Key Highlights

  • Akebia Therapeutics (NASDAQ:AKBA) fell 33.91% to USD 0.4591 in trading on November 5, 2026, per published market data, on Volume of 4.94 million shares.
  • Third-quarter 2026 Revenue was USD 36.9 million, down from USD 58.8 million a year earlier, as Auryxia revenue dropped to USD 20.0 million from USD 42.5 million.
  • Vafseo net product revenue rose to USD 14.8 million from USD 14.3 million, with about 11,500 patients on therapy at quarter end.
  • The company reported a net loss of USD 14.4 million, or USD 0.05 per share, and cash of USD 159.3 million at September 30, 2026.

Results Show Auryxia Revenue Collapsing

Akebia Therapeutics (NASDAQ:AKBA) released third-quarter 2026 results on November 5, 2026, and the shares fell 33.91% to USD 0.4591 in trading that day, per published market data. Total revenue was USD 36.9 million against USD 58.8 million a year earlier. Auryxia net product revenue fell to USD 20.0 million from USD 42.5 million, while Vafseo net product revenue was USD 14.8 million against USD 14.3 million. License and collaboration revenue was USD 2.1 million. Akebia swung to a net loss of USD 14.4 million, or USD 0.05 per share, from Net Income of USD 0.5 million a year earlier. The company said Auryxia revenue is expected to decline in 2026 compared with 2025. Management framed the quarter around Vafseo adoption, while the release noted that Auryxia revenue will keep declining this year.

Vafseo Growth Versus Auryxia Decline

Vafseo is the growth story: about 11,500 patients were on therapy at quarter end, up about 8.1% from the second quarter and about 140% from a year earlier, with about 1,300 prescribers. Management said third-quarter Vafseo revenue was below the second quarter mainly because the largest customer reduced inventory. Operating costs moved in different directions: Research and Development was USD 16.2 million against USD 14.9 million, selling, general and administrative expense fell to USD 23.5 million from USD 29.1 million, and a restructuring charge of USD 1.3 million was booked. Cash was USD 159.3 million, up from USD 155.5 million at June 30, 2026, and management said it should fund the current plan for at least two years. The restructuring charge reflects cost actions aimed at narrowing losses as Auryxia declines, and the lower selling and administrative line shows early effect of those steps.

Risks and What to Watch

The core risk is that Vafseo growth has not yet offset Auryxia erosion, so revenue is falling while losses return. The company plans to refinance its senior secured term loan, and the release did not state the outstanding amount, so terms matter. A share price below USD 1 can also draw attention under the Nasdaq minimum bid rule, which generally requires a closing bid of at least USD 1 for continued listing. Quoted moves in low-priced stocks can reverse, and spreads can be wide. Pipeline updates, including the ebribafusp alfa Phase 2 basket trial with initial data expected in 2027, are long-dated catalysts. Investors will also want the refinancing terms, because interest cost affects how quickly losses can narrow.

Where Things Stand

Akebia Therapeutics (NASDAQ:AKBA) fell because third-quarter revenue dropped about 37% from a year earlier as Auryxia sales shrank faster than Vafseo grew, and the company returned to a net loss. That decline is simple arithmetic on USD 36.9 million versus USD 58.8 million. Offsetting factors are the 140% annual rise in Vafseo patients and cash of USD 159.3 million. The next catalysts are the term Loan refinancing and fourth-quarter prescription trends.