Akebia Therapeutics

As of June 30, 2026 Akebia held 155.5 million dollars in cash against 49.6 million dollars of term debt, plus additional obligations including a settlement royalty liability (about 60.8 million), a sold‑royalty liability (about 50.0 million), and working‑capital fund liabilities with true‑ups through 2028. The company disclosed it expects to refinance the senior secured facility as amortization begins in 2027. TTM free cash flow is approximately 40 million dollars but benefits from TDAPA‑era economics and 2025 working‑capital release, both of which may normalize lower.

Balance‑sheet resilience is acceptable near‑term but sensitive to execution, refinancing, and the 2027 price reset.