We are a fully integrated biopharmaceutical company with two commercial products for patients impacted by kidney disease. We have built a business focused on developing and commercializing innovative therapeutics that we believe serve as a foundation for future growth, including by contributing net product revenue to support the development and advancement of our robust pipeline of mid-stage programs targeting rare kidney diseases and early-stage programs targeting kidney disease and non-kidney focused indications.
Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.
Share structure
Common
277.1M
Pre-funded warrants
0.0M
Options
22.0M
RSUs
8.1M
Warrants
2.1M
Converts
0.0M
Conv preferred
0.0M
ESPP reserve
4.2M
FDSO
313.5M
Cap table as of 2026-06-30.
Price history
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Next catalyst
AKB-9090 · Jan 12 - Feb 23 in 9 wks · Phase 1 · Healthy Volunteers
Recently reported
Vadadustat Phase 3Positive · 2026-11-05
VOCAL · anemia of chronic kidney disease
Primary: Non-inferiority to ESA in maintaining hemoglobin with three times per week (TIW) vadadustat dosing (change in hemoglobin) — Met the primary endpoint: mean hemoglobin difference vs ESA of -0.45 g/dL against a non-inferiority margin of -0.75 g/dL
· 353 patients with anemia due to CKD receiving in-center hemodialysis
· Open-label trial of vadadustat dosed three times per week (TIW) vs standard-of-care ESA (Mircera)
· Serious adverse events: 159.7 events per 100 patient-years (vadadustat) vs 183.9 events per 100 patient-years (ESA)
· TIW dosing regimen is investigational and not yet approved; approved Vafseo label is once-daily dosing
Safety: Serious adverse event rates were similar between vadadustat TIW and ESA (159.7 vs 183.9 events per 100 patient-years)
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.
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%
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 · ActiveModality: 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)
Catalysts
— 2027
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.
Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.