Akebia Therapeutics, Inc. shareholders approved Ratification of Ernst & Young LLP as independent registered public accounting firm for 2026 at the 2026-06-17 meeting.
“Proposal 5: The Company’s stockholders ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026. The results of the vote on Proposal 5 were as follows: Votes For Votes Against Votes Abstaining 173,306,165 15,754,273 2,590,393”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Non-binding advisory recommendation on frequency of future advisory votes on executive compensation at the 2026-06-17 meeting.
“Proposal 4: The Company's stockholders recommended, on a non-binding advisory basis, that future advisory votes on the compensation of the Company's named executive officers be held every year. The results of the non-binding advisory vote on Proposal 4 were as follows: Votes for Every 1 Year Votes for Every 2 Years Votes for Every 3 Years Votes Abstaining 112,927,161 2,739,581 20,605,688 7,080,470”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Non-binding advisory approval of named executive officer compensation at the 2026-06-17 meeting.
“Proposal 3 : The Company's stockholders' approved, on a non-binding advisory basis, the compensation of the Company’s named executive officers. The results of the non-binding advisory vote on Proposal 3 were as follows: Votes For Votes Against Votes Abstaining Broker Non-Votes 89,838,833 51,140,010 2,374,057 48,297,931”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Amendment to increase authorized shares of capital stock and common stock at the 2026-06-17 meeting.
“Proposal 2: The Company's stockholders approved an amendment to the Company's Ninth Amended and Restated Certificate of Incorporation to (i) increase the number of authorized shares of capital stock from 375,000,000 to 525,000,000 and (ii) increase the number of authorized shares of common stock, par value $0.00001 per share, from 350,000,000 to 500,000,000 (the “Share Increase Amendment”). The results of the vote on Proposal 2 were as follows: Votes For Votes Against Votes Abstaining 102,504,108 88,853,129 293,594”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Election of Adrian Adams, Michael Rogers and LeAnne M. Zumwalt as Class III directors at the 2026-06-17 meeting.
“Proposal 1: The Company's stockholders elected Adrian Adams, Michael Rogers and LeAnne M. Zumwalt as Class III directors, each to serve until the 2029 annual meeting of stockholders and until their successors are duly elected and qualified, subject to their earlier death, resignation or removal. The results of the vote on Proposal 1 were as follows: Votes For Votes Withheld Broker Non-Votes Adrian Adams 102,040,314 41,312,586 48,297,931 Michael Rogers 102,377,117 40,975,783 48,297,931 LeAnne M. Zumwalt 97,926,409 45,426,491 48,297,931”
Earnings Releases
Akebia Therapeutics, Inc. reported the first quarter ended March 31, 2026 results: revenue $53.5 million.
“Total revenues were $53.5 million in the first quarter of 2026 compared to $57.3 million in the first quarter of 2025.”
Material Agreements
Akebia Therapeutics, Inc. entered into Lease Agreement with BP THIRD AVENUE LLC valued at Annual rent for Office Premises initially $898,317, for Lab Premises initially $1,046,920, with rent (effective 2026-01-27).
“On January 27, 2026, Akebia Therapeutics, Inc. (the “Company”) entered into a lease agreement (the “Lease”) with BP THIRD AVENUE LLC, a Delaware limited liability company (the “Landlord”), pursuant to which the Company will lease an aggregate of approximately 43,474 square feet, consisting of 28,518 square feet of office space (the “Office Premises”) and 14,956 square feet of laboratory space (the “Lab Premises”) located at the building commonly known as 180 CityPoint and numbered 180 Third Avenue, Waltham, Massachusetts 02451”
Material Agreements
Akebia Therapeutics, Inc. entered into Asset Purchase Agreement with Q32 Bio Inc. and Q32 Bio Operations Inc. (together, "Q32") valued at $7.0 million (effective 2025-11-28).
“On November 28, 2025 (the “Closing Date”), Akebia Therapeutics, Inc. (the “Company”) entered into an Asset Purchase Agreement (the “Agreement”) with Q32 Bio Inc. and Q32 Bio Operations Inc. (together, “Q32”)”
Debt Financings
Akebia Therapeutics, Inc. incurred term loan of $10.0 million with Kreos Capital VII (UK) Limited.
“tranche of $37.0 million, which was funded on January 29, 2024, (ii) an additional tranche of $8.0 million, which was funded on April 19, 2024, and (iii) a final tranche of $10.0 million, which was available in a single draw through an expiry date of December 31, 2024 (the “Prior Tranche C Loan”). As a result of the Second Amendment, the Prior Tranche C Loan”
Erik Ostrowski was appointed as Senior Vice President, Chief Financial Officer, Chief Business Officer, Treasurer and principal financial officer at Akebia Therapeutics, Inc..
“On June 24, 2024, Akebia Therapeutics, Inc. (the “Company”) announced the appointment of Erik Ostrowski as the Company’s Senior Vice President, Chief Financial Officer, Chief Business Officer, Treasurer and principal financial officer, effective June 24, 2024”
Earnings Releases
Akebia Therapeutics, Inc. reported the first quarter ended March 31, 2024 results: revenue $32.6 million, net income Net loss was $18.0 million. Guidance reaffirmed.
“Total revenues were $32.6 million for the first quarter of 2024 compared to $40.0 million for the first quarter of 2023.”
Debt Financings
Akebia Therapeutics, Inc. incurred term loan of $8.0 million with Kreos Capital VII (UK) Limited, which are funds and accounts managed by BlackRock Inc..
“tranche of $37.0 million, which was funded on the Closing Date. In addition to the initial tranche, the Term Loan Facility included additional tranches available as follows: $8.0 million available in a single draw through December 31, 2024 (the “Tranche B Loan”), and $10.0 million available in a single draw through December 31, 2024 (the “Tranche C Loan”). On”
Material Agreements
Akebia Therapeutics, Inc. amended Amendment #2 to the Supply Agreement with STA Pharmaceutical Hong Kong Limited (effective 2024-04-15).
“(the “Company”) entered into a Supply Agreement with STA Pharmaceutical Hong Kong Limited, a Hong Kong corporation (“STA”), as amended on April 15, 2021 (as amended, the “Supply Agreement”), under which STA manufactures vadadustat drug substance (“Product”) for the Company’s commercial purposes.”
John Butler was appointed as interim principal financial officer at Akebia Therapeutics, Inc..
“John Butler, the Company’s President and Chief Executive Officer, will act as interim principal financial officer from the Transition Date.”
Ellen Snow changed role as Senior Vice President, Chief Financial Officer and Treasurer at Akebia Therapeutics, Inc..
“On March 15, 2024, Akebia Therapeutics, Inc. (the “Company”) and Ellen Snow mutually agreed that she would transition from her role as the Company’s Senior Vice President, Chief Financial Officer and Treasurer, effective March 22, 2024 (the “Transition Date”).”
Earnings Releases
Akebia Therapeutics, Inc. reported the fiscal year ended December 31, 2023 results: revenue $194.6 million, net income $51.9 million.
“Financial Results • Revenues: Total revenues were $56.2 million for the fourth quarter of 2023 compared to $55.8 million for the fourth quarter of 2022, and $194.6 million for the full-year 2023 compared to $292.5 million for the full-year 2022. ◦ Net product revenues were $53.2 million for the fourth quarter of 2023 compared to $50.3 million for the fourth quarter of 2022, and $170.3 million for the full-year 2023 compared to $176.9 million for the full-year 2022. ◦ License, collaboration and other revenues were $3.0 million for the fourth quarter of 2023 compared to $5.5 million for the fourth quarter of 2022, and $24.3 million for the full-year 2023 compared to $115.5 million for the full-year 2022. • COGS: Cost of goods sold was $18.7 million for the fourth quarter of 2023 compared to a benefit of $3.4 million for the fourth quarter of 2022, and $74.1 million for the full-year 2023 compared to $85.6 million for the full-year 2022. Akebia continues to record a non-cash intangible am”
Earnings Releases
Akebia Therapeutics, Inc. reported the fourth quarter ended December 31, 2023 results: revenue $56.2 million, net income $0.6 million.
“Financial Results • Revenues: Total revenues were $56.2 million for the fourth quarter of 2023 compared to $55.8 million for the fourth quarter of 2022, and $194.6 million for the full-year 2023 compared to $292.5 million for the full-year 2022. ◦ Net product revenues were $53.2 million for the fourth quarter of 2023 compared to $50.3 million for the fourth quarter of 2022, and $170.3 million for the full-year 2023 compared to $176.9 million for the full-year 2022. ◦ License, collaboration and other revenues were $3.0 million for the fourth quarter of 2023 compared to $5.5 million for the fourth quarter of 2022, and $24.3 million for the full-year 2023 compared to $115.5 million for the full-year 2022. • COGS: Cost of goods sold was $18.7 million for the fourth quarter of 2023 compared to a benefit of $3.4 million for the fourth quarter of 2022, and $74.1 million for the full-year 2023 compared to $85.6 million for the full-year 2022. Akebia continues to record a non-cash intangible am”
Nicole R. Hadas departed as Senior Vice President, Chief Legal Officer and Secretary at Akebia Therapeutics, Inc..
“On February 8, 2024, the Company and Ms. Hadas agreed to further extend the effective date of her separation to June 14, 2024”
Michel Dahan departed as Chief Operating Officer at Akebia Therapeutics, Inc..
“On February 8, 2024, the Company and Mr. Dahan agreed to further extend the effective date of his separation to June 28, 2024”
Debt Financings
Akebia Therapeutics, Inc. incurred term loan of up to $55.0 million with Kreos Capital VII (UK) Limited at term SOFR (floor of 4.25%) plus 6.75% per annum (cap of 15.00%) maturing March 31, 2025, automatically extended to January 29, 2028 if Vadadustat FDA Approval obtained by June 30, 2024.
“or “Lender Representative”), which are funds and accounts managed by BlackRock, and provides for a senior secured term loan facility in the aggregate principal amount of up to $55.0 million (the “Term Loan Facility”). An initial tranche of $37.0 million (the “Initial Loan”) was funded under the Term Loan Facility on the Closing Date. In addition to the Initial Loan,”
Material Agreements
Akebia Therapeutics, Inc. entered into Credit Agreement with Kreos Capital VII (UK) Limited, as Lender Representative valued at up to $55.0 million (effective 2024-01-29).
“On January 29, 2024 (the “Closing Date”), Akebia Therapeutics, Inc. (“Company” and collectively with any Company affiliates that are made party to the Credit Agreement as a borrower, “Borrower”) entered into an Agreement for the Provision of a Loan Facility (the “Credit Agreement”) with Kreos Capital VII (UK) Limited (“Kreos” or “Lender Representative"), which are funds and accounts managed by BlackRock, and provides for a senior secured term loan facility in the aggregate principal amount of up to $55.0 million (the “Term Loan Facility”).”
Earnings Releases
Akebia Therapeutics, Inc. reported preliminary financial results for the fiscal year ended December 31, 2023.
“John P. Butler, President and Chief Executive Officer of Akebia Therapeutics, Inc. (the “Company”), plans to present the information in the presentation attached hereto as Exhibit 99.1 (the “Presentation”) at the 42 nd Annual J.P. Morgan Healthcare Conference on January 11, 2024 at 11:15 a.m. PST, which includes preliminary unaudited net product revenue for Auryxia® cumulative and for the fiscal year ended December 31, 2023.”
Richard C. Malabre was appointed as Chief Accounting Officer at Akebia Therapeutics, Inc..
“On January 8, 2024, Akebia Therapeutics, Inc. (the “Company”) announced the appointment of Richard C. Malabre as Chief Accounting Officer and principal accounting officer, effective January 8, 2024 (the “Effective Date”).”
Material Agreements
Akebia Therapeutics, Inc. amended Amendment No. 5 Master Manufacturing Services and Supply Agreement with Siegfried Evionnaz SA (effective 2023-02-28).
“As previously disclosed, on February 28, 2023, Keryx Biopharmaceuticals, Inc., a wholly-owned subsidiary of Akebia Therapeutics, Inc. (the “Company”), and Siegfried Evionnaz SA (“Siegfried”) entered into Amendment No. 5 Master Manufacturing Services and Supply Agreement (the “Amendment”), which further amended the Master Manufacturing Services and Supply Agreement dated December 20, 2017 (as amended, the “Supply Agreement”).”
Earnings Releases
Akebia Therapeutics, Inc. reported third quarter ended September 30, 2023 results: revenue $42.0 million, net income $14.5 million. Guidance reaffirmed.
“Total revenues were $42.0 million for the third quarter of 2023, compared to $48.7 million for the third quarter of 2022.”
Material Agreements
Akebia Therapeutics, Inc. amended Fourth Amendment to Loan Agreement with BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP valued at $35.0 million (effective 2023-10-31).
“On October 31, 2023 (the “Fourth Amendment Effective Date”), Akebia Therapeutics, Inc. (the “Company”), BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership (as a “Lender”) and BioPharma Credit Investments V (Master) LP (as a “Lender”) entered into the Fourth Amendment to Loan Agreement (the “Fourth Amendment”), which amends certain provisions of the Loan Agreement”
Nicole R. Hadas departed as Senior Vice President, Chief Legal Officer and Corporate Secretary at Akebia Therapeutics, Inc..
“On October 6, 2023, the Company and Ms. Hadas agreed to further extend the effective date of her termination to March 29, 2024, unless the Company and Ms. Hadas agree to an earlier termination date.”
Earnings Releases
Akebia Therapeutics, Inc. reported quarter ended June 30, 2023 results: revenue $56.4 million. Guidance reaffirmed.
“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.”
Listing & Compliance Notices
Akebia Therapeutics, Inc. received a nasdaq deficiency notice notice regarding late filing (rules 5250(c)(1)).
“August 11, 2023, Akebia Therapeutics, Inc. (the “Company”) received a notification from the Nasdaq Stock Market (“Nasdaq”) informing the Company that since it has not yet filed its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023 (the “Quarterly Report”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”). The Listing Rule requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (“SEC”). The Nasdaq notification letter specifies that the Company has 60 calendar days”
Nicole R. Hadas departed as Senior Vice President, Chief Legal Officer and Corporate Secretary at Akebia Therapeutics, Inc..
“On July 26, 2023, the Company and Ms. Hadas agreed to further extend the effective date of her termination to October 6, 2023, and, in the event of certain specified events, the effective date of her termination may extend to March 22, 2024”
Michel Dahan departed as Chief Operating Officer at Akebia Therapeutics, Inc..
“On July 26, 2023, the Company and Mr. Dahan agreed to further extend the effective date of his termination to March 22, 2024, and, in the event of certain specified events, the effective date of his termination may extend to September 22, 2024”
John Butler changed role as interim principal financial officer and principal accounting officer at Akebia Therapeutics, Inc..
“John Butler, the Company’s President and Chief Executive Officer, will act as interim principal financial officer and principal accounting officer from the Transition Date until the Effective Date.”
Ellen Snow was appointed as Senior Vice President, Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer at Akebia Therapeutics, Inc..
“On June 12, 2023 , the Company announced that Ellen Snow will succeed Mr. Spellman as the Company’s Senior Vice President, Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer, effective July 17, 2023 (the “Effective Date”).”
David A. Spellman resigned as Senior Vice President, Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer at Akebia Therapeutics, Inc..
“On June 9, 2023, David A. Spellman, Senior Vice President, Chief Financial Officer, Treasurer, principal financial officer and principal accounting officer of Akebia Therapeutics, Inc. (the “Company”), notified the Company of his intent to resign.”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Ratification of Ernst & Young LLP as independent registered public accounting firm for fiscal year 2023 at the 2023-12-31 meeting.
“(iii) The proposal to ratify the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 received the following votes: Votes For: 116,535,030 Votes Against: 5,158,525 Abstentions: 1,383,705”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Advisory vote on executive compensation.
“(iii) The advisory vote on the compensation of the Company’s named executive officers received the following votes: Votes For: 59,695,038 Votes Against: 24,230,548 Abstentions: 589,013 Broker Non-Votes 38,562,661”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Approval of the 2023 Equity Incentive Plan.
“(ii) The proposal to approve the 2023 Plan received the following votes: Votes For: 61,173,115 Votes Against: 22,833,112 Abstentions: 508,372 Broker Non-Votes 38,562,661”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Election of three Class III directors to serve until the 2026 annual meeting.
“The Class III directors elected to the Board, as well as the number of votes for, votes withheld and broker non-votes with respect to each of these individuals, are set forth below: Director Votes For Votes Withheld Broker Non-Votes Adrian Adams 61,064,658 23,449,941 38,562,661 Michael Rogers 64,246,561 20,268,038 38,562,661 LeAnne M. Zumwalt 60,778,528 23,736,071 38,562,661”
Material Agreements
Akebia Therapeutics, Inc. entered into License Agreement with MEDICE Arzneimittel Pütter GmbH & Co. KG valued at $10 million (effective 2023-05-24).
“On May 24, 2023 (the “Effective Date”), Akebia Therapeutics, Inc. (the “Company”) and MEDICE Arzneimittel Pütter GmbH & Co. KG (“Medice”) entered into a License Agreement (the “License Agreement”)”
Listing & Compliance Notices
Akebia Therapeutics, Inc. received a nasdaq delisting notice notice regarding minimum bid price (rules 5550(a)(2)).
“May 9, 2023, Akebia Therapeutics, Inc. (the “Company”) was notified by the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based upon the Company’s non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”) as of May 8, 2023, the Company’s securities were subject to delisting unless the Company timely appeals the Staff’s determination by requesting a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company plans to timely request a hearing before the Panel, which request will stay any”
Earnings Releases
Akebia Therapeutics, Inc. reported the first quarter ended March 31, 2023 results: revenue $40.1 million, net income $(26.2) million. Guidance reaffirmed.
“Total revenue was $40.1 million in the first quarter of 2023 compared to $61.7 million for the first quarter of 2022.”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders approved Approval of an adjournment of the Special Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of either of the Reverse Stock Split Proposals at the 2023-05-04 meeting.
“The proposal to approve an adjournment of the Special Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of either of the Reverse Stock Split Proposals (Proposal 1(a) or 1(b)) was approved as follows: Votes For: 77,956,153 Votes Against: 56,291,429 Abstentions: 1,336,302 Broker Non-Votes 0”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders rejected Approval of an amendment to the Ninth Amended and Restated Certificate of Incorporation to decrease the number of authorized shares of Common Stock on a basis proportional to the reverse stock split ratio. at the 2023-05-04 meeting.
“The proposal to, in connection with Proposal 1(a), decrease the number of authorized shares of the Company’s Common Stock on a basis proportional to the reverse stock split ratio (“Proposal 1(b)” and, together with Proposal 1(a), the “Reverse Stock Split Proposals”) was not approved as follows: Votes For: 78,473,738 Votes Against: 54,949,341 Abstentions: 647,283”
Shareholder Votes
Akebia Therapeutics, Inc. shareholders rejected Approval of an amendment to the Ninth Amended and Restated Certificate of Incorporation to effect a reverse stock split of Common Stock at a ratio of not less than 1-for-5 and not greater than 1-for-20, with the exact ratio to be set at the discretion of the Board of Directors. at the 2023-05-04 meeting.
“The proposal to approve an amendment to the Company’s Ninth Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s outstanding common stock, $0.00001 par value per share (the “Common Stock”), at a ratio of not less than 1-for-5 and not greater than 1-for-20, with the exact ratio to be set within that range at the discretion of the Company’s Board of Directors, at any time prior to the one-year anniversary of the date on which the reverse stock split is approved by the Company’s stockholders at the Special Meeting (“Proposal 1(a)”), was not approved as follows: Votes For: 77,934,578 Votes Against: 57,085,942 Abstentions: 563,365”
Governance Changes
Akebia Therapeutics, Inc.: Board approved amendment and restatement of bylaws, eliminating stockholder list availability requirement at meeting, addressing remote meeting adjournment due to technical failure, and revising procedural mechanics under universal proxy rules (effective 2023-04-27).
“On April 27, 2023, the Board of Directors (the “Board”) of Akebia Therapeutics, Inc. (the “Company”) approved an amendment and restatement of the Company’s Amended and Restated Bylaws (as so amended and restated, the “Second Amended and Restated Bylaws”), effective immediately.”
“Sets 2023 Auryxia net product revenue guidance at $175-$180M”
Earnings Releases
Akebia Therapeutics, Inc. reported the fiscal year ended December 31, 2022 results: revenue $292.6 million.
“Total revenue was $55.2 million in the fourth quarter of 2022 compared to $59.6 million for the fourth quarter of 2021, and $292.6 million for the full-year 2022 compared to $213.6 million for full-year 2021.”
Earnings Releases
Akebia Therapeutics, Inc. reported the fourth quarter ended December 31, 2022 results: revenue $55.2 million.
“Total revenue was $55.2 million in the fourth quarter of 2022 compared to $59.6 million for the fourth quarter of 2021”
Material Agreements
Akebia Therapeutics, Inc. amended Amendment No. 5 to Master Manufacturing Services and Supply Agreement with Siegfried Evionnaz SA (effective 2022-02-28).
“On February 28, 2022, Keryx Biopharmaceuticals, Inc., a wholly-owned subsidiary of Akebia Therapeutics, Inc. (the “Company”), and Siegfried Evionnaz SA (“Siegfried”) entered into Amendment No. 5 to Master Manufacturing Services and Supply Agreement (the “Amendment”), which further amends the Master Manufacturing Services and Supply Agreement dated December 20, 2017 (as amended, the “Supply Agreement”).”
Restructurings & Charges
Akebia Therapeutics, Inc. announced a restructuring with charges of $32,500,000 affecting supply of ferric citrate drug substance for Auryxia.
“Under the terms of the Termination Agreement, the Company has agreed to pay to BioVectra a total of $32,500,000, consisting of (i) an upfront payment of $17,500,000 and (ii) six quarterly payments of $2,500,000 starting in April 2024, in consideration for the termination of the BioVectra Agreements”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.