Key Highlights

  • AKBA shares are trading 4.92% higher at $0.69 on Wednesday, October 28, 2026, from an implied prior close near $0.66 (calculated).
  • Second-quarter 2026 revenue was $49.1 million, down from $62.5 million a year earlier.
  • Vafseo net product revenue rose to $21.3 million from $13.3 million, while Auryxia fell to $25.5 million from $47.2 million.
  • Cash and equivalents were $155.5 million at June 30, against term loan principal of $52.4 million.
  • More than 10,500 patients were active on Vafseo in the second quarter, up 41% from the first quarter.

Akebia Shares: Why Is a Sub-$1 Stock Among the Most Active Penny Stocks Today?

Akebia Therapeutics (NASDAQ:AKBA) shares are trading 4.92% higher at $0.69 on Wednesday, October 28, 2026, among the most heavily traded penny stocks of the session. No company release dated October 28 explains the advance. At a quote near $0.69, the stock was down about 24.5% for October and about 56.9% for the year, so the rise comes after a long slide.

Akebia is a biopharmaceutical company focused on kidney disease. Its marketed products are Vafseo, an oral treatment for anemia due to chronic kidney disease in adults on dialysis, and Auryxia, a treatment for high phosphorus levels. With 277.1 million shares outstanding as of July 31, the screen price implies a market value near $191 million (calculated). The 52-week range is $0.56 to $3.17.

Vafseo Growth Against Auryxia Erosion: What Did the Second Quarter Show?

Second-quarter revenue was $49.1 million, down from $62.5 million. Vafseo net product revenue was $21.3 million, up from $13.3 million and 34% above the first quarter, while Auryxia fell to $25.5 million from $47.2 million on generic competition and pricing pressure. The company expects Auryxia revenue to decline in 2026.

Operating results swung to a loss of $6.3 million from income of $14.1 million, and the net loss was $8.9 million, or $0.03 per share, against net income of $0.2 million a year earlier. R&D rose to $14.1 million and SG&A to $28.2 million.

Vafseo reached more than 10,500 active patients, about 1,200 prescribers and approval in 37 countries. An interim analysis of the VOICE trial in 2,116 patients met predefined stopping criteria, showing a win odds ratio of 1.16 (p=0.0016) on a composite of mortality and hospitalization against standard anemia agents.

Cash, Term Loan and the 2027 Reset: How Long Does the Balance Sheet Last?

Cash was $155.5 million at June 30, down from $162.6 million at March 31 and $184.8 million at December 31, 2025. Stockholders' equity was $25.0 million. The company said cash, expected revenues and a planned refinancing of its senior secured term loan should fund the operating plan for at least two years.

Term loan principal was $52.4 million at an 11.00% rate, maturing January 29, 2028, with interest-only payments through December 31, 2026. The loan requires either $15.0 million of cash or $150.0 million of trailing revenue, and first-half revenue fell 14% to $103 million.

Management has said it expects a significant decline in Vafseo revenue in 2027 once the drug's current add-on payment period ends. A $2 million milestone tied to ebribafusp, a Phase 2 candidate, is due by December 31, 2026.

What to Watch Next: Third-Quarter Results, Refinancing and VOICE Data

The company has not confirmed a date for third-quarter results, following the August 5 report. Investors will look for refinancing terms on the term loan, further Vafseo patient growth, and a presentation of the VOICE results at a medical meeting. Initial ebribafusp data are expected in 2027.