Akebia Therapeutics (AKBA) Q1 2026 earnings summary

Executive summary

• Q1 2026 total net product revenues reached $52.0 million, with Vafseo revenues growing to $15.8 million, up from $12.0 million year-over-year, while Auryxia sales declined post-loss of exclusivity.

• Net loss for Q1 2026 was $9.1 million compared to net income of $6.1 million in Q1 2025, reflecting increased R&D and SG&A expenses and higher cost of goods sold.

• Cash and cash equivalents stood at $162.6 million as of March 31, 2026, with management projecting sufficient liquidity to fund operations for at least two years.

• Vafseo adoption broadened with a 60% increase in treated patients and 28% rise in prescribers, as observed dosing protocols expanded.

• R&D pipeline advanced with ongoing Phase 2 for praliciguat in FSGS, Phase 2 basket trial for Ebri/AKB-097, and Phase 1 for AKB-9090.

Financial highlights

• Total revenues for Q1 2026 were $53.5 million, down from $57.3 million in Q1 2025, due to lower Auryxia revenues despite higher Vafseo sales.

• Vafseo net product revenues rose 32% year-over-year to $15.8 million; Auryxia revenues declined 17% to $36.2 million, impacted by increased generic competition.

• Cost of goods sold increased to $12.3 million, mainly due to inventory write-downs.

• R&D expenses rose to $14.8 million (from $9.8 million), SG&A to $30.4 million (from $25.7 million) year-over-year.

• Net loss per share: $(0.03) (Q1 2026) vs. $0.03 (Q1 2025).

Outlook and guidance

• Auryxia revenues expected to decrease further in 2026 due to additional generic entrants.

• Existing cash resources and operations expected to fund the current operating plan for at least two years.

• Anticipate continued Vafseo growth as observed dosing protocols expand and patient access improves.

• VOCAL study top-line data expected by year-end 2026; VOICE trial data in early 2027.

• Initial data from Ebri/AKB-097 basket study and AKB-9090 phase I expected in 2027.