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Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. Its product portfolio includes Vafseo (vadadustat), an oral hypoxia-inducible factor prolyl hydroxylase, for the treatment of anemia due to chronic kidney disease (CKD) in dialysis-dependent (DD) and non-dialysis dependent (NDD) patients; and Auryxia, a ferric citrate that is used to control the serum phosphorus levels in adult patients with DD-CKD and the treatment of iron deficiency anemia in adult patients with NDD-CKD. The company is also developing AKB-9090, which is in Phase 2 clinical trial for treating cardiac surgery-related acute kidney injury and acute respiratory distress syndrome; and AKB-10108 for the treatment of retinopathy of prematurity in neonates. The company has license and collaboration agreements with Tanabe Pharma Corporation for the development and commercialization of Vafseo in Japan and other Asian countries; Vafseo License and Collaboration Agreements; CSL Vifor Agreements; Averoa License Agreement; License Agreement with Panion & BF Biotech, Inc.; Cyclerion Therapeutics License Agreement; and Q32 Asset Purchase Agreement. Akebia Therapeutics, Inc. was incorporated in 2007 and is headquartered in Cambridge, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $236M | $22M | $-5M | $60M | -16.4% | 47.5% | -92.3% |
| 2024 | $160M | $-14M | $-69M | $-41M | 141.1% | -17.7% | 33.7% |
| 2023 | $195M | $-8M | $-52M | $-23M | 169.8% | -33.5% | -44.9% |
| 2022 | $292M | $-41M | $-94M | $-73M | -1801.6% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 292.48 | 194.62 | 160.18 | 236.20 |
| Operating Revenue | - | 292.48 | 194.62 | 160.18 | 236.20 |
| Cost Of Revenue | - | 85.57 | 74.15 | 63.18 | 39.46 |
| Gross Profit | - | 206.92 | 120.47 | 97 | 196.73 |
| Operating Expense | - | 271.76 | 166.55 | 147.42 | 173.24 |
| Research And Development | - | 129.99 | 63.08 | 37.65 | 62.36 |
| Selling General And Administration | - | 138.60 | 100.23 | 106.54 | 107.48 |
| Total Expenses | - | 357.33 | 240.70 | 210.59 | 212.70 |
| Operating Income | - | -64.85 | -46.08 | -50.41 | 23.50 |
| Total Operating Income As Reported | - | -80.78 | -46.26 | -50.47 | 23.50 |
| EBITDA | - | -40.84 | -8.27 | -13.72 | 21.73 |
| Normalized EBITDA | - | -24 | -7.56 | -12.82 | 24.83 |
| EBIT | - | -78.54 | -45.89 | -51.22 | 20.46 |
| Interest Expense | - | 15.69 | 6.03 | 18.18 | 24.18 |
| Net Interest Income | - | -15.69 | -6.03 | -18.18 | -24.18 |
| Other Non Operating Income Expenses | - | 3.15 | 0.89 | 0.09 | 0.06 |
| Other Income Expense | - | -13.69 | 0.18 | -0.81 | -3.04 |
| Interest Expense Non Operating | - | 15.69 | 6.03 | 18.18 | 24.18 |
| Net Non Operating Interest Income Expense | - | -15.69 | -6.03 | -18.18 | -24.18 |
| Pretax Income | - | -94.23 | -51.92 | -69.41 | -3.72 |
| Tax Provision | - | 0 | 0 | 0 | 1.62 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -0.65 |
| Net Income Continuous Operations | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income From Continuing And Discontinued Operation | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income From Continuing Operation Net Minority Interest | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income Common Stockholders | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Net Income Including Noncontrolling Interests | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Normalized Income | - | -77.39 | -51.22 | -68.50 | -2.90 |
| Diluted NI Availto Com Stockholders | - | -94.23 | -51.92 | -69.41 | -5.34 |
| Basic Average Shares | - | 182.78 | 187.47 | 210.95 | 257.16 |
| Diluted Average Shares | - | 182.78 | 187.47 | 210.95 | 257.16 |
| Reconciled Depreciation | - | 37.70 | 37.63 | 37.50 | 1.27 |
| Reconciled Cost Of Revenue | - | 85.57 | 74.15 | 63.18 | 39.46 |
| Total Unusual Items | - | -16.84 | -0.70 | -0.90 | -3.10 |
| Total Unusual Items Excluding Goodwill | - | -16.84 | -0.70 | -0.90 | -3.10 |
| Special Income Charges | - | -16.84 | -0.70 | -0.57 | 0 |
| Other Special Charges | - | 0.91 | 0.52 | 0.52 | - |
| Restructuring And Mergern Acquisition | - | 15.93 | 0.18 | 0.06 | 0 |
| Gain On Sale Of Security | - | - | - | -0.33 | -3.10 |
| General And Administrative Expense | 177.65 | 141.87 | - | - | - |
| Other Gand A | 177.65 | 141.87 | - | - | - |
| Total Other Finance Cost | 19.94 | 15.69 | - | - | - |
| Other Operating Expenses | - | 3.18 | 3.24 | 3.22 | 3.40 |
| Selling And Marketing Expense | 174.14 | 138.60 | 100.23 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Akebia Therapeutics, Inc.this co. | AKBA | $260M | -48.70 | 7.98 | -16.4% | 5.86 |
| Entrada Therapeutics, Inc. | TRDA | $272M | -1.89 | 0.89 | -47.0% | -1.51 |
| Anavex Life Sciences Corp. | AVXL | $261M | -5.63 | 2.75 | -48.9% | - |
| Fate Therapeutics, Inc. | FATE | $258M | -1.89 | 1.24 | -65.8% | -2.14 |
| Nuvectis Pharma, Inc. | NVCT | $257M |
| - |
| - |
| - |
| - |
| - |
| - |
| -9.70 |
| 13.93 |
| -143.6% |
| - |
| Codexis, Inc. | CDXS | $255M | -5.79 | 5.04 | -87.0% | -8.18 |
| Sight Sciences, Inc. | SGHT | $250M | -6.51 | 3.91 | -60.1% | -6.07 |
| Protara Therapeutics, Inc. | TARA | $248M | -4.32 | 1.26 | -29.2% | -3.14 |
| Coherus Oncology, Inc. | CHRS | $243M | 1.45 | 3.98 | 275.4% | -1.14 |
| Peer Median | - | -4.98 | 3.33 | -54.5% | -2.64 | |