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Sep 30, 2022
Akebia Q3 2022 Earnings Report
Akebia's financial performance remained relatively stable with a slight increase in total revenue and a reduction in net loss compared to the same quarter last year. The company focused on managing operating expenses and advancing its regulatory and pipeline initiatives.
Key Takeaways
Akebia Therapeutics reported a slight increase in total revenue to $49.0 million, driven by a 14.9% increase in Auryxia net product revenue, offset by a decrease in license and collaboration revenue. The company's net loss was reduced to $51.9 million. Akebia is focused on managing operating expenses and pursuing regulatory approval for vadadustat.
Total revenue increased slightly to $49.0 million compared to $48.8 million in Q3 2021.
Auryxia net product revenue increased by 14.9% to $42.2 million compared to Q3 2021.
Net loss decreased to $51.9 million compared to $59.5 million in Q3 2021.
Cash and cash equivalents totaled $144.8 million as of September 30, 2022.
Akebia
Akebia
Akebia Revenue by Segment
Revenue by Segment
Auryxia Net Product Revenue
CapyFin.comLicense, Collaboration & Other Revenue
CapyFin.com Forward Guidance
Akebia affirmed its 2022 Auryxia net product revenue guidance of $170 - $175 million.
Positive Outlook
- Affirmed 2022 Auryxia net product revenue guidance of $170 - $175M
- Based on the current review timeline, Akebia expects a decision on the MAA from EMA in the first quarter of 2023.
- Akebia continued to strengthen its balance sheet position by retiring $33 million of its $100 million debt facility with Pharmakon, inclusive of the first quarterly principal repayment.
- Akebia has since further collaborated with UTHealth to begin outlining potential next steps associated with an ARDS development program.
- By focusing on operating expenses and winding down certain projects, we’re pleased to report a reduction in spend quarter over quarter in 2022.
Challenges Ahead
- The phosphate binder market has contracted 15%.
- A decrease from the second quarter of 2022 partially due to the drawdown of inventory at certain customers during the third quarter of 2022.
- The decrease was primarily related to a reduction in revenue from the termination of the U.S. and international collaboration agreements between Akebia and Otsuka in the second quarter of 2022.
- Increases in serum ferritin and transferrin saturation (TSAT) were observed in clinical trials with AURYXIA in patients with chronic kidney disease (CKD) on dialysis treated for hyperphosphatemia, which may lead to excessive elevations in iron stores.
- Accidental ingestion and resulting overdose of iron-containing products is a leading cause of fatal poisoning in children under 6 years of age.
Revenue & Expenses
Visualization of income flow from segment revenue to net income