Akebia Therapeutics(AKBA) - 2025 Q3 - Quarterly Results

Revenue Performance - Vafseo® (vadadustat) Q3 2025 net product revenues reached $14.3 million, contributing to total net product revenues of $56.8 million for the quarter[1] - Total revenues increased to $58.8 million in Q3 2025, up from $37.4 million in Q3 2024, driven by Vafseo and Auryxia® sales[6] - Auryxia net product revenues were $42.5 million in Q3 2025, compared to $35.6 million in Q3 2024, despite the loss of exclusivity on March 20, 2025[6] - Product revenue for Q3 2025 reached $56.789 million, a 59.5% increase from $35.592 million in Q3 2024[33] - Total revenues for Q3 2025 were $58.766 million, up 56.8% from $37.428 million in Q3 2024[33] Expenses - Research and development expenses increased to $14.9 million in Q3 2025, up from $8.5 million in Q3 2024, primarily due to increased clinical trial activities[6] - Selling, general and administrative expenses rose to $29.1 million in Q3 2025, compared to $26.5 million in Q3 2024, largely due to higher marketing costs[6] - Operating expenses for Q3 2025 totaled $44.934 million, an increase of 25.6% compared to $35.772 million in Q3 2024[33] - Research and development expenses for Q3 2025 were $14.944 million, an increase from $8.487 million in Q3 2024[33] Net Income and Financial Position - Net income was $0.5 million in Q3 2025, a significant improvement from a net loss of $20.0 million in Q3 2024[6] - Net income for Q3 2025 was $540,000, a significant improvement from a net loss of $20.039 million in Q3 2024[33] - Cash and cash equivalents as of September 30, 2025, were approximately $166.4 million, positioning the company to achieve profitability based on its current operating plan[7] - Cash and cash equivalents as of September 30, 2025, were $166.444 million, compared to $51.870 million at the end of 2024[35] - Working capital increased to $124.957 million as of September 30, 2025, from $32.917 million at the end of 2024[35] - Total assets as of September 30, 2025, were $364.152 million, up from $220.670 million at the end of 2024[35] - Total stockholders' equity improved to $41.592 million as of September 30, 2025, compared to a deficit of $49.185 million at the end of 2024[35] Clinical Trials and Operations - The operational pilot of Vafseo at DaVita is expected to complete in November 2025, with access for 275,000 patients anticipated by year-end[2] - Akebia does not plan to initiate the VALOR clinical trial and does not expect to pursue a broad label for Vafseo for CKD non-dialysis dependent patients[5] Prescription Metrics - The average number of prescriptions written per prescriber was approximately 12.7, with over 85% of prescriptions in Q3 being refill prescriptions[3] Fair Value Changes - The company reported a change in fair value of warrant liability of $1.464 million in Q3 2025, compared to a loss of $856,000 in Q3 2024[33]