Akebia Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results and Commercial and Pipeline Highlights

Core Insights - Akebia Therapeutics reported Q4 2025 net product revenues of $54.3 million and full-year 2025 revenues of $227.3 million, marking a 49% increase from 2024 [1][7] - The company anticipates significant revenue growth for Vafseo® (vadadustat) in 2026 due to expanded access, new patient starts, and improved adherence rates [1][2] - Akebia is advancing its pipeline with ongoing clinical trials for praliciguat and AKB-097, targeting rare kidney diseases [1][8] Financial Performance - Total revenues for Q4 2025 were $57.6 million, up from $46.5 million in Q4 2024, and $236.2 million for the full year 2025 compared to $160.2 million in 2024 [7][33] - Vafseo net product revenues were $6.2 million in Q4 2025 and $45.8 million for the full year 2025 [7][33] - Auryxia® revenues were $48.1 million in Q4 2025, an increase from $44.4 million in Q4 2024, and $181.5 million for the full year 2025 compared to $152.2 million in 2024 [7][33] Cost and Expenses - Cost of goods sold (COGS) was $12.5 million in Q4 2025, down from $20.4 million in Q4 2024, and $39.5 million for the full year 2025 compared to $63.2 million in 2024 [7][33] - Research and development expenses rose to $26.6 million in Q4 2025 from $11.8 million in Q4 2024, totaling $62.4 million for the full year 2025 compared to $37.7 million in 2024 [7][33] - Selling, general and administrative expenses were $26.1 million in Q4 2025, slightly down from $27.7 million in Q4 2024, and $107.5 million for the full year 2025 compared to $106.5 million in 2024 [7][33] Clinical Development and Pipeline - The number of prescribers for Vafseo increased to approximately 800 in Q4 2025, a 10% rise from Q3 2025 [6] - Patient access to Vafseo therapy reached 290,000, with improved adherence rates noted due to new dosing protocols [2][6] - Akebia is actively enrolling patients in the Phase 2 trial of praliciguat for focal segmental glomerulosclerosis (FSGS) and plans to initiate a Phase 2 study for AKB-097 in late 2026 [1][8] Cash Position - As of December 31, 2025, cash and cash equivalents were approximately $184.8 million, up from $51.9 million at the end of 2024 [7][34] - The company expects its cash resources and operational cash flow to sustain its current operating plan for at least two years [7][34]