Akebia Receives Notification of Deficiency from
Nasdaq Regarding Late Form 10-Q Filing
CAMBRIDGE, Mass., Aug. 17,
2023 /PRNewswire/ -- Akebia Therapeutics,
Inc. (Nasdaq: AKBA), a biopharmaceutical company with the
purpose to better the lives of people impacted by kidney disease,
today announced plans to release its financial results for the
second quarter ended June 30, 2023 by
Friday, August 25, 2023 prior to the
open of the financial markets. Akebia will schedule a conference
call in parallel with reporting its financial results.
On August 10, 2023, Akebia filed
with the SEC a Form 12b-25 Notification of Late Filing regarding
its Quarterly Report on Form 10Q (the Form 10Q) for the quarter
ended June 30, 2023. As a result of
not having timely filed the Form 10-Q, Akebia received a notice of
non-compliance from the Nasdaq Stock Market LLC (Nasdaq) on
August 11, 2023, notifying the
company that it is not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires listed companies to timely file all
required periodic financial reports with the SEC. Under Nasdaq's
listing rules, Akebia has 60 calendar days from the date of the
notice to submit a plan to regain compliance. The Nasdaq notice has
no immediate effect on the listing of Akebia's common stock on
Nasdaq.
Akebia plans to file the Form 10-Q by August 25, 2023, and expects to regain compliance
with the Nasdaq listing requirements upon filing.
About Akebia Therapeutics
Akebia Therapeutics, Inc. is
a fully integrated biopharmaceutical company with the purpose to
better the lives of people impacted by kidney disease. Akebia was
founded in 2007 and is headquartered in Cambridge, Massachusetts. For more
information, please visit our website at www.akebia.com, which does
not form a part of this release.
Forward-Looking Statements
Statements in this press
release regarding Akebia Therapeutics, Inc.'s ("Akebia's")
strategy, plans, prospects, expectations, beliefs, intentions and
goals are forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995, as amended, and
include, but are not limited to, statements regarding: Akebia's
plans regarding the timing of releasing its financial results for
the second quarter ended June 30,
2023 and filing the Form 10-Q and its expectations for
regaining compliance with the Nasdaq listing requirements upon
filing the Form 10-Q. The terms "intend," "believe," "plan,"
"goal," "expect," "potential," "will," "continue," derivatives of
these words, and similar references are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words. Actual results,
performance or experience may differ materially from those
expressed or implied by any forward-looking statement as a result
of various risks, uncertainties and other factors, including, but
not limited to, risks associated with: the risk that additional
information may arise in the process of completing the review or
audit of any revised financial statements that would require Akebia
to make additional or different adjustments; the time, effort and
expense required to complete any corrections in Akebia's financial
statements; the potential demand and market potential and
acceptance of, as well as coverage and reimbursement related to,
Auryxia, including estimates regarding the potential market
opportunity; the competitive landscape for Auryxia, including
potential generic entrants; the ability of Akebia to attract and
retain qualified personnel; Akebia's ability to implement cost
avoidance measures and reduce operating expenses; decisions made by
health authorities, such as the FDA, with respect to regulatory
filings, including the anticipated resubmission of the New Drug
Application for vadadustat; the potential therapeutic benefits,
safety profile, and effectiveness of vadadustat; the results of
preclinical and clinical research; the direct or indirect impact of
the COVID-19 pandemic on regulators and Akebia's business,
operations, and the markets and communities in which Akebia and its
partners, collaborators, vendors and customers operate;
manufacturing, supply chain and quality matters and any recalls,
write-downs, impairments or other related consequences or potential
consequences; and early termination of any of Akebia's
collaborations. Other risks and uncertainties include those
identified under the heading "Risk Factors" in Akebia's Quarterly
Report on Form 10-Q for the quarter ended March 31, 2023, and other filings that Akebia may
make with the U.S. Securities and Exchange Commission in the
future. These forward-looking statements (except as otherwise
noted) speak only as of the date of this press release, and, except
as required by law, Akebia does not undertake, and specifically
disclaims, any obligation to update any forward-looking statements
contained in this press release.
Akebia Therapeutics Contact
Mercedes Carrasco
mcarrasco@akebia.com
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SOURCE Akebia Therapeutics