Press Release
Akebia Announces First Quarter 2014 Financial Results and Recent Corporate Highlights
"We have made important progress since the beginning of 2014 in several
key areas of our corporate strategy," said
First Quarter and Recent Corporate Highlights
- Completed enrollment in the Company's Phase 2b clinical study of AKB-6548 for the treatment of anemia associated with chronic kidney disease (CKD) in patients who are not dependent on dialysis
-
Completed an initial public offering raising approximately
$104.4 million , net of underwriting discounts, commissions and offering expenses - Strengthened the Board of Directors with the addition of Michael S. Wyzga, formerly the President and Chief Executive Officer of Radius Health, Inc. and, prior to that, the Executive Vice President, Finance and Chief Financial Officer at Genzyme Corporation
First Quarter 2014 Financial Results
Akebia reported a net loss of
Research and development expenses were
General and administrative expenses were
The increased stock-based compensation expense in both research and development expenses and general and administrative expenses is primarily a result of the increase in the value of the Company's common stock due to the Company's initial public offering.
The Company's cash used in operations during the first quarter of 2014
was
About Akebia Therapeutics
Forward-Looking Statements
This press release includes forward-looking statements. Such
forward-looking statements include those about Akebia's strategy, future
plans and prospects, including statements regarding the potential
indications and benefits of AKB-6548 and the projected use of Akebia's
existing cash resources. The words "anticipate," "appear," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict," "project,"
"target," "potential," "will," "would," "could," "should," "continue,"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. Each forward-looking statement is subject to risks
and uncertainties that could cause actual results to differ materially
from those expressed or implied in such statement, including the risk
that existing preclinical and clinical data may not be predictive of the
results of ongoing or later clinical trials; the ability of Akebia to
successfully complete the clinical development of AKB-6548 or any other
product candidate; the funding required to develop Akebia's product
candidates and operate the Company, and the actual expenses associated
therewith; the content of decisions made by the FDA and other regulatory
authorities; the success of competitors in developing product candidates
for diseases for which Akebia is currently developing its product
candidates; and Akebia's ability to obtain, maintain and enforce patent
and other intellectual property protection for AKB-6548 or any other
product candidates. Other risks and uncertainties include those
identified under the heading "Risk Factors" in Akebia's Quarterly Report
on Form 10-Q for the quarter ended
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(A Development Stage Company) |
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Condensed Statement of Operations |
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(in thousands except sare and per share data) |
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(unaudited) |
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Three months ended | |||||||||||||||
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Revenue | $ | — | $ | — | $ | — | |||||||||
Operating expenses: | |||||||||||||||
Research and development | 6,158 | 1,898 | 57,906 | ||||||||||||
General and administrative | 3,751 | 679 | 19,020 | ||||||||||||
Total operating expenses | 9,909 | 2,577 | 76,926 | ||||||||||||
Operating loss | (9,909 | ) | (2,577 | ) | (76,926 | ) | |||||||||
Other income (expense), net | 212 | 1,956 | 4,187 | ||||||||||||
Net loss and comprehensive loss | $ | (9,697 | ) | $ |
(621 |
) |
$ | (72,739 | ) | ||||||
Reconciliation of net loss to net loss applicable to common stockholders: |
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Net loss | $ | (9,697 | ) | $ | (621 | ) | $ | (72,739 | ) | ||||||
Accretion on preferred stock | (86,900 | ) | (848 | ) | (153,638 | ) | |||||||||
Loss on extinguishment of preferred stock | — | — | (597 | ) | |||||||||||
Net loss applicable to common stockholders | $ | (96,597 | ) | $ | (1,469 | ) | $ | (226,974 | ) | ||||||
Net loss per share applicable to common stockholders—basic and diluted | $ | (43.37 | ) | $ | (3.09 | ) | $ | (669.68 | ) | ||||||
Weighted-average number of common shares used in net loss per share applicable to common stockholders'—basic and diluted | 2,227,058 | 475,915 | 338,930 | ||||||||||||
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(A Development Stage Company) |
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Balance Sheet Data |
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(in thousands) |
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(unaudited) |
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Cash, cash equivalents and short-term investments | $ | 132,151 | $ | 32,556 | ||||||
Working capital | 127,616 | 29,529 | ||||||||
Total assets | 134,028 | 34,665 | ||||||||
Total stockholders' equity (deficit) | 127,867 | (127,072 | ) | |||||||
Source:
Investors:
david@argotpartners.com
or
susan@argotpartners.com
or
Media:
liz.falcone@fkhealth.com
Source:
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Akebia Therapeutics, Inc.
245 First Street, Suite 1400
Cambridge, MA 02142
+1 617.871.2098 phone
+1 617.871.2099 fax