Akebia Therapeutics, Inc.

Listed Company

AKBACIK 0001517022NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$236.20M

Net Income

$-5.34M

Total Assets

$376.56M

Equity

$32.61M

Shares Out

267.88M

Op. Cash Flow

$67.99M

Business

Akebia Therapeutics, Inc. is a fully integrated biopharmaceutical company focused on developing, commercializing and supplying therapies for complications of kidney disease. It commercializes two oral products—Vafseo (vadadustat), an oral HIF prolyl hydroxylase inhibitor for anemia in dialysis patients, and Auryxia (ferric citrate) for hyperphosphatemia and iron deficiency anemia—while advancing HIF‑based candidates and other pipeline assets. Its operations include commercial sales, research and development, preclinical programs and licensing/collaboration arrangements. Akebia distributes products and collaborates with partners across the U.S., Europe, UK, Switzerland, Australia, Japan, Taiwan, Korea and through dialysis organizations, wholesalers and specialty pharmacies.

Summary from filing dated 2025-03-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	236	160	195	292	214
Cost of product and other revenue	39	27	38	50	117
Amortization of intangible asset	0	36	36	36	36
Total cost of goods sold	39	63	74	86	153
Research and development	62	38	63	130	148
Selling, general and administrative	107	107	100	139	174
License	3	3	3	3	3
Restructuring	0	58,000	181,000	16	0
Total operating expenses	173	147	167	288	326
Income (loss) from operations	23	−50	−46	−81	−265
Interest expense	−24	−18	−6	−16	−20
Other income	58,000	94,000	887,000	3	2
Change in fair value of warrant liability	−3	−330,000	0	—	—
Loss on extinguishment of debt	0	−517,000	0	−906,000	0
Loss on termination of lease	0	0	−500,000	0	—
Loss before income taxes	−4	−69	−52	−94	−283
Income tax expense	−2	0	0	0	0
Net loss	−5	−69	−52	−94	−283
Comprehensive loss	−5	−69	−52	−94	−283
Basic (in dollars per share)	−0.02	−0.33	−0.28	−0.52	−1.7
Diluted (in dollars per share)	−0.02	−0.33	−0.28	−0.52	−1.7
Basic (in shares)	257	211	187	183	166
Diluted (in shares)	257	211	187	183	166

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	185	52	43	90	150
Inventories	16	16	16	22	38
Accounts receivable, net	47	34	39	40	51
Prepaid expenses and other current assets	5	11	20	33	33
Total current assets	253	114	118	185	272
Property and equipment, net	1	2	4	5	7
Operating right-of-use assets	4	8	12	29	34
Goodwill	59	59	59	59	55
Other long-term assets	60	37	12	5	50
Total assets	377	221	242	356	526
Accounts payable	21	15	15	18	34
Accrued expenses and other current liabilities	122	63	68	76	104
Short-term deferred revenue	3	0	0	4	21
Working Capital Fund liability, current portion	17	2	0	—	—
Total current liabilities	163	81	100	130	256
Long-term operating lease liabilities	0	4	9	29	34
Long-term debt, net	48	39	17	34	0
Liability related to settlement royalties, net of current portion	55	47	0	—	—
Liability related to sale of future royalties, net of current portion	51	52	54	57	53
Working Capital Fund liability, net of current portion	23	38	40	41	—
Warrant liability	3	5	0	—	—
Other long-term liabilities	2	5	9	16	83
Total liabilities	344	270	272	351	449
Commitments and contingencies (Note 10)	—	—	—	—	—
Preferred stock $0.00001 par value, 25,000,000 shares authorized; no shares issued and outstanding at December 31, 2025 and 2024	0	0	0	0	0
Common stock: $0.00001 par value; 350,000,000 shares authorized at December 31, 2025 and 2024; 265,424,818 and 224,848,992 shares issued and outstanding at December 31, 2025 and 2024, respectively	2,000	2,000	2,000	2,000	1,000
Additional paid-in capital	1,716	1,629	1,578	1,562	1,537
Accumulated other comprehensive income	6,000	6,000	6,000	6,000	6,000
Accumulated deficit	−1,684	−1,678	−1,609	−1,557	−1,460
Total stockholders' equity (deficit)	33	−49	−31	5	74
Total liabilities and stockholders' equity (deficit)	377	221	242	356	526

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	1	1	2	2	—
Amortization of intangible asset	0	36	36	36	36
Bad debt expense	1	876,000	0	—	—
Non-cash royalty revenue related to sale of future royalties	−2	−2	−2	−2	−821,000
Non-cash research and development expense	0	0	782,000	9	0
Non-cash interest expense	22	13	−2	2	1
Non-cash operating lease expense	5	4	4	−2	−2
Non-cash loss on extinguishment of debt	0	294,000	0	406,000	—
Non-cash write-off on termination of lease	0	0	−825,000	0	—
Charge for purchase of IPR&D asset	13	0	0	—	—
Write-down of inventory	3	4	2	30	16
Change in excess inventory purchase commitments	0	2	2	−68	33
Stock-based compensation expense	11	8	9	18	23
Gain on the sale of property and equipment	−172,000	0	0	—	—
Change in fair value of embedded debt derivative	0	0	−760,000	−1	−600,000
Accounts receivable	−14	4	994,000	11	−24
Inventory	−23	−28	−3	19	−26
Prepaid expenses and other current assets	8	9	12	1	−19
Other long-term assets	−3	622,000	−1	−6	6
Accounts payable	3	−1	−5	2	−12
Accrued expense and other current liabilities	49	−13	−10	−38	−25
Operating lease liabilities	−5	−4	−5	2	—
Deferred revenue	3	0	−4	5	2
Other long-term liabilities	−112,000	−6	−6	2	−12
Net cash provided by (used in) operating activities	68	−41	−23	−73	−253
Purchase of equipment	−291,000	−33,000	0	−114,000	−59,000
Proceeds from the sale of property and equipment	172,000	0	0	—	—
Purchase of IPR&D asset, including transaction costs	−8	0	0	—	—
Net cash used in investing activities	−8	−33,000	0	−114,000	40
Proceeds from the issuance of debt	10	45	0	—	—
Payments of issuance costs related to BlackRock Credit Agreement	−63,000	−1	0	—	—
Proceeds from the issuance of common stock, net of issuance costs	66	42	7	7	88
Proceeds from the sale of stock under employee stock purchase plan	230,000	154,000	85,000	410,000	746,000
Proceeds from the exercise of common stock options	2	385,000	1,000	67,000	0
Repayment of WCF liability	−1	0	0	—	—
Repayment of liability related to settlement royalties	−4	0	0	—	—
Repayment of term debt	−462,000	−37	−32	—	—
Net cash provided by (used in) financing activities	73	50	−25	15	134
Increase (decrease) in cash, cash equivalents and restricted cash	133	9	−49	−59	−79
Issuance of warrants in connection with BlackRock Credit Agreement	2	5	0	—	—
Cashless exercise of warrants in connection with BlackRock Credit Agreement	7	0	0	—	—
Purchase of IPR&D asset included in accrued expenses and other current liabilities	5	0	0	—	—
Cash paid for interest	6	5	6	7	10

Filings

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