Akebia Therapeutics, Inc.AKBA

Akebia Therapeutics, Inc. Segments Disclosure

10-KFiled Feb 26, 20262 min read
SEGMENT INFORMATION
The Company operates as one operating segment focused on developing and commercializing innovative therapeutics primarily in the U.S. The accounting policies of the segment are the same as those described in Note 2, Summary of Significant Accounting Policies.
The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the chief executive officer, who is the Company's CODM, in assessing segment performance and deciding how to allocate resources on a consolidated basis.
The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using income (loss) from operations. Net income (loss) is also a measure that is considered in monitoring budget versus actual results. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.
The following table presents information about reported segment revenues, segment profit and significant segment expenses for the years ended December 31, 2025, 2024 and 2023:
 Years Ended December 31,
 202520242023
Revenues$236,196 $160,180 $194,623 
Less:
Direct cost of product and other revenue28,136 15,970 26,525 
Panion royalty11,326 9,097 10,048 
Excess firm purchase commitment charge— 2,068 1,533 
Amortization of intangible asset— 36,042 36,042 
Research and development62,359 37,652 63,079 
Selling, general and administrative107,480 106,545 100,233 
License3,396 3,220 3,237 
Restructuring— 58 181 
Income (loss) from operations23,499 (50,472)(46,256)
Other income (expense)
Interest expense(24,179)(18,185)(6,032)
Other income58 94 887 
Change in fair value of warrant liability(3,099)(330)— 
Loss on extinguishment of debt— (517)— 
Loss on termination of lease— — (524)
Net loss before income taxes(3,721)(69,410)(51,925)
Income tax expense(1,624)— — 
Net loss$(5,345)$(69,410)$(51,925)

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 13, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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