Akebia Therapeutics(AKBA) - 2024 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2024 were $46.5 million, down from $56.2 million in Q4 2023, and full-year revenues were $160.2 million compared to $194.6 million in 2023[6] - Auryxia net product revenues decreased to $44.4 million in Q4 2024 from $53.2 million in Q4 2023, and for the full year, revenues were $152.2 million compared to $170.3 million in 2023[6] - Net loss for Q4 2024 was $22.8 million, compared to a net income of $0.6 million in Q4 2023, and full-year net loss was $69.4 million compared to $51.9 million in 2023[12] - Product revenue, net for the year 2024 was $152.2 million, down 10.7% from $170.3 million in 2023[33] - Net loss for Q4 2024 was $22.8 million, compared to a net income of $0.6 million in Q4 2023[33] - Total assets decreased to $220.7 million in 2024 from $241.7 million in 2023[35] Expenses - Research and development expenses increased to $11.8 million in Q4 2024 from $9.9 million in Q4 2023, while full-year R&D expenses decreased to $37.7 million from $63.1 million in 2023[6] - Selling, general and administrative expenses rose to $27.7 million in Q4 2024 from $25.4 million in Q4 2023, and full-year SG&A expenses increased to $106.5 million from $100.2 million in 2023[6] - Operating expenses increased to $40.4 million in Q4 2024, up 11.8% from $36.2 million in Q4 2023[33] - Research and development expenses for the year 2024 were $37.7 million, down from $63.1 million in 2023[33] - Selling, general and administrative expenses increased to $106.5 million in 2024, compared to $100.2 million in 2023[33] Cash Position - Cash and cash equivalents as of December 31, 2024, were approximately $51.9 million, up from $42.9 million as of December 31, 2023[12] - Cash and cash equivalents as of December 31, 2024, were $51.9 million, an increase from $42.9 million in 2023[35] Product Development and Market Opportunities - Vafseo U.S. launch is progressing well, with expected net product revenues of approximately $10-$11 million for Q1 2025[1] - The VALOR Phase 3 clinical trial is expected to begin in the second half of 2025 to study Vafseo in non-dialysis CKD patients[6] - Vafseo has been recommended for symptomatic anemia in adults undergoing dialysis for CKD by the U.K. National Institute for Health and Care Excellence (NICE)[6] - More than 500 prescribers have written prescriptions for Vafseo, with an average of approximately 8 prescriptions per prescriber[4] - The company anticipates potential market opportunities for its products, including Vafseo and Auryxia, but faces risks from competition and regulatory decisions[29]