Akebia Therapeutics achieved a notable financial inflection in fiscal 2025, posting positive operating income for the first time driven by the FDA approval and U.S. launch of Vafseo, an oral HIF-PH inhibitor for anemia in dialysis patients. Despite operating profitability, the company’s net income remains negative due to prior costs and non-cash charges amid the ongoing impact of generic competition following Auryxia’s loss of exclusivity in early 2025. Akebia’s capital structure includes a $55 million senior secured term loan facility with covenants linked to minimum cash and revenue levels, highlighting liquidity management challenges. The mid-stage pipeline targeting rare kidney diseases offers strategic growth potential complementary to the established commercial portfolio.