The company's financial position remains fragile, with equity narrowing to $27.4 million in 2026Q1 and a substantial $1.7 billion accumulated deficit distorting the capital structure.
Akebia Therapeutics, Inc. (AKBA) balance sheet — 14-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 229.55M | 184.84M | 113.83M | 118.15M | 185.18M | 271.15M | 371.44M | 309.53M | 468.27M | 358.36M | 296.32M | 141.02M | 110.48M | 33.43M | 2.24M |
| Cash & Short-Term Investments | 155.55M | 184.84M | 51.87M | 42.92M | 90.47M | 149.8M | 269.08M | 147.96M | 321.64M | 317.79M | 260.34M | 138.45M | 108.92M | 32.56M | 1.64M |
| Cash Only | 155.55M | 184.84M | 51.87M | 42.92M | 90.47M | 149.8M | 229.09M | 147.71M | 104.64M | 70.16M | 187.34M | 49.78M | 32.78M | 21.22M | 1.64M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 39.99M | 245K | 217M | 247.64M | 73.01M | 88.68M | 76.14M | 11.34M | 0 |
| Accounts Receivable | 53.51M | 47.03M | 34.37M | 39.29M | 40.28M | 51.58M | 28.57M | 38.86M | 16.67M | 34.22M | 33.82M | 0 | 48K | 0 | 85.63K |
| Days Sales Outstanding | 95.51 | 72.68 | 78.31 | 73.69 | 50.27 | 88.95 | 35.4 | 42.34 | 29.28 | 70.17 | 8.04K | - | - | - | - |
| Inventory | 13.02M | 15.61M | 16.24M | 15.69M | 21.57M | 36.63M | 61.02M | 116.35M | 114.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 122.32 | 144.38 | 93.84 | 77.24 | 349.94 | 164.05 | 348.19 | 292.2 | 5.43K | - | - | - | - | - | - |
| Other Current Assets | 0 | -62.64M | 7.32M | 20.24M | 32.86M | 0 | 12.76M | 6.36M | 15.72M | 6.35M | 0 | 2.56M | 1.51M | 0 | 0 |
| Total Non-Current Assets | 120.11M | 191.72M | 106.84M | 123.55M | 170.87M | 258.2M | 272.7M | 461.67M | 528.26M | 5.89M | 3.9M | 1.92M | 514.93K | 1.23M | 0 |
| Property, Plant & Equipment | 7.31M | 0 | 10.42M | 16.05M | 34.37M | 40.61M | 35.5M | 39.42M | 8.02M | 3.62M | 2.61M | 540K | 209.93K | 30.37K | 0 |
| Fixed Asset Turnover | 39.96x | - | 15.38x | 12.13x | 8.51x | 5.21x | 8.30x | 8.50x | 25.89x | 49.21x | 0.59x | - | - | - | - |
| Goodwill | 59.04M | 59.04M | 59.04M | 59.04M | 59.04M | 59.04M | 55.05M | 55.05M | 55.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 36.04M | 72.08M | 108.13M | 144.17M | 291.21M | 328.15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 2.09M | 2.46M | 1.28M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 53.75M | 132.68M | 37.38M | 12.42M | 5.37M | 50.42M | 35.94M | 73.89M | 21.8M | 2.27M | 1.28M | 1.38M | 305K | 1.2M | 0 |
| Total Assets | 349.66M | 376.56M | 220.67M | 241.7M | 356.05M | 529.35M | 644.14M | 771.2M | 996.54M | 364.25M | 300.22M | 142.94M | 111M | 34.66M | 2.24M |
| Asset Turnover | 0.60x | 0.63x | 0.73x | 0.81x | 0.82x | 0.40x | 0.46x | 0.43x | 0.21x | 0.49x | 0.01x | - | - | - | - |
| Asset Growth % | 164.49% | 70.65% | -8.7% | -32.12% | -32.74% | -17.82% | -16.48% | -22.61% | 173.59% | 21.33% | 110.03% | 28.78% | 220.19% | 1444.87% | - |
| Total Current Liabilities | 160.87M | 162.94M | 80.91M | 99.87M | 129.54M | 261.05M | 187.15M | 208.12M | 265.69M | 144.35M | 114.27M | 11.87M | 6.88M | 3.9M | 4.92M |
| Accounts Payable | 9.42M | 21.18M | 15.18M | 14.63M | 18.02M | 33.59M | 41.31M | 39.22M | 42.8M | 7M | 2.04M | 2.31M | 2.02M | 714K | 417.94K |
| Days Payables Outstanding | 99.61 | 195.95 | 87.7 | 72.04 | 292.39 | 150.44 | 235.72 | 98.49 | 2.03K | 4.14K | 6.43 | 8.79K | 31.71 | - | - |
| Short-Term Debt | 24.81M | 40.08M | 4.31M | 19.55M | 32M | 97.54M | 5.29M | 4.99M | 15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 17.23M | 0 | 0 | 0 | 3.74M | 20.91M | 53.26M | 70.38M | 56.98M | 84.91M | 81.97M | -8K | 0 | 0 | 0 |
| Other Current Liabilities | 10.67M | 101.67M | 22.75M | 18.26M | 52.53M | 31.18M | 72.89M | 80.93M | 26.82M | 46.47M | 29K | 6.55M | 0 | 2.64M | 4.32M |
| Current Ratio | 1.43x | 1.13x | 1.41x | 1.18x | 1.43x | 1.04x | 1.98x | 1.49x | 1.76x | 2.48x | 2.59x | 11.88x | 16.05x | 8.57x | 0.46x |
| Quick Ratio | 1.35x | 1.04x | 1.21x | 1.03x | 1.26x | 0.90x | 1.66x | 0.93x | 1.33x | 2.48x | 2.59x | 11.88x | 16.05x | 8.57x | 0.46x |
| Cash Conversion Cycle | 118.22 | 21.11 | 84.46 | 78.88 | 107.82 | 102.57 | 147.87 | 236.06 | 3.42K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 163.78M | 181.02M | 188.94M | 172.42M | 221.29M | 194.29M | 209.38M | 168.33M | 94.92M | 100.57M | 117.83M | 74K | 32K | 8K | 0 |
| Long-Term Debt | 24.75M | 176.21M | 175.47M | 71.2M | 34.08M | 53.08M | 96.38M | 75.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 4.4M | 0 | 3.55M | 8.95M | 28.96M | 33.7M | 24.62M | 27.53M | 0 | 0 | 0 | 0 | 0 | 8K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.63M | 181K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 134.62M | 4.8M | 9.93M | 48.98M | 114.95M | 86.03M | 63.03M | 31.87M | 32.58M | 2.61M | 2.51M | 74K | 32K | 0 | 0 |
| Total Liabilities | 324.64M | 343.95M | 269.86M | 272.29M | 350.82M | 455.34M | 396.52M | 376.44M | 360.61M | 244.92M | 232.1M | 11.94M | 6.92M | 3.91M | 4.92M |
| Total Debt | 53.96M | 216.3M | 188.73M | 104.18M | 99.78M | 189.13M | 126.28M | 108.32M | 15M | 0 | 0 | 14K | 0 | 11.92K | 0 |
| Net Debt | -101.58M | 31.45M | 136.86M | 61.26M | 9.32M | 39.33M | -102.81M | -39.39M | -89.64M | -70.16M | -187.34M | -49.76M | -32.78M | -21.2M | -1.64M |
| Debt / Equity | 2.16x | 6.63x | - | - | 19.08x | 2.56x | 0.51x | 0.27x | 0.02x | - | - | 0.00x | - | 0.00x | - |
| Debt / EBITDA | -4.07x | 8.73x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 7.67x | 1.27x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -2.50x | 0.85x | -2.82x | -7.61x | -2.21x | -11.43x | -19.67x | -204.49x | - | - | - | -120.61x | -184.17x | -22.65x | - |
| Total Equity | 25.02M | 32.61M | -49.19M | -30.58M | 5.23M | 74.01M | 247.62M | 394.76M | 635.93M | 119.33M | 68.12M | 131M | 104.08M | 30.76M | -2.68M |
| Equity Growth % | 345.8% | 166.3% | -60.82% | -684.78% | -92.93% | -70.11% | -37.27% | -37.92% | 432.91% | 75.18% | -48% | 25.87% | 238.41% | 1247.81% | - |
| Book Value per Share | 0.09 | 0.13 | -0.23 | -0.16 | 0.03 | 0.45 | 1.79 | 3.33 | 5.44 | 2.74 | 1.81 | 4.95 | 6.76 | 2.07 | -0.26 |
| Total Shareholders' Equity | 25.02M | 32.61M | -49.19M | -30.58M | 5.23M | 74.01M | 247.62M | 394.76M | 635.93M | 119.33M | 68.12M | 131M | 104.08M | 30.76M | -2.68M |
| Common Stock | 2K | 2K | 2K | 2K | 2K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 134 | 0 |
| Retained Earnings | -1.7B | -1.68B | -1.68B | -1.61B | -1.56B | -1.46B | -1.18B | -794.05M | -514.39M | -374.05M | -297.14M | -161.39M | -100.67M | -63.71M | -59.59M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -162K | -162K | 0 | 0 |
| Accumulated OCI | 6K | 6K | 6K | 6K | 6K | 6K | 13K | 0 | -261K | -442K | -42K | -234K | -56K | -1.28K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AKBA stock.
As of 2025, Akebia Therapeutics, Inc. (AKBA) had total assets of $376.6M including $184.8M in current assets.
Akebia Therapeutics, Inc. (AKBA) carries total debt of $216.3M, offset by $184.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Akebia Therapeutics, Inc. (AKBA) has total shareholders' equity (book value) of $32.6M ($0.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Akebia Therapeutics, Inc. (AKBA) reported a current ratio of 1.13x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidity and solvency constraints
Metrics are mathematically derived from official filings.
Balance Sheet Erosion Amid Volatility
According to recent financial statements, Akebia's equity position has deteriorated significantly, falling from a deficit in 2024 to a marginal $27.4 million in 2026Q1, reflecting the persistent difficulty in maintaining a stable capital base while navigating the high costs of the Vafseo commercial launch.
The company's trajectory suggests a precarious reliance on external financing to offset recurring operational losses. Investors should monitor whether the current equity buffer can withstand further cash burn without necessitating additional dilutive capital raises.
Liquidity Buffer Facing Rapid Depletion
As reported in quarterly filings, Akebia's cash reserves declined from $184.8 million in 2025Q4 to $162.6 million in 2026Q1, indicating that the company is consuming its liquidity buffer at a rate that warrants close scrutiny regarding its long-term operational runway.
While the current ratio of 1.40 suggests an ability to cover short-term obligations, the rapid contraction of cash highlights the sensitivity of the balance sheet to commercial performance. The lack of consistent cash generation implies that liquidity remains a primary constraint on strategic flexibility.
Leverage Dynamics and Refinancing Risks
Based on reported figures, Akebia's debt-to-equity ratio has fluctuated wildly, reaching 0.46 in 2026Q1, which underscores the company's reliance on debt instruments to manage working capital needs during the critical transition period following the Vafseo regulatory approval and subsequent market entry.
The volatility in debt levels suggests that management is actively managing capital structure to bridge funding gaps. Investors should investigate the maturity profile of these obligations, as the company's limited profitability may complicate future refinancing efforts in a higher-rate environment.
Asset Composition and Goodwill Risk
Data from recent SEC filings reveals that goodwill remains a static $59.0 million, representing a significant portion of the $362.5 million total asset base, which may indicate potential impairment risk if the commercial performance of the acquired assets fails to meet long-term expectations.
The asset mix is heavily weighted toward intangible value rather than tangible productive capacity, as evidenced by the minimal $3.4 million in net PPE. This structure implies that the company's valuation is highly sensitive to the successful commercialization of its therapeutic portfolio.
Hidden Risks in Capital Structure
As indicated by the persistent $1.7 billion accumulated deficit, the company's balance sheet is fundamentally distorted by historical losses, which may mask the true economic cost of maintaining the current commercial infrastructure and the ongoing challenges of achieving sustainable profitability in the dialysis market.
The reliance on non-cash adjustments and the significant accumulated deficit suggest that headline equity figures may not fully capture the operational strain. Analysts should remain cautious about the sustainability of the current capital structure given the lack of a clear path to positive retained earnings.