Akebia Therapeutics Reports $6.1 Million Net Income and 76% Revenue Growth for Q1 2025

Akebia Therapeutics, Inc. reported a net income of $6.1 million for the quarter ended March 31, 2025, a significant improvement from the net loss of $17.985 million in the same period of 2024. Total revenues increased by 76% to $57.336 million, driven primarily by the launch of Vafseo (vadadustat) in January 2025, which generated $12.034 million in product revenue. Auryxia (ferric citrate) sales, while experiencing loss of exclusivity in March 2025, still contributed significantly to the overall revenue, reaching $43.757 million for the quarter.

The company's cost of goods sold decreased by 34% to $7.625 million, primarily due to the absence of intangible asset amortization, which was fully amortized by the end of 2024. Research and development expenses remained relatively stable at $9.754 million, while selling, general and administrative expenses increased slightly to $25.742 million. The significant increase in net income is largely attributable to the successful launch of Vafseo and the positive impact of the loss of exclusivity on Auryxia's cost of goods sold.

A key strategic development during the quarter was the completion of a public offering of common stock, raising net proceeds of $46.5 million. The company also drew down an additional $10 million under its BlackRock Credit Agreement, bringing the total drawn to $55 million. The company terminated its license agreement with CSL Vifor, resulting in a liability related to settlement royalties and a working capital fund liability, both accounted for as debt arrangements.

Operationally, Akebia reported maintaining contracts with dialysis organizations for nearly 100% of dialysis patients in the U.S. for Vafseo. Vafseo is also approved and marketed in several international markets through collaboration partners. The company noted that Auryxia's revenue decline following loss of exclusivity may be slower than expected due to its inclusion in the ESRD bundle. The company also highlighted ongoing efforts to remediate a material weakness in internal control over financial reporting identified in the previous fiscal year, relating to inventory accounting.

Looking ahead, Akebia stated that its current cash resources and expected revenues are sufficient to fund its operating plan for at least twelve months. However, the company acknowledged the risks associated with its operating performance, the impact of loss of exclusivity on Auryxia, and the need for potential future financing. The company also mentioned ongoing clinical trials and label expansion opportunities for Vafseo, as well as preclinical development of other HIF-based molecules.