Akebia Therapeutics, Inc. (AKBA), a leading biopharmaceutical comp any focused on the development and commercialization of innovative therapeutics for kidney diseases, announced its financial results for the second quarter of 2023. The company reported a net loss of $11.2 million on total revenues of $56.4 million during a challenging quarter marked by fluctuations in product revenue and operational expenses.
In the second quarter of 2023, Akebia Therapeutics reported total revenues of $56.4 million, reflecting a decrease from the previous year's revenue of $126.4 million. The revenue breakdown consisted of $42.2 million in net product revenue and $14.1 million in license, collaboration, and other revenue. While net product revenue experienced a slight decline compared to the same period last year, the company faced significant headwinds in its license, collaboration, and other revenue category.
Akebia Therapeutics reported a net loss of $11.2 million for the second quarter of 2023, a substantial difference from the net income of $29.4 million reported during the same period in 2022. The operating loss for Q2 2023 was $9.0 million, compared to an operating income of $34.1 million in Q2 2022. The decrease in operating performance was attributed to several factors, including higher research and development expenses, as well as selling, general, and administrative costs.
Balance Sheet and Working Capital
As of June 30, 2023, Akebia Therapeutics held $53.6 million in cash and cash equivalents, reflecting a decrease from the $90.5 million reported at the end of 2022. The company's working capital stood at $26.3 million, down from $55.6 million at the end of the previous year. Total assets were reported at $253.7 million, while total stockholders' equity was noted as a deficit of $26.8 million.
Revised Financial Statements for Previous Periods
The company also provided revised financial statements for previous periods, reflecting adjustments related to product return reserve errors and other immaterial misstatements. Notably, these revisions impacted key financial metrics, including balance sheet figures and earnings per share.
Akebia Therapeutics acknowledges the challenges faced during the second quarter of 2023 and remains committed to its mission of advancing therapies for kidney diseases. The company continues to explore opportunities for growth and innovation in the biopharmaceutical landscape, focusing on the development of impactful treatments and leveraging its expertise in the field.