Akebia Therapeutics, Inc.
AKBAHealthcare|Biotechnology|US
$0.40
-0.02 (-5.69%)
Cash / Share
$0.58
Financials
Financial Snapshot
Market Cap
$111.2M
Enterprise Value
$12.4M
Revenue (TTM)
$197.2M
Net Income (TTM)
-$44.6M
Cash & Investments
$159.3M
Net Cash
$98.8M
Free Cash Flow (TTM)
$13.8M
Operating CF (TTM)
$15.8M
Debt/Equity
2.97
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $260.3M | $317.8M | $321.6M | $148.0M | $269.1M | $149.8M | $90.5M | $42.9M | $51.9M | $184.8M | $159.3M | |
| Operating Cash Flow | $57.9M | -$56.2M | -$97.5M | -$257.4M | -$110.4M | -$253.0M | -$73.2M | -$23.4M | -$40.7M | $68.0M | $15.8M | |
| Free Cash Flow | $55.2M | -$57.8M | -$99.1M | -$264.1M | -$110.7M | -$253.0M | -$73.3M | -$23.4M | -$40.7M | $68.0M | $13.8M | |
| Capital Expenditure | -$2.7M | -$1.6M | -$1.6M | -$6.7M | -$317.0K | -$59.0K | -$114.0K | $0.00 | -$33.0K | -$291.0K | -$2.0M | |
| Financing Cash Flow | $66.9M | $116.2M | $96.6M | $89.0M | $231.7M | $133.7M | $14.6M | -$25.2M | $49.7M | $72.9M | -$9.1M |
R&D Spending
R&D (TTM)
$71.7M
R&D Intensity
36.4%
R&D Growth vs Prior
+15.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $178.0M | $207.7M | $335.0M | $294.6M | $211.7M | $292.5M | $194.6M | $160.2M | $236.2M | $197.2M | |
| R&D Expense | $115.8M | $230.9M | $291.1M | $323.0M | $218.5M | $147.9M | $166.0M | $63.1M | $37.7M | $62.4M | $71.7M | |
| R&D % of Revenue | 7543.0% | 129.7% | 140.1% | 96.4% | 74.2% | 69.9% | 56.8% | 32.4% | 23.5% | 26.4% | 36.4% | |
| SG&A | $22.2M | $27.0M | $87.1M | $149.5M | $154.1M | $174.1M | $138.6M | $100.2M | $106.5M | $107.5M | $108.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5M | $178.0M | $207.7M | $335.0M | $294.6M | $211.7M | $292.5M | $194.6M | $160.2M | $236.2M | $197.2M | |
| Cost of Revenue | $115.8M | $617.0K | $7.7M | $145.3M | $64.0M | $81.5M | $22.5M | $74.1M | $63.2M | $39.5M | $41.6M | |
| Gross Profit | -$114.3M | $177.4M | $200.1M | $189.7M | $230.7M | $130.2M | $270.0M | $120.5M | $97.0M | $196.7M | $155.6M | |
| R&D | $115.8M | $230.9M | $291.1M | $323.0M | $218.5M | $147.9M | $166.0M | $63.1M | $37.7M | $62.4M | $71.7M | |
| SG&A | $22.2M | $27.0M | $87.1M | $149.5M | $154.1M | $174.1M | $138.6M | $100.2M | $106.5M | $107.5M | $108.2M | |
| Operating Income | -$136.5M | -$79.9M | -$178.1M | -$286.3M | -$377.8M | -$264.5M | -$80.8M | -$46.3M | -$50.5M | $23.5M | -$31.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $1.4M | $8.9M | $19.9M | $15.7M | $6.0M | $18.2M | $24.2M | $6.3M | |
| Pretax Income | -$135.7M | -$76.9M | -$171.9M | -$286.3M | -$384.8M | -$282.0M | -$94.2M | -$51.9M | -$69.4M | -$3.7M | -$43.2M | |
| Net Income | -$135.7M | -$76.9M | -$171.9M | -$279.7M | -$384.8M | -$282.0M | -$94.2M | -$51.9M | -$69.4M | -$5.3M | -$44.6M | |
| EPS (Diluted) | -3.60 | -1.77 | -1.47 | -2.36 | -2.53 | -1.48 | -0.58 | -0.28 | -0.33 | -0.02 | -0.16 | |
| EBITDA | -$136.2M | -$76.1M | -$175.7M | -$247.6M | -$139.8M | -$189.9M | $3.1M | -$8.3M | -$13.7M | $21.7M | -$35.6M | |
| Shares Out. (M) | 37.72 | 43.50 | 116.89 | 118.40 | 138.46 | 165.95 | 182.78 | 187.47 | 210.95 | 257.16 | 276.86 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $187.3M | $70.2M | $104.6M | $147.7M | $229.1M | $149.8M | $90.5M | $42.9M | $51.9M | $184.8M | $159.3M | |
| Short-Term Investments | $73.0M | $247.6M | $217.0M | $245.0K | $40.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $296.3M | $358.4M | $468.3M | $309.5M | $371.4M | $271.1M | $185.2M | $118.1M | $113.8M | $184.8M | $220.8M | |
| Total Assets | $300.2M | $364.2M | $996.5M | $771.2M | $644.1M | $529.3M | $356.1M | $241.7M | $220.7M | $376.6M | $342.1M | |
| Total Current Liabilities | $114.3M | $144.3M | $265.7M | $208.1M | $187.1M | $261.1M | $129.5M | $99.9M | $80.9M | $162.9M | $162.3M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $75.8M | $96.4M | $53.1M | $34.1M | $71.2M | $175.5M | $176.2M | $12.8M | |
| Total Liabilities | $232.1M | $244.9M | $360.6M | $376.4M | $396.5M | $455.3M | $350.8M | $272.3M | $269.9M | $344.0M | $321.8M | |
| Stockholders' Equity | $68.1M | $119.3M | $635.9M | $394.8M | $247.6M | $74.0M | $5.2M | -$30.6M | -$49.2M | $32.6M | $20.4M | |
| Retained Earnings | -$297.1M | -$374.1M | -$514.4M | -$794.1M | -$1.18B | -$1.46B | -$1.56B | -$1.61B | -$1.68B | -$1.68B | -$1.72B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $57.9M | -$56.2M | -$97.5M | -$257.4M | -$110.4M | -$253.0M | -$73.2M | -$23.4M | -$40.7M | $68.0M | $15.8M | |
| Capital Expenditure | -$2.7M | -$1.6M | -$1.6M | -$6.7M | -$317.0K | -$59.0K | -$114.0K | $0.00 | -$33.0K | -$291.0K | -$2.0M | |
| Free Cash Flow | $55.2M | -$57.8M | -$99.1M | -$264.1M | -$110.7M | -$253.0M | -$73.3M | -$23.4M | -$40.7M | $68.0M | $13.8M | |
| Investing Cash Flow | $12.7M | -$177.3M | $36.6M | $211.2M | -$40.0M | $39.9M | -$114.0K | $0.00 | -$33.0K | -$7.9M | -$14.6M | |
| Financing Cash Flow | $66.9M | $116.2M | $96.6M | $89.0M | $231.7M | $133.7M | $14.6M | -$25.2M | $49.7M | $72.9M | -$9.1M | |
| Issuance of Stock | $66.8M | $114.9M | $95.9M | $26.2M | $210.5M | $88.9M | $7.5M | $6.8M | $42.6M | $68.4M | $10.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$426.0K | $0.00 | $0.00 | $0.00 | $0.00 | -$1.3M | $0.00 | $0.00 | |
| Net Debt Issuance | -$20.0K | -$5.0K | -$19.0K | $62.7M | $20.0M | $0.00 | -$33.0M | -$32.0M | $7.9M | $4.6M | -$20.2M | |
| Stock Based Comp. | $5.8M | $8.9M | $19.0M | $11.9M | $24.5M | $22.7M | $17.8M | $9.3M | $7.8M | $11.3M | $12.9M | |
| Net Change in Cash | $137.6M | -$117.2M | $35.7M | $42.7M | $81.3M | -$79.3M | -$58.7M | -$48.6M | $9.0M | $133.0M | -$8.0M |
Dilution Tracker
Shares outstanding grew 85.7% over 5 years — significant dilution
Shares Outstanding
277M
5-Year Share Growth
+85.7%
Stock Issuance (TTM)
$10.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 37.72 | 43.50 | 116.89 | 118.40 | 138.46 | 165.95 | 182.78 | 187.47 | 210.95 | 257.16 | 276.86 | |
| Change vs Prior % | — | 15.3% | 168.7% | 1.3% | 16.9% | 19.9% | 10.1% | 2.6% | 12.5% | 21.9% | 7.7% | |
| Stock Issuance | $66.8M | $114.9M | $95.9M | $26.2M | $210.5M | $88.9M | $7.5M | $6.8M | $42.6M | $68.4M | $10.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$426.0K | $0.00 | $0.00 | $0.00 | $0.00 | -$1.3M | $0.00 | $0.00 | |
| Stock Based Comp. | $5.8M | $8.9M | $19.0M | $11.9M | $24.5M | $22.7M | $17.8M | $9.3M | $7.8M | $11.3M | $12.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -7443.0% | 99.7% | 96.3% | 56.6% | 78.3% | 61.5% | 92.3% | 61.9% | 60.6% | 83.3% | 78.9% | |
| Operating Margin % | -8889.9% | -44.9% | -85.8% | -85.5% | -128.2% | -125.0% | -27.6% | -23.8% | -31.5% | 9.9% | -15.7% | |
| Net Margin % | -8843.5% | -43.2% | -82.7% | -83.5% | -130.6% | -133.3% | -32.2% | -26.7% | -43.3% | -2.3% | -22.6% | |
| EBITDA Margin % | -8870.6% | -42.7% | -84.6% | -73.9% | -47.5% | -89.7% | 1.0% | -4.2% | -8.6% | 9.2% | -18.1% | |
| FCF Margin % | 3599.0% | -32.5% | -47.7% | -78.8% | -37.6% | -119.5% | -25.1% | -12.0% | -25.4% | 28.8% | 7.0% | |
| ROE % | -199.3% | -64.5% | -27.0% | -70.8% | -155.4% | -381.1% | -1801.6% | 169.8% | 141.1% | -16.4% | -169.2% | |
| ROA % | -45.2% | -21.1% | -17.3% | -36.3% | -59.7% | -53.3% | -26.5% | -21.5% | -31.5% | -1.4% | -13.0% | |
| ROIC % | -72.9% | -35.0% | -19.9% | -49.2% | -81.7% | -71.4% | -30.7% | -27.9% | -33.8% | 9.3% | -14.2% | |
| R&D / Revenue % | 7543.0% | 129.7% | 140.1% | 96.4% | 74.2% | 69.9% | 56.8% | 32.4% | 23.5% | 26.4% | 36.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 11495.0% | 16.7% | 61.3% | -12.0% | -28.2% | 38.2% | -33.5% | -17.7% | 47.5% | |
| Gross Profit | -118910.4% | 255.2% | 12.8% | -5.2% | 21.6% | -43.6% | 107.4% | -55.4% | -19.5% | 102.8% | |
| Operating Income | -121.8% | 41.4% | -122.9% | -60.7% | -32.0% | 30.0% | 69.5% | 42.7% | -9.1% | 146.6% | |
| Net Income | -123.6% | 43.3% | -123.5% | -62.7% | -37.6% | 26.7% | 66.6% | 44.9% | -33.7% | 92.3% | |
| EPS (Diluted) | -57.2% | 50.8% | 16.9% | -60.5% | -7.2% | 41.5% | 60.8% | 51.7% | -17.9% | 93.7% | |
| Operating Cash Flow | 210.5% | -197.0% | -73.6% | -164.1% | 57.1% | -129.2% | 71.1% | 68.0% | -73.9% | 267.2% | |
| Free Cash Flow | 204.6% | -204.6% | -71.5% | -166.5% | 58.1% | -128.6% | 71.0% | 68.1% | -74.0% | 267.1% | |
| R&D Expense | 169.2% | 99.4% | 26.1% | 11.0% | -32.4% | -32.3% | 12.3% | -62.0% | -40.3% | 65.6% | |
| SG&A Expense | 20.1% | 21.6% | 222.4% | 71.7% | 3.1% | 13.0% | -20.4% | -27.7% | 6.3% | 0.9% | |
| Total Assets | 110.0% | 21.3% | 173.6% | -22.6% | -16.5% | -17.8% | -32.7% | -32.1% | -8.7% | 70.6% | |
| Book Value / Share | -63.5% | 51.9% | 98.3% | -38.7% | -46.4% | -75.1% | -93.6% | -670.2% | -42.9% | 154.4% | |
| Debt | -100.0% | 0.0% | 0.0% | 622.1% | 16.6% | 49.8% | -47.2% | 4.4% | 81.2% | 14.6% | |
| Diluted Shares | 42.5% | 15.3% | 168.7% | 1.3% | 16.9% | 19.9% | 10.1% | 2.6% | 12.5% | 21.9% |
Valuation
P/E (TTM)At Loss
P/S0.56
10Y Low / Med / High0.36 / 2.23 / 255.79
P/B5.45
10Y Low / Med / High1.02 / 5.42 / 20.17
EV/EBITDAAt Loss
EV/Revenue0.06
10Y Low / Med / High0.39 / 2.12 / 133.74
P/FCF8.04
Intrinsic Value Models (per share)
Cash / Share
$0.58
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.89 | -8.40 | -3.76 | -2.68 | -1.11 | -1.53 | -0.99 | -4.43 | -5.76 | -77.40 | -2.51 | |
| P/S Ratio | 255.79 | 3.63 | 3.11 | 2.23 | 1.32 | 1.77 | 0.36 | 1.19 | 2.50 | 1.75 | 0.56 | |
| P/B Ratio | 5.76 | 5.42 | 1.02 | 1.90 | 1.57 | 5.07 | 20.17 | -7.60 | -8.15 | 12.70 | 5.45 | |
| EV/EBITDA | -1.51 | -7.58 | -3.17 | -2.86 | -2.04 | -2.18 | 37.56 | -35.53 | -39.19 | 20.50 | -0.35 | |
| EV/Revenue | 133.74 | 3.24 | 2.68 | 2.12 | 0.97 | 1.96 | 0.39 | 1.51 | 3.36 | 1.89 | 0.06 |
Analyst Estimates & Quality
Altman Z-Score
-6.39
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $197.8M | $132.5M | $164.7M |
| Net Income | -$36.0M | -$78.3M | -$66.2M |
| EPS | $-0.14 | $-0.30 | $-0.17 |
| # Analysts (EPS) | 3 | 3 | 5 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| License Collaboration And Other Revenue | $166.4M | — | — | $24.3M | $8.0M | $8.9M |
| Product | $128.9M | $142.2M | $177.1M | $170.3M | $152.2M | — |
| License Collaboration And Other Revenue, Royalties | — | — | — | — | — | $100.0K |
| Supply Agreement | — | — | — | — | — | $300.0K |