Akebia Therapeutics, Inc. reported a net product revenue of $227.3 million for the year ended December 31, 2025, a 49% increase compared to $152.2 million in 2024. This growth was primarily attributed to the market entry of Vafseo in January 2025 and increased sales volumes of Auryxia. License, collaboration, and other revenue also saw an 11% increase, reaching $8.9 million in 2025 from $8.0 million in the previous year. However, the company experienced a net loss of $5.3 million, a significant decrease from the $69.4 million net loss reported in 2024.
The company's cost of product and other revenue increased by 45% to $39.5 million in 2025, up from $27.1 million in 2024, due to higher Auryxia volume. Research and development expenses rose by 66% to $62.4 million, driven by increased clinical trial activities and higher personnel-related costs, including the $12.8 million acquisition of an in-process research and development asset. Selling, general, and administrative expenses saw a slight increase of 1%, totaling $107.5 million in 2025 compared to $106.5 million in 2024, primarily due to higher marketing costs associated with the Vafseo U.S. launch.
Key operational developments included the commercial launch of Vafseo in the U.S. in January 2025, with commercial supply agreements in place covering nearly 100% of dialysis patients. As of December 31, 2025, approximately 290,000 dialysis patients in the U.S. had prescribing access to Vafseo. In December 2025, the first patient was dosed in a Phase 2 clinical trial of praliciguat for the treatment of FSGS. The company also completed the purchase of AKB-097 from Q32 Bio in November 2025. Auryxia reached loss of exclusivity in March 2025, and the company anticipates increased generic competition in 2026, which is expected to adversely impact revenue.
Looking ahead, Akebia plans to drive Vafseo to become the standard of care for anemia treatment in dialysis patients and continue supporting Auryxia's commercial availability. The company also intends to advance its rare kidney disease pipeline, including praliciguat and AKB-097, and leverage its expertise in HIF biology to explore opportunities beyond kidney disease. The company expects to initiate a Phase 2 basket study for AKB-097 in the second half of 2026 and a Phase 1 study for AKB-9090 in the first half of 2026. Akebia also plans to continue exploring strategic growth opportunities while maintaining financial discipline and operational effectiveness.
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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