$AKBA

Akebia Therapeutics, Inc.

CIK:0001517022|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Total revenues	$ 49,128	$ 62,472	$ 102,672	$ 119,808
Cost of goods sold
Cost of product and other revenue	10,424	9,919	22,714	17,544
Total cost of goods sold	10,424	9,919	22,714	17,544
Operating expenses:
Research and development	14,059	11,013	28,866	20,767
Selling, general and administrative	28,171	26,555	58,607	52,297
License	855	896	1,562	1,597
Restructuring	1,945	0	1,945	0
Total operating expenses	45,030	38,464	90,980	74,661
Income (loss) from operations	(6,326)	14,089	(11,022)	27,603
Other income (expense)
Interest expense	(3,071)	(6,834)	(7,762)	(14,604)
Other income (expense)	(7)	(28)	(4)	185
Change in fair value of warrant liability	566	(6,980)	1,022	(6,825)
Income (loss) before income taxes	(8,838)	247	(17,766)	6,359
Income tax expense	(70)	0	(196)	0
Net income (loss)	(8,908)	247	(17,962)	6,359
Comprehensive income (loss)	$ (8,908)	$ 247	$ (17,962)	$ 6,359
Net income (loss) per share:
Basic (in dollars per share)	$ (0.03)	$ 0	$ (0.07)	$ 0.03
Diluted (in dollars per share)	$ (0.03)	$ 0	$ (0.07)	$ 0.02
Weighted average shares of common stock outstanding:
Basic (in shares)	269,602,747	262,565,500	268,331,812	249,106,383
Diluted (in shares)	269,602,747	271,104,020	268,331,812	256,539,065
Product revenue, net
Revenues
Total revenues	$ 46,765	$ 60,461	$ 98,757	$ 116,252
License, collaboration and other revenue
Revenues
Total revenues	$ 2,363	$ 2,011	$ 3,915	$ 3,556

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income (loss)	$ (17,962)	$ 6,359
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	913	630
Impairment of fixed assets	64	0
Bad debt expense	198	959
Change in fair value of warrant liability	(1,022)	6,825
Non-cash royalty revenue related to sale of future royalties	(743)	(863)
Non-cash interest expense	7,384	12,437
Non-cash operating lease expense	2,422	2,231
Write-down of inventory	4,943	115
Gain on the sale of property and equipment	0	(172)
Stock-based compensation expense	6,894	4,863
Changes in operating assets and liabilities:
Accounts receivable	(6,673)	(39,400)
Inventory	(3,195)	(12,606)
Prepaid expenses and other current assets	(2,002)	3,518
Other long-term assets	(710)	103
Accounts payable	(5,190)	1,491
Accrued expense and other current liabilities	(3,406)	18,778
Operating lease liabilities	(2,611)	(2,647)
Deferred revenue	3,488	5,532
Other long-term liabilities	(474)	605
Net cash provided by (used in) operating activities	(17,682)	8,758
Investing Activities:
Purchases of equipment	(1,141)	(144)
Proceeds from the sale of property and equipment	0	172
Purchase of IPR&D asset	(3,000)	0
Net cash provided by (used in) investing activities	(4,141)	28
Financing Activities:
Proceeds from the issuance of debt	0	10,000
Payments of issuance costs related to BlackRock Credit Agreement	0	(63)
Proceeds from issuance of common stock, net of issuance costs	3,240	66,449
Proceeds from issuance of stock under employee stock purchase plan	131	78
Proceeds from the exercise of stock options	105	660
Repayment of WCF liability	(8,854)	0
Repayment of liability related to settlement royalties	(2,086)	0
Repayment of term debt	0	(462)
Net cash provided by (used in) financing activities	(7,464)	76,662
Increase (decrease) in cash, cash equivalents and restricted cash	(29,287)	85,448
Cash, cash equivalents and restricted cash — beginning of period	186,543	53,550
Cash, cash equivalents and restricted cash — end of period	157,256	138,998
Supplemental disclosures of non-cash financing and investing activities
Issuance of warrants in connection with BlackRock Credit Agreement	0	2,199
Purchase of IPR&D asset included in accrued expenses and other current liabilities	2,000	0
Right-of-use asset obtained in exchange for lease liabilities	4,559	0
Property and equipment included in accounts payable	$ 128	$ 0

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 155,548	$ 184,844
Inventories	13,018	15,610
Accounts receivable, net	53,506	47,031
Prepaid expenses and other current assets	7,481	5,470
Total current assets	229,553	252,955
Property and equipment, net	1,514	1,222
Operating right-of-use assets	5,800	3,663
Goodwill	59,044	59,044
Other long-term assets	53,747	59,681
Total assets	349,658	376,565
Current liabilities:
Accounts payable	9,422	21,185
Accrued expenses and other current liabilities	109,797	121,716
Current portion of deferred revenue	6,169	2,681
Current portion of long-term debt	24,809	0
Working Capital Fund liability, current portion	10,668	17,356
Total current liabilities	160,865	162,938
Long-term operating lease liabilities	4,400	0
Long-term debt, net of current portion	24,754	48,250
Liability related to settlement royalties, net of current portion	60,848	54,750
Liability related to sale of future royalties, net of current portion	50,034	50,608
Working Capital Fund liability, net of current portion	21,219	22,606
Warrant liability	1,958	2,980
Other long-term liabilities	562	1,823
Total liabilities	324,640	343,955
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock $0.00001 par value; 25,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Common stock $0.00001 par value; 500,000,000 and 350,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively; 271,742,717 and 265,424,818 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	2	2
Additional paid-in capital	1,726,677	1,716,307
Accumulated other comprehensive income	6	6
Accumulated deficit	(1,701,667)	(1,683,705)
Total stockholders' equity	25,018	32,610
Total liabilities and stockholders' equity	$ 349,658	$ 376,565