Akebia Therapeutics, Inc. AKBA
We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease. We have built a business focused on developing and commercializing innovative therapeutics that we believe serve as a foundation for future growth, including by contributing net product revenue to support the development and advancement of our robust pipeline of mid-stage programs targeting rare kidney diseases and early-stage programs targeting kidney disease and non-kidney focused indications.
We have established the Company as a leader in the kidney community and believe our cross-organizational expertise in kidney disease positions us for success. Chronic kidney disease, or CKD, is a condition in which the kidneys are progressively damaged to the point that they cannot properly filter the blood circulating in the body. This damage causes waste products to build up in the patient's blood, leading to other health problems, including anemia, cardiovascular disease and bone disease. CKD significantly impacts the United States, or U.S., healthcare system, potentially affecting approximately 35.5 million patients. In 2022, in the U.S. treating Medicare beneficiaries with CKD cost an estimated $95.7 billion, and treating people on dialysis cost an estimated $45.3 billion. Our two commercial products address certain complications of kidney disease.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $236.2M | $160.2M | $194.6M | $292.5M | $211.7M | $294.6M | $335.0M | $207.7M | $181.2M | $1.5M |
| Cost of revenue | $39.5M | $63.2M | $74.1M | $85.6M | $150.7M | $296.5M | $145.3M | $7.8M | — | — |
| Gross profit | $196.7M | $97.0M | $120.5M | $206.9M | $61.0M | -$1.8M | $189.7M | $200.0M | — | — |
| R&D | $62.4M | $37.7M | $63.1M | $130.0M | $147.9M | $218.5M | $323.0M | $291.0M | $230.9M | $115.8M |
| SG&A | $107.5M | $106.5M | $100.2M | $138.6M | $174.1M | $154.1M | $149.5M | $87.1M | $27.0M | $22.2M |
| Total operating expenses | $173.2M | $147.5M | $166.7M | $287.7M | $325.5M | $376.0M | $476.0M | $378.1M | $257.9M | $138.0M |
| Operating income | $23.5M | -$50.5M | -$46.3M | -$80.8M | -$264.5M | -$377.8M | -$286.3M | -$178.2M | -$76.7M | -$136.5M |
| Pre-tax income | -$3.7M | -$69.4M | -$51.9M | -$94.2M | -$282.0M | -$384.8M | -$286.3M | -$171.9M | -$73.7M | -$135.7M |
| Income tax | $1.6M | $0 | $0 | $0 | $0 | $0 | $6.6M | $28.3M | — | — |
| Net income | -$5.3M | -$69.4M | -$51.9M | -$94.2M | -$282.0M | -$384.8M | -$279.7M | -$143.6M | -$73.7M | -$135.7M |
| EPS, basic | -0.02 | -0.33 | -0.28 | -0.52 | -1.70 | -2.78 | -2.36 | — | — | — |
| EPS, diluted | -0.02 | -0.33 | -0.28 | -0.52 | -1.70 | -2.78 | -2.36 | -2.47 | -1.69 | -3.60 |
| Shares, diluted (wtd. avg.) | $257.2M | $210.9M | $187.5M | $182.8M | $165.9M | $138.5M | $118.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $184.8M | $51.9M | $42.9M | $93.2M | $151.8M | $228.7M | $149.8M | $107.1M | $70.2M | $187.3M |
| Short-term investments | — | — | — | — | — | — | $245.0K | $216.8M | $217.9M | $65.1M |
| Receivables | $47.0M | $34.4M | $39.3M | $40.3M | $51.6M | $26.9M | $38.9M | $16.7M | $34.2M | $33.8M |
| Inventory | $15.6M | $16.2M | $15.7M | $21.6M | $36.6M | $61.0M | $116.3M | $114.2M | — | — |
| Total current assets | $253.0M | $113.8M | $118.1M | $185.2M | $271.1M | $371.4M | $309.5M | $468.3M | $358.4M | $296.3M |
| Property, plant and equipment | $1.2M | $2.2M | $3.6M | $5.2M | $6.8M | $8.6M | $10.4M | $8.0M | $3.6M | $2.6M |
| Goodwill | $59.0M | $59.0M | $59.0M | $59.0M | $59.0M | $55.1M | $55.1M | $55.1M | — | — |
| Other intangibles | — | $0 | $36.0M | $72.1M | $108.1M | $144.2M | $291.2M | $328.2M | — | — |
| Total assets | $376.6M | $220.7M | $241.7M | $356.1M | $529.3M | $644.1M | $771.2M | $996.5M | $364.2M | $300.2M |
| Accounts payable | $21.2M | $15.2M | $14.6M | $18.0M | $33.6M | $41.3M | $39.2M | $42.8M | $7.0M | $2.0M |
| Short-term debt | — | $0 | $17.5M | $32.0M | $97.5M | $0 | — | $15.0M | — | — |
| Total current liabilities | $162.9M | $80.9M | $99.9M | $129.5M | $261.1M | $187.1M | $208.1M | $265.7M | $141.1M | $114.3M |
| Long-term debt | $48.2M | $38.7M | $17.2M | $34.1M | $0 | $96.4M | $75.8M | — | — | — |
| Total liabilities | $344.0M | $269.9M | $272.3M | $350.8M | $455.3M | $396.5M | $376.4M | $360.6M | $241.7M | $232.1M |
| Retained earnings | -$1.68B | -$1.68B | -$1.61B | -$1.56B | -$1.46B | -$1.18B | -$794.1M | -$514.4M | -$370.8M | -$297.1M |
| Total equity | $32.6M | -$49.2M | -$30.6M | $5.2M | $74.0M | $244.4M | $392.9M | $635.9M | $122.6M | $68.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $68.0M | -$40.7M | -$23.4M | -$73.2M | -$253.0M | -$110.4M | -$257.4M | -$97.5M | -$56.2M | $57.9M |
| Depreciation and amortisation | $1.3M | $1.5M | $1.6M | $1.7M | $1.9M | $2.1M | $2.2M | $899.0K | $617.0K | $296.0K |
| Stock-based compensation | $11.3M | $7.8M | $9.3M | $17.8M | $22.7M | $24.5M | $11.9M | $19.0M | $8.9M | $5.8M |
| Capital expenditure | $291.0K | $33.0K | $0 | $114.0K | $59.0K | $317.0K | $6.7M | $1.6M | $1.6M | $2.7M |
| Investing cash flow | -$7.9M | -$33.0K | $0 | -$114.0K | $39.9M | -$40.0M | $211.2M | $36.6M | -$177.3M | $12.7M |
| Financing cash flow | $72.9M | $49.7M | -$25.2M | $14.6M | $133.7M | $231.7M | $89.0M | $96.6M | $116.2M | $66.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001517022-26-000034.
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