Earnings Releases·Nov 5, 2026, 7:13 AM ET

Akebia Therapeutics — Third Quarter 2026 Earnings Summary

Total revenues declined 37% year-over-year to $36.9 million in Q3 2026, driven by a 53% drop in Auryxia revenues to $20.0 million and a 25% sequential decrease in Vafseo revenues to $14.8 million due to inventory reduction.
The company reported a net loss of $14.4 million compared to a net income of $0.5 million in the prior year period, while maintaining a cash position of $159.3 million sufficient to fund operations for at least two years.
Akebia anticipates continued Auryxia revenue declines in 2026 due to generic competition and expects Vafseo access to expand to nearly all clinically eligible patients in 2027, alongside the release of Phase 2 data for ebribafusp alfa.
Strategic progress includes the VOCAL trial meeting its primary endpoint and the VOICE trial demonstrating improved safety outcomes for vadadustat, supporting management's goal to establish Vafseo as the standard of care.
Management plans to refinance its senior secured term loan facility, while Vafseo faces ongoing risks from a boxed warning and approaching TDAPA expiration.