Akebia Therapeutics (AKBA) Guggenheim Securities Emerging Outlook: Biotech Summit 2026 summary

Company overview and strategic focus

• Focused on improving lives of kidney disease patients, with two commercial products: AURYXIA and VAFSEO, the latter targeting anemia in chronic kidney disease on dialysis.

• Pipeline expansion includes rare kidney disease assets, with praliciguat in phase II for FSGS and AKB-097 in-licensed for a basket study in three rare kidney indications.

• Early-stage pipeline development continues, maintaining a clear strategic focus on kidney disease.

VAFSEO launch and market dynamics

• VAFSEO saw strong initial uptake but faced high discontinuation rates due to unfamiliarity with oral dosing in dialysis settings.

• Implementation of three-times-weekly (TIW) observed dosing reduced discontinuation rates significantly in early-adopting centers.

• Access expanded to 275,000 patients by end of 2025, with ongoing efforts to establish VAFSEO as standard of care.

• Ongoing studies (VOCAL, VOICE) using TIW dosing aim to support label updates and further adoption.

Clinical data and future studies

• VOCAL study (vs. Mircera) expected to show strong hemoglobin control and improved red blood cell phenotypes, with data by year-end.

• VOICE study (vs. Epogen) completed enrollment, with results expected early 2027, focusing on death and hospitalization rates.

• Data from these studies are expected to drive long-term growth and support VAFSEO's position in a billion-dollar ESA market.