Akebia Therapeutics Posts Loss In Q2; Net Product Revenue Down 2.5%

(RTTNews) - Akebia Therapeutics, Inc. (AKBA) posted a net loss of $11.2 million for the second quarter compared to net income of $29.4 million, last year. The company said the loss was primarily a result of lower license, collaboration and other revenue due to the second quarter of 2022 benefiting from the $55.0 million termination fee from Otsuka. Loss per share was $0.06 compared to profit of $0.15.

Total revenue was $56.4 million compared to $126.4 million, prior year. Net product revenue was $42.2 million compared to $43.3 million, an 2.5% decrease. The company said the decrease in product revenue was primarily due to the impact of shifting payor mix and a volume decrease partially caused by contracting dynamics and a decline in the phosphate binder market.

Cash and cash equivalents as of June 30, 2023, were approximately $53.6 million. Akebia expects to fund operating plan with existing cash resources and cash from operations for at least the next twelve months.

Akebia reaffirmed 2023 Auryxia net product revenue guidance of $175.0 - $180.0 million.

Akebia Therapeutics expects to resubmit NDA for vadadustat as a treatment for anemia due to CKD in adult patients on dialysis in third quarter, 2023.

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