Akebia Swings To $14.4 Million Loss Despite Vafseo's Growing Patient Count
Auryxia sales fell under pressure from generic competition, while inventory reductions limited Vafseo revenue.
Akebia Therapeutics, which develops and sells kidney-disease medicines, swung to a third-quarter $14.4 million loss from a $0.5 million profit a year earlier, according to results released Thursday with its SEC filing. Revenue fell to $36.9 million from $58.8 million as declining Auryxia sales outweighed modest growth from Vafseo.
More Patients, Limited Sales Growth
Auryxia generated $20.0 million in third-quarter sales, versus $42.5 million a year earlier. Akebia attributed the decline to generic competition and pricing pressure and expects sales to remain lower in 2026 than in 2025.
Vafseo's patient count reached approximately 11,500 at quarter-end, up approximately 140% year over year and approximately 8.1% from the second quarter. Approximately 1,300 prescribers were using the medicine, an increase of over 7% from the prior quarter.
That expansion translated into Vafseo sales of $14.8 million, compared with $14.3 million a year earlier. Sales fell from the second quarter, primarily because Akebia's largest customer cut inventory. License, collaboration and other revenue totaled $2.1 million, versus $2.0 million.
Akebia sells two oral medicines: Vafseo treats anemia associated with chronic kidney disease in adults on dialysis, while Auryxia controls phosphorus in dialysis patients and treats iron deficiency anemia in adults with kidney disease who are not on dialysis. Vafseo is approved in 37 countries.
AKBA shares fell about 7% to $0.40 in Friday trading.
Cost Cuts Could Not Offset Revenue
Selling and administrative spending fell to $23.5 million from $29.1 million as marketing and employee-related costs declined. Research spending moved the other way, rising to $16.2 million from $14.9 million as clinical activity increased for praliciguat and ebribafusp alfa.
Operating expenses included a $1.3 million restructuring charge. Akebia said lower expenses partly offset the revenue decline but could not prevent the return to a net loss.
Cost of goods sold fell to $6.4 million from $9.4 million. Vafseo's costs in both periods came from pre-launch inventory and excluded some manufacturing expenses that had been recorded as research spending before U.S. approval.
Quarter-end cash was approximately $159.3 million, compared with $155.5 million at the end of June. Management believes that cash, expected revenue and a planned refinancing of its secured term loan can fund its operating plan for at least two years.
Vafseo Access And Trials In 2027
John P. Butler, Akebia's chief executive officer, said its commercial priority remains "making Vafseo standard of care for the treatment of anemia for patients on dialysis". Management believes access will expand in 2027 from patients covered by a temporary add-on payment program to nearly all clinically eligible patients.
Recent studies evaluated an investigational three-times-weekly regimen of vadadustat, Vafseo's active ingredient, against erythropoiesis-stimulating agents, medicines that stimulate red blood cell production. In November, Akebia reported that its VOCAL trial met its main goal: maintaining hemoglobin no worse than the comparator treatment.
Dr. Geoffrey A. Block of U.S. Renal Care presented VOICE results at ASN Kidney Week in October. Akebia said the study found a statistically significant improvement in a combined measure of death and hospitalization, driven by fewer hospitalizations. Vafseo's approved labeling nevertheless carries a boxed warning about increased risks including death, heart attack, stroke and blood clots.
Akebia dosed the first patient in its mid-stage ebribafusp alfa trial in September. The study plans to enroll up to 30 patients with C3 glomerulopathy, lupus nephritis or IgA nephropathy. Its rare-kidney-disease research also includes a mid-stage praliciguat trial in focal segmental glomerulosclerosis.
Akebia expects initial ebribafusp alfa trial results in 2027, the same year management believes Vafseo's prescribing access will broaden.
Sources
- 8-K Filing — Akebia Therapeutics, Inc. (AKBA) — SEC EDGAR
- Exhibit q32026pr.htm — Akebia Therapeutics, Inc. 8-K exhibit — SEC EDGAR
- Akebia Therapeutics Inc (AKBA) (Q3 2026) Earnings Call Highlights: Vafseo Demand Outpaces ... — Yahoo Finance
- Akebia outlines $1,000-$1,500 average annual Vafseo cost post-TDAPA while targeting 200,000-250,000 patients (NASDAQ:AKBA) | Seeking Alpha — seekingalpha.com
- What Akebia Therapeutics (AKBA) Said on Its Q3 Earnings Call — Yahoo Finance
- Akebia Therapeutics (AKBA) Reports Q3 Loss, Misses Revenue Estimates — Yahoo Finance
- Akebia Therapeutics Reports Third Quarter 2026 Financial Results and Business Highlights — Yahoo Finance
