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Akebia Therapeutics
Akebia Therapeutics (AKBA) investor relations material
Akebia Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved $227.3M in net product revenue in 2025, driven by the commercial launch of Vafseo and continued Auryxia sales.
Vafseo launch faced challenges in the second half of 2025 but saw renewed demand growth, expanded prescriber access, and a broadened customer base in Q4 and early 2026.
Over 1,000 prescribers at 24 dialysis organizations have written Vafseo prescriptions; 290,000 patients now have access.
Introduced a rare kidney disease pipeline, including praliciguat, AKB-097, and AKB-9090, with multiple clinical trials underway or planned.
Net loss for 2025 decreased to $5.3M from $69.4M in 2024; Q4 net loss was $12.2M, down from $22.8M in Q4 2024.
Financial highlights
Total revenues reached $236.2M in 2025, up from $160.2M in 2024; Q4 2025 revenues were $57.6M, up from $46.5M in Q4 2024.
Vafseo net product revenue was $45.8M for 2025, with Q4 impacted by a $4.8M one-time inventory drawdown at USRC.
Auryxia net product revenue was $181.5M in 2025, up from $152.2M in 2024.
Cost of goods sold dropped to $12.5M in Q4 2025 from $20.4M in Q4 2024, reflecting elimination of non-cash amortization charges.
Cash and cash equivalents at year-end 2025 were $184.8M, up from $51.9M at year-end 2024, supporting at least two years of operations.
Outlook and guidance
Expect Auryxia revenues to decrease in 2026 due to expanded generic competition.
Anticipate continued Vafseo growth in 2026, supported by improved adherence, broader adoption, and expanded access, but no specific revenue guidance provided.
Multiple clinical milestones expected in 2026, including VOCAL top-line data, AKB-097 basket study initiation, and AKB-9090 phase I results.
How will Vafseo cost data drive adoption?
What differentiates AKB-097 from competitors?
How to offset Auryxia revenue decline?
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Next Akebia Therapeutics earnings date
Leerink Global Healthcare Conference 20269 Mar, 2026
Akebia Therapeutics
Next Akebia Therapeutics earnings date
Leerink Global Healthcare Conference 20269 Mar, 2026
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Frequently asked questions
Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company's lead product candidate include Vadadustat, an oral therapy for the treatment of anemia due to chronic kidney disease in non-dialysis and dialysis patients; and AKB-9778, which is intended for the treatment of hypoxia-inducible factor stabilization. Its clinical programs also comprise AKB-6548, for the treatment of asthma, chronic obstructive pulmonary disease, and idiopathic pulmonary fibrosis; AKB-5169 for the treatment of pain associated with osteoarthritis; and AKB-6899 for use as a bioavailable prodrug of oxaloacetate to treat disorders accompanied by oxidative stress.
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