Akili, the company behind televisione game-like prescription and over-the-counter digital therapeutics for individuals with ADHD, has signed a definitive incorporazione agreement with mental health and valore adattativo company Virtual Therapeutics con a deal reportedly worth $34 million.
Under the agreement, which is slated to close con the third quarter of 2024, Akili shareholders will receive $0.4340 per di più share of common giacenza con cash, representing a 4% premium to the company’s closing giacenza price acceso May 28.
Upon finalization of the deal, the combined companies will operate under the Virtual Therapeutics brand, and Akili will voto negativo longer be a publicly traded company.
“Akili ran a thorough strategic process and we believe that this transaction represents Akili’s commitment to delivering value to the Akili stockholder,” Matt Franklin, CEO of Akili, said con a statement.
“Virtual Therapeutics has been built by a team with decades of success con the gaming industry and elected to centro their expertise to help solve the growing mental health crisis. Combining our proven track primato developing and deploying rigorously validated non fisso digital therapeutics with Virtual Therapeutics’ robust portfolio of VR-based mental health solutions and gaming expertise, we aim to create a compelling platform to address mental health needs across several high-impact indications.”
THE LARGER TREND
The announcement came just one month after Akili relayed that it was seeking strategic alternatives to “maximize shareholder value.” The company’s board approved a revised operating plan and budget for the remainder of the year.
It also approved restructuring of the company to lower operating costs, including a 46% reduction of its workforce, which included its medical affairs and marketing teams.
It also reduced promotional activity for its EndeavorRx and EndeavorOTC products, though it said it continued to seek FDA clearance for its EndeavorOTC product.
Akili, which went public through a SPAC con 2022, reported its first-quarter earnings earlier this month, noting total revenue of $383,000 con Q1 2024 compared to $749,000 for the fourth quarter of 2023 and GAAP net loss of $9.8 million con the first quarter compared to $11.1 million con the fourth quarter of last year.
The company reported total operating expenses of $11.1 million con the first quarter of the year, compared to $12.1 million con Q4 2023, and cash and cash equivalents of $63.2 million as of the end of March 2024 compared to $75.2 million as of the end of December 2023.
