Akebia reports Q2 net loss $11.2M, plans vadadustat NDA resubmission by Q3 end

Akebia Therapeutics, Inc.

2023-Q2 EPS reported -$0.20 revenue$96,381,000

Net product revenue Auryxia $42.2M (-2.5% YoY); reaffirms FY 2023 guidance $175-180M.
Total revenue $56.4M (down from $126.4M, largely due to Otsuka termination fee in prior year).
Cash $53.6M; expects to fund operations for at least 12 months.
Identified accounting errors on product returns; material weakness; will amend 2020-2022 financials.
Plan to resubmit vadadustat NDA by Sept 30, 2023; potential PDUFA March 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Akebia Therapeutics, Inc. reported quarter ended June 30, 2023 results: revenue $56.4 million. Guidance reaffirmed.

Period: quarter ended June 30, 2023
Revenue: $56.4 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total revenue was $56.4 million for the second quarter of 2023 compared to $126.4 million for the second quarter of 2022. o Net product revenue was $42.2 million for the second quarter of 2023 compared to $43.3 million for the second quarter of 2022, an 2.5% decrease, and compared with $34.7 million for the first quarter of 2023, a 21.6% increase. The decrease compared to the second quarter of 2022 is 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. The increase compared to the first quarter of 2023 was due to timing of purchases of Auryxia made by certain customers and expected cyclical demand growth from the first quarter to the second quarter. Akebia has affirmed its 2023 Auryxia net product revenue guidance of $175.0 - $180.0 million.

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Source: SEC EDGAR

accession 0001517022-23-000032

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