AKBA (Akebia Therapeutics Inc.) stock: $0.92, $253.7M market cap, $155.6M cash, $122.9M EV, $305.7M fully diluted market cap. Next expected readout: Dec-26. Lead program: Praliciguat (Focal Segmental Glomerulosclerosis), Phase 2. Data from Fully Diluted's biotech stocks database.
Balance sheet
| Cash | $155.6M |
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| Debt | $24.8M |
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| Net cash | $130.8M |
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| Enterprise value | $122.9M |
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| Basic shares | 271.7M shares |
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| Fully diluted shares | 332.3M shares |
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| Fully diluted market cap | $305.7M |
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| Cash per share | $0.57 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
|---|
| Jan 12 - Feb 23 | AKB-9090 | Phase 1 | Healthy Volunteers | — |
| Jul 13 - Aug 24 | Praliciguat | Phase 2 | Focal Segmental Glomerulosclerosis | — |
| Mar 14 - Apr 25 | ADX-097 | Phase 2 | IgA Nephropathy; Lupus Nephritis (LN); C3 (Complement Component 3) Glomerulopathy | — |
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Full readout calendar →
Pipeline assets
Vadadustat
Approved · Active
Aliases Vafseo
Target hypoxia-inducible factor prolyl hydroxylase (HIF-PH)
Partnerships Mitsubishi Tanabe Pharma (TPC Territory commercial rights in Japan/certain Asia, royalty interest sold to HealthCare Royalty); ex-U.S. marketed by collaboration partners in certain countries; Vifor license agreement terminated Jul 2024 — settlement royalties to CSL Vifor (high single digit to mid-single digit % of U.S. net sales); WuXi STA drug substance/product supply through 2029/2032
Indications- Anemia due to chronic kidney disease (CKD) in adults on dialysis ≥3 months (Approved)
Status note Oral HIF-PH inhibitor. FDA approved Mar 2024, U.S. launch Jan 2025; ~290,000 U.S. dialysis patients have prescribing access; approved in 37 countries total (EEA, UK, Switzerland, Australia, South Korea, Taiwan, Japan).
Ferric citrate
Approved · Active
Aliases Auryxia
Indications- Control of serum phosphorus in dialysis-dependent CKD (Approved)
- Iron deficiency anemia in non-dialysis-dependent CKD (Approved)
Status note U.S. loss of exclusivity Mar 2025; Teva generic ANDA approved Mar 11, 2026 and entered the market; filing expects additional generic competition in 2026.
Praliciguat
Phase 2 · Active
Target soluble guanylate cyclase (sGC)
Partnerships Cyclerion Therapeutics: exclusive global license (Jun 2021); $1.0M development milestone on Phase 2 initiation paid Dec 2025; up to $197.5M additional development/regulatory milestones; tiered royalties mid-single digit to 20%
Indications- Biopsy-confirmed focal segmental glomerulosclerosis (FSGS) (Phase 2)
Status note Oral once-daily sGC stimulator; first patient dosed in FSGS Phase 2 Dec 2025. Rare podocytopathies planned as future indications.
Ebribafusp
Phase 1 · Active Modality: fusion protein
Aliases AKB-097
Target C3d (complement)
Partnerships Q32 Bio: asset purchase (Nov 2025), $12.8M total consideration; milestones up to $487.5M commercial + development/regulatory milestones; royalties low single digits to mid-teen %
Indications- IgA nephropathy (IgAN) (Phase 2)
- C3 glomerulopathy (C3G) (Phase 2)
- Lupus nephritis (LN) (Phase 2)
Status note Tissue-targeted C3d-Factor H fusion protein complement inhibitor evaluated in Phase 1 healthy-volunteer trial. Phase 2 basket study in IgAN/C3G/LN planned to initiate second half of 2026.
AKB-9090
Stage not disclosed · Active
Target HIF (hypoxia-inducible factor)
Indications- Cardiac surgery-related acute kidney injury (CS-AKI) (Stage not disclosed)
- Acute respiratory distress syndrome (ARDS) (Stage not disclosed)
Status note Early-stage HIF molecule; first product candidate from internal discovery. 10-K stated expectation to initiate Phase 1 in healthy volunteers in H1 2026; Q2 10-Q does not confirm initiation.
AKB-10108
Preclinical · Active
Target HIF (hypoxia-inducible factor)
Indications- Retinopathy of prematurity (ROP) in neonates (Preclinical)
Status note Early-stage HIF molecule in preclinical development.
Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.