Akebia Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
AKBA$0.54+1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2023 |
| Operating Activities: | |||
| Net loss | $(5,345) | $(69,410) | $(51,925) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation | 1,269 | 1,462 | 1,585 |
| Amortization of intangible asset | — | 36,042 | 36,042 |
| Bad debt expense | 1,479 | 876 | — |
| Change in fair value of warrant liability | 3,099 | 330 | — |
| Non-cash royalty revenue related to sale of future royalties | (1,768) | (1,895) | (1,977) |
| Non-cash research and development expense | — | — | 782 |
| Non-cash interest expense | 21,808 | 13,069 | (2,228) |
| Non-cash operating lease expense | 4,555 | 4,198 | 4,219 |
| Non-cash loss on extinguishment of debt | — | 294 | — |
| Non-cash write-off on termination of lease | — | — | (825) |
| Charge for purchase of IPR&D asset | 12,807 | — | — |
| Write-down of inventory | 2,505 | 4,208 | 1,580 |
| Change in excess inventory purchase commitments | — | 2,068 | 1,533 |
| Stock-based compensation expense | 11,283 | 7,775 | 9,317 |
| Gain on the sale of property and equipment | (172) | — | — |
| Change in fair value of embedded debt derivative | — | — | (760) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (14,142) | 4,046 | 994 |
| Inventory | (23,125) | (28,401) | (2,542) |
| Prepaid expenses and other current assets | 7,579 | 8,893 | 11,839 |
| Other long-term assets | (2,622) | 622 | (1,361) |
| Accounts payable | 3,082 | (1,364) | (5,244) |
| Accrued expense and other current liabilities | 48,530 | (12,777) | (10,021) |
| Operating lease liabilities | (5,399) | (4,491) | (4,963) |
| Deferred revenue | 2,681 | — | (3,738) |
| Other long-term liabilities | (112) | (6,204) | (5,691) |
| Net cash provided by (used in) operating activities | 67,992 | (40,659) | (23,384) |
| Investing Activities: | |||
| Purchase of equipment | (291) | (33) | — |
| Proceeds from the sale of property and equipment | 172 | — | — |
| Purchase of IPR&D asset, including transaction costs | (7,807) | — | — |
| Net cash used in investing activities | (7,926) | (33) | — |
| Financing Activities: | |||
| Proceeds from the issuance of debt | 10,000 | 45,000 | — |
| Payments of issuance costs related to BlackRock Credit Agreement | (63) | (1,272) | — |
| Proceeds from the issuance of common stock, net of issuance costs | 66,449 | 42,495 | 6,708 |
| Proceeds from the sale of stock under employee stock purchase plan | 230 | 154 | 85 |
| Proceeds from the exercise of common stock options | 1,684 | 385 | 1 |
| Repayment of WCF liability | (1,146) | — | — |
| Repayment of liability related to settlement royalties | (3,765) | — | — |
| Repayment of term debt | (462) | (37,099) | (32,000) |
| Net cash provided by (used in) financing activities | 72,927 | 49,663 | (25,206) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 132,993 | 8,971 | (48,590) |
| Cash, cash equivalents and restricted cash at beginning of the period | 53,550 | 44,579 | 93,169 |
| Cash, cash equivalents and restricted cash at end of the period | $186,543 | $53,550 | $44,579 |
| Supplemental cash flow information | |||
| Issuance of warrants in connection with BlackRock Credit Agreement | $2,199 | $4,846 | $— |
| Cashless exercise of warrants in connection with BlackRock Credit Agreement | 7,494 | — | — |
| Purchase of IPR&D asset included in accrued expenses and other current liabilities | 5,000 | — | — |
| Cash paid for interest | 6,080 | 5,035 | 6,059 |
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