Logo

AKBA

Akebia Therapeutics, Inc.

AKBA

Akebia Therapeutics, Inc. • NASDAQ
$1.58 ▼ -0.63% (-0.01)
Market Cap $419.28 M
52w High $4.08
52w Low $1.49
Dividend Yield 0%
P/E -19.75
Volume 1.19M
Outstanding Shares 265.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $58.766M ▼ $44.616M ▲ $540K ▲ 0.919% ▲ $0.002 ▲ $6.221M ▼
Q2-2025 $62.472M ▲ $38.464M ▲ $247K ▼ 0.395% ▼ $0.001 ▼ $7.397M ▼
Q1-2025 $57.336M ▲ $36.197M ▼ $6.112M ▲ 10.66% ▲ $0.026 ▲ $14.196M ▲
Q4-2024 $46.497M ▲ $40.439M ▲ $-22.804M ▼ -49.044% ▲ $-0.1 ▼ $-6.582M ▼
Q3-2024 $37.428M $35.772M $-20.039M -53.54% $-0.095 $-4.004M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $166.444M ▲ $364.152M ▲ $322.56M ▲ $41.592M ▲
Q2-2025 $137.308M ▲ $345.595M ▲ $316.371M ▲ $29.224M ▲
Q1-2025 $113.374M ▲ $310.185M ▲ $285.604M ▲ $24.581M ▲
Q4-2024 $51.87M ▲ $220.67M ▲ $269.855M ▲ $-49.185M ▲
Q3-2024 $34.019M $207.142M $257.544M $-50.402M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $540K ▲ $28.105M ▲ $-77K ▲ $1.113M ▼ $29.141M ▲ $28.028M ▲
Q2-2025 $247K ▼ $22.345M ▲ $-126K ▼ $1.72M ▼ $23.934M ▼ $22.219M ▲
Q1-2025 $6.112M ▲ $-13.587M ▼ $154K ▲ $74.942M ▲ $61.509M ▲ $-13.605M ▼
Q4-2024 $-22.804M ▼ $-4.466M ▲ $-2K $22.325M ▲ $17.851M ▲ $-4.468M ▲
Q3-2024 $-20.039M $-6.695M $-2K $1.223M $-5.474M $-6.697M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License Collaboration And Other Revenue
License Collaboration And Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Product
Product
 $90.00M ▲$60.00M ▼$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Akebia’s income statement shows a company still in the investment and build‑out phase. Revenue has been relatively small and uneven over the past several years, and it has not yet been enough to cover operating costs. The good news is that losses have narrowed over time, suggesting tighter cost control and some leverage in the model. However, the business remains clearly unprofitable, and the path to sustainable earnings still depends heavily on successful commercialization of its key drugs and disciplined spending. Overall, the trend is improving but still firmly in loss‑making territory.

Balance Sheet

Balance Sheet The balance sheet tells a mixed story. Total assets have declined from earlier years, with cash levels notably lower than they once were, which limits financial cushion. Debt has come down from its peak but remains meaningful relative to the company’s size. Most importantly, shareholder equity has turned negative in recent years, a sign that accumulated losses now exceed the capital invested. That does not mean immediate distress, but it does underline that the company has a thin capital base and limited room for prolonged setbacks without additional financing or a clear move toward profitability.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, although the size of the cash burn has improved compared with earlier years. The company is not spending much on physical assets, so free cash flow essentially mirrors operating cash flow and remains negative. This means Akebia is still reliant on its cash balance and external funding to support operations and its pipeline. The improving but still negative trend suggests better discipline, yet the business model has not yet become self‑funding and remains sensitive to any delay or underperformance in its key products.

Competitive Edge

Competitive Edge Akebia occupies a focused niche in kidney disease, especially anemia in chronic kidney disease, with two important assets: Vafseo and Auryxia. Its main edge is the shift toward convenient oral therapies in a space long dominated by injectable drugs, supported by strong nephrology relationships and broad access agreements with major dialysis providers. That gives it a real foothold in its target market. At the same time, it faces intense competition from large entrenched players and other oral HIF‑PH inhibitors. Auryxia is also approaching a wave of generic competition, which is likely to pressure revenue and margins. Overall, Akebia has a credible position in a specialized market but must execute very well to hold share against much larger rivals and upcoming generics.

Innovation and R&D

Innovation and R&D Innovation is a clear strength. Akebia has specialized know‑how in HIF biology and has turned that science into an approved oral therapy, Vafseo, along with Auryxia’s differentiated dual‑action profile. The pipeline includes a planned large late‑stage trial (VALOR) to expand Vafseo into a broader non‑dialysis population and an early‑stage program for acute kidney injury, which could diversify the portfolio over time. However, the R&D story carries real risk: Vafseo’s label is currently limited because of past safety concerns in non‑dialysis patients, and the success of future trials is uncertain. With a relatively narrow pipeline today, clinical or regulatory setbacks could have an outsized impact, making careful trial design and spending discipline critical.

Summary

Akebia is a small, focused biotech trying to turn strong scientific assets in kidney disease into a sustainable business. Financially, it is still loss‑making, with a weaker balance sheet than in prior years and ongoing cash burn, though trends show some improvement and better cost control. Strategically, the company benefits from differentiated oral therapies, deep nephrology relationships, and strong U.S. dialysis access for Vafseo. The flip side is heavy dependence on a small number of products, looming generic competition for Auryxia, and powerful competitors in anemia treatments. The future largely hinges on how well Akebia executes the U.S. launch of Vafseo, manages the Auryxia generic transition, and advances its late‑stage and early‑stage pipeline while keeping finances under control.

NEWS

November 24, 2025 · 8:00 AM UTC

Akebia Therapeutics to Present at the Piper Sandler 37th Annual Healthcare Conference

Read more

November 10, 2025 · 7:00 AM UTC

Akebia Therapeutics Reports Third Quarter 2025 Financial Results and Recent Business Highlights

Read more

November 6, 2025 · 6:30 PM UTC

Vafseo® (vadadustat) Dialysis Dependent Patient Post Hoc Data Analysis: Composite of All-Cause Mortality and Hospitalization Outcomes Statistically More Favorable for Patients Receiving Vadadustat vs. ESAs

Read more

November 4, 2025 · 8:00 AM UTC

Akebia Therapeutics to Present at Upcoming Investor Conferences

Read more

November 3, 2025 · 4:05 PM UTC

Akebia Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more