had closed below $1.00 per share (the “Minimum Bid Requirement”) for the previous thirty consecutive business days. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company had 180 calendar days from the date of such notice, or until May 25, 2026, to regain compliance with the Minimum Bid Requirement. Following the successful completion of the ADS Ratio Change, the Company received a letter from the Nasdaq Office of General Counsel notifying the Company that the Company has regained compliance with the Minimum Bid Requirement.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Schedule of Significant Segment Expense Categories (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Segment Reporting [Line Items]

Internal and other research and development expense

$ 1,459

$ 813

Impairment loss on other intangible assets

3,700

Impairment loss on goodwill

8,430

Stock-based compensation expense

305

1,015

Deferred tax benefit

(859)

Net loss

(14,455)

(3,705)

Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

General and administrative expense

(1,883)

(1,888)

Impairment loss on other intangible assets

(3,700)

Impairment loss on goodwill

(8,430)

Stock-based compensation expense

(305)

(1,015)

Other segment items

^[1]

444

(180)

Deferred tax benefit

859

ADC Preclinical Development [Member] | Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

Internal and other research and development expense

(1,237)

(17)

HSCT-TMA (AK901) Clinical Program [Member] | Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

Internal and other research and development expense

(62)

Chemistry, Manufacturing and Control [Member] | Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

Internal and other research and development expense

(28)

Other External Development Expense Income [Member] | Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

Internal and other research and development expense

(17)

(98)

Internal and Other Research and Development Expense [Member] | Significant Segment Expense Category [Member]

Segment Reporting [Line Items]

Internal and other research and development expense

$ (186)

$ (417)

[1]	Other segment items include interest expense, change in fair value of warrant liabilities, change in fair value of derivative liability, and net foreign currency exchange gains (losses) as reported in the Company’s condensed consolidated statements of operations and comprehensive loss.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 7. Stock-Based Compensation

Stock Options

The following is a summary of the Company’s stock option activity, with each ADS representing 80,000 Ordinary Shares, under the 2014 Equity Incentive Plan, 2023 Equity Incentive Plan and the Peak Bio 2022 Long Term Incentive Plan for the three months ended March 31, 2026:

Schedule of Stock Option Activity

	Number of Stock Option ADSs			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2025		170,137		$	109.65		8.8	$	—
Granted		—			—
Exercised		—			—
Forfeited		(8,750	)		47.66
Expired		(6,891	)		674.23
Outstanding at March 31, 2026 (1)		154,496		$	87.97		8.8	$	—
Exercisable at March 31, 2026		88,604		$	108.48		8.6	$	—

(1)

Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition.

The aggregate intrinsic value of options is calculated as the difference between the exercise price of the options and the fair value of the Company’s ADSs for those options that had exercise prices lower than the fair value of the Company’s ordinary shares.

The weighted-average grant-date fair value per ADS of options granted during each of the three months ended March 31, 2026 and 2025 was $0 and $46.48, respectively.

Option Valuation

The weighted-average assumptions that the Company used to determine the fair value of share options granted were as follows, presented on a weighted average basis:

	Three Months Ended March 31,
	2026		2025
Expected volatility		—		95.7	%
Risk-free interest rate		—		4.0	%
Expected dividend yield		—		—
Expected term (in years)		—		5.8

Restricted Stock Units

The 2023 Plan provides for the award of RSUs. RSUs are granted to employees that are subject to time-based vesting conditions that lapse between one year and four years from date of grant, assuming continued employment. Compensation cost for time-based RSUs, which generally vest only on continued service, is recognized on a straight-line basis over the requisite service period based on the grant date fair value of the RSUs, which is derived from the Nasdaq closing price of the Company’s ADSs on the date of grant.

The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2026:

Schedule of RSU activity

	Time-based Awards
	Number of ADSs			Weighted-Average Grant Date Fair Value
Nonvested shares at December 31, 2025		1,465		$	30.00
Granted		—			—
Forfeited		—			—
Vested		(1,465	)		30.00
Nonvested shares at March 31, 2026		—		$	—

As of March 31, 2026, 1,622 ADSs (129,792,000 ordinary shares) underlying vested time-based RSUs were pending issuance. The fair value of time-based RSUs that vested during the three months ended March 31, 2026 was less than $0.1 million. The Company had no activity in restricted stock awards for the three months ended March 31, 2025.

Performance-Based Stock Options

The Company had previously awarded performance-based stock options (“PSOs”) for the purchase of an aggregate of 9,375 ADSs of the Company outstanding to consultants. Vesting of PSOs granted to consultants were based upon attainment of certain research and licensing agreements and were subject to continuous service by the consultants. During the three months ended March 31, 2026, all PSOs expired or were forfeited and as a result, the Company has not recognized stock-based compensation expense associated with these PSOs. During the three months ended March 31, 2025, all outstanding PSOs were not probable of vesting and as a result, the Company did not recognize any stock-based compensation associated with these PSOs.

Stock-Based Compensation Expense

The Company classifies stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipients’ payroll costs are classified or in which the award recipients’ service payments are classified. Total stock-based compensation expense attributable to share-based payments made to employees, consultants and directors included in operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, was as follows:

($ in thousands)	2026		2025
	Three Months Ended March 31,
($ in thousands)	2026		2025
Research and development	$	19	$	191
General and administrative		286		824
Total stock-based compensation expense	$	305	$	1,015

As of March 31, 2026, total unrecognized compensation cost related to unvested stock options was $3.2 million, which is expected to be recognized over a weighted average period of 2.6 years. As of March 31, 2026, no unrecognized compensation cost remains related to time-based RSUs.

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

	Number of Stock Option ADSs			Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2025		170,137		$	109.65		8.8	$	—
Granted		—			—
Exercised		—			—
Forfeited		(8,750	)		47.66
Expired		(6,891	)		674.23
Outstanding at March 31, 2026 (1)		154,496		$	87.97		8.8	$	—
Exercisable at March 31, 2026		88,604		$	108.48		8.6	$	—

(1)

Schedule of Weighted-average Assumptions and Fair Value of Share Options Granted

The weighted-average assumptions that the Company used to determine the fair value of share options granted were as follows, presented on a weighted average basis:

	Three Months Ended March 31,
	2026		2025
Expected volatility		—		95.7	%
Risk-free interest rate		—		4.0	%
Expected dividend yield		—		—
Expected term (in years)		—		5.8

Schedule of RSU activity

The following table summarizes the Company’s restricted stock activity for the three months ended March 31, 2026:

Schedule of RSU activity

	Time-based Awards
	Number of ADSs			Weighted-Average Grant Date Fair Value
Nonvested shares at December 31, 2025		1,465		$	30.00
Granted		—			—
Forfeited		—			—
Vested		(1,465	)		30.00
Nonvested shares at March 31, 2026		—		$	—

Schedule of Stock-based Compensation Expense in Statements of Operations

($ in thousands)	2026		2025
	Three Months Ended March 31,
($ in thousands)	2026		2025
Research and development	$	19	$	191
General and administrative		286		824
Total stock-based compensation expense	$	305	$	1,015

Schedule of Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	$ 30,300	$ 34,000
Goodwill		8,430
Gross Carrying Amount [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	34,000	39,180
Goodwill	8,430	8,430
Gross Carrying Amount [Member] \| AKTX-101 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	34,000	34,000
Gross Carrying Amount [Member] \| PHP-303 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets		5,180
Cumulative Impairment Charge [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	3,700	5,180
Goodwill	8,430
Cumulative Impairment Charge [Member] \| AKTX-101 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	3,700
Cumulative Impairment Charge [Member] \| PHP-303 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets		5,180
Net Book Value [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	30,300	34,000
Goodwill		8,430
Net Book Value [Member] \| AKTX-101 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets	$ 30,300	34,000
Net Book Value [Member] \| PHP-303 [Member]
Intangible Asset, Indefinite-Lived [Line Items]
Total other intangible assets

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Schedule of Fair value on Recurring Basis using Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
September 2022 Series B Warrants [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance	$ 10	$ 181
Change in fair value of liability	(10)	30
Balance		211
November 2022 Peak Bio Warrants [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance		95
Change in fair value of liability
Balance		95
April 2023 Peak Bio Warrants [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance	51	736
Change in fair value of liability	(34)	24
Balance	17	760
Total Warrant Liability [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance	61	1,012
Change in fair value of liability	(44)	54
Balance	17	1,066
Derivative Liability [Member]
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items]
Balance	230
Change in fair value of liability	(230)
Balance

Schedule of Warrants Activity (Details) - Warrant [Member] - Previously Reported [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants Outstanding Beginning Balance \| shares	1,676,838
Weighted Average Exercise Price Outstanding, Beginning Balance \| $ / shares	$ 73.61
Number of Warrants, Issued \| shares	12,876
Weighted-Average Exercise Price, Issued \| $ / shares	$ 15.53
Number of Warrants, Exercised \| shares
Weighted-Average Exercise Price, Exercised \| $ / shares
Number of Warrants, Expired \| shares	(8,861)
Weighted-Average Exercise Price, Expired \| $ / shares	$ 34.80
Number of Warrants Outstanding Ending Balance \| shares	1,680,853
Weighted Average Exercise Price Outstanding, Ending Balance \| $ / shares	$ 73.36

Schedule of Stock-based Compensation Expense in Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 305	$ 1,015
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	19	191
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 286	$ 824

Schedule of Stock Option Activity (Details) - Equity Incentive Plan 2014 Equity Incentive Plan 2023 And Peak Bio 2022 Long Term Incentive Plan [Member] - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of shares, Options Outstanding

170,137

Weighted average exercise price, Outstanding at beginning

$ 109.65

Weighted average remaining contractual life, Options outstanding

8 years 9 months 18 days

^[1]

8 years 9 months 18 days

Aggregate intrinsic value, Options outstanding

Number of shares, Granted

Weighted average exercise price, Granted

Number of shares, Exercised

Weighted average exercise price, Exercised

Number of shares, Forfeited

(8,750)

Weighted average exercise price, Forfeited

$ 47.66

Number of shares, Expired

(6,891)

Weighted average exercise price, Expired

$ 674.23

Number of shares, Options Outstanding

154,496,000

^[1]

170,137

Weighted average exercise price, Outstanding at ending

$ 87.97

^[1]

$ 109.65

Aggregate intrinsic value, Options outstanding

^[1]

Number of stock options exercisable shares

88,604

Weighted average exercise price, Exercisable

$ 108.48

Weighted average remaining contractual term, Options exercisable

8 years 7 months 6 days

Aggregate intrinsic value, Options exercisable

[1]	Includes both vested stock options as well as unvested stock options for which the requisite service period has not been rendered but that are expected to vest based on achievement of a service condition.

Shareholders’ Equity (Details Narrative)		1 Months Ended	3 Months Ended
Shareholders’ Equity (Details Narrative)	Aug. 29, 2025 USD ($) shares	Dec. 31, 2025 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares	Mar. 02, 2026 $ / shares
Class of Stock [Line Items]
Number of shares authorized		761,963,201,733	761,963,201,733
Gross proceeds from issuance of ordinary shares \| $				$ 1,090,000
Trading percentage	97.00%
Trading price discount percentage	20.00%
Volume weighted average price \| $	$ 12,500,000
Trading percentage, thereafter	98.00%
Warrants issued		1,030,130,000
Common stock shares \| $		$ 1,030,130,000
Subscription amount \| $		$ 200,000
2025 Registered Direct Offering [Member]
Class of Stock [Line Items]
Aggregate gross proceeds \| $			$ 200,000
Series G Warrants [Member]
Class of Stock [Line Items]
Warrants issued		19,057,418,000
Series G Warrant [Member]
Class of Stock [Line Items]
Unit price \| $ / shares		$ 15.53			$ 15.53
ELOC Purchase Agreement [Member]
Class of Stock [Line Items]
Exchange cap rate	0.1999
Beneficial ownership limitation	4.99%
Beneficial ownership limitation increased	9.99%
Purchase commitment, description	As consideration for the Purchaser’s execution of the ELOC Purchase Agreement, the Company will pay a document preparation fee of $15,000, to be deducted from the proceeds related to the first Purchase Notice, and cash commitment fees of $37,500 when aggregate Purchase Notices exceed $500,000 and $87,500 (or $125,000 if $1,000,000 is reached first) when aggregate Purchase Notices exceed $1,000,000. Additionally, if the Company fails to close at least $625,000 in purchases by the 180th day after the Registration Statement’s effective date, the Company will issue ADSs, represented by Ordinary Shares, equivalent to $75,000 divided by the lowest traded ADS price during a 10-day period preceding that date (the “Commitment Shares”).
Document fee \| $	$ 15,000
Derivative Liability, Fair Value of Collateral \| $	$ 100,000
ELOC Purchase Agreement [Member] \| Measurement Input, Share Price [Member]
Class of Stock [Line Items]
Derivative Liability, Measurement Input	0.76	0.29	5.15
ELOC Purchase Agreement [Member] \| Measurement Input, Price Volatility [Member]
Class of Stock [Line Items]
Derivative Liability, Measurement Input	97	102.5	106
ELOC Purchase Agreement [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Derivative Liability, Measurement Input	3.52	3.46	3.73
ELOC Purchase Agreement [Member] \| Measurement Input, Discount Rate [Member]
Class of Stock [Line Items]
Derivative Liability, Measurement Input	71.3	71.3	71.3
ELOC Purchase Agreement [Member] \| White Lion Capital LLC [Member]
Class of Stock [Line Items]
Gross proceeds from issuance of ordinary shares \| $	$ 25,000,000
Ordinary Shares [Member]
Class of Stock [Line Items]
Aggregate ADSs issued		238,217
Ordinary Shares [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Aggregate ADSs issued		19,057,418,000
Common Stock [Member]
Class of Stock [Line Items]
Aggregate ADSs issued			1,030,130,000	4,566,062,000
Common Stock [Member] \| ELOC Purchase Agreement [Member]
Class of Stock [Line Items]
Ordinary shares issued	13,039,369,358
ADR [Member] \| Ordinary Shares [Member]
Class of Stock [Line Items]
Number of ordinary shares representing one ADS			80,000
ADS [Member]
Class of Stock [Line Items]
Warrants issued		12,876
Common stock shares \| $		$ 12,876
ADS [Member] \| Series G Warrants [Member]
Class of Stock [Line Items]
Warrants issued		238,217

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

The significant accounting policies and estimates used in the preparation of the accompanying unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2026. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2026.

Recent accounting pronouncements

Periodically, new accounting pronouncements are issued by the FASB or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, we evaluate the pronouncements to determine the potential effects of adoption on our accompanying unaudited consolidated financial statements. During the first three months of 2026, there were no new accounting pronouncements issued or effective or are expected to have a material impact on our accompanying unaudited consolidated financial statements.

Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Employee compensation and benefits	$ 888	$ 780
External research and development expenses	1,043	299
Professional and consulting fees	892	814
Other	505	449
Total accrued expenses	$ 3,328	$ 2,342

Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date	$ 0	$ 46.48
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying vested	1,622
Fair value of time-based RSUs that vested	$ 0.1
Aggregate of shares
Restricted Stock Units (RSUs) [Member] \| Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares underlying vested	129,792,000
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate of shares	9,375
Unvested Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation	$ 3.2
Weighted average period	2 years 7 months 6 days

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	121,270,935,200	43,716,198,188
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,359,566,000	14,390,286,688
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	129,792,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	106,949,459,200	29,325,911,500
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,832,118,000

Description of Business (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 15, 2025	Mar. 31, 2026	Dec. 31, 2025	Dec. 14, 2025	Nov. 24, 2025	Mar. 31, 2025	Dec. 31, 2024
Property, Plant, and Equipment [Line Items]
Accumulated deficit		$ 279,005	$ 264,550
Cash		$ 2,768	$ 5,203
Ordinary shares, par value		$ 0.000000005	$ 0.000000005	$ 0.0001
Minimum [Member]
Property, Plant, and Equipment [Line Items]
Share price					$ 1.00
Common Stock [Member]
Property, Plant, and Equipment [Line Items]
Ordinary shares, par value	$ 0.000000005	$ 0.000000005
Number of outstanding shares		91,567,009,533	90,536,879,533			57,752,981,523	53,186,919,523
Common Stock [Member] \| ADS [Member]
Property, Plant, and Equipment [Line Items]
Number of outstanding shares		2,000
Common Stock [Member] \| ADS [Member] \| Maximum [Member]
Property, Plant, and Equipment [Line Items]
Number of outstanding shares		80,000
Deferred Compensation, Share-Based Payments [Member]
Property, Plant, and Equipment [Line Items]
Deferred shares	19,999
Deferred share price	$ 0.000000005
Number of shares repurchased	1,429,517,750,998,477

Shareholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Summarizes the Outstanding Warrants

The following table summarizes the Company’s outstanding warrants as of March 31, 2026, and December 31, 2025:

	Number of Warrant ADSs				Weighted-
	March 31,		December 31,		Average
	2026		2025		Exercise Price		Expiration Date
Equity-classified Warrants
December 2025 Investor Prefunded Warrants		301,653		301,653	$	—	None
April 2025 Investor Prefunded Warrants		41,250		41,250	$	8.00	None
October 2023 Investor Prefunded Warrants		1,209		1,209	$	8.00	None
December 2025 Series G Investor Warrants		315,177		302,301	$	15.53	3/2/2031
December 2025 Note Exchange Warrants		237,564		237,564	$	16.16	3/2/2031
December 2025 Placement Agent Warrants		12,604		12,604	$	19.42	12/16/2030
April 2023 Peak Bio Warrants		8,559		8,559	$	32.40	8/30/2030
March 2025 Series A Investor Warrants		—		8,861	$	34.80	3/6/2026
March 2025 Investor Warrants		105,285		105,285	$	34.80	3/6/2030
April 2025 Series A Investor Warrants		28,036		28,036	$	34.80	4/25/2026
April 2025 Investor Warrants		232,258		232,258	$	34.80	4/25/2030
October 2025 Series E Investor Warrants		78,124		78,124	$	39.20	12/15/2030
October 2025 Series F Investor Warrants		78,124		78,124	$	39.20	6/15/2028
October 2025 Placement Agent Warrants		3,123		3,123	$	40.00	10/14/2030
May 2024 Investor Warrants		100,739		100,739	$	70.79	May-Jun 2027
March 2024 Placement Agent Warrants		3,298		3,298	$	74.00	3/27/2029
May 2024 Placement Agent Warrants		8,056		8,056	$	75.40	5/31/2029
November 2024 Investor Warrants		42,832		42,832	$	90.40	Dec 2027-Jun 2028
October 2023 Placement Agent Warrants		1,058		1,058	$	165.20	10/6/2028
March 2022 Investor Warrants		4,637		4,637	$	1,120.00	3/10/2027
March 2022 Placement Agent Warrants		364		364	$	1,200.00	3/10/2027
December 2021 Investor Warrants		2,681		2,681	$	1,320.00	1/4/2027
December 2021 Placement Agent Warrants		208		208	$	1,400.00	12/29/2026
July 2021 Placement Agent Warrants		487		487	$	1,856.00	7/7/2026
		1,607,326		1,603,311
Liability-classified Warrants
April 2023 Peak Bio Warrants		21,107		21,107	$	81.60	4/28/2028
September 2022 Series B Investor Warrants		12,988		12,988	$	680.00	9/14/2029
November 2022 Peak Bio Warrants		39,432		39,432	$	1,567.20	11/1/2027
		73,527		73,527
Total outstanding		1,680,853		1,676,838

Schedule of Warrants Activity

The following table summarizes the Company’s warrants activity for the three months ended March 31, 2026:

Schedule of Warrants Activity

	Number of			Weighted-Average
	Warrants			Exercise Price
Outstanding at December 31, 2025		1,676,838		$	73.61
Issued		12,876			15.53
Exercised		—			—
Expired		(8,861	)		34.80
Outstanding at March 31, 2026		1,680,853		$	73.36

Schedule of RSU activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of ADSs nonvested shares, balance \| shares	1,465
Weighted average grant date fair value per share, Beginning \| $ / shares	$ 30.00
Number of ADSs nonvested shares, Granted \| shares
Weighted average grant date fair value per share, Granted \| $ / shares
Number of ADSs nonvested shares, Forfeited \| shares
Weighted average grant date fair value per share, Forfeited \| $ / shares
Number of ADSs nonvested shares, Vested \| shares	(1,465)
Weighted average grant date fair value per share, Vested \| $ / shares	$ 30.00
Number of ADSs nonvested shares, balance \| shares
Weighted average grant date fair value per share, Ending \| $ / shares

Related Party Transactions (Details Narrative) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Related Party [Member]
Related Party Transaction [Line Items]
Amount due to related party	$ 0.1	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

In accordance with ASC 270, Interim Reporting, and ASC 740, Income Taxes, the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate and then apply that rate in providing for income taxes on a current year-to-date (interim period) basis. The Company recorded an income tax benefit of $0.8 million for the three months ended March 31, 2026 in connection with the impairment loss on other intangible assets. For the three months ended March 31, 2026 and 2025, the Company recorded no tax expense or benefit due to the expected current year loss and its historical losses. The Company has not recorded its net deferred tax asset as of either March 31, 2026 or December 31, 2025 because it maintained a full valuation allowance against all deferred tax assets as of these dates as management has determined that it is not more likely than not that the Company will realize these future tax benefits. As of March 31, 2026 and December 31, 2025, the Company had no uncertain tax positions.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Schedule of Assumptions used for Fair Value Calculations of Warrants (Details)	Mar. 31, 2026	Dec. 31, 2025	Nov. 30, 2024
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input			0.81
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input			5
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input			86
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input			3.68
September 2022 Series B Warrants [Member] \| Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	5.15	11.56
September 2022 Series B Warrants [Member] \| Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	680.00	680.00
September 2022 Series B Warrants [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	3.5	3.7
September 2022 Series B Warrants [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	100.0	100.0
September 2022 Series B Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	3.8	3.7
September 2022 Series B Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input
November 2022 Warrants [Member] \| Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	5.15	11.56
November 2022 Warrants [Member] \| Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	1,567.20	1,567.20
November 2022 Warrants [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	1.6	1.8
November 2022 Warrants [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	115.0	115.0
November 2022 Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	3.8	3.5
November 2022 Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input
April 2023 Warrants [Member] \| Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	5.15	11.56
April 2023 Warrants [Member] \| Measurement Input, Exercise Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	81.60	81.60
April 2023 Warrants [Member] \| Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	2.1	2.3
April 2023 Warrants [Member] \| Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	110.0	105.0
April 2023 Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input	3.8	3.5
April 2023 Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant outstanding input

Net Loss per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss per Share

Note 9. Net Loss per Share

The following potential dilutive securities, presented based on amounts outstanding at the end of each reporting period, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact:

	2026		2025
	Three Months Ended March 31,
	2026		2025
Stock options		12,359,566,000		14,390,286,688
Restricted stock units		129,792,000		—
Warrants		106,949,459,200		29,325,911,500
Convertible notes		1,832,118,000		—
Total		121,270,935,200		43,716,198,188

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 19, 2026
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity File Number	001-36288
Entity Registrant Name	Akari Therapeutics, Plc
Entity Central Index Key	0001541157
Entity Tax Identification Number	98-1034922
Entity Incorporation, State or Country Code	X0
Entity Address, Address Line One	401 East Jackson Street
Entity Address, Address Line Two	Suite 3300
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33602
City Area Code	(929)
Local Phone Number	274-7510
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		91,567,009,533
American Depositary Shares, each representing 80,000 Ordinary Shares, par value $0.000000005 per share [Member]
Title of 12(b) Security	American Depositary Shares, each representing 80,000 Ordinary Shares, par value $0.000000005 per share
Trading Symbol	AKTX
Security Exchange Name	NASDAQ
Ordinary Shares, $0.000000005 par value per share [Member]
Title of 12(b) Security	Ordinary Shares, $0.000000005 par value per share*
Trading Symbol	AKTX
Security Exchange Name	NASDAQ

Segment Information (Details Narrative)	3 Months Ended
Segment Information (Details Narrative)	Mar. 31, 2026 Integer
Segment Reporting [Abstract]
Number of Operating Segments	1
Number of reportable segments	1
Segment reporting description	The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the following significant segment expense categories which are reviewed against budgeted expectations to assist in resource allocation decision-making:

Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions

Note 12. Related Party Transactions

In November 2024, the Company assumed an amount due to an entity in which the Company’s Chairman, Dr. Hoyoung Huh, is a director. As of March 31, 2026, and December 31, 2025, the amounts due totalled less than $0.1 million and are included in accounts payable in the Company’s condensed consolidated balance sheets.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Commitments and Contingencies (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	May 31, 2025
Loss Contingencies [Line Items]
Operating expenses	$ 15,758,000	$ 3,525,000
Gain on settlement of current liabilities	167,000	54,000
Settlement Agreement [Member]
Loss Contingencies [Line Items]
Gain on settlement of current liabilities	100,000
Bayer Acquisition Agreement [Member]
Loss Contingencies [Line Items]
Development and regulatory milestone committed payment amount	23,500,000
Acquisition Agreement incurred expenses	$ 0
Withdrawal from Multiemployer Defined Benefit Plan [Member]
Loss Contingencies [Line Items]
Description of employee benefit plans	Under the plan, the Company matches 100% of employees’ contributions up to 5% of the annual eligible compensation contributed by each employee, subject to Internal Revenue Code limitations.
Withdrawal from Multiemployer Defined Benefit Plan [Member] \| Foreign Plan [Member]
Loss Contingencies [Line Items]
Description of employee benefit plans	The Company also adopted a defined contribution pension scheme which allows for U.K. employees to make contributions and provides U.K. employees with a Company contribution of 10% of compensation, subject to U.K. law.
Maximum [Member]
Loss Contingencies [Line Items]
Lease costs	$ 100,000	100,000
Discretionary Bonus			$ 100,000
Maximum [Member] \| Withdrawal from Multiemployer Defined Benefit Plan [Member]
Loss Contingencies [Line Items]
Operating expenses	$ 100,000	$ 100,000

Convertible Notes and Notes Payable (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consisted of the following as of March 31, 2026, and December 31, 2025 (in thousands):

Summary of Accrued Expenses

	March 31,		December 31,
	2026		2025
Employee compensation and benefits	$	888	$	780
External research and development expenses		1,043		299
Professional and consulting fees		892		814
Other		505		449
Total accrued expenses	$	3,328	$	2,342

Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability - ELOC		$ 230
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	17	291
Derivative liability - ELOC		230
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Derivative liability - ELOC
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Derivative liability - ELOC
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	17	291
Derivative liability - ELOC		230
Fair Value, Recurring [Member] \| April 2023 Peak Bio Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	17	51
Fair Value, Recurring [Member] \| April 2023 Peak Bio Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Fair Value, Recurring [Member] \| April 2023 Peak Bio Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Fair Value, Recurring [Member] \| April 2023 Peak Bio Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	$ 17	51
Fair Value, Recurring [Member] \| September 2022 Series B Warrants [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		10
Fair Value, Recurring [Member] \| September 2022 Series B Warrants [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Fair Value, Recurring [Member] \| September 2022 Series B Warrants [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability
Fair Value, Recurring [Member] \| September 2022 Series B Warrants [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability		$ 10

- Definition

Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities.

+ References + Details

Fair Value Measurements (Details Narrative)	3 Months Ended
Fair Value Measurements (Details Narrative)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Aug. 29, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liabilities			$ 230,000
Difference in derivative liabilities	$ 200,000
Impairment charge	3,700,000
Goodwill impairment charge	8,430,000
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment charge	$ 30,300,000
Measurement Input, Share Price [Member] \| ELOC Purchase Agreement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability measurement input	5.15		0.29	0.76
Measurement Input, Price Volatility [Member] \| ELOC Purchase Agreement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability measurement input	106		102.5	97
Measurement Input, Risk Free Interest Rate [Member] \| ELOC Purchase Agreement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability measurement input	3.73		3.46	3.52
Measurement Input, Discount Rate [Member] \| ELOC Purchase Agreement [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability measurement input	71.3		71.3	71.3

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 13. Commitments and Contingencies

Leases

The Company currently leases office space for our U.S. headquarters on a short-term basis. The Company leases its U.S. headquarters virtual office, located in Tampa, Florida, on a month-to-month basis. The Company also leases laboratory space, located in San Francisco, California, on a month-to-month basis and is cancellable anytime with 60 days’ notice. The Company is not party to any material lease agreements.

For each of the three months ended March 31, 2026, and 2025, the Company incurred lease costs of less than $0.1 million.

Employee Benefit Plans

The Company adopted an employee benefit plan under Section 401(k) of the Internal Revenue Code for its U.S.-based employees. The plan allows employees to make contributions up to a specified percentage of their compensation. Under the plan, the Company matches 100% of employees’ contributions up to 5% of the annual eligible compensation contributed by each employee, subject to Internal Revenue Code limitations.

The Company also adopted a defined contribution pension scheme which allows for U.K. employees to make contributions and provides U.K. employees with a Company contribution of 10% of compensation, subject to U.K. law.

During each of the three months ended March 31, 2026, and 2025, the Company charged less than $0.1 million to operating expenses related to the Company’s contributions to employee benefit plans.

Bayer Acquisition Agreement

In November 2024, the Company assumed an assignment, license, development and commercialization agreement dated March 17, 2017 with Bayer (the “Bayer Acquisition Agreement”), to acquire from Bayer all right, title and interest in and to PHP-303, including each and every invention and any priority rights relating to its patents.

Under the Bayer Acquisition Agreement, the Company is committed to pay certain development and regulatory milestones up to an aggregate amount of $23,500,000 and high single digit royalties based on the sale of products developed based on the licensed compound. Royalties will be payable on a licensed product-by-licensed product and country-by-country basis until the later of ten years after the first commercial sale of such licensed product in such country and expiration of the last patent covering such licensed product in such country that would be sufficient to prevent generic entry.

Either party may terminate the Bayer Acquisition Agreement upon prior written notice for the other party’s material breach that remains uncured for a specified period of time or insolvency. Bayer agreed not to assert any Bayer intellectual property rights that were included in the scope of the Bayer Acquisition Agreement against the Company.

The Company incurred zero expenses under this agreement as no milestones have been achieved since inception, and no products were sold from inception through March 31, 2026.

Legal Proceedings

In May 2025, a former employee of Peak Bio CA, Inc. subsidiary filed a claim stating that they are entitled to certain discretionary bonuses from 2022 totalling less than $0.1 million. The Company denies the former employee’s claim and intends to defend itself.

Accounts Payable Settlements

During the three months ended March 31, 2026, the Company entered into settlement agreements with vendors for the settlement of outstanding payables. This resulted in a gain on settlement of current liabilities of less than $0.1 million, which is reflected in the unaudited condensed consolidated statement of operations.

Goodwill and Intangible Assets (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]
Intangible Asset, Excluding Goodwill, Impairment Loss	$ 3,700
Goodwill impairment charge	$ 8,430

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Convertible Notes and Notes Payable

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Convertible Notes and Notes Payable

Note 4. Accrued Expenses

Accrued expenses consisted of the following as of March 31, 2026, and December 31, 2025 (in thousands):

Summary of Accrued Expenses

	March 31,		December 31,
	2026		2025
Employee compensation and benefits	$	888	$	780
External research and development expenses		1,043		299
Professional and consulting fees		892		814
Other		505		449
Total accrued expenses	$	3,328	$	2,342

Note 5. Convertible Notes and Notes Payable

September 2024 Note Payable

In November 2024, the Company assumed a promissory note originally issued by Peak Bio in September 2024 in the amount of $0.3 million (the “September 2024 Note”) to its former California landlord. Due to the short-term nature of the September 2024 Note, the Company concluded that its carrying value approximated its fair value as of the Closing on November 14, 2024. The September 2024 Note bears no interest and is payable over twenty equal monthly instalments beginning on November 1, 2024, and expiring on June 1, 2026.

As of March 31, 2026, and December 31, 2025, the outstanding balance on the September 2024 Note was less than $0.1 million.

April 2023 Convertible Notes

In November 2024, the Company assumed convertible promissory notes issued by Peak Bio in April 2023 in the principal amount of a total of $0.7 million (the “April 2023 Convertible Notes”). The April 2023 Convertible Notes permitted the holder to convert the outstanding principal and accrued interest at any time at a price of $81.60 per ADS (representing $0.00102 per underlying Ordinary Share of the Company). Due to the short-term nature of the April 2023 Convertible Notes, the Company concluded that its carrying value approximated its fair value as of the Closing on November 14, 2024. The April 2023 Convertible Notes were originally due on October 31, 2024, and bore interest at a default rate of 10% per annum.

The Company evaluated the embedded conversion and other features within the April 2023 Convertible Notes to determine whether any of the embedded features should be bifurcated from the host instrument and accounted for as a derivative at fair value. Based on management’s evaluation, the Company determined that the April 2023 Convertible Notes were not issued at a substantial premium and none of the embedded features were required to be bifurcated and accounted for separately.

On September 19, 2025, the Company entered into a letter agreement (the “April 2023 Convertible Notes and Warrants Amendment”) with the holders of the April 2023 Convertible Notes to (i) extend the maturity date of the April 2023 Convertible Notes to August 31, 2026, (ii) amend the conversion price of the April 2023 Convertible Notes to $32.40 per ADS (representing $0.000405 per underlying Ordinary Share) and permit the holders of the April 2023 Convertible Notes to voluntarily convert, in whole or in part, the outstanding principal and accrued but unpaid interest on the April 2023 Convertible Notes into ADSs at any time, (iii) extend the expiration date of warrants held by the April 2023 Convertible Note holders (“April 2023 Peak Bio Convertible Noteholder Warrants”) from April 28, 2028 to August 31, 2030, and (iv) amend the exercise price of the April 2023 Peak Bio Convertible Noteholder Warrants to $32.40 per ADS (representing $0.000405 per underlying Ordinary Share).

The Company accounted for April 2023 Convertible Notes and Warrants Amendment as a debt extinguishment in accordance with ASC 470. As the present value of the future cash flows was substantially different than the net carrying value of the original debt, a loss on debt extinguishment of less than $0.1 million was recognized during the three months ended September 30, 2025. The discount of less than $0.1 million is being amortized as interest expense over the term of the convertible notes using the effective interest method.

In November 2024, in connection with the acquisition of Peak Bio, the April 2023 Peak Bio Convertible Noteholder Warrants were accounted for as a liability, as the April 2023 Peak Bio Convertible Noteholder Warrants were not considered indexed to the Company’s own stock in the manner contemplated by ASC 815-40-15, Determining Whether an Instrument (or Embedded Feature) Is Indexed to an Entity’s Own Stock. Following the April 2023 Convertible Notes and Warrants Amendment on September 19, 2025, the Company determined that the amended April 2023 Peak Bio Convertible Noteholder Warrants for the issuance of 8,560 ADSs (equivalent to 684,840,000 Ordinary Shares) met the requirements to be considered indexed to the Company’s own stock and therefore were reclassified to equity. The fair value of the warrant liability, immediately prior to the modification, was $109,700 at the reclassification date. The Company determined the fair value of the April 2023 Peak Bio Convertible Noteholder Warrants after the modification, using a Black Scholes Option Pricing Model was $191,800 based on a stock price of $0.81, expected volatility of 86%, a risk-free rate of 3.68% and an expected term of 5 years. The change in fair value of $82,100 was recognized as additional paid in capital during the three months ended September 30, 2025.

The Company recognized interest expense, including amortization of the discount of less than $0.1 million, in each of the three months ended March 31, 2026, and 2025.

As of March 31, 2026, and December 31, 2025, accrued interest on the April 2023 Convertible Notes of less than $0.1 million are presented within accrued expenses in the Company’s condensed unaudited consolidated balance sheets.

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash	$ 2,768	$ 5,203
Restricted cash	60	60
Prepaid expenses	731	185
Other current assets	30	14
Total current assets	3,589	5,462
Goodwill		8,430
Other intangible assets	30,300	34,000
Total assets	33,889	47,892
Current liabilities:
Accounts payable	8,641	8,770
Accrued expenses	3,328	2,342
Convertible notes, net	683	673
Notes payable, net	49	81
Warrant liabilities	17	61
Other current liabilities	697	424
Total current liabilities	13,415	12,351
Derivative liability		230
Other non-current liabilities		31
Deferred tax liability	6,094	6,952
Total liabilities	19,509	19,564
Commitments and contingencies (Note 13)
Shareholders’ equity:
Authorized: 761,963,201,733 ordinary shares at March 31, 2026, and December 31, 2025; issued and outstanding: 91,567,009,533 and 90,536,879,533 ordinary shares at March 31, 2026, and December 31, 2025, respectively
Additional paid-in capital	234,811	234,318
Capital redemption reserve	59,342	59,342
Accumulated other comprehensive loss	(768)	(782)
Accumulated deficit	(279,005)	(264,550)
Total shareholders’ equity	14,380	28,328
Total liabilities and shareholders’ equity	$ 33,889	$ 47,892

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses:
Research and development	$ 1,459	$ 813
General and administrative	2,169	2,712
Impairment loss on other intangible assets	3,700
Impairment loss on goodwill	8,430
Total operating expenses	15,758	3,525
Loss from operations	(15,758)	(3,525)
Other income (expense):
Interest expense	(61)	(55)
Gain on settlement of current liabilities	167	54
Change in fair value of warrant liabilities	44	(54)
Change in fair value of derivative liability	230
Foreign currency exchange gain (loss), net	64	(125)
Total other income (expense), net	444	(180)
Net loss before income taxes	(15,314)	(3,705)
Benefit from deferred income taxes	859
Net loss	$ (14,455)	$ (3,705)
Net loss per share - basic	$ (0.00)	$ (0.00)
Net loss per share - diluted	$ (0.00)	$ (0.00)
Weighted-average number of ordinary shares used in computing net loss per share - basic	118,757,013,401	54,588,283,841
Weighted-average number of ordinary shares used in computing net loss per share - diluted	118,757,013,401	54,588,283,841
Comprehensive loss:
Net loss	$ (14,455)	$ (3,705)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment	14	(35)
Total other comprehensive income (loss), net of tax	14	(35)
Total comprehensive loss	$ (14,441)	$ (3,740)

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 8. Fair Value Measurements

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s financial liabilities measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such values:

(In thousands)	Total		Level 1		Level 2		Level 3
	March 31, 2026
(In thousands)	Total		Level 1		Level 2		Level 3
Liabilities
Warrant liability - April 2023 Peak Bio Warrants	$	17	$	—	$	—	$	17
Total liabilities	$	17	$	—	$	—	$	17

(In thousands)	Total		Level 1		Level 2		Level 3
	December 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Liabilities
Warrant liability - April 2023 Peak Bio Warrants	$	51	$	—	$	—	$	51
Warrant liability – September 2022 Series B Warrants		10		—		—		10
Derivative liability - ELOC		230		—		—		230
Total liabilities	$	291	$	—	$	—	$	291
Derivative liability	$	291	$	—	$	—	$	291

The Company’s Level 3 liabilities consist of the September 2022 Warrants, the November 2022 Peak Bio Warrants and the April 2023 Peak Bio Warrants, which were determined to be liability-classified instruments, and a derivative liability related to the ELOC Purchase Agreement (described in Note 6). There were no transfers between Level 1, Level 2, and Level 3 during the three months ended March 31, 2026 and the year ended December 31, 2025.

Changes in Level 3 Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the activity in the warrant liabilities measured at fair value on a recurring basis using unobservable inputs (Level 3) during the three months ended March 31, 2026 and 2025:


	Warrant Liability
(In thousands)	September 2022 Series B Warrants			November 2022 Peak Bio Warrants		April 2023 Peak Bio Warrants			Total Warrant Liability			Derivative Liability
Balance, December 31, 2024	$	181		$	95	$	736		$	1,012		$	—
Change in fair value of liability		30			—		24			54			—
Balance, March 31, 2025	$	211		$	95	$	760		$	1,066		$	—

Balance, December 31, 2025	$	10		$	—	$	51		$	61		$	230
Balance	$	10		$	—	$	51			61		$	230
Change in fair value of liability		(10	)		—		(34	)		(44	)		(230	)
Balance, March 31, 2026	$	—		$	—	$	17		$	17		$	—
Balance	$	—		$	—	$	17			17		$	—

Liability-Classified Warrants

The fair value of the warrant liabilities is based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the September 2022 Series B Warrants, the November 2022 Peak Bio Warrants and the April 2023 Bio Peak Warrants was determined using the Black-Scholes Option Pricing Model, which uses various assumptions, including (i) fair value of the Company’s ADSs, (ii) exercise price of the warrant, (iii) expected term of the warrant, (iv) expected volatility and (v) expected risk-free interest rate.

Below are the assumptions used for the fair value calculations of liability classified warrants as of March 31, 2026 and December 31, 2025:


	March 31, 2026									December 31, 2025
	September 2022 Series B Warrants			November 2022 Peak Bio Warrants			April 2023 Peak Bio Warrants			September 2022 Series B Warrants			November 2022 Peak Bio Warrants			April 2023 Peak Bio Warrants
Stock (ADS) price	$	5.15		$	5.15		$	5.15		$	11.56		$	11.56		$	11.56
Exercise price	$	680.00		$	1,567.20		$	81.60		$	680.00		$	1,567.20		$	81.60
Expected term (in years)		3.5			1.6			2.1			3.7			1.8			2.3
Expected volatility		100.0	%		115.0	%		110.0	%		100.0	%		115.0	%		105.0	%
Risk-free interest rate		3.8	%		3.8	%		3.8	%		3.7	%		3.5	%		3.5	%
Expected dividend yield		—			—			—			—			—			—
Warrant outstanding input		—			—			—			—			—			—

Derivative Liability

The derivative liability related to the ELOC Purchase Agreement (described in Note 6) was originally valued using the Monte Carlo simulation model and as such is considered to be a Level 3 fair value measurement, as the fair value was determined based on significant inputs not observable in the market. The significant unobservable inputs used to determine the fair value were the projected volume weighed average share price at each trading date, and the use of the maximum draw down potential. The fair value of the ELOC Purchase Agreement on December 31, 2025 was $230,000 based on the projected stock price of $0.29, expected volatility of 102.5%, risk-free rate of 3.46% and discounted at 71.3% for the probability of the Company timely filing all SEC documents and meeting the NASDAQ listing requirements. As of March 31, 2026, the Company determined the fair value of the ELOC Purchase Agreement to have no value based on the projected stock price of $5.15, expected volatility of 106%, risk-free rate of 3.73% and discounted at 71.3% for the probability of the Company timely filing all SEC documents and meeting the NASDAQ listing requirements. The difference of $0.2 million was recognized as a change of fair value of derivative liability in the unaudited condensed consolidated statement of operations and comprehensive loss during the three months ended March 31, 2026.

Assets Measured at Fair Value on a Nonrecurring Basis

The Company’s goodwill and IPR&D are measured at fair value on a nonrecurring basis. These assets are reported at carrying value and are remeasured annually or whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable. When impairment has occurred, the Company records the required charges and adjusts the carrying value as discussed in Note 2. Summary of Significant Accounting Policies of the notes to the consolidated financial statements in the Company’s 2025 Form 10-K. As a result of the impairment analysis performed during the three months ended March 31, 2026, using Level 3 inputs, the Company determined its AKTX-101 IPR&D asset to be $30.3 million and recorded a non-cash impairment charge of $3.7 million to its AKTX-101 IPR&D asset and determined the fair value of its reporting unit to be less than its carrying value by an amount that resulted in a non-cash impairment charge of $8.4 million to goodwill. There was no impairment charge to the Company’s goodwill and IPR&D assets during the three months ended March 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Shareholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Shareholders’ Equity

Note 6. Shareholders’ Equity

Ordinary Shares

As of March 31, 2026, and December 31, 2025, the Company was authorized to issue up to 761,963,201,733 ordinary shares.

Currently, each ADS represents 80,000 ordinary shares (the “ADS Ratio”). All ADS and per ADS amounts in the accompanying condensed consolidated financial statements reflect the ADS Ratio.

White Lion Ordinary Share Purchase and Registration Rights Agreements

On August 29, 2025, the Company entered into an Ordinary Share Purchase Agreement (the “ELOC Purchase Agreement”) and a Registration Rights Agreement (the “White Lion RRA”) with White Lion Capital, LLC, a Delaware limited liability company (“White Lion”). Pursuant to the ELOC Purchase Agreement, the Company had the right, but not the obligation, to require White Lion to purchase, from time to time, up to $25,000,000 in aggregate gross purchase price of newly issued Ordinary Shares, which may be exchanged for ADSs, subject to certain limitations and conditions set forth in the ELOC Purchase Agreement.

The Company does not have a right to commence any sales of Ordinary Shares to White Lion under the ELOC Purchase Agreement until all conditions to the Company’s right to commence sales, as set forth in the ELOC Purchase Agreement, have been satisfied, including that a registration statement covering the resale of such shares is declared effective by the SEC and the final form of prospectus is filed with the SEC. Over the period ending on the earlier of (i) the date on which the Purchaser shall have purchased Ordinary Shares pursuant to the ELOC Purchase Agreement for an aggregate purchase price equal to the Commitment Amount or (ii) August 29, 2028 (the “Commitment Period”), subject to the conditions of the ELOC Purchase Agreement, the Company will control the timing and amount of any sales of Ordinary Shares to the Purchaser. Actual sales of Ordinary Shares to the Purchaser under the ELOC Purchase Agreement will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the ADSs, and determinations made by the Company as to appropriate levels and sources of funding.

The purchase price of the Ordinary Shares that the Company elects to sell to the Purchaser pursuant to the ELOC Purchase Agreement will be determined based on the type of Purchase Notice issued, as follows:

	●	Rapid Purchase Option 1: The lowest traded price of the ADSs on the notice date.
	●	Rapid Purchase Option 2: 97% of the lowest traded price of the ADSs during the two hours following the Purchaser’s confirmed receipt of the notice.
	●	Rapid Purchase Option 3: The lowest of (i) the opening price of the ADSs on the notice date, (ii) the closing price of the ADSs on the prior business day, or (iii) the volume-weighted average price (VWAP) on the notice date, with a 20% discount if the trading price is below the opening price.
	●	VWAP Purchase: 97% of the lowest daily VWAP during a two-day valuation period for the first $12,500,000 of closings, and 98% thereafter.

In no event may the Company issue to the Purchaser under the ELOC Purchase Agreement more than 13,039,369,358 Ordinary Shares (the “Exchange Cap”), which equals 19.99% of the Company’s outstanding Ordinary Shares as of the Execution Date, unless the Company obtains shareholder approval to issue shares in excess of the Exchange Cap or the average price paid for all Ordinary Shares issued under the agreement is equal to or greater than the Minimum Price (as defined in the ELOC Purchase Agreement). In any event, the ELOC Purchase Agreement provides that the Company may not issue or sell any Ordinary Shares if such issuance or sale would breach any applicable Nasdaq rules.

The ELOC Purchase Agreement prohibits the Company from directing the Purchaser to purchase any Ordinary Shares if those shares, when aggregated with all other Ordinary Shares then beneficially owned by the Purchaser (as calculated pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended), would result in the Purchaser beneficially owning more than 4.99% of the outstanding Ordinary Shares (the “Beneficial Ownership Limitation”), which may be increased to 9.99% at the Purchaser’s discretion upon 61 days’ prior written notice.

As consideration for the Purchaser’s execution of the ELOC Purchase Agreement, the Company will pay a document preparation fee of $15,000, to be deducted from the proceeds related to the first Purchase Notice, and cash commitment fees of $37,500 when aggregate Purchase Notices exceed $500,000 and $87,500 (or $125,000 if $1,000,000 is reached first) when aggregate Purchase Notices exceed $1,000,000. Additionally, if the Company fails to close at least $625,000 in purchases by the 180th day after the Registration Statement’s effective date, the Company will issue ADSs, represented by Ordinary Shares, equivalent to $75,000 divided by the lowest traded ADS price during a 10-day period preceding that date (the “Commitment Shares”).

Concurrently with the ELOC Purchase Agreement, the Company and the Purchaser entered into a Registration Rights Agreement, dated August 29, 2025 (the “Registration Rights Agreement”), pursuant to which the Company agreed to file a registration statement on Form S-1 (or any successor form) with the SEC within thirty (30) calendar days following August 29, 2025, to register the resale of the maximum number of Registrable Securities (including the Ordinary Shares, Commitment Shares, and ADSs representing such shares) permitted by applicable SEC rules.

The ELOC Purchase Agreement was accounted for as a standby equity purchase agreement under ASC 815 as it includes an embedded put option and an embedded forward option. The put option is recognized on inception, and the forward option is recognized upon issuance of notice for the sale of the Company’s Common Stock. The fair value of the derivative liability related to the embedded put option (“White Lion Derivative Liability) was $100,000 at the inception of the agreement. The fair value of the White Lion Derivative Liability was determined using a Monte Carlo simulation based on the projected stock price of $0.76, expected volatility of 97%, risk-free rate of 3.52% and discounted at 71.3% for the probability of the Company timely filing all SEC documents and meeting the NASDAQ listing requirements. At March 31, 2026, the White Lion Derivative Liability was remeasured and had no value.

As of March 31, 2026, the Company had no outstanding purchase notices issued to White Lion.

December 2025 Registered Direct Offering

In December 2025, the Company closed a registered direct offering (the “December 2025 Registered Direct Offering”) with institutional and non-institutional investors providing for the issuance and sale 19,057,418,000 ordinary shares of the Company (238,217 ADSs) and series G warrants (“Series G Warrants”) to purchase up to 19,057,418,000 ordinary shares (238,217 ADSs). The combined purchase price per each ADS and accompanying Series G was $15.53.

Concurrent with the closing of the December 2025 Registered Direct Offering, the Company entered into a side letter with one non-institutional investor pursuant to which the Company agreed to issue 1,030,130,000 ordinary shares (12,876 ADSs) and Series G Warrants to purchase 1,030,130,000 ordinary shares (12,876 ADSs), not included in the total closing amount above, upon receipt of subscription amount of approximately $0.2 million, which such subscription amount was received on January 15, 2026. The closing of this issuance occurred on January 30, 2026.

The Series G Warrants are exercisable at a price of $15.53 per ADS. The Series G Warrants became exercisable on March 2, 2026, and have a 5-year term. The Company determined that the Series G Warrants met all of the criteria for equity classification. Accordingly, each of the Series G Warrants issued on the January 30, 2026 closing was recorded as a component of additional paid-in capital.

Net proceeds from the second closing of the December 2025 Registered Direct Offering was approximately $0.2 million.

Warrants

In connection with various previous financing transactions, the Company has issued warrants to purchase the Company’s ordinary shares represented by ADSs. The Company accounts for such warrants as equity instruments or liabilities, depending on the specific terms of the warrant agreement.

The following table summarizes the Company’s outstanding warrants as of March 31, 2026, and December 31, 2025:

	Number of Warrant ADSs				Weighted-
	March 31,		December 31,		Average
	2026		2025		Exercise Price		Expiration Date
Equity-classified Warrants
December 2025 Investor Prefunded Warrants		301,653		301,653	$	—	None
April 2025 Investor Prefunded Warrants		41,250		41,250	$	8.00	None
October 2023 Investor Prefunded Warrants		1,209		1,209	$	8.00	None
December 2025 Series G Investor Warrants		315,177		302,301	$	15.53	3/2/2031
December 2025 Note Exchange Warrants		237,564		237,564	$	16.16	3/2/2031
December 2025 Placement Agent Warrants		12,604		12,604	$	19.42	12/16/2030
April 2023 Peak Bio Warrants		8,559		8,559	$	32.40	8/30/2030
March 2025 Series A Investor Warrants		—		8,861	$	34.80	3/6/2026
March 2025 Investor Warrants		105,285		105,285	$	34.80	3/6/2030
April 2025 Series A Investor Warrants		28,036		28,036	$	34.80	4/25/2026
April 2025 Investor Warrants		232,258		232,258	$	34.80	4/25/2030
October 2025 Series E Investor Warrants		78,124		78,124	$	39.20	12/15/2030
October 2025 Series F Investor Warrants		78,124		78,124	$	39.20	6/15/2028
October 2025 Placement Agent Warrants		3,123		3,123	$	40.00	10/14/2030
May 2024 Investor Warrants		100,739		100,739	$	70.79	May-Jun 2027
March 2024 Placement Agent Warrants		3,298		3,298	$	74.00	3/27/2029
May 2024 Placement Agent Warrants		8,056		8,056	$	75.40	5/31/2029
November 2024 Investor Warrants		42,832		42,832	$	90.40	Dec 2027-Jun 2028
October 2023 Placement Agent Warrants		1,058		1,058	$	165.20	10/6/2028
March 2022 Investor Warrants		4,637		4,637	$	1,120.00	3/10/2027
March 2022 Placement Agent Warrants		364		364	$	1,200.00	3/10/2027
December 2021 Investor Warrants		2,681		2,681	$	1,320.00	1/4/2027
December 2021 Placement Agent Warrants		208		208	$	1,400.00	12/29/2026
July 2021 Placement Agent Warrants		487		487	$	1,856.00	7/7/2026
		1,607,326		1,603,311
Liability-classified Warrants
April 2023 Peak Bio Warrants		21,107		21,107	$	81.60	4/28/2028
September 2022 Series B Investor Warrants		12,988		12,988	$	680.00	9/14/2029
November 2022 Peak Bio Warrants		39,432		39,432	$	1,567.20	11/1/2027
		73,527		73,527
Total outstanding		1,680,853		1,676,838

The following table summarizes the Company’s warrants activity for the three months ended March 31, 2026:

Schedule of Warrants Activity

	Number of			Weighted-Average
	Warrants			Exercise Price
Outstanding at December 31, 2025		1,676,838		$	73.61
Issued		12,876			15.53
Exercised		—			—
Expired		(8,861	)		34.80
Outstanding at March 31, 2026		1,680,853		$	73.36

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 20
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479951/505-20-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Topic 505
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of Other Intangible Assets

The following table presents information about the Company’s goodwill and IPR&D assets:

Schedule of Other Intangible Assets

(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
	March 31, 2026
(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
AKTX-101	$	34,000	$	3,700	$	30,300
Total other intangible assets	$	34,000	$	3,700	$	30,300

Goodwill	$	8,430	$	8,430	$	—


	December 31, 2025
(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
AKTX-101	$	34,000	$	—	$	34,000
PHP-303		5,180		5,180		—
Total other intangible assets	$	39,180	$	5,180	$	34,000

Goodwill	$	8,430	$	—	$	8,430

Schedule of Weighted-average Assumptions and Fair Value of Share Options Granted (Details)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]
Expected volatility		95.70%
Risk-free interest rate		4.00%
Expected dividend yield
Expected term (in years)		5 years 9 months 18 days

Schedule of Summarizes the Outstanding Warrants (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	1,607,326	1,603,311
Liability-classified Warrants	73,527	73,527
Total outstanding	1,680,853	1,676,838
December2025 Investor Prefunded Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	301,653	301,653
Weighted-Average Exercise Price
April 2025 Investor Prefunded Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	41,250	41,250
Weighted-Average Exercise Price	$ 8.00
October 2023 Investor Prefunded [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	1,209	1,209
Weighted-Average Exercise Price	$ 8.00
December 2025 Series G Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	315,177	302,301
Weighted-Average Exercise Price	$ 15.53
December 2025 Note Exchange Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	237,564	237,564
Weighted-Average Exercise Price	$ 16.16
December 2025 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	12,604	12,604
Weighted-Average Exercise Price	$ 19.42
April 2023 Peak Bio Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	8,559	8,559
Weighted-Average Exercise Price	$ 32.40
March 2025 Series A Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs		8,861
Weighted-Average Exercise Price	$ 34.80
March 2025 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	105,285	105,285
Weighted-Average Exercise Price	$ 34.80
April 2025 Series A Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	28,036	28,036
Weighted-Average Exercise Price	$ 34.80
April 2025 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	232,258	232,258
Weighted-Average Exercise Price	$ 34.80
October 2025 Series E Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	78,124	78,124
Weighted-Average Exercise Price	$ 39.20
October 2025 Series F Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	78,124	78,124
Weighted-Average Exercise Price	$ 39.20
October 2025 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	3,123	3,123
Weighted-Average Exercise Price	$ 40.00
May 2024 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	100,739	100,739
Weighted-Average Exercise Price	$ 70.79
March 2024 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	3,298	3,298
Weighted-Average Exercise Price	$ 74.00
May 2024 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	8,056	8,056
Weighted-Average Exercise Price	$ 75.40
November 2024 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	42,832	42,832
Weighted-Average Exercise Price	$ 90.40
October 2023 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	1,058	1,058
Weighted-Average Exercise Price	$ 165.20
March 2022 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	4,637	4,637
Weighted-Average Exercise Price	$ 1,120.00
March 2022 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	364	364
Weighted-Average Exercise Price	$ 1,200.00
December 2021 Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	2,681	2,681
Weighted-Average Exercise Price	$ 1,320.00
December 2021 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	208	208
Weighted-Average Exercise Price	$ 1,400.00
July 2021 Placement Agent Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants ADSs	487	487
Weighted-Average Exercise Price	$ 1,856.00
April 2023 Peak Bio Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-Average Exercise Price	$ 81.60
Liability-classified Warrants	21,107	21,107
September 2022 Series B Investor Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-Average Exercise Price	$ 680.00
Liability-classified Warrants	12,988	12,988
November 2022 Peak Bio Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-Average Exercise Price	$ 1,567.20
Liability-classified Warrants	39,432	39,432

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Goodwill and Intangible Assets

Note 3. Goodwill and Intangible Assets

The following table presents information about the Company’s goodwill and IPR&D assets:

Schedule of Other Intangible Assets

(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
	March 31, 2026
(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
AKTX-101	$	34,000	$	3,700	$	30,300
Total other intangible assets	$	34,000	$	3,700	$	30,300

Goodwill	$	8,430	$	8,430	$	—


	December 31, 2025
(In thousands)	Gross Carrying Amount		Cumulative Impairment Charge		Net Book Value
AKTX-101	$	34,000	$	—	$	34,000
PHP-303		5,180		5,180		—
Total other intangible assets	$	39,180	$	5,180	$	34,000

Goodwill	$	8,430	$	—	$	8,430

The Company’s IPR&D and goodwill are tested for impairment at least annually, or more frequently if impairment indicators are present. Due to a sustained decline in the Company’s ADS price and market capitalization during the three months ended March 31, 2026, a quantitative impairment test was triggered for both the Company’s IPR&D and goodwill.

The Company first reviewed its AKTX-101 IPR&D asset considering updated development and valuation assumptions. The updated assumptions included refinements to the expected development timelines and probability weighted cash flows to reflect current market conditions, capital availability considerations, and the heightened uncertainty inherent in advancing the program under these conditions, as well as an increase in the discount rate to reflect the overall risk profile of the asset. The estimated fair value of the IPR&D asset was determined using the multi-period excess earnings method and requires management judgment with respect to forecasted gross revenues, revenue and expense growth rates, timing of clinical trials and overall probability of success, and the selection and use of an appropriate discount rate. As a result of the impairment analysis, the Company recorded an impairment charge of $3.7 million. There was no impairment charge recognized on the AKTX 101-IPR&D asset during the three months ended March 31, 2025.

The Company then performed a quantitative goodwill impairment assessment as of March 31, 2026. The fair value of the reporting unit was estimated using an income approach based on a discounted cash flow model and was compared to the Company’s overall market capitalization. As a result, the estimated fair value of the reporting unit was determined to be lower than its carrying value, and the Company recorded a non-cash goodwill impairment charge of $8.4 million in the condensed consolidated statement of operations and comprehensive loss during the three months ended March 31, 2026. There was no impairment charge recognized on goodwill during the three months ended March 31, 2025.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (14,455)	$ (3,705)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,455)	$ (3,705)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	305	1,015
Accretion of debt issuance costs on convertible notes payable	10
Gain on settlement of current liabilities	(167)	(54)
Change in fair value of warrant liabilities	(44)	54
Impairment loss on other intangible assets	3,700
Impairment loss on goodwill	8,430
Change in fair value of derivative liability	(230)
Deferred tax benefit	(859)
Unrealized foreign currency exchange gains	(15)	(27)
Change in assets and liabilities:
Prepaid expenses and other current assets	(94)	84
Accounts payable, accrued expenses and other current liabilities	931	483
Net cash used in operating activities	(2,488)	(2,150)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares, net of issuance costs	188	1,557
Proceeds from deposits received for share subscriptions		1,090
Repayments of notes payable	(33)	(406)
Payments on short-term financing arrangement	(102)	(108)
Net cash provided by financing activities	53	2,133
Net change in cash	(2,435)	(17)
Cash and restricted cash at beginning of period	5,263	2,659
Cash and restricted cash at end of period	2,828	2,642
Components of cash and restricted cash
Cash	2,768	2,582
Restricted cash	60	60
Total cash and restricted cash	2,828	2,642
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES:
Financing costs in accrued expenses		315
Financing costs for deposits received from share subscriptions in accounts payable		140
Issuance of share capital for settlement of related party debt		1,000
Short-term financing arrangement	469	499
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest	6	7
Cash paid for income taxes

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Ordinary shares, par value	$ 0.000000005	$ 0.000000005
Ordinary shares, shares authorized	761,963,201,733	761,963,201,733
Ordinary shares, shares issued	91,567,009,533	90,536,879,533
Ordinary shares, shares outstanding	91,567,009,533	90,536,879,533

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

+ Details

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Significant Segment Expense Categories

(In thousands)	2026			2025
	Three Months Ended March 31,
(In thousands)	2026			2025
ADC preclinical development	$	(1,237	)	$	(17	)
HSCT-TMA (AK901) clinical program expense		—			(62	)
Chemistry, manufacturing, and control		—			(28	)
Other external development expense		(17	)		(98	)
Internal and other research and development expense		(186	)		(417	)
General and administrative expense		(1,883	)		(1,888	)
Impairment loss on other intangible assets		(3,700	)		—
Impairment loss on goodwill		(8,430	)		—
Stock-based compensation expense		(305	)		(1,015	)
Other segment items (1)		444			(180	)
Deferred tax benefit		859			—
Net loss	$	(14,455	)	$	(3,705	)

(1)

Other segment items include interest expense, change in fair value of warrant liabilities, change in fair value of derivative liability, and net foreign currency exchange gains (losses) as reported in the Company’s condensed consolidated statements of operations and comprehensive loss.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis

(In thousands)	Total		Level 1		Level 2		Level 3
	March 31, 2026
(In thousands)	Total		Level 1		Level 2		Level 3
Liabilities
Warrant liability - April 2023 Peak Bio Warrants	$	17	$	—	$	—	$	17
Total liabilities	$	17	$	—	$	—	$	17

(In thousands)	Total		Level 1		Level 2		Level 3
	December 31, 2025
(In thousands)	Total		Level 1		Level 2		Level 3
Liabilities
Warrant liability - April 2023 Peak Bio Warrants	$	51	$	—	$	—	$	51
Warrant liability – September 2022 Series B Warrants		10		—		—		10
Derivative liability - ELOC		230		—		—		230
Total liabilities	$	291	$	—	$	—	$	291
Derivative liability	$	291	$	—	$	—	$	291

Schedule of Fair value on Recurring Basis using Unobservable Inputs


	Warrant Liability
(In thousands)	September 2022 Series B Warrants			November 2022 Peak Bio Warrants		April 2023 Peak Bio Warrants			Total Warrant Liability			Derivative Liability
Balance, December 31, 2024	$	181		$	95	$	736		$	1,012		$	—
Change in fair value of liability		30			—		24			54			—
Balance, March 31, 2025	$	211		$	95	$	760		$	1,066		$	—

Balance, December 31, 2025	$	10		$	—	$	51		$	61		$	230
Balance	$	10		$	—	$	51			61		$	230
Change in fair value of liability		(10	)		—		(34	)		(44	)		(230	)
Balance, March 31, 2026	$	—		$	—	$	17		$	17		$	—
Balance	$	—		$	—	$	17			17		$	—

Schedule of Assumptions used for Fair Value Calculations of Warrants

Below are the assumptions used for the fair value calculations of liability classified warrants as of March 31, 2026 and December 31, 2025:


	March 31, 2026									December 31, 2025
	September 2022 Series B Warrants			November 2022 Peak Bio Warrants			April 2023 Peak Bio Warrants			September 2022 Series B Warrants			November 2022 Peak Bio Warrants			April 2023 Peak Bio Warrants
Stock (ADS) price	$	5.15		$	5.15		$	5.15		$	11.56		$	11.56		$	11.56
Exercise price	$	680.00		$	1,567.20		$	81.60		$	680.00		$	1,567.20		$	81.60
Expected term (in years)		3.5			1.6			2.1			3.7			1.8			2.3
Expected volatility		100.0	%		115.0	%		110.0	%		100.0	%		115.0	%		105.0	%
Risk-free interest rate		3.8	%		3.8	%		3.8	%		3.7	%		3.5	%		3.5	%
Expected dividend yield		—			—			—			—			—			—
Warrant outstanding input		—			—			—			—			—			—

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

The Company manages its operations as a single1 operating segment for the purpose of assessing performance, making operating decisions and allocating resources, resulting in a single reportable segment. The Company has determined that its Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews the Company’s financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance.

The Company has assembled a portfolio of preclinical product candidates that aim to develop next-generation precision bifunctional ADCs for the treatment of cancer. The Company has not generated any revenue since its inception and does not expect to generate any revenue from the sale of products in the near future. The Company primarily incurs expenses in connection with the research and development of its product candidates as well as general and administrative costs consisting of salaries and related costs for personnel in executive, finance, and administrative functions, as well as consulting, restructuring and merger-related expenses.

The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the following significant segment expense categories which are reviewed against budgeted expectations to assist in resource allocation decision-making:

(In thousands)	2026			2025
	Three Months Ended March 31,
(In thousands)	2026			2025
ADC preclinical development	$	(1,237	)	$	(17	)
HSCT-TMA (AK901) clinical program expense		—			(62	)
Chemistry, manufacturing, and control		—			(28	)
Other external development expense		(17	)		(98	)
Internal and other research and development expense		(186	)		(417	)
General and administrative expense		(1,883	)		(1,888	)
Impairment loss on other intangible assets		(3,700	)		—
Impairment loss on goodwill		(8,430	)		—
Stock-based compensation expense		(305	)		(1,015	)
Other segment items (1)		444			(180	)
Deferred tax benefit		859			—
Net loss	$	(14,455	)	$	(3,705	)

(1)

Assets regularly provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash and restricted cash. All of the Company’s tangible assets are held in the United States.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share

	2026		2025
	Three Months Ended March 31,
	2026		2025
Stock options		12,359,566,000		14,390,286,688
Restricted stock units		129,792,000		—
Warrants		106,949,459,200		29,325,911,500
Convertible notes		1,832,118,000		—
Total		121,270,935,200		43,716,198,188

Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Capital Units [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2024	$ 5,319	$ 212,706	$ 52,194	$ (738)	$ (247,252)	$ 22,229
Balance, shares at Dec. 31, 2024	53,186,919,523
Issuance of share capital related to financing, net of issuance costs	$ 457	1,785				2,242
Issuance of share capital related to financing, net of issuance costs, shares	4,566,062,000
Stock-based compensation		1,015				1,015
Foreign currency translation				(35)		(35)
Net loss					(3,705)	(3,705)
Balance at Mar. 31, 2025	$ 5,776	215,506	52,194	(773)	(250,957)	21,746
Balance, shares at Mar. 31, 2025	57,752,981,523
Balance at Dec. 31, 2025		234,318	59,342	(782)	(264,550)	28,328
Balance, shares at Dec. 31, 2025	90,536,879,533
Issuance of share capital related to financing, net of issuance costs		188				188
Issuance of share capital related to financing, net of issuance costs, shares	1,030,130,000
Stock-based compensation		305				305
Foreign currency translation				14		14
Net loss					(14,455)	(14,455)
Balance at Mar. 31, 2026		$ 234,811	$ 59,342	$ (768)	$ (279,005)	$ 14,380
Balance, shares at Mar. 31, 2026	91,567,009,533

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Number of new stock issued during the period.

+ References

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+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Convertible Notes and Notes Payable (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Sep. 19, 2025	Nov. 30, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Short-Term Debt [Line Items]
Notes payable			$ 49,000		$ 81,000
Number of warrants			1,680,853		1,676,838
Ordinary shares issued			91,567,009,533		90,536,879,533
Change in fair value of warrants		$ 82,100
Aggregate fair value		$ 191,800
Measurement Input, Share Price [Member]
Short-Term Debt [Line Items]
Expected term		0.81
Measurement Input, Price Volatility [Member]
Short-Term Debt [Line Items]
Expected term		86
Measurement Input, Risk Free Interest Rate [Member]
Short-Term Debt [Line Items]
Expected term		3.68
Measurement Input, Expected Term [Member]
Short-Term Debt [Line Items]
Expected term		5
September 2024 Note Payable [Member]
Short-Term Debt [Line Items]
Notes payable		$ 300,000	$ 100,000		$ 100,000
Payment terms			payable over twenty equal monthly instalments beginning on November 1, 2024, and expiring on June 1, 2026.
April 2023 Convertible Notes [Member]
Short-Term Debt [Line Items]
Principal amount		$ 700,000
Share price		$ 81.60
Conversion price per share		$ 0.00102
Interest rate		10.00%
April 2023 Convertible Notes and Warrants Amendment [Member]
Short-Term Debt [Line Items]
Debt conversion original debt	$ 100,000
Amortization of interest expense	$ 100,000
April 2023 Convertible Notes and Warrants Amendment [Member] \| Letter Agreement [Member]
Short-Term Debt [Line Items]
Share price	$ 32.40
Conversion price per share	$ 0.000405
April, 2023 Peak Bio Convertible Noteholder Warrants [Member]
Short-Term Debt [Line Items]
Number of warrants	8,560
Ordinary shares issued	684,840,000
Change in fair value of warrants	$ 109,700
April, 2023 Peak Bio Convertible Noteholder Warrants [Member] \| Letter Agreement [Member]
Short-Term Debt [Line Items]
Share price	$ 32.40
Conversion price per share	$ 0.000405
April, 2023 Convertible Note [Member]
Short-Term Debt [Line Items]
Interest expenses			$ 100,000	$ 100,000
Accrued interest			$ 100,000		$ 100,000

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Recent accounting pronouncements

Recent accounting pronouncements

Schedule of RSU activity (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of ADSs nonvested shares, balance \| shares	1,465
Weighted average grant date fair value per share, Beginning \| $ / shares	$ 30.00
Number of ADSs nonvested shares, Granted \| shares
Weighted average grant date fair value per share, Granted \| $ / shares
Number of ADSs nonvested shares, Forfeited \| shares
Weighted average grant date fair value per share, Forfeited \| $ / shares
Number of ADSs nonvested shares, Vested \| shares	(1,465)
Weighted average grant date fair value per share, Vested \| $ / shares	$ 30.00
Number of ADSs nonvested shares, balance \| shares
Weighted average grant date fair value per share, Ending \| $ / shares