AKBA

MKT CAP:$382M

Akebia Therapeutics, Inc.

Market Cap

$382M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.43-$0.12 (-7.74%)

Apr 23, 2026

Company Details

Akebia Therapeutics, Inc., a biopharmaceutical company, focuses on the development and commercialization of therapeutics for patients with kidney diseases. The company's lead product investigational product candidate is vadadustat, an oral ...

CEO

John Butler

IPO Date

Mar 20, 2014

Website

www.akebia.com

Key Metrics TTM

Revenue

$236M

+47.5% YoY

Net Income

-$5M

EPS (Diluted)

-$0.02

Free Cash Flow

$68M

Revenue / Share

$0.89

Gross Margin

83.3%

Operating Margin

9.9%

Net Margin

-2.3%

FCF Margin

28.6%

P/S

1.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$236M+47.5%EPS -$0.02

Q4 2025

Feb 26, 2026

$58M+23.9%EPS -$0.05

Q3 2025

Nov 10, 2025

$59M+57.0%EPS $0.00

Q2 2025

Aug 7, 2025

$62M+43.1%EPS $0.00

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 20	$57M	$30M	-$85M
Q1 21	$52M	$18M	-$65M
Q2 21	$53M	$418.0K	-$79M
Q3 21	$49M	$33M	-$55M
Q1 22	$62M	$30M	-$58M
Q4 22	$55M	$58M	-$6M
Q3 23	$42M	$24M	-$13M
Q4 23	$56M	$38M	$1M
Q1 24	$33M	$30M	-$15M
Q2 24	$44M	$35M	-$9M
Q3 24	$37M	$23M	-$13M
Q4 24	$46M	$26M	-$14M
Q1 25	$57M	$50M	$14M
Q2 25	$62M	$53M	$14M
Q3 25	$59M	$49M	$4M
Q4 25	$58M	$45M	-$9M

Valuation

Quarter	P/S	P/E
Q4 20	1.3x	—
Q1 21	1.5x	—
Q2 21	1.7x	—
Q3 21	1.8x	—
Q1 22	1.8x	—
Q4 22	1.7x	—
Q3 23	1.8x	—
Q4 23	1.8x	—
Q1 24	2.1x	—
Q2 24	2.2x	—
Q3 24	2.2x	—
Q4 24	2.4x	—
Q1 25	2.1x	—
Q2 25	1.9x	—
Q3 25	1.7x	—
Q4 25	1.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 20	-$31M	-$31M
Q1 21	-$71M	-$71M
Q2 21	-$63M	-$63M
Q3 21	-$56M	-$56M
Q1 22	-$22M	-$22M
Q4 22	-$55M	-$55M
Q3 23	-$7M	-$7M
Q4 23	-$2M	-$2M
Q1 24	-$19M	-$19M
Q2 24	-$10M	-$10M
Q3 24	-$7M	-$7M
Q4 24	-$4M	-$4M
Q1 25	-$14M	-$14M
Q2 25	$22M	$22M
Q3 25	$28M	$28M
Q4 25	$31M	$31M

Capital Expenditures

Quarter	CapEx
Q4 20	$317.0K
Q1 21	$59.0K
Q2 21	$0
Q3 21	$0
Q1 22	$114.0K
Q4 22	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$29.0K
Q3 24	$2.0K
Q4 24	$2.0K
Q1 25	$18.0K
Q2 25	$126.0K
Q3 25	$77.0K
Q4 25	$162.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-18.5%	-13.6%
Q1 21	-40.9%	-20.6%
Q2 21	-41.3%	-49.9%
Q3 21	-18.7%	-12.2%
Q1 22	+8.8%	-15.4%
Q4 22	+5.5%	-47.5%
Q3 23	-20.5%	-58.4%
Q4 23	+15.3%	-47.1%
Q1 24	-47.2%	-60.4%
Q2 24	-20.9%	-14.9%
Q3 24	-11.0%	-9.3%
Q4 24	-17.3%	+10.9%
Q1 25	+75.8%	-7.8%
Q2 25	+43.1%	-7.6%
Q3 25	+57.0%	+8.8%
Q4 25	+23.9%	+8.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 20	$6M	10.7%
Q1 21	$0	0.0%
Q2 21	$7M	12.3%
Q3 21	$6M	11.5%
Q1 22	$5M	7.4%
Q4 22	$3M	5.5%
Q3 23	$2M	4.3%
Q4 23	$2M	2.7%
Q1 24	$2M	7.2%
Q2 24	$2M	4.7%
Q3 24	$2M	4.4%
Q4 24	$0	0.0%
Q1 25	$2M	3.8%
Q2 25	$3M	4.3%
Q3 25	$3M	5.5%
Q4 25	$3M	5.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 20	$38M	$35M	$5M	—
Q1 21	$41M	—	$41M	—
Q2 21	$37M	$43M	—	—
Q3 21	$40M	—	$46M	—
Q1 22	$44M	—	$44M	—
Q4 22	$32M	—	$31M	—
Q3 23	$13M	—	$23M	—
Q4 23	$10M	—	$25M	—
Q1 24	$10M	—	—	—
Q2 24	$8M	—	—	—
Q3 24	$8M	—	—	$27M
Q4 24	$12M	$23M	$5M	—
Q1 25	$10M	—	—	$26M
Q2 25	$11M	—	—	$27M
Q3 25	$15M	—	—	$30M
Q4 25	$27M	—	—	$26M

Revenue Segments

Quarter	License Collaboration And Other Revenue	Product
Q4 20	$22M	$35M
Q1 21	$22M	$30M
Q2 21	$20M	$33M
Q3 21	$12M	$37M
Q1 22	$20M	$41M
Q4 22	$6M	$50M
Q3 23	$2M	$40M
Q1 24	$2M	$31M
Q2 24	$2M	$41M
Q3 24	$2M	$36M
Q1 25	$2M	$56M
Q2 25	$2M	$60M
Q3 25	$2M	$57M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$175M	$0	$175M
Q2 22	$144M	$0	$144M
Q3 22	$145M	$0	$145M
Q4 22	$90M	$0	$90M
Q1 23	$57M	$0	$57M
Q2 23	$54M	$0	$54M
Q3 23	$47M	$0	$47M
Q4 23	$43M	$0	$43M
Q1 24	$42M	$0	$42M
Q2 24	$39M	$0	$39M
Q3 24	$34M	$0	$34M
Q4 24	$52M	$0	$52M
Q1 25	$113M	$0	$113M
Q2 25	$137M	$0	$137M
Q3 25	$166M	$0	$166M
Q4 25	$185M	$0	$185M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 20	145M	+1.3%	+21.6%
Q1 21	154M	+6.0%	+19.8%
Q2 21	161M	+4.9%	+17.8%
Q3 21	174M	+7.7%	+21.3%
Q1 22	180M	+3.3%	+23.8%
Q4 22	184M	+2.4%	+19.6%
Q3 23	188M	+2.3%	+16.7%
Q4 23	190M	+1.2%	+9.6%
Q1 24	205M	+7.6%	+14.1%
Q2 24	210M	+2.3%	+14.0%
Q3 24	210M	+0.3%	+11.7%
Q4 24	219M	+4.0%	+14.8%
Q1 25	242M	+10.5%	+17.9%
Q2 25	271M	+12.2%	+29.3%
Q3 25	274M	+1.2%	+30.4%
Q4 25	265M	-3.3%	+21.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 20	$149.2K	380
Q1 21	$137.6K	380
Q2 21	$139.2K	380
Q3 21	$128.3K	380
Q1 22	$144.8K	426
Q4 22	$269.2K	205
Q3 23	$205.1K	205
Q4 23	$336.5K	167
Q1 24	$195.3K	167
Q2 24	$261.4K	167
Q3 24	$224.1K	167
Q4 24	$256.9K	181
Q1 25	$316.8K	181
Q2 25	$345.1K	181
Q3 25	$324.7K	181
Q4 25	$1.4K	40K

Revenue / Employee