Akili said it has begun a process to evaluate potential strategic alternatives to maximize shareholder value, but could not guarantee this would result in a transaction.
Akili did not respond to a request for comment.
In September 2023, Akili eliminated 45 jobs after abadoning its prescription model. It also laid off 46 employees in January 2023. In 2023, the company posted a net loss of $59 million or 76 cents per share and generated $1.7 million in revenue.
The company also announced Tuesday it amended a distribution agreement with Osaka, Japan-based pharmaceutical company Shionogi. Akili said it was receiving an upfront payment of $10.5 million from Shionogi to license its EndeavorRx therapeutic in Japan. This agreement was made in lieu of Akili receiving of future royalty payments and future milestone payments from Shionogi.
Akili’s annoucement comes at a time when the digital therapeutics sector at large has faced headwinds. Pear Therapeutics, which had been one of the most notable companies in the digital therapeutics industry, declared bankruptcy in April 2023 and subsequently sold off its assets in May 2023. Health insurance companies have been slow to cover digital therapies due to concerns about liability, insufficient clinical evidence and slow reviews from the Food and Drug Administration.
Akili shares closed at 40 cents on the Nasdaq on Tuesday. The company went public and opened at $36.06 last August but ended its first day of trading at $7.15.
