AKBA Nasdaq Earnings call
Akebia Therapeutics, Inc. (AKBA) · Q1 2026 results
Share price: $0.57 · 2026-11-11
Results Q1 2026 vs Q4 2025 · previous quarter · published 7 May 2026 and 26 Feb 2026
Net loss narrowed on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss narrowed
Net income vs Q4 2025
Outlook given
Net income -9.1M vs -12.2M
Revenue −7.1%
2 · How management spoke
Restrained
Less upbeat than 66% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
In quarter 1, approximately 2/3 of all Vafseo patients were treated 3 times weekly, a frequency expected to grow in coming quarters due to these protocols.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: inputs look inconsistent (market value only 2.3x the fcf: another reporting currency or a one-off gain).
Current price
$0.57
close of 2026-11-11
Revenue growth, 3 years
−6.9% a year
compound annual rate (CAGR)
Free cash flow 2023
−$0.0B
Free cash flow 2024
−$0.0B
Free cash flow 2025
$0.1B
Read between the lines
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Rising
Growth in the "Observed dosing protocol" was driven by dialysis organizations expanding the breadth and depth of prescribing and education on Vafseo benefits.
Source quote
“We believe this growth is being driven by dialysis organizations that have ...with the progress we're seeing within and across dialysis organizations as we expand the breadth and depth of prescribing and continue to educate the nephrology community on the benefits of Vafseo. Nick is going to expand on that important point and provide more detail on the quarter and trends we're seeing in 2026.”
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Guidance
AKBA expects Vafseo revenue growth to occur primarily among dialysis organizations that have implemented observed dosing and expect nearly all in-center growth from this expanded access.
Source quote
“Because of this expanded access, we anticipate the greatest opportunity for Vafseo revenue growth will be among dialysis organizations that have implemented observed dosing and expect nearly all in-center...”
-
Guidance
Approximately 2/3 of Vafseo patients were treated 3 times weekly in quarter 1, a frequency expected to grow in coming quarters due to these protocols.
Source quote
“In quarter 1, approximately 2/3 of all Vafseo patients were being treated 3 times weekly, which we expect to continue to grow in coming quarters due to these protocol...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Because of this expanded access, we anticipate the greatest opportunity for Vafseo revenue growth will be among dialysis organizations that have implemented observed dosing and expect nearly all in-center patients...”
“Additional information describing these risks is included in the financial results press release that we issued on May 7 as well as in the Risk Factors and Management Discussion and...”
“As prescribers continue to gain real-world experience with Vafseo and we generate and disseminate more data, we expect to further grow the breadth and depth of prescribing.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 53.5M | 57.6M | −7.1% | 57.3M | −6.6% |
| Gross profit | 41.3M | 18.2M | +127.2% | 49.7M | −17.0% |
| Operating income | -4.7M | -8.6M | Loss narrowed | 13.5M | Turned loss |
| Net income | -9.1M | -12.2M | Loss narrowed | 6.1M | Turned loss |
| EPS | -0.03 | -0.05 | Loss narrowed | 0.03 | Turned loss |
| P/E | 12-mo loss | 12-mo loss | — | 12-mo loss | — |
Topics
Most discussed now
- New I feel pretty confident about 86% is going to stick around there.
- Starting with the Vafseo launch, revenues were nearly $16 million in Q1, representing Akebia Therapeutics' highest quarter of Vafseo net…
- With the move to observed dosing protocols across multiple additional dialysis providers, Akebia Therapeutics is no longer receiving as…
- Dialysis organizations inventory remained relatively flat from Q4 2025 to Q1 2026.
- Of these amounts, Vafseo net product revenues were $15.8 million in Q1 '26 compared to $12 million in Q1 '25,...
Faded since Q4 2025
- Dropped While Akebia Therapeutics didns't see the growth it expected in the second half of 2025, it built real excitement for Vafseo.
- Fading Q4 Vafseo sales were negatively impacted by the inventory drawdown at USRC.
- Fading Akebia Therapeutics, in Q4, it saw a number of DaVita physicians starting to utilize Vafseo, and that's continued into Q1.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation; Director or officer change · SEC 8-K
- Results of operations; Regulation FD disclosure · SEC 8-K