Akebia Therapeutics (AKBA) Q4 2025 earnings summary

Executive summary

• Achieved $227.3 million in net product revenue in 2025, driven by the commercial launch of Vafseo and growth in Auryxia sales.

• Over 1,000 prescribers at 24 dialysis organizations have written Vafseo prescriptions, with 290,000 patients having access.

• Net loss for 2025 decreased to $5.3 million from $69.4 million in 2024; Q4 net loss was $12.2 million, down from $22.8 million in Q4 2024.

• Cash and cash equivalents stood at $184.8 million at year-end 2025, supporting at least two years of operations.

• Expanded rare kidney disease pipeline with praliciguat, AKB-097, and AKB-9090, targeting significant unmet needs.

Financial highlights

• Total revenues reached $236.2 million in 2025, up from $160.2 million in 2024; Q4 2025 revenues were $57.6 million, up from $46.5 million in Q4 2024.

• Vafseo net product revenues were $45.8 million for 2025, with $6.2 million in Q4, impacted by a $4.8 million one-time inventory drawdown.

• Auryxia net product revenues were $181.5 million in 2025, up from $152.2 million in 2024.

• Cost of goods sold was $39.5 million in 2025, down from $63.2 million in 2024, reflecting elimination of non-cash amortization charges.

• R&D expenses rose to $62.4 million in 2025, up from $37.7 million in 2024, driven by clinical trial activity and acquisition costs.

Outlook and guidance

• Expecting continued Vafseo growth in 2026, supported by expanded prescriber access and improved adherence.

• Anticipate Auryxia revenues to decrease in 2026 due to expanding generic competition.

• VOCAL study top-line data expected in Q4 2026; VOICE study data in Q1 2027.

• AKB-097 basket study to initiate in H2 2026, with initial data in 2027; AKB-9090 phase I study to begin and complete in 2026.

• Cash resources and operations expected to fund the current operating plan for at least two years.