Akebia Therapeutics (NASDAQ:), Inc., a biopharmaceutical company, announced today the appointment of Erik Ostrowski as Senior Vice President, Chief Financial Officer, Chief Business Officer, Treasurer, and Chief Financial Officer (NASDAQ:), effective immediately. Ostrowski, who has a strong background in biotechnology finance, will report directly to John Butler, President and CEO of the Cambridge, Massachusetts-based company.
Ostrowski’s appointment comes with a comprehensive compensation package, including a base salary of $540,000 per year, with a target annual bonus of up to 45% of his base salary. Additionally, he will be granted options to purchase 500,000 shares of the company’s common stock and 350,000 restricted stock units (RSUs), both of which vest over four and three years, respectively, beginning June 28, 2024.
The new CFO’s previous experience includes roles as President, interim CEO, CFO, and Treasurer at AVROBIO, Inc., and CFO of Summit Therapeutics (NASDAQ:) plc. His career also includes positions at Organogenesis Inc. and investment banking with Leerink Partners LLC, after starting as an accountant with Coopers & Lybrand.
Akebia Therapeutics, listed on the Nasdaq Capital Market under the ticker NASDAQ:AKBA, is known for its focus on pharmaceutical preparations.
The company’s SEC filing confirms that there is no family relationship between Ostrowski and any current director or executive officer at Akebia, and no business reporting between him and the company. This appointment is based on Ostrowski’s assurances and is not due to any arrangements or collusion with other people.
The announcement of Ostrowski’s appointment is based on information contained in Akebia Therapeutics’ most recent SEC filing.
In other recent news, Akebia reported promising financial results for Q1 2024, with revenues reaching $32.6 million and a net loss of $18 million, showing improvement from the previous year. The company has great potential, boasting $42 million in cash and equivalents, and is expected to maintain stable spending throughout the year.
Akebia also revealed its strategic plans for the launch of Vafseo in the dialysis market, including efforts to drive demand and secure contracts with dialysis providers.
In addition, the company is looking at the potential to expand Vafseo’s label to patients with chronic kidney disease who are not on dialysis, a move that could drive further post-launch value.
InvestingPro Insights
As Akebia Therapeutics welcomes Erik Ostrowski to its leadership team, the company’s financial position remains an important factor for investors to consider. According to real-time data from InvestingPro, Akebia Therapeutics has a market capitalization of $190.73 million and a gross revenue margin of 83.41% for the last twelve months from Q1 2024. However, the company is facing challenges, with a revenue decline of 30.88 % during the same period and a low price-to-earnings (P/E) ratio of -4.02, indicating that investors are wary of future earnings.
InvestingPro Tips indicates that Akebia’s stock has been under significant pressure, with the price down 58.06% over the past three months, while the RSI suggests that the stock is currently in oversold territory. In addition, analysts do not expect the company to be profitable this year and expect a decline in sales this year. For investors who want to delve deeper into Akebia’s finances and future vision, InvestingPro offers additional information and tips. With the use of a coupon code PRONEWS24, readers can receive an additional 10% discount on Pro and Pro+ annual or bi-annual subscriptions to access these valuable resources. There are currently 9 additional InvestingPro Tips available at Akebia Therapeutics, which can provide additional guidance in these volatile times.
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