Akebia Therapeutics Reports Financial Results for the Second Quarter of 2026
Akebia Therapeutics, Inc. announced its financial results for the second quarter and the first six months ended June 30, 2026. The company reported total revenues of $49.1 million for the three months ended June 30, 2026, a decrease of 21% from $62.5 million in the same period of 2025. For the six-month period, total revenues were $102.7 million, down 14% from $119.8 million in the prior year. The decrease in total revenues was primarily driven by a 23% reduction in net product revenue for the second quarter and a 15% reduction for the first six months, largely due to the loss of exclusivity for Auryxia and the subsequent market entry of generic versions.
The company experienced a net loss of $8.9 million, or $0.03 per share, for the second quarter of 2026, compared to a net income of $0.2 million, or $0.00 per share, for the second quarter of 2025. For the first six months of 2026, Akebia reported a net loss of $18.0 million, or $0.07 per share, a significant shift from a net income of $6.4 million, or $0.03 per share, in the corresponding period of 2025. This change in profitability is attributed to decreased product revenues, increased research and development expenses, and higher selling, general, and administrative costs.
In terms of strategic developments, Akebia Therapeutics continued to advance its pipeline. The company announced the initiation of a Phase 2 basket study for ebribafusp (AKB-097) in IgA Nephropathy, C3 Glomerulopathy, and Lupus Nephritis in August 2026. Additionally, the first patient was dosed in a Phase 1 clinical trial for AKB-9090 for the treatment of cardiac surgery-related acute kidney injury in April 2026. The company also reported progress on its lease agreements, entering into a new lease for its corporate headquarters in Waltham, Massachusetts, with plans to relocate in September 2026.
Operationally, Akebia Therapeutics saw a decrease in net product revenue, with Auryxia sales significantly impacted by generic competition following Teva Pharmaceuticals' ANDA approval in March 2026. Vafseo revenues, however, saw an increase, partially offsetting the decline in Auryxia sales. Research and development expenses increased by 28% for the second quarter and 39% for the first six months, primarily due to increased clinical trial activities for pipeline assets like praliciguat and ebribafusp. Selling, general, and administrative expenses also rose, driven by increased commercialization activities. The company ended the second quarter with $155.5 million in cash and cash equivalents.
Looking ahead, Akebia Therapeutics anticipates continued R&D investments to support its pipeline. The company expects Vafseo revenues to decrease in 2027 compared to 2026 due to anticipated lower pricing as the product transitions from the Transitional Drug Add-on Payment Adjustment (TDAPA) period to the post-TDAPA period. Akebia believes its current cash resources and expected revenues are sufficient to fund its operating plan for at least two years, contingent on refinancing its senior secured term loan. The company may seek additional financing through equity or debt transactions if needed.
About Akebia Therapeutics, Inc.
Akebia Therapeutics, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for kidney disease. Its core products include Vafseo, an oral treatment for anemia due to chronic kidney disease (CKD) in dialysis patients, and Auryxia, an oral medicine for hyperphosphatemia and iron deficiency anemia in CKD patients. Akebia leverages hypoxia-inducible factor (HIF) science and targets nephrology markets through direct sales and partnerships globally.
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