$AKBA
Akebia Therapeutics, Inc.

2014 Q3 Form 10-Q Financial Statement

#000119312514303848 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $180.0K
YoY Change -24.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.900M $2.300M $700.0K
YoY Change 262.5% 228.57%
% of Gross Profit
Research & Development $6.648M $5.525M $2.453M
YoY Change 105.19% 125.23%
% of Gross Profit
Depreciation & Amortization $13.19K $11.97K $0.00
YoY Change 50642.31%
% of Gross Profit
Operating Expenses $9.584M $7.840M $3.121M
YoY Change 137.58% 151.2%
Operating Profit -$9.584M -$7.840M -$3.121M
YoY Change 137.58% 151.2%
Interest Expense $100.0K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $236.0K $222.0K $290.0K
YoY Change -11.28% -23.45%
Pretax Income -$9.300M -$7.600M -$2.800M
YoY Change 144.74% 171.43%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.348M -$7.618M -$2.831M
YoY Change 148.09% 169.09%
Net Earnings / Revenue -5193.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$472.1K -$240.5K -$153.0K
COMMON SHARES
Basic Shares Outstanding 20.26M shares 20.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.00M $105.3M
YoY Change 104.25%
Cash & Equivalents $49.67M $95.39M $40.74M
Short-Term Investments $27.33M $9.888M
Other Short-Term Assets $1.400M $1.700M
YoY Change 133.33%
Inventory
Prepaid Expenses
Receivables $57.00K $114.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $119.8M $126.1M
YoY Change 211.17%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $181.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $125.3K
YoY Change
Total Long-Term Assets $400.0K $306.4K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $119.8M $126.1M
Total Long-Term Assets $400.0K $306.4K
Total Assets $120.2M $126.4M
YoY Change 212.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.000M $1.488M
YoY Change 50.0%
Accrued Expenses $3.500M $3.278M
YoY Change 288.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $6.500M $4.770M
YoY Change 124.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $29.53K
YoY Change
Total Long-Term Liabilities $0.00 $29.53K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.500M $4.770M
Total Long-Term Liabilities $0.00 $29.53K
Total Liabilities $6.600M $4.806M
YoY Change 127.59%
SHAREHOLDERS EQUITY
Retained Earnings -$90.30M -$80.95M
YoY Change
Common Stock $202.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.00K $21.36K
YoY Change
Treasury Stock Shares $2.553K 775.0 shares
Shareholders Equity $113.6M $121.6M
YoY Change
Total Liabilities & Shareholders Equity $120.2M $126.4M
YoY Change 212.13%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$9.348M -$7.618M -$2.831M
YoY Change 148.09% 169.09%
Depreciation, Depletion And Amortization $13.19K $11.97K $0.00
YoY Change 50642.31%
Cash From Operating Activities -$5.600M -$6.670M -$1.960M
YoY Change 91.13% 240.31%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$30.00K $0.00
YoY Change 300.0%
Acquisitions
YoY Change
Other Investing Activities -$39.96M -$23.05M $0.00
YoY Change 203.88%
Cash From Investing Activities -$40.00M -$23.08M $0.00
YoY Change 203.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.0K -1.180M 40.11M
YoY Change 200.0% -102.94%
NET CHANGE
Cash From Operating Activities -5.600M -6.670M -1.960M
Cash From Investing Activities -40.00M -23.08M 0.000
Cash From Financing Activities -120.0K -1.180M 40.11M
Net Change In Cash -45.72M -30.93M 38.15M
YoY Change 183.45% -181.07%
FREE CASH FLOW
Cash From Operating Activities -$5.600M -$6.670M -$1.960M
Capital Expenditures -$40.00K -$30.00K $0.00
Free Cash Flow -$5.560M -$6.640M -$1.960M
YoY Change 90.41% 238.78%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40741400
CY2014Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20262978 shares
CY2014Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
0 shares
CY2014Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
0 shares
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20262978 shares
CY2014Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
12115183 shares
CY2014Q2 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
3939
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
389709
CY2014Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
123667
CY2014Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21374
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
4200
CY2014Q2 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
350
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
387914
CY2014Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
202535864
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
960599
CY2014Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1488184
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
188018
CY2014Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20262978 shares
CY2014Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3188281 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1801201 shares
CY2014Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.00001
CY2014Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2014Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
175000000 shares
CY2014Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
775 shares
CY2014Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2014Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2014Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3277593
CY2014Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2032746
CY2014Q2 us-gaap Liabilities Current
LiabilitiesCurrent
4769716
CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-8216
CY2014Q2 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
387072
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
29532
CY2014Q2 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
6369
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
121551966
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsRemainderOfFiscalYear
2100
CY2014Q2 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
350
CY2014Q2 us-gaap Accrued Vacation Current
AccruedVacationCurrent
153147
CY2014Q2 us-gaap Contractual Obligation Future Minimum Payments Due Remainder Of Fiscal Year
ContractualObligationFutureMinimumPaymentsDueRemainderOfFiscalYear
190118
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
10308
CY2014Q2 us-gaap Contractual Obligation
ContractualObligation
971449
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-80954522
CY2014Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
378630
CY2014Q2 us-gaap Common Stock Value
CommonStockValue
202
CY2014Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
126357583
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
4200
CY2014Q2 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
393909
CY2014Q2 us-gaap Liabilities
Liabilities
4805617
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
0
CY2014Q2 akba Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
2259
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1641038
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1383345 shares
CY2013Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
5500636 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1383345 shares
CY2014Q2 us-gaap Postemployment Benefits Liability Current
PostemploymentBenefitsLiabilityCurrent
201489
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
10850
CY2014Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
124245944
CY2014Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1691312
CY2014Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
28851842
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
21362
CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
181029
CY2014Q2 akba Accrued Expenses
AccruedExpenses
201489
CY2014Q2 akba Severance Accrual
SeveranceAccrual
122000
CY2014Q2 akba Available For Sale Securities Gross Unrealized Loss Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedLossAccumulatedInInvestments
-10475
CY2014Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
382872
CY2014Q2 us-gaap Assets Current
AssetsCurrent
126051209
CY2014Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
18963434
CY2014Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
124254160
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
125345
CY2014Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
542
CY2014Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
9888408
CY2014Q2 us-gaap Assets
Assets
126357583
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95394102
CY2014Q2 us-gaap Short Term Investments
ShortTermInvestments
28851842
CY2014Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
113953
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
202403
CY2013Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13628787 shares
CY2013Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.00001
CY2013Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
6837 sqft
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
14700000 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
775 shares
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2013Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3183761
CY2013Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
3912
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1282
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
182338
CY2013Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
714137
CY2013Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2452067
CY2013Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3901810
CY2013Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
125345
CY2013Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
8004
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
-127072057
CY2013Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
157827135
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12396149 shares
us-gaap Revenues
Revenues
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-109.21
CY2013Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2013Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
109921
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-127072071
CY2013Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
439435
CY2013Q4 us-gaap Common Stock Value
CommonStockValue
14
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
34664892
CY2013Q4 us-gaap Liabilities
Liabilities
3909814
CY2013Q4 us-gaap Assets Current
AssetsCurrent
33431043
CY2013Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
32553997
CY2013Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
125345
CY2013Q4 us-gaap Assets
Assets
34664892
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21215228
CY2013Q4 us-gaap Short Term Investments
ShortTermInvestments
11341241
CY2013Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
135339
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31648
CY2013Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
32556469
CY2013Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
739235
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
30366
CY2013Q4 akba Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
1078138
CY2013Q4 akba Available For Sale Securities Gross Unrealized Gain Accumulated In Investments
AvailableForSaleSecuritiesGrossUnrealizedGainAccumulatedInInvestments
2472
CY2013Q4 akba Monthly Rent Abatement
MonthlyRentAbatement
31000
CY2011Q4 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
Aerpio shares were then distributed to the Company's shareholders as a distribution on the basis of 1 share of Aerpio Series A Preferred Stock for every 35 shares of Akebia Series A Preferred Stock owned, 1 share of Aerpio Series A Preferred Stock for every 100 shares of Akebia Series B Preferred Stock owned, and 1 share of Aerpio Common Stock for every 175 shares of Akebia Common Stock owned
CY2014Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.75 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
490472 shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3486452
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-751207
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-356160
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3451346
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-53564481
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2419766
us-gaap Operating Income Loss
OperatingIncomeLoss
-5697502
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1153574
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
124899
us-gaap Net Income Loss
NetIncomeLoss
-3451346
us-gaap Reimbursement Revenue
ReimbursementRevenue
577597
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
41240388
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1293726
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
50113135
us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
50113135
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1346706
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
42586814
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
39100362
dei Entity Central Index Key
EntityCentralIndexKey
0001517022
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4350796
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
50113135
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
751880
us-gaap Depreciation
Depreciation
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
107793
us-gaap Operating Expenses
OperatingExpenses
5697502
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
akba Stock Issued During Period Value Issued For Settlement Of Convertible Notes
StockIssuedDuringPeriodValueIssuedForSettlementOfConvertibleNotes
dei Entity Registrant Name
EntityRegistrantName
Akebia Therapeutics, Inc.
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2007-02-27
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
3188281 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10987692 shares
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-12677066
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-9.48
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Concentrations of Credit Risk and Off-Balance Sheet Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> Cash, investments and accounts receivable are the only financial instruments that potentially subject the Company to concentrations of credit risk. At June&#xA0;30, 2014 and 2013, all of the Company&#x2019;s cash was deposited in accounts at two principal financial institutions. The Company maintains its cash with high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</p> </div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1993078 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: stock-based compensation expense, fair value of common stock and preferred stock and the Company&#x2019;s other equity instruments (in periods prior to the IPO), accrued expenses and income taxes.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the Board of Directors contemporaneously at the date such grants were made, with input from management. For periods prior to March&#xA0;2014, the fair value of common stock at the grant date was adjusted in connection with the Company&#x2019;s retrospective fair value assessment for financial reporting purposes. Prior to the Company&#x2019;s IPO, the Board of Directors determined the estimated fair value of the Company&#x2019;s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#x2019;s common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, <i>Valuation of Privately-Held Company Equity Securities Issued as Compensation</i>, to estimate the fair value of its common stock in periods prior to March&#xA0;2014. The methodologies included a probability analysis including both a potential public trading scenario and potential sale scenario. In both scenarios, value is estimated using the guideline public company method. The sale scenario includes an adjustment for a market participant acquisition premium. Value is allocated among the preferred and common shares according to the rights associated with each type of security. Valuation methodologies include estimates and assumptions that require the Company&#x2019;s judgment. These estimates include assumptions regarding future performance, including the successful completion of a public offering. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company&#x2019;s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of research studies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings.</p> </div>
us-gaap Additional Cash And Cash Equivalent Related Text
AdditionalCashAndCashEquivalentRelatedText
Three months or less
us-gaap Revenues
Revenues
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
69466
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
949605
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17323654
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-104214993
us-gaap Operating Income Loss
OperatingIncomeLoss
-17749243
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
24290949
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-21386
us-gaap Net Income Loss
NetIncomeLoss
-17315438
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-24659
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
1608
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
10359297
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-8216
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-8216
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
21362
us-gaap Reimbursement Revenue
ReimbursementRevenue
364339
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
170755
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8216
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1603500
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
86899555
us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
86899555
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
6066420
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
104572644
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
74178874
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
8157441
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-17716704
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-2830432
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-52095442
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
114954911
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11682823
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
29532
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
86899555
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
6745000
us-gaap Depreciation
Depreciation
20092
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3888808
us-gaap Operating Expenses
OperatingExpenses
17749243
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
akba Deferred Stock Offering Costs Included In Accounts Payable And Accrued Liabilities
DeferredStockOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
121350
akba Severance Payment Under Agreement Description
SeverancePaymentUnderAgreementDescription
Unpaid severance costs, which will be paid out through February 2015.
akba Capital Lease Term
CapitalLeaseTerm
P3Y
akba Defined Contribution Plan Employees Age To Eligible Under Plan
DefinedContributionPlanEmployeesAgeToEligibleUnderPlan
21 Age
akba Capital Lease Commencement Date
CapitalLeaseCommencementDate
2014-02
akba Stock Issued During Period Value Issued For Settlement Of Convertible Notes
StockIssuedDuringPeriodValueIssuedForSettlementOfConvertibleNotes
CY2013Q4 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P3Y
CY2013Q4 us-gaap Sale Leaseback Transaction Monthly Rental Payments
SaleLeasebackTransactionMonthlyRentalPayments
31000
CY2013Q4 akba Lease Commencement Period
LeaseCommencementPeriod
2014-01
CY2013 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
4477081
CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
0
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
323685
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
504868 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-103.19
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12396149 shares
CY2013Q2 us-gaap Revenues
Revenues
CY2013Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
2906
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3120783
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-2830432
CY2013Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
287445
CY2013Q2 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
49265010
CY2013Q2 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
49265010
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
667783
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2453000
CY2013Q2 us-gaap Depreciation
Depreciation
0
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
51401
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
3120783
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19652056 shares
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.39
CY2014Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1993078 shares
CY2014Q2 us-gaap Revenues
Revenues
CY2014Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
50442
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7626543
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7618327
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-7839996
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-7618327
CY2014Q2 us-gaap Reimbursement Revenue
ReimbursementRevenue
171227
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8216
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2315101
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5524895
CY2014Q2 us-gaap Depreciation
Depreciation
11974
CY2014Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1443944
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
7839996
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q2 akba Loss On Extinguishment Of Preferred Stock
LossOnExtinguishmentOfPreferredStock
0

Files In Submission

Name View Source Status
0001193125-14-303848-index-headers.html Edgar Link pending
0001193125-14-303848-index.html Edgar Link pending
0001193125-14-303848.txt Edgar Link pending
0001193125-14-303848-xbrl.zip Edgar Link pending
akba-20140630.xml Edgar Link completed
akba-20140630.xsd Edgar Link pending
akba-20140630_cal.xml Edgar Link unprocessable
akba-20140630_def.xml Edgar Link unprocessable
akba-20140630_lab.xml Edgar Link unprocessable
akba-20140630_pre.xml Edgar Link unprocessable
d739790d10q.htm Edgar Link pending
d739790dex311.htm Edgar Link pending
d739790dex312.htm Edgar Link pending
d739790dex321.htm Edgar Link pending
d739790dex991.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
g7397901.jpg Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R43.htm Edgar Link pending
R44.htm Edgar Link pending
R45.htm Edgar Link pending
R46.htm Edgar Link pending
R47.htm Edgar Link pending
R48.htm Edgar Link pending
R49.htm Edgar Link pending
R5.htm Edgar Link pending
R50.htm Edgar Link pending
R51.htm Edgar Link pending
R52.htm Edgar Link pending
R53.htm Edgar Link pending
R54.htm Edgar Link pending
R55.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending