Akero Therapeutics Reports Fourth Quarter and Full Year 2019 Financial Results

Therapeutics Reports Fourth Quarter and Full Year 2019 Financial Results

SAN FRANCISCO, Calif., March 16,

2020 -- Akero Therapeutics, Inc. (Nasdaq: AKRO), a cardio-metabolic non-alcoholic steatohepatitis (NASH) Company

developing pioneering medicines designed to restore metabolic balance and improve overall health of NASH patients, today reported

fourth quarter and full year financial results for the period ending December 31, 2019.

"We saw in 2019 a period of continued

clinical and manufacturing progress for Akero, driven by precision execution by our team," said Andrew Cheng, M.D., Ph.D.,

president and chief executive officer of Akero. "Our rapid progress combined with a strong cash position provide the foundation

for the continued development of AKR-001, which we believe has the potential to become a cornerstone of NASH treatment."

Fourth Quarter Business Highlights

Full Year and Fourth Quarter 2019 Financial

NASH (non-alcoholic steatohepatitis) is

a serious form of NAFLD (non-alcoholic fatty liver disease) and is estimated to affect 17 million Americans. NASH is closely linked

to the obesity and diabetes epidemics seen around the world. NASH is characterized by an excessive accumulation of fat in the liver

that causes stress and injury to liver cells, leading to inflammation and fibrosis, which can progress to cirrhosis, liver failure,

cancer and eventually death. The progressive damage to the liver associated with NASH closely resembles damage caused by excessive

alcohol consumption or viral infections, and the disorder is a leading cause of liver transplants in the US and Europe.

AKR-001 is Akero's lead product candidate

for NASH, currently being evaluated in the ongoing Phase 2a BALANCED study. AKR-001 is designed to increase insulin sensitivity,

improve lipoproteins, reduce liver fat and inflammation, and reverse fibrosis. This holistic approach offers the potential to address

the complex, multi-system disease state of NASH, including improvements in physiological parameters linked to cardiovascular disease

- the leading cause of death in NASH patients. Engineered to mimic the biological activity profile of native FGF21,

AKR-001 offers convenient once-weekly dosing and has been well-tolerated in clinical studies to date.

Akero is a cardio-metabolic NASH Company

dedicated to reversing the escalating NASH epidemic by developing pioneering medicines designed to restore metabolic

balance and improve overall health of NASH patients. The Company's lead product candidate, AKR-001 is currently being evaluated

in an ongoing Phase 2a clinical trial. Akero Therapeutics is headquartered in San Francisco, CA. For more information, please visit

Forward-Looking Statements

Statements contained in this press release

regarding matters that are not historical facts are "forward-looking statements" within the meaning of the Private Securities

Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially

from those expressed or implied by such forward-looking statements, including, but not limited to, statements regarding the Company's

business plans and objectives, including future plans or expectations for AKR-001 and the BALANCED study, upcoming milestones,

and therapeutic effects of AKR-001; expectations regarding the design, implementation, timing, and success of its current and planned

clinical trials for AKR-001; expectations for successful completion of nonclinical studies; expectations regarding successful scale-up

of drug substance manufacturing and release of new drug product for use in clinical trials; expectations regarding the Company's

use of capital, expenses and other future financial results and plans related to development of the Company's current and

future product candidates. Any forward-looking statements in this press release are based on management's current expectations

of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and

adversely from those set forth in or implied by such forward-looking statements. Risks that contribute to the uncertain nature

of the forward-looking statements include: the success, cost, and timing of the Company's product candidate development activities

and planned clinical trials; the Company's ability to execute on its strategy; positive results from a clinical study may not necessarily

be predictive of the results of future or ongoing clinical studies; regulatory developments in the United States and

foreign countries; the Company's ability to fund operations; as well as those risks and uncertainties set forth more fully under

the caption "Risk Factors" in Akero's most recently-filed Quarterly Report on 10-Q, as filed with the Securities

and Exchange Commission (SEC) as well as discussions of potential risks, uncertainties and other important factors in Akero's

other filings and reports with the SEC. All forward-looking statements contained in this press release speak only as of the

date on which they were made. Akero undertakes no obligation to update such statements to reflect events that occur or circumstances

that exist after the date on which they were made.

Canale Communications

Stern Investor Relations

Akero Therapeutics, Inc.

Condensed Consolidated Balance Sheets

Akero Therapeutics, Inc.

Condensed Consolidated Statements of

Operations and Comprehensive Loss

(In thousands, except share and per share