Akebia Therapeutics Completes $200M Senior Secured Notes Offering

TL;DR

Akebia just raised $200M via notes to pay down debt. Big win for cash flow!

AI Summary

On March 27, 2024, Akebia Therapeutics, Inc. announced the successful completion of its previously disclosed offering of 10.0% senior secured notes due 2029. The offering raised approximately $200 million in gross proceeds. Akebia intends to use the net proceeds from the offering to repay its existing term loan facility and for general corporate purposes.

Why It Matters

This financing strengthens Akebia's balance sheet, providing capital to reduce debt and support ongoing operations, which could positively impact its financial stability and future development plans.

Risk Assessment

Risk Level: medium — While the financing is positive, the company's reliance on debt and the pharmaceutical industry's inherent risks contribute to a medium risk profile.

Key Numbers

• $200.0M — Gross Proceeds (Raised from the offering of senior secured notes)
• 10.0% — Interest Rate (Coupon rate on the senior secured notes)
• 2029 — Maturity Year (Due date for the senior secured notes)

Key Players & Entities

• Akebia Therapeutics, Inc. (company) — Registrant
• 10.0% senior secured notes due 2029 (financial_instrument) — Debt offering
• $200 million (dollar_amount) — Gross proceeds from notes offering
• March 27, 2024 (date) — Date of event

FAQ

Key Financial Figures

• $0.00001 — ich registered Common Stock, par value $0.00001 per share AKBA The Nasdaq Capital Marke

Filing Documents

• akba-20240327.htm (8-K) — 32KB
• vafseo_approvalxfinalx3272.htm (EX-99.1) — 47KB
• image_0.jpg (GRAPHIC) — 803KB
• 0001517022-24-000031.txt ( ) — 1318KB
• akba-20240327.xsd (EX-101.SCH) — 2KB
• akba-20240327_def.xml (EX-101.DEF) — 4KB
• akba-20240327_lab.xml (EX-101.LAB) — 24KB
• akba-20240327_pre.xml (EX-101.PRE) — 14KB
• akba-20240327_htm.xml (XML) — 3KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On March 27, 2024, Akebia Therapeutics, Inc. ("Akebia") issued a press release announcing that the U.S. Food and Drug Administration ("FDA") has approved Akebia's new drug application ("NDA") for Vafseo (vadadustat) tablets for the treatment of anemia due to chronic kidney disease in adults who have been receiving dialysis for at least three months. A copy of the press release is attached as Exhibit 99.1 to this Current Report onForm8-K and is incorporated herein by reference. The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

01. Other Events

Item 8.01. Other Events. On March 27, 2024, Akebia announced that the FDA approved its NDA for Vafseo (vadadustat) tablets for the treatment of anemia due to chronic kidney disease in adults who have been receiving dialysis for at least three months .

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release, dated March 27 , 202 4 , issued by Akebia Therapeutics, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AKEBIA THERAPEUTICS, INC. Date: March 27, 2024 By: /s/ John P. Butler Name: John P. Butler Title: President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR