--- title: "Akebia launches stock offering, then prices 25,000,000 shares at $2.00" url: "https://aibio.space/news/akebia-launches-stock-offering-then-prices-25-000-000-shares-2-00-50-0/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-03-19" section: "Financings" tickers: "NASDAQ:AKBA" source: "https://www.sec.gov/Archives/edgar/data/1517022/000119312525057843/d892132d424b5.htm" summary: "Akebia priced 25,000,000 shares at $2.00 for gross proceeds of $50.0 million, below the $2.84 last sale price the final prospectus cites for March 19, 2025" --- By the aibio.space news desk. Sources - [Akebia Therapeutics, Inc. 424B5 (2025-03-19)](https://www.sec.gov/Archives/edgar/data/1517022/000119312525057843/d892132d424b5.htm) - [Akebia Therapeutics, Inc. 424B5 (2025-03-20)](https://www.sec.gov/Archives/edgar/data/1517022/000119312525059312/d892132d424b5.htm) - [Akebia Therapeutics, Inc. 8-K (2025-03-20)](https://www.sec.gov/Archives/edgar/data/1517022/000119312525059327/d908870dex991.htm) - [Akebia Therapeutics, Inc. 10-K (2025-03-13): business](https://www.sec.gov/Archives/edgar/data/1517022/000162828025012470/akba-20241231.htm) [AKBA](https://aibio.space/companies/akebia-therapeutics/) 2025-03-19 # Akebia launches stock offering, then prices 25,000,000 shares at $2.00 for $50.0 million Tickers [AKBA](https://aibio.space/companies/akebia-therapeutics/) Akebia priced 25,000,000 shares at $2.00 for gross proceeds of $50.0 million, below the $2.84 last sale price the final prospectus cites for March 19, 2025. The company estimates net proceeds of about $46.5 million and reports an accumulated deficit of $1,678,360 thousand. ## Key facts - **Company**: Akebia Therapeutics, Inc. (NASDAQ: AKBA) - **News type**: Financings - **Primary source**: [Akebia Therapeutics, Inc. 424B5 (2025-03-19)](https://www.sec.gov/Archives/edgar/data/1517022/000119312525057843/d892132d424b5.htm) *A city skyline in morning haze. CC0, via rawpixel. The picture shows the field, not the companies named.* Akebia Therapeutics, Inc. (Nasdaq: [AKBA](https://aibio.space/companies/akebia-therapeutics/)) filed a preliminary prospectus supplement on March 19, 2025 for an underwritten public offering of its common stock. That filing left the share count and price blank and cited a last reported sale price of $2.55 on March 18, 2025. The company priced the offering the same day: 25,000,000 shares at $2.00 each, for gross proceeds of $50.0 million before underwriting discounts, commissions and other expenses. All of the shares are offered by Akebia. Closing was expected on March 21, 2025. ## Terms, banks and counsel The final prospectus supplement puts the underwriting discount at $3,000,000, or $0.12 a share, which leaves $47,000,000 before expenses, or $1.88 a share. Akebia estimates net proceeds of about $46.5 million, or about $53.6 million if the underwriters buy their full 30-day option of 3,750,000 more shares. The price is below both last sale prices the filings cite, $2.55 on March 18 and $2.84 on March 19. Leerink Partners LLC and Piper Sandler & Co. are representatives and joint bookrunning managers. Leerink takes 12,000,000 shares and Piper Sandler 10,000,000, while BTIG, LLC, the lead manager, takes 1,750,000 and H.C. Wainwright & Co., LLC, the co-manager, takes 1,250,000. Wilmer Cutler Pickering Hale and Dorr LLP is counsel to Akebia, and Latham & Watkins LLP is counsel to the underwriters. ## Dilution and what the money is for Akebia had 224,848,992 shares outstanding on December 31, 2024. After the offering it will have 249,848,992, or 253,598,992 with the full option. The prospectus tells buyers they face immediate dilution of $2.17 per share. That count excludes 16,049,012 shares under stock options outstanding at year-end. Since January 1, 2025 Akebia has also sold 9,437,364 shares under its Open Market Sale Agreement with Jefferies LLC, for net proceeds of $18.4 million, and up to $32.0 million of at-the-market sales remains available. In February 2025 it drew $10.0 million of the final tranche of its loan from Kreos Capital VII (UK) Limited, for net proceeds of $9.3 million, and issued a warrant for 1,153,846 shares at $1.30. The prospectus calls this the BlackRock Credit Agreement and says it bars cash dividends without the lender's consent. The company says it will use the proceeds, with existing cash, for working capital and general corporate purposes, including research, development and commercial activities. It says that cash, product, royalty, supply and license revenue, and these proceeds should fund its operating plan for at least twenty-four months, and adds that the estimate rests on assumptions that may be wrong. ## The balance sheet At December 31, 2024 Akebia had cash and cash equivalents of $51,870 thousand, net long-term debt of $38,693 thousand and a warrant liability of $5,176 thousand. It reported an accumulated deficit of $1,678,360 thousand and a total stockholders' deficit of $49,185 thousand. On a pro forma as adjusted basis, including this offering, the prospectus shows cash of $126,027 thousand and stockholders' equity of $15,681 thousand. ## The business behind the offering Akebia describes itself as a fully integrated biopharmaceutical company with two commercial products for kidney disease. Its newer product is Vafseo (vadadustat), an oral HIF prolyl hydroxylase inhibitor that the FDA approved in March 2024 for anemia due to chronic kidney disease in adults on dialysis for at least three months. Shipments began in January 2025. The 10-K says supply agreements are in place with dialysis organizations caring for nearly 100% of U.S. dialysis patients, and it puts the current U.S. market for this use at about $1 billion based on current ESA pricing. The older product, Auryxia (ferric citrate), has historically contributed meaningful revenue, but the 10-K says it loses exclusivity in March 2025, the month of this offering. The company believes Medicare's bundled dialysis payment could slow the decline, and says the effect depends on generics, their pricing and its contracts with dialysis organizations. The pipeline is early: two HIF molecules are selected for preclinical development, and praliciguat is an investigational soluble guanylate cyclase stimulator licensed from Cyclerion Therapeutics in June 2021. The 10-K gives no clinical results for any of these assets. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story AKBA Akebia Therapeutics, Inc. NASDAQ ยท United States Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/akebia-launches-stock-offering-then-prices-25-000-000-shares-2-00-50-0/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Akebia launches stock offering, then prices 25,000,000 shares at $2.00", 2025-03-19, https://aibio.space/news/akebia-launches-stock-offering-then-prices-25-000-000-shares-2-00-50-0/