Akebia Therapeutics is a biopharmaceutical company focused on kidney disease, with two commercial products and a pipeline targeting rare kidney conditions. Akebia's lead product is Vafseo (vadadustat), an oral pill approved in the U.S. in March 2024 for anemia in adult dialysis patients. Anemia is common in chronic kidney disease because damaged kidneys produce insufficient erythropoietin (EPO), the hormone that triggers red blood cell production. Vafseo works by activating the HIF pathway, stimulating the body's natural EPO production. The prior standard of care has been injectable ESAs administered at dialysis centers, making Vafseo's oral delivery a key differentiator for a patient population already carrying a heavy injection burden. Vafseo launched commercially in January 2025 and benefits through 2026 from TDAPA, a Medicare reimbursement program that pays above the standard dialysis bundle rate — a significant financial incentive for dialysis organizations to adopt the drug. After TDAPA expires, reimbursement reverts to the bundled rate, which could compress pricing substantially. Akebia's second product, Auryxia (ferric citrate), is an oral pill for phosphorus control in dialysis patients and iron deficiency anemia in non-dialysis CKD patients. Auryxia has been on the market since 2014 but reached loss of exclusivity in March 2025 and faces generic competition. Akebia sells both products in the U.S. directly to dialysis organizations and through specialty distributors, and licenses both internationally to regional partners. The pipeline includes praliciguat in Phase 2 for FSGS and AKB-097 targeting IgAN, C3G, and lupus nephritis.