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Jun 30, 2020
Akebia Q2 2020 Earnings Report
Reported financial results for the second quarter ended June 30, 2020.
Key Takeaways
Akebia Therapeutics reported a total revenue of $90.1 million for the second quarter of 2020, compared to $100.8 million for the second quarter of 2019. Net loss was $175.8 million for the second quarter of 2020, compared to $58.2 million for the second quarter of 2019. Cash, cash equivalents and available-for-sale securities as of June 30, 2020 were $295.3 million.
Top-line data readout of global Phase 3 PRO2TECT program of vadadustat for treatment of anemia due to CKD in adult patients not on dialysis on track for early September.
Cash runway extends beyond expected U.S. launch of vadadustat.
Vadadustat obtained first regulatory approval in Japan.
Company completed a public offering of its common stock raising net proceeds of $142.4 million.
Revenue by Segment
Forward Guidance
Akebia is focused on advancing its vadadustat clinical development program and preparing for the potential U.S. launch of vadadustat.
Positive Outlook
- Top-line data readout of global Phase 3 PRO2TECT program of vadadustat for treatment of anemia due to CKD in adult patients not on dialysis on track for early September
- Cash runway extends beyond expected U.S. launch of vadadustat
- Positive top-line data from INNO2VATE program highlighting vadadustat’s potential
- Vadadustat obtained first regulatory approval in Japan
- Collaboration partner, Japan Tobacco, Inc., filed a supplemental New Drug Application with the Pharmaceuticals and Medical Devices Agency (PMDA)
Challenges Ahead
- Potential direct or indirect impact of the COVID-19 pandemic
- Risk that existing preclinical and clinical data may not be predictive of the results of ongoing or later clinical trials, including PRO2TECT
- Risk that clinical trials may not be successful
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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