Earnings ·
Akebia reports Q3 net loss of $14.4M on lower Auryxia revenues and Vafseo growth
AKBAAkebia Therapeutics, Inc.
Akebia Therapeutics reported a third-quarter net loss of $14.4 million, or $0.05 per share, compared to a net income of $0.5 million in the prior-year period. Total revenues fell 37% to $36.9 million from $58.8 million, driven by a sharp decline in Auryxia sales due to generic competition and pricing pressure. Vafseo net product revenues rose slightly to $14.8 million, with approximately 11,500 patients on therapy at quarter-end. The company also announced positive top-line data from the VOCAL trial for vadadustat and dosed the first patient in a Phase 2 basket trial for ebribafusp alfa. Akebia ended the quarter with $159.3 million in cash and cash equivalents.