Akebia Q3 2023 Earnings Report

Akebia reported third quarter financial results, highlighting Auryxia net product revenue and progress with vadadustat NDA resubmission.

Key Takeaways

Akebia Therapeutics reported a decrease in total revenues to $42.0 million for the third quarter of 2023, compared to $48.7 million for the third quarter of 2022. Net loss was $14.5 million, significantly lower than the $54.1 million net loss in the same quarter of the previous year. The company's cash position remains strong, with $48.2 million in cash, cash equivalents, and restricted cash as of September 30, 2023.

Vadadustat NDA was assigned a PDUFA date of March 27, 2024.

Vadadustat has been approved in 36 countries, including Australia and Taiwan.

Akebia strengthened its cash position by modifying the Pharmakon loan.

Auryxia net product revenue for the quarter was $40.1 million.

Previous year: -$0.28

-71.4%