Akebia Therapeutics, Inc. 10-Q

Item 3. Quantitative and Qualitative Disclosures about Market Risk. Interest Rate Risk We had cash, cash equivalents and short-term marketable securities of $162.6 million and $184.8 million at March 31, 2026 and December 31, 2025, respectively, which consisted of cash and money market funds. Interest income is sensitive to changes in the general level of interest rates. However, due to the nature of these investments, a change in market interest rates of 1% would not be expected to have a material impact on our financial condition or results of operations for either period. Foreign Exchange Risk We are exposed to market risk related to exchange rates. The majority of our revenues for the three months ended March 31, 2026 and 2025 was received in U.S. dollars, including revenues we received from royalty payments converted to U.S. dollars based on the net sales of Riona (R) and Vafseo TM, in Japanese yen and the Euro, respectively. Our exchange rate risk arises from such foreign currency net sales. As a result, we are exposed to movements in the exchange rates of the Japanese yen and the Euro against the U.S. dollar. During the three months ended March 31, 2026 and 2025, the impact of foreign currency exposure was immaterial and thus did not have a significant impact on our consolidated financial statements.