Akebia Therapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting a decline in revenue and an increase in net losses compared to the previous fiscal period. For Q3 2024, total revenues were $37.4 million, down from $42.0 million in Q3 2023, marking an 11% decrease. Product revenue also fell to $35.6 million from $40.1 million year-over-year. For the nine months ended September 30, 2024, total revenues decreased to $113.7 million from $138.4 million in the same period of 2023, while product revenue declined from $117.1 million to $107.8 million.
The company's net loss for Q3 2024 was $20.0 million, compared to a loss of $14.5 million in Q3 2023, reflecting a 38% increase in losses. For the nine-month period, the net loss decreased to $46.6 million from $52.5 million in 2023, indicating improved operational efficiency. The decrease in research and development (R&D) expenses, which fell to $25.9 million from $53.2 million, contributed to this improvement, attributed to the completion of clinical trials and reduced headcount costs.
Akebia's cash and cash equivalents as of September 30, 2024, were approximately $34.0 million, down from $42.9 million at the end of 2023. The company reported a total stockholders' deficit of $50.4 million, an increase from $30.6 million at the end of the previous year. The company has entered into a senior secured term loan facility with BlackRock, providing up to $55.0 million, with $37.0 million already drawn to repay previous loans.
Strategically, Akebia is focused on the commercialization of its products, particularly Vafseo® (vadadustat), which received FDA approval on March 27, 2024, for treating anemia due to chronic kidney disease (CKD) in adults on dialysis. The product is expected to launch in the U.S. in January 2025. The company also terminated its license agreement with CSL Vifor in July 2024, regaining rights to sell Vafseo to dialysis organizations in the U.S. This decision is anticipated to enhance revenue potential, although the loss of exclusivity for Auryxia in March 2025 poses future revenue risks.
Overall, Akebia's financial performance reflects ongoing challenges in revenue generation and profitability, alongside strategic shifts aimed at enhancing its market position and operational efficiency.
About Akebia Therapeutics, Inc.
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