Akebia Therapeutics, Inc. · NASDAQ:AKBA
Akebia Therapeutics — Q4 2025 Earnings Presentation
25 slides from Akebia Therapeutics's earnings presentation, Feb 26, 2026
Slide 1: Bettering the Lives of People Impacted by Kidney Disease
Bettering the Lives of People Impacted by Corporate Kidney Disease Presentation February 2026 JOHN BUTLER Chief Executive Officer 1 NASDAQ: AKBA
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 Two commercial drugs Mid-stage pipeline Experienced team addressing large markets targeting multiple rare leveraging expertise in kidney within kidney disease kidney diseases disease and relationships with patient community an
Slide 4: Commercial products fuel R&D growth engine
Commercial products fuel R&D growth engine Proven Success in Kidney Drug Growing Pipeline Driving Development and Commercialization Milestone-Rich 2026 and 2027 Oral treatment for anemia due PHASE 2 (underway): to chronic kidney disease (CKD) Praliciguat: Soluble guanylate cyclase (sGC) in dialysis
Slide 5: Foundational Launch Year Sets the Stage for Goal to Become Standard of Care
Foundational Launch Year Sets the Stage for Goal to Become Standard of Care 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
Slide 6: An oral HIF-PH inhibitor
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 An oral HIF-PH inhibitor Controls hemoglobin (Hb) levels over time Simple titration and fewer dose modifications Conveni
Slide 7: Milestones point to Vafseo potential to become standard of care in $1 billion market
Milestones point to Vafseo potential to become standard of care in $1 billion market1 2025 TDAPA YEAR 1 2026 TDAPA YEAR 2 2027 and beyond Foundational Launch Positioned for Inflection Poised to Capture Significant Market Share Dialysis organization • DOs initiate three times • Vafseo enters the CMS
Slide 8: Building on body of evidence demonstrating Vafseo's value proposition
Building on body of evidence demonstrating Vafseo’s value proposition WIN-ODDS ANALYSIS Post-hoc analysis of completed Phase 3 INNO2VATE clinical trials Demonstrated favorable and statistically significant effects of Vafseo relative to the erythropoiesis-stimulating agent (ESA) darbepoetin alfa on t
Slide 9: Robust mid- and early-stage pipeline in rare kidney disease and beyond
Robust mid- and early-stage pipeline in rare kidney disease and beyond ASSET MECHANISM INDICATION Preclinical Phase I Phase 2 Phase 3 Praliciguat sGC Stimulator FSGS C3 Glomerulopathy (C3G) Anti-C3d-Factor H Fusion Protein Kidney AKB-097 Complement IgA Nephropathy (IgAN) Inhibitor Lupus Nephritis (L
Slide 10: Praliciguat / Soluble Guanylate Cyclase (sGC) Stimulator
Praliciguat / Soluble Guanylate Cyclase (sGC) Stimulator Oral, once-daily drug candidate with potential to treat various kidney diseases. No significant safety issues were observed with praliciguat in Phase 1 studies in healthy volunteers and Phase 2 studies in heart failure (HF) and diabetic kidney
Slide 11: Phase 2 trial underway
PRALICIGUAT Phase 2 trial underway Randomized, double-blind, placebo-controlled, multicenter study designed to evaluate the efficacy and safety of praliciguat in adults with biopsy-confirmed FSGS. 24 WEEKS 24 WEEKS Praliciguat Praliciguat Phase 2 Study: Randomization • Targeting 60 patients 1:1 DOUB
Slide 12: Targeting unmet needs in FSGS
PRALICIGUAT Targeting unmet needs in FSGS FSGS is a condition characterized by FSGS can cause various symptoms including high focal and segmental scarring in the blood pressure, proteinuria and kidney failure kidney’s filtering units known as glomeruli. • A leading glomerular cause of end-stage kidn
Slide 13: Potential for successful development and regulatory path
PRALICIGUAT Potential for successful development and regulatory path In a previous Phase 2 trial of praliciguat in patients with diabetic Praliciguat + Enalapril (i.e. SOC) has a nephropathy, data demonstrated a reduction in the urinary albumin synergistic effect on glomerulosclerosis creatinine r
Slide 14: AKB-097 / Next Generation Anti-C3d-Factor H Fusion Protein Complement Inhibitor
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 al
Slide 15: Complement is present across many different kidney diseases
AKB-097 Complement is present across many different kidney diseases C3d staining in human tissue samples AKB-097 = complement activation Negative Controls DISEASE Acute Tubular Necrosis IgA Nephropathy Lupus Class IV Lupus Class V Minimal Change Disease Thin Glomerular BM MPGN Membranous (PLA2R+) C3
Slide 16: Differentiated approach from current therapies
AKB-097 Differentiated approach from current therapies UNMET NEED OPPORTUNITY: • Limited activity: Reliant on systemic • Enhanced activity through tissue targeting: blockage for impact on affected organ Differentiated approach to driving efficacy by inactivating convertases directly at site of destr
Slide 17: Potential for "pipeline in a product" with Phase 2 basket study planned
AKB-097 Potential for “pipeline in a product” with Phase 2 basket study planned Indications planned in Phase 2 basket study: C3 Glomerulopathy (C3G) IgA Nephropathy (IgAN) Lupus Nephritis (LN) Unmet need to halt/slow Unmet need to reduce proteinuria Unmet need to provide progression and slow eGFR de
Slide 18: AKB-9090 / HIF-PH Inhibitor
AKB-9090 / HIF-PH Inhibitor Novel HIF-PHI to be evaluated for cardiac AKI occurs in 20-30% of ~2 million patients surgery-associated acute kidney injury. AKB-9090 globally that undergo cardiac surgeries annually15 was shown to prevent ischemia-reperfusion injury in animal model. No approved treatmen
Slide 19: Multiple value-enhancing milestones expected
Multiple value-enhancing milestones expected AKB-097 initial data 2027 VOICE top-line data Q1 2027 AKB-9090 Phase 1 top-line data Q1 2027 VOCAL top-line data Q4 2026 Initiate AKB-097 study 2H 2026 Initiate AKB-9090 Phase 1 trial 1H 2026 Dose first patient in Praliciguat Phase 2 Study Dec 2025 19
Slide 20: Akebia: A Compelling Investment Opportunity in the Kidney Space
• Two FDA-approved, revenue-generating Akebia: products; supported by an experienced commercial organization A Compelling Investment Opportunity in the • Potential for Vafseo to be standard of care for treatment of anemia due to CKD in dialysis; Kidney Space $1 billion U.S. market opportunity1 • Adv
Slide 21: Appendix
Appendix 21
Slide 22: Important Safety Information about VAFSEO (vadadustat) tablets
IMPORTANT SAFETY INFORMATION about VAFSEO (vadadustat) tablets 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 eve
Slide 23: Important Safety Information about VAFSEO (continued)
IMPORTANT SAFETY INFORMATION about VAFSEO (vadadustat) tablets (continued) 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
Slide 24: Important Safety Information about VAFSEO (continued)
IMPORTANT SAFETY INFORMATION about VAFSEO (vadadustat) tablets (continued) 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, in
Slide 25: Sources
SOURCES 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-on