Demonstrações financeiras detalhadas de Akebia Therapeutics, Inc. (AKBA): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Akebia Therapeutics, Inc. registou receitas de $236.2M no último exercício, com um CAGR de 5 anos de -4.3%.
Margens dos últimos 12 meses: margem bruta 79.5%, margem operacional -6.9%, margem líquida -13.5%.
Ao preço atual de $0.92, AKBA apresenta lucros negativos (P/L não significativo) e um ROE de -93.74%. A capitalização de mercado é de $246M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $1.5M | $178.0M | $207.7M | $335.0M | $294.6M | $211.7M | $292.5M | $194.6M | $160.2M | $236.2M |
| Custo da Receita | $115.8M | $617000 | $7.7M | $145.3M | $64.0M | $81.5M | $22.5M | $74.1M | $63.2M | $39.5M |
| Lucro Bruto | -$114.2M | $177.4M | $200.1M | $189.7M | $230.7M | $130.2M | $270.0M | $120.5M | $97.0M | $196.7M |
| P&D | $115.8M | $230.9M | $291.1M | $323.0M | $218.5M | $147.9M | $166.0M | $63.1M | $37.7M | $62.4M |
| Despesas Gerais e Administrativas | $22.2M | $27.0M | $87.1M | $149.5M | $154.1M | $174.1M | $138.6M | $100.2M | $106.5M | $107.5M |
| Despesas Operacionais | $138.0M | $257.9M | $378.2M | $476.0M | $608.5M | $394.7M | $350.8M | $166.7M | $147.5M | $173.2M |
| Lucro Operacional | -$136.5M | -$79.9M | -$178.1M | -$286.3M | -$377.8M | -$264.5M | -$80.8M | -$46.3M | -$50.5M | $23.5M |
| EBITDA | -$136.2M | -$76.1M | -$178.1M | -$249.9M | -$139.8M | -$189.9M | $3.1M | -$8.3M | -$13.7M | $21.7M |
| Despesas com Juros | 0 | 0 | 0 | $1.4M | $8.9M | $19.9M | $15.7M | $6.0M | $18.2M | $24.2M |
| Lucro Antes de Impostos | -$135.7M | -$76.9M | -$171.9M | -$286.3M | -$384.8M | -$282.0M | -$94.2M | -$51.9M | -$69.4M | -$3.7M |
| Imposto | -$901000 | -$2.8M | -$28.3M | -$6.6M | 0 | 0 | 0 | 0 | 0 | $1.6M |
| Lucro Líquido | -$135.7M | -$76.9M | -$171.9M | -$279.7M | -$384.8M | -$282.0M | -$94.2M | -$51.9M | -$69.4M | -$5.3M |
| LPA | $-3.60 | $-1.77 | $-1.47 | $-2.36 | $-2.53 | $-1.48 | $-0.58 | $-0.28 | $-0.33 | $-0.02 |
| LPA Diluído | $-3.60 | $-1.77 | $-1.47 | $-2.36 | $-2.53 | $-1.48 | $-0.58 | $-0.28 | $-0.33 | $-0.02 |
| Ações em Circulação (Diluídas) | $37.7M | $43.5M | $116.9M | $118.4M | $138.5M | $165.9M | $182.8M | $187.5M | $210.9M | $257.2M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $58.8M | $57.6M | $53.5M | $49.1M |
| Lucro Bruto | $49.1M | $45.4M | $40.9M | $38.7M |
| Lucro Operacional | $4.4M | -$8.6M | -$4.7M | -$6.3M |
| EBITDA | $6.2M | -$6.1M | -$13.3M | -$4.9M |
| Lucro Líquido | $540000 | -$12.2M | -$9.1M | -$8.9M |
| LPA | $0.00 | $-0.05 | $-0.03 | $-0.03 |
| LPA Diluído | $0.00 | $-0.05 | $-0.03 | $-0.03 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $187.3M | $70.2M | $104.6M | $147.7M | $229.1M | $149.8M | $90.5M | $42.9M | $51.9M | $184.8M |
| Investimentos de Curto Prazo | $73.0M | $247.6M | $217.0M | $245000 | $40.0M | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $33.8M | $34.2M | $16.7M | $38.9M | $28.6M | $51.6M | $40.3M | $39.3M | $34.4M | $47.0M |
| Estoque | 0 | 0 | $114.2M | $116.3M | $61.0M | $36.6M | $21.6M | $15.7M | $16.2M | $15.6M |
| Ativos Circulantes | $296.3M | $358.4M | $468.3M | $309.5M | $371.4M | $271.1M | $185.2M | $118.1M | $113.8M | $184.8M |
| Imobilizado | $2.6M | $3.6M | $8.0M | $39.4M | $35.5M | $40.6M | $34.4M | $16.0M | $10.4M | 0 |
| Ágio | 0 | 0 | $55.1M | $55.1M | $55.1M | $59.0M | $59.0M | $59.0M | $59.0M | $59.0M |
| Ativos Intangíveis | 0 | 0 | $328.2M | $291.2M | $144.2M | $108.1M | $72.1M | $36.0M | 0 | 0 |
| Ativos Totais | $300.2M | $364.2M | $996.5M | $771.2M | $644.1M | $529.3M | $356.1M | $241.7M | $220.7M | $376.6M |
| Contas a Pagar | $2.0M | $7.0M | $42.8M | $39.2M | $41.3M | $33.6M | $18.0M | $14.6M | $15.2M | $21.2M |
| Dívida de Curto Prazo | 0 | 0 | $15.0M | $5.0M | $5.3M | $97.5M | $32.0M | $19.5M | $4.3M | $40.1M |
| Passivos Circulantes | $114.3M | $144.3M | $265.7M | $208.1M | $187.1M | $261.1M | $129.5M | $99.9M | $80.9M | $162.9M |
| Dívida de Longo Prazo | 0 | 0 | 0 | $75.8M | $96.4M | $53.1M | $34.1M | $71.2M | $175.5M | $176.2M |
| Passivos Totais | $232.1M | $244.9M | $360.6M | $376.4M | $396.5M | $455.3M | $350.8M | $272.3M | $269.9M | $344.0M |
| Reservas | -$297.1M | -$374.1M | -$514.4M | -$794.1M | -$1.18B | -$1.46B | -$1.56B | -$1.61B | -$1.68B | -$1.68B |
| Patrimônio Líquido | $68.1M | $119.3M | $635.9M | $394.8M | $247.6M | $74.0M | $5.2M | -$30.6M | -$49.2M | $32.6M |
| Dívida Total | 0 | 0 | $15.0M | $108.3M | $126.3M | $189.1M | $99.8M | $104.2M | $188.7M | $216.3M |
| Dívida Líquida | -$260.3M | -$317.8M | -$306.6M | -$39.6M | -$142.8M | $39.3M | $9.3M | $61.3M | $136.9M | $31.5M |
| Capital de Giro | $182.1M | $214.0M | $202.6M | $101.4M | $184.3M | $10.1M | $55.6M | $18.3M | $32.9M | $21.9M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $166.4M | $184.8M | $162.6M | $155.5M |
| Ativos Totais | $364.2M | $376.6M | $362.5M | $349.7M |
| Passivos Totais | $322.6M | $344.0M | $335.1M | $324.6M |
| Patrimônio Líquido | $41.6M | $32.6M | $27.4M | $25.0M |
| Dívida Total | $52.6M | $51.8M | $12.5M | $54.0M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$135.7M | -$76.9M | -$143.6M | -$279.7M | -$383.5M | -$282.0M | -$92.6M | -$51.9M | -$69.4M | -$5.3M |
| Depreciação e Amortização | $296000 | $617000 | $2.4M | $38.6M | $33.6M | $38.0M | $37.7M | $41.8M | $37.5M | $1.3M |
| Compensação em Ações | $5.8M | $8.9M | $19.0M | $11.9M | $24.5M | $22.7M | $17.8M | $9.3M | $7.8M | $11.3M |
| Variação Capital de Giro | $186.7M | $7.2M | $36.0M | -$99.1M | -$13.7M | -$105.6M | -$1.4M | -$20.7M | -$39.7M | $16.5M |
| Fluxo de Caixa Operacional | $57.9M | -$56.2M | -$97.5M | -$257.4M | -$110.4M | -$253.0M | -$73.2M | -$23.4M | -$40.7M | $68.0M |
| CapEx | -$2.7M | -$1.6M | -$1.6M | -$6.7M | -$317000 | -$59000 | -$114000 | 0 | -$33000 | -$291000 |
| Aquisições | $2.7M | $1.6M | $6.1M | 0 | $39.7M | 0 | 0 | 0 | 0 | 0 |
| Recompra de Ações | 0 | 0 | 0 | -$426000 | 0 | 0 | 0 | 0 | -$1.3M | 0 |
| Dividendos Pagos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fluxo de Caixa Livre | $55.2M | -$57.8M | -$99.1M | -$264.1M | -$110.7M | -$253.0M | -$73.3M | -$23.4M | -$40.7M | $68.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $28.1M | $31.1M | -$21.2M | $3.5M |
| CapEx | -$77000 | -$162000 | -$62000 | -$1.1M |
| Fluxo de Caixa Livre | $28.0M | $31.0M | -$21.2M | $2.4M |
| Dividendos Pagos | 0 | 0 | 0 | 0 |
| Compensação em Ações | $3.2M | $3.2M | $3.7M | $3.2M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +11495.0% | +16.7% | +61.3% | -12.0% | -28.2% | +38.2% | -33.5% | -17.7% | +47.5% |
| Crescimento Lucro Líquido (anual) | | +43.3% | -123.5% | -62.7% | -37.6% | +26.7% | +66.6% | +44.9% | -33.7% | +92.3% |
| Crescimento LPA (anual) | | +50.8% | +16.9% | -60.5% | -7.2% | +41.5% | +60.8% | +51.7% | -17.9% | +93.7% |
| Variação de Ações (anual) | | +15.3% | +168.7% | +1.3% | +16.9% | +19.9% | +10.1% | +2.6% | +12.5% | +21.9% |
| Crescimento FCF (anual) | | -204.6% | -71.5% | -166.5% | +58.1% | -128.6% | +71.0% | +68.1% | -74.0% | +267.1% |
| Margem Bruta | -7443.0% | 99.7% | 96.3% | 56.6% | 78.3% | 61.5% | 92.3% | 61.9% | 60.6% | 83.3% |
| Margem Operacional | -8889.9% | -44.9% | -85.8% | -85.5% | -128.2% | -125.0% | -27.6% | -23.8% | -31.5% | 9.9% |
| Margem EBITDA | -8870.6% | -42.7% | -85.7% | -74.6% | -47.5% | -89.7% | 1.0% | -4.2% | -8.6% | 9.2% |
| Margem Líquida | -8843.5% | -43.2% | -82.7% | -83.5% | -130.6% | -133.3% | -32.2% | -26.7% | -43.3% | -2.3% |
| Margem FCF | 3599.0% | -32.5% | -47.7% | -78.8% | -37.6% | -119.5% | -25.1% | -12.0% | -25.4% | 28.8% |
| Taxa Efetiva de Imposto | 0.7% | 3.6% | 16.5% | 2.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -43.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.46 | $-1.33 | $-0.85 | $-2.23 | $-0.80 | $-1.52 | $-0.40 | $-0.12 | $-0.19 | $0.26 |
| Dividendo por Ação | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Ações em Circulação (Básicas) | $37.7M | $43.5M | $116.9M | $118.4M | $138.5M | $165.9M | $182.8M | $187.5M | $210.9M | $257.2M |
O que olhar em Biotech
A maioria das biotechs pequenas perde dinheiro. Analisar com P/E não faz sentido — olha caixa e pipeline.
- Cash Runway — Meses de caixa ao ritmo atual de gasto. <18 meses = risco de diluição urgente
- Cash burn anual — Ritmo a que queimam caixa operacional. Comparar com posição de caixa para projetar runway
- Dívida Total — Biotech sem receita + dívida = receita para falência
- I+D / Capitalização — Quanto investem em pipeline vs valor da empresa — indicador de intensidade de pesquisa
- Market cap / Caixa — Se cota perto do caixa, o mercado dá ~0 valor ao pipeline — oportunidade ou armadilha
Rentabilidade
| Retorno sobre patrimônio | -93.74% |
| Retorno sobre capital investido | -7.08% |
| Retorno sobre ativos | -8.48% |
| Margem bruta | 79.48% |
| Margem operacional | -6.91% |
| Margem líquida | -13.54% |
Saúde financeira
| Dívida / Patrimônio | 2.16 |
| Liquidez corrente | 1.43 |
| Piotroski F-Score | 6 |
| Altman Z-Score | -4.63 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -2.89 | -8.40 | -3.76 | -2.68 | -1.11 | -1.53 | -0.99 | -4.43 | -5.76 | -77.40 |
| P/VP | 5.76 | 5.42 | 1.02 | 1.90 | 1.57 | 5.07 | 20.17 | -7.60 | -8.15 | 12.70 |
| P/V | 255.79 | 3.63 | 3.11 | 2.23 | 1.32 | 1.77 | 0.36 | 1.19 | 2.50 | 1.75 |
| Margem Bruta | -7443.0% | 99.7% | 96.3% | 56.6% | 78.3% | 61.5% | 92.3% | 61.9% | 60.6% | 83.3% |
| Margem Operacional | -8889.9% | -44.9% | -85.8% | -85.5% | -128.2% | -125.0% | -27.6% | -23.8% | -31.5% | 9.9% |
| Margem Líquida | -8843.5% | -43.2% | -82.7% | -83.5% | -130.6% | -133.3% | -32.2% | -26.7% | -43.3% | -2.3% |