Key Highlights

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

Results Show Auryxia Revenue Shrinking

Akebia Therapeutics (NASDAQ:AKBA) issued third-quarter 2026 figures on November 5, 2026, and the shares slid 33.91% to USD 0.4591 that session, according to published market data. Total revenue reached USD 36.9 million, compared with USD 58.8 million the prior year. Auryxia net product revenue dropped to USD 20.0 million from USD 42.5 million, whereas Vafseo net product revenue was USD 14.8 million against USD 14.3 million. License and collaboration revenue totaled USD 2.1 million. The company moved to a net loss of USD 14.4 million, or USD 0.05 per share, after Net Income of USD 0.5 million in the prior-year period. Akebia said it expects Auryxia revenue to fall during 2026 relative to 2025. Management presented the quarter around Vafseo uptake, but the company's release also made clear that Auryxia sales will keep sliding this year.

Vafseo Expansion Against Auryxia Decline

Vafseo is the growth driver: about 11,500 patients were on therapy at quarter end, up roughly 8.1% from the second quarter and about 140% from a year earlier, supported by around 1,300 prescribers. Management attributed the third-quarter Vafseo revenue trailing the second quarter mainly to the largest customer cutting its inventory. Operating expenses moved in mixed directions: Research and Development came in at USD 16.2 million versus USD 14.9 million, selling, general and administrative expense declined to USD 23.5 million from USD 29.1 million, and a USD 1.3 million restructuring charge was recorded. Cash rose to USD 159.3 million from USD 155.5 million at June 30, 2026, and management stated that it should cover the current plan for at least two years. The restructuring charge reflects cost measures intended to narrow losses as Auryxia falls, and the smaller selling and administrative line suggests those steps are already having an effect.

Risks and Watch Items

The central concern is that Vafseo gains have not yet covered Auryxia erosion, so revenue is contracting while losses have returned. The company intends to refinance its senior secured term loan, yet the release did not disclose the outstanding balance, which makes the terms important. A share price under USD 1 may also draw scrutiny under the Nasdaq minimum bid rule, which typically requires a closing bid of at least USD 1 to remain listed. Moves in low-priced stocks can reverse, and spreads can be wide. Pipeline news, including the ebribafusp alfa Phase 2 basket trial with first readout expected in 2027, represents longer-dated catalysts. Investors will also look at refinancing terms, since interest costs influence how fast losses can shrink.

Where Things Stand

Akebia Therapeutics (NASDAQ:AKBA) declined because third-quarter revenue fell roughly 37% from a year earlier as Auryxia sales dropped faster than Vafseo could grow, and the company slipped back into a net loss. That 37% is simple arithmetic on USD 36.9 million against USD 58.8 million. Partly offsetting are the 140% annual rise in Vafseo patients and USD 159.3 million of cash. The next catalysts are the term Loan refinancing and fourth-quarter prescription trends.