Akebia Receives Nasdaq Bid-Price Deficiency Notice as Stock Falls Below $1

Akebia Therapeutics is a Cambridge, Massachusetts-based biopharmaceutical company focused on kidney disease with two commercialized products: Vafseo (vadadustat), an oral HIF-prolyl hydroxylase inhibitor approved in the U.S. in March 2024 and launched commercially in January 2025 for anemia due to chronic kidney disease in dialysis patients; and Auryxia (ferric citrate), an oral phosphate binder and anemia treatment. Full-year 2025 revenues were $236.2 million, up 47% from $160.2 million in 2024, and the annual net loss narrowed sharply to $5.3 million from $69.4 million, reflecting Vafseo's first year of U.S. sales and strong Auryxia volumes. Cash and equivalents at year-end 2025 were $184.8 million.

The financial picture has shifted in 2026. Total revenues were $53.5 million in Q1 and $49.1 million in Q2, each below the year-ago period, as Auryxia revenues fell sharply — from $47.2 million in Q2 2025 to $25.5 million in Q2 2026 — due to expanding generic competition that management had flagged as expected. Vafseo has grown sequentially each quarter, reaching $21.3 million in Q2 2026 (a 34% increase from Q1), with more than 10,500 patients active on therapy, but has not fully offset the Auryxia decline. Net losses of $9.1 million in Q1 and $8.9 million in Q2 mark a reversal from near-breakeven in the same periods of 2025. Cash and equivalents stood at $155.5 million at June 30, 2026, down from $184.8 million six months earlier.

Beyond its commercial products, Akebia has been building a rare-kidney-disease pipeline anchored by ebribafusp (formerly AKB-097), a complement inhibitor acquired from Q32 Bio in November 2025 for $10 million upfront, and praliciguat, a Phase 2 candidate in focal segmental glomerulosclerosis. The company also holds a senior secured term loan that management has stated it plans to refinance, referencing that refinancing as part of its liquidity runway assertion.