Akebia Therapeutics (AKBA) Corporate presentation summary

Strategic focus and commercial portfolio

• Focuses on kidney disease with two commercial drugs targeting large patient populations and a robust pipeline for rare kidney and non-kidney indications.

• Vafseo, an oral HIF-PH inhibitor for anemia in CKD dialysis patients, launched in January 2025 and reached about 290,000 patients by Q1 2026.

• Auryxia, an oral phosphate binder, generated $227.3M in net product revenues in 2025.

• Experienced team leverages deep expertise and relationships in the kidney disease community.

Vafseo: Market opportunity and clinical milestones

• Positioned to become standard of care in a $1 billion market for anemia in CKD dialysis, with protocols enabling access for ~275,000 patients.

• Additional clinical trials (VOCAL, VOICE) underway, with top-line data expected in Q4 2026 and Q1 2027, respectively.

• Win-odds analysis from Phase 3 INNOVATE trials showed favorable outcomes versus ESA.

• Vafseo enters the CMS bundle in January 2027, aiming for significant market share.

Pipeline highlights and innovation

• Praliciguat, an oral SGC stimulator, is in Phase 2 for FSGS, with potential in other rare podocytopathies; prior studies show renal protection and synergy with standard of care.

• AKB-097, a next-generation complement inhibitor, targets multiple rare kidney diseases with a Phase 2 basket study planned for 2H 2026.

• AKB-9090, a novel HIF-PH inhibitor, will be evaluated for cardiac surgery-associated acute kidney injury, with Phase 1 data expected Q1 2027.

• Multiple value-enhancing milestones expected in 2026 and 2027, including key clinical readouts and trial initiations.