UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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| Item 1.02 | Termination of a Material Definitive Agreement |
On September 23, 2025, Akero Therapeutics, Inc. (the “Company”) completed a voluntary prepayment of all outstanding principal, accrued and unpaid interest, fees, costs and expenses, equal to $37.6 million in the aggregate (the “Payoff Amount”), under the Loan and Security Agreement (as amended, the “Loan Agreement”), dated as of June 15, 2022 between the Company and Hercules Capital, Inc. (“Hercules”), which was subsequently amended on June 7, 2023 and February 28, 2024. Upon receipt by Hercules of the Payoff Amount on September 23, 2025, all obligations, covenants, debts and liabilities of the Company under the Loan Agreement were satisfied and discharged in full, and the Loan Agreement and all other documents entered into in connection with the Loan Agreement, other than the Warrants (as defined in the Loan Agreement), were terminated.
The Loan Agreement provided for a term loan with aggregate maximum borrowings of up to $150 million (the “Term Loan”). Under the Loan Agreement, the Company borrowed $35 million. The Term Loan bore interest at a variable annual rate equal to the greater of either (a) 7.65% and (b) the prime rate (as reported in the Wall Street Journal) plus 3.65%. Interest-only payments on the borrowings under the Loan Agreement were due through January 1, 2026. After the interest-only payment period, borrowings under the Loan Agreement were due in equal monthly payments of principal and accrued interest until the maturity date of March 1, 2027.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 29, 2025 | AKERO THERAPEUTICS, INC. | |||||
| By: | /s/ Andrew Cheng | |||||
| Name: Title: |
Andrew Cheng, M.D., Ph.D. President and Chief Executive Officer | |||||
Document and Entity Information |
Sep. 23, 2025 |
|---|---|
| Cover [Abstract] | |
| Amendment Flag | false |
| Entity Central Index Key | 0001744659 |
| Document Type | 8-K |
| Document Period End Date | Sep. 23, 2025 |
| Entity Registrant Name | Akero Therapeutics, Inc. |
| Entity Incorporation State Country Code | DE |
| Entity File Number | 001-38944 |
| Entity Tax Identification Number | 81-5266573 |
| Entity Address, Address Line One | 601 Gateway Boulevard |
| Entity Address, Address Line Two | Suite 350 |
| Entity Address, City or Town | South San Francisco |
| Entity Address, State or Province | CA |
| Entity Address, Postal Zip Code | 94080 |
| City Area Code | (650) |
| Local Phone Number | 487-6488 |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |
| Security 12b Title | Common Stock, par value $0.0001 per share |
| Trading Symbol | AKRO |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |