Akebia Therapeutics, Inc. · NASDAQ:AKBA
Akebia Therapeutics — Investor Presentation (January 2026)
25 slides from Akebia Therapeutics's investor presentation, Jan 12, 2026
Slide 1: Bettering the Lives of People Impacted by Kidney Disease
1 Bettering the Lives of People Impacted by Kidney DiseaseCorporate Presentation January 2026 NASDAQ: AKBA JOHN BUTLER Chief Executive Officer
Slide 2: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements Statements in this presentation regarding Akebia Therapeutics, Inc.’s (“Akebia’s”) strategy, plans, prospects, expectations, beliefs, intentions and goals are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform
Slide 3: Purpose-driven integrated biotechnology company focused on kidney disease
Purpose-driven integrated biotechnology company focused on kidney disease 3 Experienced team leveraging expertise in kidney disease and relationships with patient community and key medical experts Two commercial drugs addressing large markets within kidney disease Mid-stage pipeline targeting multip
Slide 4: Commercial products fuel R&D growth engine
Commercial products fuel R&D growth engine Proven Success in Kidney Drug Development and Commercialization Growing Pipeline Driving Milestone-Rich 2026 and 2027 Oral phosphate binder used to treat hyperphosphatemia and anemia in patients with CKD Oral treatment for anemia due to chronic kidney disea
Slide 5: Vafseo (vadadustat) Tablets: Foundational Launch Year Sets the Stage
Vafseo® (vadadustat) Tablets indicated for the treatment of anemia due to CKD in adults who have been receiving dialysis for at least three months Click here for the Full Prescribing Information, including BOXED WARNING and Medication Guide. Foundational Launch Year Sets the Stage for Goal to Become
Slide 6: An oral HIF-PH inhibitor
An oral HIF-PH inhibitor 6 Unique mechanism of action built on Nobel Prize-winning science Stimulates body’s natural response to hypoxia Enhances body’s natural production of EPO Activates iron mobilization Simple titration and fewer dose modifications Convenient oral dosing Controls hemoglobin (Hb)
Slide 7: Milestones point to Vafseo potential to become standard of care
Dialysis organization protocols in place allowing prescribing access for ~275,000 patients Initiated additional clinical trials Davita completed operational pilot 7 Milestones point to Vafseo potential to become standard of care in $1 billion market1 • DOs initiate three times weekly (TIW) dosing re
Slide 8: Building on body of evidence demonstrating Vafseo's value proposition
Building on body of evidence demonstrating Vafseo’s value proposition VOCAL 8 Patients randomized to oral Vafseo 300 mg tablets administered TIW or ESA WIN-ODDS ANALYSIS Post-hoc analysis of completed Phase 3 INNO2VATE clinical trials Demonstrated favorable and statistically significant effects of V
Slide 9: Robust mid- and early-stage pipeline in rare kidney disease and beyond
ASSET MECHANISM INDICATION Preclinical Phase I Phase 2 Phase 3 Kidney Praliciguat sGC Stimulator FSGS AKB-097 Anti-C3d-Factor H Fusion Protein Complement Inhibitor C3 Glomerulopathy (C3G) IgA Nephropathy (IgAN) Lupus Nephritis (LN) AKB-9090 HIF-PH Inhibitor Cardiac Surgery-Associated Acute Kidney In
Slide 10: Praliciguat / Soluble Guanylate Cyclase (sGC) Stimulator
10 Reduces glomerular fibrosis^ Less glomerular inflammation / immune cell infiltration^ Protects cytoskeleton of podocyte foot processes^ Increased vasodilation* Oral, once-daily drug candidate with potential to treat various kidney diseases. No significant safety issues were observed with pralicig
Slide 11: Potential for successful development and regulatory path
In a previous Phase 2 trial of praliciguat in patients with diabetic nephropathy, data demonstrated a reduction in the urinary albumin creatinine ratio (UACR) in the modified intent-to-treat population4 Praliciguat was evaluated in two animal models either as monotherapy or in addition to renin-
Slide 12: Praliciguat Phase 2 trial underway
Phase 2 trial underway 12 Randomized, double-blind, placebo-controlled, multicenter study designed to evaluate the efficacy and safety of praliciguat in adults with biopsy-confirmed FSGS. Randomization 1:1 Placebo Praliciguat Secondary Outcome Percentage of participants with partial remission define
Slide 13: Targeting unmet needs in FSGS
Targeting unmet needs in FSGS FSGS can cause various symptoms including high blood pressure, proteinuria and kidney failure • A leading glomerular cause of end-stage kidney disease in the U.S.8 • Accounts for 40% of adults with severe proteinuria (nephrotic syndrome)9 13 FSGS is a condition characte
Slide 14: AKB-097 / Next Generation Anti-C3d-Factor H Fusion Protein Complement Inhibitor
Once-weekly, subcutaneously administered drug candidate with potential to treat complement-mediated kidney diseases. Designed to be targeted to sites of tissue complement activity allowing catalytic degradation of the alternative pathway (AP) C3 and C5 convertases. 14 • AKB-097 binds with high affin
Slide 15: Complement is present across many different kidney diseases
Complement is present across many different kidney diseases 15 AKB-097 C3d staining in human tissue samples DISEASENegative Controls Acute Tubular Necrosis Thin Glomerular BM MPGN Membranous (PLA2R+) C3 Glomerulopathy Diabetic Nephropathy Minimal Change DiseaseLupus Class VLupus Class IVIgA Nephropa
Slide 16: Differentiated approach from current therapies
Differentiated approach from current therapies OPPORTUNITY: 16 • Enhanced activity through tissue targeting: Differentiated approach to driving efficacy by inactivating convertases directly at site of destruction • Limited activity: Reliant on systemic blockage for impact on affected organ UNMET NEE
Slide 17: Potential for pipeline in a product with Phase 2 basket study planned
Indications planned in Phase 2 basket study: Potential for “pipeline in a product” with Phase 2 basket study planned 17 AKB-097 C3 Glomerulopathy (C3G) Unmet need to halt/slow progression IgA Nephropathy (IgAN) Unmet need to reduce proteinuria and to halt/slow progression of kidney failure Lupus Nep
Slide 18: AKB-9090 / HIF-PH Inhibitor
Novel HIF-PHI to be evaluated for cardiac surgery-associated acute kidney injury. AKB-9090 was shown to prevent ischemia-reperfusion injury in animal model. Stabilization of HIF by prolyl hydroxylase inhibition (PHI) leads to the release of erythropoietin, a shift from aerobic to anaerobic metabolis
Slide 19: Multiple value-enhancing milestones expected
19 Dose first patient in Praliciguat Phase 2 Study Dec 2025 Multiple value-enhancing milestones expected Initiate AKB-9090 Phase 1 trial 1H 2026 VOCAL top-line data Q4 2026 Initiate AKB-097 study 2H 2026 AKB-097 initial data 2027 VOICE top-line data Q1 2027 AKB-9090 Phase 1 top-line data Q1 2027
Slide 20: Akebia: A Compelling Investment Opportunity in the Kidney Space
Akebia: A Compelling Investment Opportunity in the Kidney Space 20 • Two FDA-approved, revenue-generating products; supported by an experienced commercial organization • Potential for Vafseo to be standard of care for treatment of anemia due to CKD in dialysis; $1 billion U.S. market opportunity1 •
Slide 21: Appendix
21 Appendix
Slide 22: Important Safety Information about VAFSEO
WARNING: INCREASED RISK OF DEATH, MYOCARDIAL INFARCTION, STROKE, VENOUS THROMBOEMBOLISM, and THROMBOSIS OF VASCULAR ACCESS. See full prescribing information for complete boxed warning. VAFSEO increases the risk of thrombotic vascular events, including major adverse cardiovascular events (MACE). Targ
Slide 23: Important Safety Information: Contraindications and Warnings
CONTRAINDICATIONS • Known hypersensitivity to VAFSEO or any of its components • Uncontrolled hypertension WARNINGS AND PRECAUTIONS Increased Risk of Death, Myocardial Infarction, Stroke, Venous Thromboembolism, and Thrombosis of Vascular Access A rise in hemoglobin (Hb) levels greater than 1 g/dL ov
Slide 24: Important Safety Information about VAFSEO (continued)
IMPORTANT SAFETY INFORMATION about VAFSEO (vadadustat) tablets (continued) 24 Gastrointestinal Erosion Gastric or esophageal erosions occurred in 6.4% (4.0 per 100 PY) of patients receiving VAFSEO and 5.3% (3.3 per 100 PY) of darbepoetin alfa-treated patients. Serious gastrointestinal (GI) erosions,
Slide 25: Sources
SOURCES 25 1 USRDS (https://usrds-adr.niddk.nih.gov/2022/end-stage-renal-disease/1-incidence-prevalence-patient-characteristics-and-treatment-modalities); DOPPS (https://www.dopps.org/DPM/DPMSlideBrowser.aspx); Based on internal estimates and industry reports estimating ESA pricing 2 https://www.asn
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