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Akebia Therapeutics, Inc. (NASDAQ:AKBA), a biopharmaceutical company with a market capitalization of approximately $959 million, announced on Monday the approval of an amendment to its 2023 Stock Incentive Plan. The amendment, which was approved during the company’s Annual Meeting of Stockholders on June 10, 2025, will increase the number of shares available for issuance by 18,900,000. This decision was previously adopted by the company’s Board of Directors, subject to stockholder approval. The company’s stock has shown remarkable momentum, delivering a 226% return over the past year, according to InvestingPro data.
The Annual Meeting also resulted in the election of two Class II directors, John P. Butler and Myles Wolf, M.D., M.M.Sc., who will serve until the 2028 annual meeting of stockholders. The stockholders voted in favor of the directors with John P. Butler receiving 130,424,556 votes for and 20,706,403 votes withheld, while Myles Wolf received 119,938,011 votes for and 31,192,948 votes withheld. There were also 38,964,524 broker non-votes for each director. These leadership decisions come as InvestingPro analysis indicates the company maintains a healthy liquidity position with a current ratio of 2.23, though analysts do not expect profitability this year.
In addition to the stock incentive plan amendment and director elections, the stockholders approved, on an advisory basis, the compensation of the company’s named executive officers. The proposal to ratify the selection of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was also approved with 178,590,132 votes for, 8,896,080 votes against, and 2,609,271 abstentions.
The complete details of the amended 2023 Stock Incentive Plan are included as Exhibit 99.1 in the company’s filing. This information is based on the press release statement filed with the Securities and Exchange Commission.
In other recent news, Akebia Therapeutics reported impressive financial results for the first quarter of 2025, exceeding analysts’ expectations. The company achieved an earnings per share (EPS) of $0.03, outperforming the forecasted -$0.05. Revenue also surpassed projections, rising to $57.3 million from the expected $44.38 million. This growth was significantly driven by strong sales of its anemia treatment, Vafseo, which is gaining traction in the dialysis market. Additionally, Akebia’s financial position remains solid with $113.4 million in cash and equivalents. Analysts from H.C. Wainwright have assumed coverage of Akebia’s stock with a Buy rating, reflecting confidence in the potential of Vafseo. The company is also preparing for a Phase 3 trial for non-dialysis patients, anticipated in the latter half of 2025. Meanwhile, the Journal of the American Society of Nephrology published analyses from Akebia’s global phase 3 clinical trials, highlighting mixed results for Vafseo, particularly noting a higher risk of major adverse cardiovascular events in non-dialysis patients outside the United States.
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