Akebia Therapeutics, Inc.

AKBA · Pharmaceutical Preparations · 268.3M shares · +12%/yr ↑ dilution · EDGAR filings ↗

Net buyback after stock comp: -$9M (gross $162K, SBC $9M)

Reference price $1.25 · est. market cap ~$335M — last insider purchase, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B71

Cash-generative kidney-disease commercial company with two products and top-quartile margins, tempered by Auryxia loss of exclusivity.

Strengths

Positive free cash flow $67.7M (87th pct), OCF margin 90.6th pct, operating margin 81.8th pct, gross margin 70th pct
Two marketed products (Vafseo, Auryxia) with broad dialysis-channel access and a vadadustat Phase 3 QD noninferiority win

Risks

High leverage (debt/equity 1.48, 91st pct) and only a slight net loss; quick ratio weak (22nd pct)
Auryxia reached LoE in March 2025 with generic competition expected to erode revenue; TIW vadadustat arm failed noninferiority

Notable findings

Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Net lossNet loss (net margin -2.3%)
Exec changeRecent 8-K item 5.02 8-K ↗
Chronic dilutionShare count +12%/yr over 4y (dilution, book value/share -72%)
Insider sellingInsider selling — 15 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$900,774, last 6mo) Form 4 ↗
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗

Quarterly revenue

2025-06-30 · $62M2025-09-30 · $59M2025-12-31 · $58M2026-03-31 · $54M

Last 4 quarters · from SEC filings.

Key metrics

Gross margin

83.3%

Operating margin

9.9%

Net margin

-2.3%

Return on equity

-16.4%

Return on assets

-1.4%

ROIC

23.0%

Revenue growth (QoQ)

-7.1%

Debt / equity

1.5×

Current ratio

1.6×

Free cash flow

$68M

Tangible book value

-$26M

Cash & investments

$185M

Stock comp / revenue

4.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-06-17	Wolf Myles	Grant	36K	—
2026-06-17	Smith Cynthia	Grant	36K	—
2026-06-17	ADAMS ADRIAN	Grant	36K	—
2026-06-17	ROGERS MICHAEL W	Grant	36K	—
2026-06-17	FRIESON RON	Grant	36K	—
2026-06-17	ZUMWALT LEANNE M	Grant	36K	—
2026-03-04	Butler John P.	Buy	69K	$1.25
2026-02-02	Rucci Carolyn M.	Sell	17K	$1.39
2026-02-02	Rucci Carolyn M.	Sell	25K	$1.39
2026-02-02	Rucci Carolyn M.	Sell	28K	$1.39
2026-02-02	Malabre Richard C	Sell	36K	$1.39
2026-02-02	Malabre Richard C	Sell	13K	$1.39
2026-02-02	Ostrowski Erik	Sell	35K	$1.39
2026-02-02	Grund Nicholas	Sell	54K	$1.39
2026-02-02	Grund Nicholas	Sell	31K	$1.39
2026-02-02	Burke Steven Keith	Sell	22K	$1.39
2026-02-02	Burke Steven Keith	Sell	25K	$1.39
2026-02-02	Burke Steven Keith	Sell	21K	$1.39
2026-02-02	Butler John P.	Sell	47K	$1.39
2026-02-02	Butler John P.	Sell	96K	$1.39
2026-02-02	Butler John P.	Sell	115K	$1.39
2026-02-02	Butler John P.	Grant	175K	$1.41
2026-02-02	Butler John P.	Sell	84K	$1.39
2026-01-30	Burke Steven Keith	Grant	204K	—
2026-01-30	Rucci Carolyn M.	Grant	190K	—
2026-01-30	Malabre Richard C	Grant	79K	—
2026-01-30	Ostrowski Erik	Grant	204K	—
2026-01-30	Grund Nicholas	Grant	204K	—
2026-01-30	Butler John P.	Grant	743K	—
2025-06-30	Ostrowski Erik	Sell	41K	$3.67
2025-06-10	ADAMS ADRIAN	Grant	36K	—
2025-06-10	Wolf Myles	Grant	36K	—
2025-06-10	Smith Cynthia	Grant	36K	—
2025-06-10	ROGERS MICHAEL W	Grant	36K	—
2025-06-10	GILMAN STEVEN C	Grant	36K	—
2025-06-10	FRIESON RON	Grant	36K	—
2025-06-10	ZUMWALT LEANNE M	Grant	36K	—
2025-06-09	Malabre Richard C	Option exercise	15K	$1.68
2025-06-09	Malabre Richard C	Sell	15K	$4.01
2025-06-04	Malabre Richard C	Sell	13K	$3.53
2025-03-03	Burke Steven Keith	Sell	7.1K	$1.83
2025-03-03	Butler John P.	Sell	46K	$1.83
2025-02-03	Butler John P.	Sell	98K	$2.10
2025-02-03	Malabre Richard C	Sell	30K	$2.10
2025-02-03	Butler John P.	Sell	46K	$2.10
2025-02-03	Grund Nicholas	Sell	56K	$2.10
2025-02-03	Burke Steven Keith	Sell	23K	$2.10
2025-02-03	Burke Steven Keith	Sell	27K	$2.10
2025-01-31	Butler John P.	Grant	701K	—
2025-01-31	Burke Steven Keith	Grant	195K	—
2025-01-31	Malabre Richard C	Grant	85K	—
2025-01-31	Grund Nicholas	Grant	195K	—
2025-01-31	Ostrowski Erik	Grant	195K	—
2025-01-17	FRIESON RON	Option exercise	20K	$0.45

All non-derivative Form 4 activity (SEC), newest first.

Clinical trials

Trial	Title	Phase	Status	Primary completion
NCT04313153 ↗	Trial Evaluating the Efficacy and Safety of Oral Vadadustat Once Daily (QD) and Three Times Weekly (TIW) for the Maintenance Treatment of Anemia in Hemodialysis Subjects Converting From Erythropoiesis-Stimulating Agents (ESAs) Anemia	PHASE3	Completed	2021-11-26

Source: ClinicalTrials.gov (U.S. NIH) · active studies first.

Notable events (8-K)

Date	Items
2026-06-22	Shareholder vote	filing ↗
2026-05-07	ResultsExhibits	filing ↗
2026-04-01	Exec/director changeExhibits	filing ↗
2026-02-26	ResultsExhibits	filing ↗
2026-01-30	Material agreementDebt obligationExec/director changeExhibits	filing ↗
2026-01-12	ResultsReg FDExhibits	filing ↗
2025-12-01	Material agreementReg FDOtherExhibits	filing ↗
2025-11-17	Material agreement	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-22	2026-06-17	0001517022-26-000043 ↗
8-K	2026-05-07	2026-05-07	0001517022-26-000038 ↗
10-Q	2026-05-07	2026-03-31	0001517022-26-000039 ↗
8-K	2026-04-01	2026-03-27	0001517022-26-000024 ↗
10-K	2026-02-26	2025-12-31	0001517022-26-000020 ↗
8-K	2026-02-26	2026-02-26	0001517022-26-000019 ↗
8-K	2026-01-30	2026-01-27	0001517022-26-000008 ↗
8-K	2026-01-12	2026-01-12	0001517022-26-000003 ↗
8-K	2025-12-01	2025-11-28	0001517022-25-000051 ↗
8-K	2025-11-17	2025-11-12	0001517022-25-000048 ↗
8-K	2025-11-10	2025-11-10	0001517022-25-000045 ↗
10-Q	2025-11-10	2025-09-30	0001517022-25-000046 ↗