Akebia Therapeutics (AKBA) Q1 2026 earnings summary

Executive summary

• Q1 2026 total net product revenues were $52.0–$53.5 million, with Vafseo revenues rising to $15.8 million, up 32% year-over-year, offsetting Auryxia declines due to generic competition.

• Net loss for Q1 2026 was $9.1 million, compared to net income of $6.1 million in Q1 2025, reflecting lower Auryxia sales and higher R&D and SG&A expenses.

• Cash and cash equivalents stood at $162.6 million as of March 31, 2026, expected to fund operations for at least two years.

• Vafseo adoption broadened, with a 60% increase in patients and a 28% rise in prescribers quarter-over-quarter.

• Clinical pipeline advanced with ongoing Phase 2 trials for praliciguat in FSGS, initiation of Phase 1 for AKB-9090, and plans for Phase 2 basket trial for Ebri/AKB-097.

Financial highlights

• Total revenues for Q1 2026 were $53.5 million, down from $57.3 million in Q1 2025, due to lower Auryxia revenues despite higher Vafseo sales.

• Vafseo net product revenues rose to $15.8 million from $12.0 million year-over-year; Auryxia revenues declined to $36.2 million from $43.8 million.

• Cost of goods sold increased to $12.3 million, mainly due to Auryxia inventory write-downs.

• R&D expenses rose to $14.8 million, and SG&A expenses to $30.4 million, both reflecting higher headcount and clinical activity.

• Net loss per share was $(0.03) in Q1 2026 versus $0.03 in Q1 2025.

Outlook and guidance

• Auryxia revenues are expected to decrease further in 2026 due to increased generic competition.

• Vafseo revenue growth is anticipated to accelerate as more dialysis organizations adopt observed dosing protocols, with DaVita expected to transition in H2 2026.

• Top-line data from the VOCAL study is expected by year-end, and VOICE trial results are anticipated in early 2027.

• Cash resources and anticipated revenues are projected to fund operations for at least two years.

• Ongoing investment in pipeline assets, including praliciguat (Phase 2) and AKB-097 (Phase 2 planned for H2 2026).