Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information
Our common stock is traded on The Nasdaq Global Market under the symbol “AKBA”.
Holders
At February 22, 2021, there were approximately 30 holders of record of our common stock. The actual number of holders of our common stock is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers or held by other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
Dividends
We have never declared or paid any cash dividends on our common stock. We currently intend to retain earnings, if any, for use in our business and do not anticipate paying cash dividends on our common stock in the foreseeable future. In addition, the terms of our loan agreement with funds managed by Pharmakon Advisors, LP preclude us from paying cash dividends and future debt agreements may preclude us from paying cash dividends. Payment of future dividends, if any, on our common stock will be at the discretion of our Board of Directors after taking into account various factors, including our financial condition, operating results, anticipated cash needs, and plans for expansion.
Issuer Purchases of Equity Securities
None.
Recent Sales of Unregistered Securities
None.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.
Comparative Stock Performance Graph
The following performance graph and related information shall not be deemed to be “soliciting material” or “filed” with the SEC or subject to Regulation 14A or 14C, or to the liabilities of Section 18 of the Exchange Act, except to the extent that we specifically request that this information be treated as soliciting material or we specifically incorporate it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Set forth below is a graph comparing the total cumulative returns of Akebia Therapeutics, Inc., the Nasdaq Composite Index and the Nasdaq Biotechnology Index. The graph assumes $100 was invested on December 31, 2015 in our common stock and each of the indices and that all dividends, if any, are reinvested. The performance shown represents past performance and should not be considered an indication of future performance.
101
Securities Authorized for Issuance under Equity Compensation Plans
Information about our equity compensation plans is incorporated herein by reference to Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters, of this Annual Report on Form 10-K.
102
Item 6. Selected Financial Data
The selected consolidated financial data set forth below for the years ended December 31, 2020, 2019 and 2018 and as of December 31, 2020 and 2019 are derived from our audited consolidated financial statements, which are included elsewhere in this Annual Report on Form 10-K. The selected consolidated financial data for the years ended December 31, 2017 and 2016 and as of December 31, 2018, 2017 and 2016 are derived from our audited consolidated financial statements that are not included elsewhere in this Annual Report on Form 10-K. You should read these data together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K under the captions “Financial Statements and Supplementary Data.” The selected financial data in this section are not intended to replace our consolidated financial statements and related notes and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. Our historical results for any prior period are not necessarily indicative of results to be expected in any future period.
Year Ended December 31,
2020 2019 2018 2017 2016
(in thousands, except share and per share data)
Consolidated statements of operations data:
Revenues:
Product revenue, net $ 128,901 $ 111,119 $ 6,824 $ — $ —
License, collaboration and other revenue 166,406 223,882 200,918 181,227 1,535
Total revenues 295,307 335,001 207,742 181,227 1,535
Cost of goods sold 295,908 145,336 7,768 — —
Operating expenses 375,841 475,953 378,135 257,901 137,995
Loss from operations (376,442) (286,288) (178,161) (76,674) (136,460)
Other income (expense), net (7,015) (2) 6,235 3,003 713
Benefit for income taxes — (6,631) (28,338) — —
Net loss $ (383,457) $ (279,659) $ (143,588) $ (73,671) $ (135,747)
Net loss per share applicable to common stockholders—basic and diluted(1) $ (2.77) $ (2.36) $ (2.47) $ (1.69) $ (3.60)
Weighted-average number of common shares used in net loss per share applicable to common stockholders—basic and diluted 138,463,152 118,395,919 58,038,252 43,500,795 37,716,949
(1) See Note 2 of the notes to our consolidated financial statements appearing elsewhere in this Annual Report on Form 10-K for a description of the method used to calculate basic and diluted net loss per share of common stock.
December 31,
2020 2019 2018 2017 2016
(in thousands)
Consolidated Balance Sheet Data:
Cash and cash equivalents and available for sale securities $ 268,690 $ 147,694 $ 321,640 $ 317,792 $ 260,343
Working capital 184,291 101,415 202,582 217,250 182,053
Total assets 644,139 771,201 996,540 364,257 300,216
Accumulated deficit (1,177,511) (794,054) (514,395) (370,807) (297,136)
Total stockholders’ equity 247,618 394,757 635,928 122,574 68,120
103