Published on 13 May 2024 on GuruFocus.com via Yahoo Finance
Akebia Therapeutics Reports Q1 2024 Financial Results: A Detailed Overview
Revenue: Reported at $32.6 million for Q1 2024, a decrease from $40.0 million in Q1 2023, falling short of the estimated $46.09 million.Net Product Revenue: Auryxia generated $31.0 million, down from $34.7 million in the previous year's first quarter.Net Loss: Recorded at $18.0 million for the quarter, an improvement from a net loss of $26.9 million in Q1 2023, but still above the estimated net loss of $14.95 million.Cost of Goods Sold (COGS): Decreased to $11.6 million from $20.2 million in the same quarter last year, reflecting improved cost management.Research and Development Expenses: Lowered to $9.7 million from $19.7 million in Q1 2023, indicating a significant reduction in R&D spending.Selling, General and Administrative Expenses: Slightly increased to $25.4 million from $25.1 million year-over-year.Cash Position: Ended the quarter with $42.0 million in cash and cash equivalents, supporting operational sustainability for the next two years.
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