Akero Therapeutics Reports THIRD Quarter 2020 Financial Results

Therapeutics Reports THIRD Quarter 2020 Financial Results

SOUTH SAN FRANCISCO, Calif., November 12, 2020 -- Akero

Therapeutics, Inc. (Nasdaq: AKRO), a cardio-metabolic non-alcoholic steatohepatitis (NASH) company developing pioneering

medicines designed to restore metabolic balance and improve the overall health of NASH patients, today reported third quarter

financial results for the period ending September 30, 2020.

"On the heels of reporting strongly positive histological

data from our FGF21 analog, efruxifermin (EFX), we executed a number of important objectives in the third quarter that position

us for continued success," said Andrew Cheng, M.D., Ph.D., president and chief executive officer of Akero. "In addition

to raising more than $216 million to enable continued development of EFX, we received feedback from the FDA that enables us to

continue to pursue EFX development with our proposed adaptive Phase 2b/3 clinical trial design. EFX also received PRIME designation

from EMA for development as a NASH therapy. Each of these milestones represents a large step forward in the development of EFX,

which we believe has the potential to be a foundational monotherapy for NASH."

Third Quarter Business Highlights

Manufacturing Update

Financial Highlights

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. As a result, NASH has become a leading cause of liver transplants in the US and Europe.

Efruxifermin (EFX), formerly AKR-001, is Akero's lead product

candidate for NASH. EFX has been shown to increase insulin sensitivity, improve lipoproteins, reduce liver fat and inflammation,

and reverse fibrosis. The breadth of desirable metabolic effects offers potential to address the complex, multi-organ/tissue pathogenesis

of NASH, including risk factors linked to cardiovascular disease - the leading cause of death in NASH patients. Engineered

to mimic the biological activity profile of native human FGF21, EFX offers convenient once-weekly dosing.

About Akero Therapeutics

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, efruxifermin, has been evaluated in a 16-week Phase 2a clinical trial, the BALANCED study. Akero Therapeutics is headquartered

in South San Francisco, CA. For more information, please visit www.akerotx.com.

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 EFX, upcoming milestones, and therapeutic effects of

EFX, as well as the dosing, safety and tolerability of EFX; the potential benefits resulting from the PRIME designation of EFX;

Akero's Phase 2a BALANCED study and Phase 2b/3 study including results and expected timing to complete Cohort C; expectations

regarding the design, implementation, timing, and success of its current and planned clinical trials for EFX; expectations regarding

successful scale-up of drug substance manufacturing and release of new drug product for use in clinical trials, including new

product formulations; expectations regarding the Company's use of capital, expenses and other future financial results;

statements regarding the timing of Company's efforts regarding the IND amendments; the Company's planned efforts to

prepare for commercialization of EFX, if approved and the potential impact of COVID-19 on strategy, future operations, enrollment

and clinical trials. 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: risks related to the impact of COVID-19 on the Company's ongoing and future operations,

including potential negative impacts on Akero's employees, third-parties, manufacturers, supply chain and production as

well as on global economies and financial markets; 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 Annual Report on Form 10-K for the year ended December

31, 2019 and 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