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Akebia Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.6M in Q3 2026 · $13.9M over twelve months

Operating cash flow$2.3M
Capital spending−$706K
Free cash flow+$1.6M
Cash conversion cycle218 days

Analysis

In Q3 2026, Akebia Therapeutics generated $2.3M of operating cash flow and spent $706K on capital projects, leaving free cash flow of $1.6M. That is $26.4M less than in Q3 2025 ($28.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $15.8M; the largest uses were other investing ($12.7M), other financing ($9.6M), capital spending ($1.9M); besides operations, cash came from shares issued ($419K); the cash balance fell by $8.0M.

Operating cash flow was $2.3M against net income of −$14.4M. The largest differences: receivables +$17.0M, stock-based pay +$2.8M, payables −$2.6M.

Its cash conversion cycle was 218 days (receivables 112 + inventory 229 − payables 123).

Free cash flow

Akebia Therapeutics: free cash flow by quarterAkebia Therapeutics: free cash flow by quarter−$4.5MQ4 2024−$13.6MQ1 2025$22.2MQ2 2025$28.0MQ3 2025$31.1MQ4 2025−$21.3MQ1 2026$2.4MQ2 2026$1.6MQ3 2026
Operating cash flow less capital spending.
Akebia Therapeutics: operating cash flow against capital spendingAkebia Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$4.5M$2KQ4 2024−$13.6M$18KQ1 2025$22.3M$126KQ2 2025$28.1M$77KQ3 2025$31.1M$70KQ4 2025−$21.2M$62KQ1 2026$3.5M$1.1MQ2 2026$2.3M$706KQ3 2026
Latest (Q3 2026): Operating cash flow $2.3M, Capital spending $706K.

Capital allocation, year by year

Akebia Therapeutics: where the cash came from (up) and went (down), by fiscal yearAkebia Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$253MFY2021: Capital spending −$59KFY2021FY2022: Operating cash flow −$73.2MFY2022: Net borrowing −$33.0MFY2022: Shares issued $67KFY2022: Capital spending −$114K$67KFY2022FY2023: Operating cash flow −$23.4MFY2023: Net borrowing −$64.0MFY2023: Shares issued $1K$1KFY2023FY2024: Operating cash flow −$40.7MFY2024: Net borrowing $7.9MFY2024: Shares issued $385KFY2024: Capital spending −$33K$8.3MFY2024FY2025: Operating cash flow $68.0MFY2025: Net borrowing $9.5MFY2025: Shares issued $1.7MFY2025: Asset sales $172KFY2025: Capital spending −$291K$79.4MFY2025
Over these 5 years operating cash flow totalled −$322M; the largest uses were operating cash flow ($390M) and net borrowing ($97.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$159M
Debt$50.3M
Net cash$109M
Due within a year$37.5M

Akebia Therapeutics funds itself: free cash flow was $13.9M over the last twelve months, and $159M of cash and investments stands against $50.3M of debt ($37.5M due within a year, 4.2× covered by cash).

Akebia Therapeutics: debt maturities by year (FY2025)Akebia Therapeutics: debt maturities by year (FY2025)$50.6MYear 2$1.9MYear 3
Principal due in each year as disclosed in the annual report, against $159M of cash and investments now.

Where the cash came from and went

Akebia Therapeutics: sources (+) and uses (−) of cash, Q3 2026Akebia Therapeutics: sources (+) and uses (−) of cash, Q3 2026Other financing$2.9MCash drawn (+) / kept (−)−$2.9MOperating cash flow$2.3MOther investing−$1.9MCapital spending−$706KShares issued$251K
Akebia Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Akebia Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$15.8MOther investing−$12.7MOther financing−$9.6MCash drawn (+) / kept (−)$8.0MCapital spending−$1.9MShares issued$419K

From profit to cash

Akebia Therapeutics: net income to operating cash flow, Q3 2026Akebia Therapeutics: net income to operating cash flow, Q3 2026Net income−$14.4MDepreciation & amortization$101KStock-based pay$2.8MImpairments−$14KReceivables$17.0MInventory−$1.7MPayables−$2.6MAccrued liabilities−$1.7MDeferred revenue−$1.2MPrepaid and other assets−$616KOther liabilities$335KOperating cash flow$2.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026112229123218
Q2 202610711478143
Q1 20269210510889
Q4 202590126115101
Q3 2025109173106176
Q2 202598167111154
Q1 202575212164123
Q4 202466836584

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.3M−$706K—$251K−$2.9M$1.6M
Q2 2026$3.5M−$1.1M—$85K$7.1M$2.4M
Q1 2026−$21.2M−$62K—$20K$22.2M−$21.3M
Q4 2025$31.1M−$70K—$63K−$18.4M$31.1M
Q3 2025$28.1M−$77K—$961K−$29.1M$28.0M
Q2 2025$22.3M−$126K—$178K−$23.9M$22.2M
Q1 2025−$13.6M−$18K$9.5M$482K−$61.5M−$13.6M
Q4 2024−$4.5M−$2K$1K$230K−$17.9M−$4.5M

Akebia Therapeutics: income statement and cash flow

Akebia Therapeutics, Q3 2026: revenue $36.9M (-37% year over year), operating margin -31.1%. The chart follows the revenue to costs, profit and cash.

Akebia Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.