Akebia Therapeutics (AKBA) opened Q1 2026 with total revenue of US$53.5 million and a basic EPS loss of US$0.03, alongside a quarterly net loss of US$9.1 million. On a trailing twelve month basis, revenue was US$232.4 million with a net loss of US$20.5 million and basic EPS of US$0.08. Over the last five reported quarters, the company has seen quarterly revenue range between US$46.5 million and US$62.5 million, with basic EPS moving from a profit of US$0.03 in Q1 2025 to losses such as US$0.10 in Q4 2024 and US$0.03 in the latest quarter. This keeps the focus firmly on how quickly margins can move toward a more sustainable footing.

See our full analysis for Akebia Therapeutics.

With the headline numbers on the table, the next step is to see how this earnings profile lines up with the widely held narratives around Akebia's growth, profitability path, and risk reward trade off.

Losses Narrow Compared With Late 2024

• Net loss in Q1 2026 was US$9.1 million with basic EPS of US$0.03 loss, compared with a US$22.8 million loss and US$0.10 loss per share in Q4 2024, and trailing twelve month net loss sits at US$20.5 million on basic EPS of US$0.08 loss.
• Bulls point out that losses have been shrinking at roughly 55.1% per year over the past five years, and the latest data supports that view by showing:
  • Trailing twelve month net loss of US$20.5 million versus US$69.4 million in the period ending Q4 2024, which supports the bullish view of a company that is still loss making but steadily tightening its earnings profile.
  • Quarterly swings from a US$6.1 million profit in Q1 2025 to a US$22.8 million loss in Q4 2024 and back to a smaller US$9.1 million loss in Q1 2026, which shows the path is not smooth and gives bulls and bears specific data points to stress test their timelines for any future profitability.

Bulls argue that this kind of earnings improvement could be an early stage of a more durable turnaround, and the dedicated narrative sets out how product uptake and margin targets are supposed to get you there 🐂 Akebia Therapeutics Bull Case

Revenue Growth Trails Market Averages

• Over the last twelve months Akebia recorded revenue of US$232.4 million, growing about 6.9% per year, compared with an estimated 11.4% per year for the broader US market, and quarterly revenue in the recent period moved within a band of about US$46.5 million to US$62.5 million.
• Bears argue that slower top line growth and reliance on a few key products could cap long run earnings, and the current numbers give them several talking points:
  • With trailing revenue growth of 6.9% per year against the 11.4% market figure, critics highlight that even if margins improve, a slower revenue base can limit how far absolute earnings can rise.
  • Ongoing unprofitability on trailing twelve month net income of US$20.5 million loss backs the bearish concern that product concentration and pricing pressures may keep the company working against headwinds even with modest revenue growth.

Skeptics suggest readers look closely at how much of the bear argument rests on revenue concentration and growth rates compared with what the data actually shows for recent quarters 🐻 Akebia Therapeutics Bear Case

Cheap P/S Versus Biotech Peers

• The stock trades on a P/S of about 1.4x compared with roughly 10.9x for the US biotech industry and about 8.3x for peers, and a DCF fair value of US$22.29 in the data sits well above the recent share price of US$1.18.
• Supporters of the bullish view see this valuation gap as a key part of the thesis, yet the earnings and growth profile introduce some tension:
  • On one hand, forecasts in the data call for around 58.09% annual earnings growth with expectations that the company could become profitable within three years, which lines up with the idea that a low P/S might be tied to improving fundamentals.
  • On the other hand, the stock has shown higher price volatility than the US market over the last three months while revenue growth sits below market averages, so the low multiple and high DCF fair value can also be read as the market asking for more proof that the earnings path will play out as expected.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Akebia Therapeutics on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

With all of this in mind, the mix of shrinking losses, slower revenue growth and a low P/S can feel conflicting. It can therefore be useful to look closely at the underlying figures yourself, decide what matters most for your approach, and then weigh up the balance of 4 key rewards and 1 important warning sign

See What Else Is Out There

Akebia combines ongoing losses with slower revenue growth than the broader market. This raises questions about how quickly the business can reach durable profitability.

If that mix of weak earnings and volatility feels uncomfortable, you can quickly shift focus toward companies with 74 resilient stocks with low risk scores and compare how their profiles line up with your risk tolerance.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.