AKBA earnings analysis
What we found in AKBA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Akebia Therapeutics reported Q1 2026 revenues of $53.5 million, a 7% decrease from the prior year, with a diluted EPS of -$0.03, underperforming against expectations of -$0.01. Although revenues from Auryxia declined due to generic competition, Vafseo experienced significant growth. Cash position remains strong at $164.3 million, despite a net loss of $9.1 million, as management signals cautious optimism regarding ongoing commercialization amidst regulatory pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue fell to $53.5 million, down 7% from $57.3 million a year ago.
- Increased Vafseo Revenue
- Vafseo revenue increased to $15.8 million from $12.0 million year-over-year.
- Strong Cash Position
- Cash and cash equivalents at the end of the quarter stood at $164.3 million.
- Net Loss Nearly Doubled
- Net loss of $9.1 million marks a significant increase from prior year's income of $6.1 million.
- R&D and SG&A Surge
- R&D expenses were up 52% to $14.8 million while SG&A rose 18% to $30.4 million.
- Compliance Focus
- Management indicates ongoing efforts to enhance compliance with evolving regulations.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decline in Auryxia Sales
- Auryxia sales dropped to $36.2 million from $43.8 million last year due to increased generic competition.
- Regulatory Scrutiny
- FDA's increased oversight on promotional advertising could hinder marketing.
- Dependence on Third-Party Manufacturers
- Potential supply issues from reliance on third-party CDMOs raise concerns about meeting demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.03
- Segment
- Auryxia
- Segment
- Vafseo
What they said about what is next.
Management anticipates continued challenges from market competition and regulatory environment.
The filing reads worse than the one before it.
What came before.
- 10-K · February 26, 2026
- Akebia reported strong commercial traction in 2025 driven by the U.S. launch of Vafseo and continued Auryxia sales, with the company reporting full-year net product revenues of $227.3 million (a 49% increase over 2024)…
- 10-Q · November 10, 2025
- Akebia reported strong Q3 results driven by the commercial launch of Vafseo and higher Auryxia volumes: revenue rose to $58.766M (+57% YoY) and the company produced GAAP net income of $0.54M (basic EPS $0.00). Gross…
- 10-Q · May 8, 2025
- Akebia reported Q1 revenue of $57.3M, up 76% year-over-year and producing product revenue of $55.8M driven by Vafseo launch and higher Auryxia sales. Gross margin expanded to 86.7% and operating income was $13.5M…
- 10-Q · November 7, 2024
- Akebia reported total revenue of $37.4M in Q3 2024, down 11% year-over-year, driven by Auryxia product sales of $35.6M. Gross margin remained healthy at ~62.2% but the company recorded a GAAP net loss of $20.0M (EPS…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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