Reviewed listing: NASDAQ:AKBA · Analysis dated Oct 22, 2026
The underlying information has changed since this analysis. This earlier assessment has not yet been updated for those changes. It refers to the analysis date and original reviewed price shown here.
How does the company make money?
Akebia sells medicines for patients with kidney disease. Vafseo treats anemia in certain dialysis patients; Auryxia and its authorized generic version continue to account for a large share of revenue.
What supports the business?
Vafseo generated revenue of 21.302 million USD in the second quarter, after 13.279 million USD. This is documented commercial progress for an approved product.
What could improve?
The stock could benefit if Vafseo overtakes the decline in Auryxia and cash remains after research, sales, and contractual payments on a sustained basis. This has not yet been achieved.
How is the stock price assessed?
This assessment refers to the analysis and its quoted price shown here. It is not a live quote or a personal recommendation to buy.
0.5853 USD look optically low and imply a market capitalization of around 162 million USD based on the latest cover count. However, the cash balance should not be equated with freely available net assets. A defensible fair-price ceiling cannot yet be derived.
What is the main risk?
Auryxia is losing revenue, and operating cash flow is negative. In addition to ordinary debt, there are substantial payment obligations from revenue-sharing arrangements and a prepayment. Further share issuance could reduce existing shareholders’ ownership stakes.
What is the overall assessment?
Vafseo is growing, but does not yet offset the decline in Auryxia. Despite the low share price, sustainable earnings power after financing and royalty burdens remains uncertain.
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