Akebia expects Q4 2025 Vafseo net revenue $5-6M; dosed first patient in praliciguat Phase 2

Akebia Therapeutics, Inc.

Vafseo Q4 net product revenue expected $5-6M (vs. underlying dosing demand $10.5-11.5M) due to $4.5-5M inventory adjustment at USRC.
Total Q4 prescribers ~785 (+8% QoQ); at least 25% of new patients from non-USRC centers (up from <10% Q3).
First patient dosed in praliciguat Phase 2 trial for FSGS; AKB-097 basket study starts H2 2026.
VOICE Phase IV fully enrolled (2,100+ patients); topline early 2027; VOCAL trial data expected Q4 2026.
Revenue growth expected to resume Q1 2026; broad prescribing access to ~275,000 dialysis patients.

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