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Akebia Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Akebia's financial performance, reporting a net loss of $20.0 million for the quarter. This loss is attributed to various factors including research and development expenses, selling, general and administrative expenses, and other operational costs.
Product revenue for the quarter was $35.6 million, primarily from sales of Auryxia in the U.S. This represents a decrease from the previous year, attributed to reduced sales volume.
The company also reported license, collaboration, and other revenue of $1.8 million, a slight decrease from the previous year, primarily due to lower revenue under agreements with JT and Torii.
Cost of goods sold for the quarter was $14.2 million, which includes $5.2 million for cost of product and other revenue and $9.0 million for amortization of intangible assets related to Auryxia.
Research and development expenses were $8.5 million, reflecting costs associated with clinical trials and other development activities, as well as the completion of certain clinical trial activities.
Selling, general and administrative expenses increased to $26.5 million, driven by marketing costs for the upcoming launch of Vafseo and increased promotional expenses.
Akebia continues to focus on the commercialization of Auryxia and the launch of Vafseo in the U.S., scheduled for January 2025. The company is also exploring label expansion opportunities for Vafseo.
The filing highlights Akebia's reliance on third-party manufacturers for product supply and distribution, noting potential risks related to supply chain disruptions.
Akebia's financial condition and future funding requirements are discussed, emphasizing the need for additional financing to support ongoing operations and product development.
The filing outlines various risks, including competition, regulatory challenges, and market acceptance of its products, which could impact Akebia's ability to achieve profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Akebia Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.