The balance sheet shows a recapitalization that is slowly eroding, with equity declining three consecutive quarters to $25.0M against $59.0M of frozen goodwill and $54.0M of total debt (D/E of 2.16), while cash has eased to $155.5M from its $184.8M peak and the current ratio slipped to 1.43.
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 | 220.78M | 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 | 159.25M | 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 | 159.25M | 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 | 36.44M | 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 | 92.32 | 72.68 | 78.31 | 73.69 | 50.27 | 88.95 | 35.4 | 42.34 | 29.28 | 70.17 | 8.04K | - | - | - | - |
| Inventory | 18.7M | 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 | 132.26 | 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 | 121.34M | 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 | 12.08M | 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 | 28.48x | - | 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 | 50.22M | 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 | 342.13M | 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 | 0.55x | 0.63x | 0.73x | 0.81x | 0.82x | 0.40x | 0.46x | 0.43x | 0.21x | 0.49x | 0.01x | - | - | - | - |
| Asset Growth % | 82.65% | 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 | 162.35M | 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 | 7.61M | 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 | 102.18 | 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 | 37.49M | 40.08M | 4.31M | 19.55M | 32M | 97.54M | 5.29M | 4.99M | 15M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 18.3M | 0 | 0 | 0 | 3.74M | 20.91M | 53.26M | 70.38M | 56.98M | 84.91M | 81.97M | -8K | 0 | 0 | 0 |
| Other Current Liabilities | 26.08M | 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 | 1.36x | 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 | 1.24x | 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 | 122.4 | 21.11 | 84.46 | 78.88 | 107.82 | 102.57 | 147.87 | 236.06 | 3.42K | - | - | - | - | - | - |
| Total Non-Current Liabilities | 159.41M | 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 | 12.78M | 176.21M | 175.47M | 71.2M | 34.08M | 53.08M | 96.38M | 75.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 13.69M | 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 | 137.34M | 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 | 321.76M | 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 | 60.49M | 216.3M | 188.73M | 104.18M | 99.78M | 189.13M | 126.28M | 108.32M | 15M | 0 | 0 | 14K | 0 | 11.92K | 0 |
| Net Debt | -98.76M | 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 | 2.97x | 6.63x | - | - | 19.08x | 2.56x | 0.51x | 0.27x | 0.02x | - | - | 0.00x | - | 0.00x | - |
| Debt / EBITDA | -2.06x | 8.73x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 3.36x | 1.27x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -5.80x | 0.85x | -2.82x | -7.61x | -2.21x | -11.43x | -19.67x | -204.49x | - | - | - | -120.61x | -184.17x | -22.65x | - |
| Total Equity | 20.37M | 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 % | 112.25% | 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 | 0.07 | 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 | 20.37M | 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 | 3K | 2K | 2K | 2K | 2K | 1K | 1K | 1K | 1K | 0 | 0 | 0 | 0 | 134 | 0 |
| Retained Earnings | -1.72B | -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
Goodwill concentration against thin equity
Metrics are mathematically derived from official filings.
Recapitalization Gains Now Slowly Eroding
Akebia's equity swung from negative $49.2M at year-end 2024 to positive $25.0M by 2026Q2, though it has declined for three consecutive quarters from $41.6M, per Akebia's quarterly balance sheets, suggesting the recapitalization relief is now being unwound by continued operating losses.
The restoration of positive equity through 2025 appears to reflect a step-change in the liability structure rather than retained value creation, since accumulated deficits remain pinned near $1.7B throughout the period. The sequential slide from $41.6M to $25.0M in equity over three quarters, alongside total liabilities climbing to $324.6M, suggests the balance sheet is drifting back toward the fragility seen in 2024 and warrants monitoring against the revenue contraction identified in the income statement work.
Debt Swing Driven by Shrinking Equity Base
Total debt jumped to $54.0M in 2026Q2 from only $12.5M one quarter earlier, lifting the debt-to-equity ratio to 2.16, according to Akebia's reported balance sheets, a swing that appears driven more by a collapsing equity denominator than by a structural change in borrowing scale.
Debt has oscillated between roughly $51M and $54M for five quarters apart from the anomalous $12.5M reading in 2026Q1, implying the 2.16 leverage ratio is largely an artifact of the $25.0M equity trough rather than a new borrowing program. Even so, a D/E above 2.0 alongside a 21.4% revenue decline suggests debt service capacity is becoming more sensitive to operating performance, and the composition and maturity profile of the $54.0M warrants closer examination in filings.
Cash Buffer Narrowing From 2025 Peak
Cash eased to $155.5M in 2026Q2 from a $184.8M peak in 2025Q4 while the current ratio slipped to 1.43 from 2.23 in early 2025, as disclosed in Akebia's quarterly filings, indicating the liquidity cushion is gradually thinning rather than compounding.
A $29.3M decline in cash over two quarters against a current ratio that has trended down from 2.23 to 1.43 implies working capital is being consumed faster than it is being replenished, consistent with the mixed free cash flow profile flagged in the cash flow review. At $155.5M, cash still represents a meaningful multiple of quarterly revenue near $49.1M, so near-term solvency does not appear at risk, but the direction of travel should be tracked against the renewed operating losses.
Asset Base Concentrated in Dormant Goodwill
Goodwill has been frozen at $59.0M across all ten quarters yet now makes up 16.9% of a $349.7M asset base, while net PP&E has more than halved to $7.3M from $14.7M, based on Akebia's disclosed balance sheets, leaving asset quality heavily dependent on an untested intangible.
The steady erosion of PP&E without corresponding goodwill amortization suggests the asset base is being carried by a carried-over acquisition accounting figure rather than by reinvestable productive capacity, which aligns with the near-zero capex profile observed in the cash flow statements. With tangible assets now a small share of total assets, investors have limited collateral or liquidation value to underpin the $324.6M of liabilities, increasing the importance of the cash position as the principal quality marker.
Thin Equity Exposes Goodwill Impairment Risk
With equity at just $25.0M against $59.0M of goodwill and accumulated deficits near $1.7B, Akebia's book value could be erased by a modest write-down, per its reported balance sheets, meaning headline solvency may rest on an accounting carry-forward investors should stress-test.
Because goodwill exceeds total equity by more than twofold, any impairment test failure driven by the 21.4% revenue contraction would plausibly return the company to negative equity, echoing the negative book value recorded through 2024. This is an inference rather than a disclosed event, but the combination of a $25.0M equity cushion, a 1.43 current ratio, and contracting top line suggests the balance sheet's apparent recovery is shallower than the headline figures imply.