Akebia Therapeutics (NASDAQ:AKBA), Inc., a biopharmaceutical company, announced today the appointment of Erik Ostrowski as Senior Vice President, Chief Financial Officer, Chief Business Officer, Treasurer, and Principal Financial (NASDAQ:PFG) Officer, effective immediately. Ostrowski, with a robust 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 annually, with an annual bonus target 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 vesting over four and three years respectively, starting June 28, 2024.
The new CFO's previous experience includes roles as President, Interim CEO, CFO, and Treasurer at AVROBIO, Inc., as well as CFO of Summit Therapeutics (NASDAQ:SMMT) plc. His career also spans 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 are no familial relations between Ostrowski and any current director or executive officer at Akebia, nor are there any reportable transactions between him and the company. This appointment is based on Ostrowski's credentials and is not due to any arrangement or understanding with other persons.
The announcement of Ostrowski's appointment is based on information contained in a recent SEC filing by Akebia Therapeutics.
In other recent news, Akebia reported promising Q1 2024 financial results, with revenues totaling $32.6 million and a net loss of $18 million, showing improvement from the previous year. The company is well-capitalized, boasting $42 million in cash and equivalents, and is expected to maintain stable spending throughout the year.
Akebia also revealed its strategic initiatives for the launch of Vafseo in the dialysis market, including efforts to drive demand and secure contracts with dialysis providers.
Furthermore, the company is exploring the potential of expanding Vafseo's label to non-dialysis chronic kidney disease patients, a move that could significantly drive value post-launch.
InvestingPro Insights
As Akebia Therapeutics welcomes Erik Ostrowski to its leadership team, the company's financial standing remains a vital aspect for investors to consider. According to real-time data from InvestingPro, Akebia Therapeutics has a market capitalization of $190.73 million and a notably high gross profit margin of 83.41% for the last twelve months as of Q1 2024. However, the company faces challenges, with a revenue decline of 30.88% during the same period and a negative price earnings (P/E) ratio of -4.02, indicating that investors are wary of future profitability.
InvestingPro Tips reveal that Akebia's stock has been under significant pressure, with the price having dropped by 58.06% over the last three months, and the RSI suggests that the stock is currently in oversold territory. Furthermore, analysts do not anticipate the company will be profitable this year and expect a sales decline in the current year. For investors seeking a deeper dive into Akebia's financials and future outlook, InvestingPro offers additional insights and tips. With the use of the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription to access these valuable resources. There are currently 9 additional InvestingPro Tips available for Akebia Therapeutics, which could provide further guidance in these volatile times.
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