Jun. 4 at 3:23 PM
$AKBA After listening to the conference call twice, I've come to the conclusion that a reverse split next year is becoming very likely.
My reasoning is simple: while Vasfeo revenue may continue to grow modestly this year, I don't see Q4 revenue exceeding
$30 million. By Q1 2027, revenue could fall back to the
$20–25 million range, with cash dropping below
$80 million. At the same time, expenses will continue to rise as the pipeline advances and clinical programs expand.
By mid-to-late 2027, I believe dilution will be necessary as cash could fall below
$40 million. Unless the company can generate over
$300 million in annual revenue, I don't see a realistic path back to
$2 per share anytime soon. Based on current expectations, that seems unlikely before 2028.
