ࡱ> Z[\]^_ l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~8#܈ ~~7#܈ ~~<#܈ ~~3#܈ ~~4#܈ ~~"؈ ~~83ffff̙̙3f3fff3f3f33333f33AKEBIA THERAPEUTICS INC&Registrant s telephone number i(TABLE OF CONTENTS&FStages and Prevalence of ChroniUMarket Price Information&f56 Equity Compensation Plan Inf" @ l  ,(  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } U} $                   !Akebia Therapeutics, Inc. 10-K 03/12/2018JBRegistrant s telephone number, including area code: (617) 871-2098Large accelerated filer ?Accelerated filer ?     Non-accelerated filer 7 /? (Do not check if a smaller reporting company) ! Smaller reporting company  ?     Emerging growth company  ?  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@[OC7k_S+=PF0*8X> @Z          l  J29rCCF  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number i!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } y } $ } :} y J     !Akebia Therapeutics, Inc. 10-K 03/12/2018TABLE OF CONTENTSPage No. PART I  ~    ~  Item 1.  Business   ~ b Item 1A.   Risk Factors~ Item 1B.!Unresolved Staff Comments~ Item 2. Properties~ Item 3.Legal Proceedings~ Item 4.Mine Safety Disclosures~ PART II~ Item 5..&Market for Registrant?s Common Equity,.&Related Stockholder Matters and Issuer&Purchases of Equity Securities~ Item 6.Selected Financial Data~ Item 7.,$Management?s Discussion and AnalysisD`lth0a)Ki7$W !"#$%&'()*+,-./0123456789:;<=>?  8 0of Financial Condition and Results of Operations!!!~ !""Item 7A."0"(Quantitative and Qualitative Disclosures###About Market Risk$$$~ $&%Item 8.%.%&Financial Statements and Supplementary&& &Data'''~ '(Item 9.(5(-Changes in and Disagreements with Accountants)).)&on Accounting and Financial Disclosure***~ *+Item 9A.++Controls and Procedures,,,~ ,-Item 9B.--Other Information...~ ./PART III000~ 01Item 10.131+Directors, Executive Officers and Corporate222 Governance333~ 34Item 11.44Executive Compensation555~ 56Item 12.606(Security Ownership of Certain Beneficial7757-Owners and Management and Related Stockholder888Matters999~ 9:Item 13.:7:/Certain Relationships and Related Transactions,;;!;and Director Independence<<<~ <=Item 14.=.=&Principal Accountant Fees and Services>>>~ >?PART IVD lz&nFr@\H_FQ@ABCDEFGHI@@@~ @AItem 15.A/A'Exhibits, Financial Statement SchedulesBBB~ BCItem 16.CCForm 10-K SummaryD~ DE SIGNATURESF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/{I =PF0*8X> @"IIHHGGEE l  U  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTSMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } a/} } } 8      !Akebia Therapeutics, Inc. 10-K 03/12/2018LDStages and Prevalence of Chronic Kidney Disease in the United States Stage Description GFR (mL/min/1.73m 2 ) a"U.S. Prevalence Rates b, c7/Estimated Number of U.S. Patients (millions) d,     e~ . &Kidney damage with normal or increased ?90 4.6% ffffff&@  GFR~  / 'Kidney damage with mildly decreased GFR 60-89 3.0% 333333@~  Moderately decreased GFR 30-59 6.7% ffffff0@~ Severely decreased GFR 15-29 0.4%~ ~ .&Kidney failure (includes non-dialysis,0.3% (calculated)ffffff? dialysis and transplant)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.eYMA5KK =PF0*8X> @ l  [e  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of Chroni!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018 Market Price Information High Low~          First Quarter ffffff%@   )\(!@  Second Quarter  ףp=0@   zGa!@   Third Quarter {G3@   (\)@  Fourth Quarter @4@   p= #,@  High Low~  First Quarter{Gz)@Gz@Second Quarter{G#@~  Third Quarter(\"@= ףp=@Fourth Quarterp= #&@p= ף@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8ymaO*{ZW=PF0*8X> @         l  =x  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } -} $ } y} $ } U} $ } U} $ } y} $ } U      !Akebia Therapeutics, Inc. 10-K 03/12/2018/'56 Equity Compensation Plan Information Plan Category7/Number of securities to be issued upon exercise6.Weighted-average exercise price of outstanding 0 (Number of securities remaining available    3 +of outstanding options, warrants and rights  $ options, warrants and rights  5 -for future issuance under equity compensation          - %plans (excluding securities reflected           in column (a))   (a)   (b)   (c)  - %Equity compensation plans approved by  ~  ʰ ~  !@ ~  ~ * ~  security holders%Equity compensation plans not~ .(@  ~  - ~  +# approved by security holders (4) Total~ cq= ף"@  ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2p vj^R<\!=PF0*8X> @          l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 2} $ }  } $ }  }  $ } } $ }  } $ }  } $ !     !Akebia Therapeutics, Inc. 10-K 03/12/2018/'56 Equity Compensation Plan InformationYear Ended December 31,  ~   ~   ~ ~  ~ z  ~ v       1 )(in thousands, except share and per share        data)- %Consolidated statements of operations                     data:Collaboration revenue~  ~    $?   $? $?Operating expenses:      Research and development~ ~ &  ~  "  ~ ~k~ "General and administrative~ ~  [  ~  !  ~ V~ m Total operating expenses~ ~ .l  ~  &  ~ P~ Loss from operations~ N~ ҫ  ~  >  ~ 2~ Other income, net~ .~ &   ~  v   ~ *~ :+Net loss~ :N~  ~  RK  ~ Z~ F2$Accretion on preferred stock ? ?    ?  ~ 6~ ʖ2*Net loss applicable to common shareholders~ :N~  ~  RK  ~ o~ /'Net loss per share applicable to commonRQ   RQ  Gz \(_ stockholders?  basic and diluted (1)0(Weighted-average number of common shares~ _ ~ V  ~  ʌO  ~ T~  4!used in2* net loss per share applicable to common4,stockholders? ____________________________H@ basic and diluted Created by Morningstar Document Research.Dlvj^R A_>-N?!]J 0 (http://documentresearch.morningstar.com/H=PF0*8X> @            l  ҫ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1)!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } a/} $ }  } $ }  }  $ }  } $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018 Balance Sheet December 31,  ~   ~   ~ ~  ~ z  ~ v    (in thousands) (  Consolidated Balance Sheet Data:                    / 'Cash and cash equivalents and available ~ e  ~   ~ Zs  ~ ڥ  ~   for sale securitiesWorking capital~  ~    ~    ~ R~ f Total assets~ ^;~ R  ~  r  ~ N~ .&Redeemable convertible preferred stock ? ?    ?   ?~  Accumulated deficit~ z+~ B  ~  N&  ~ ~ >,$Total stockholders? equity (deficit)~ H~ b(  ~    ~ :Z~ >$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 xl0f( j^R*=PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }  } $ }  }  $ }  } $                          !Akebia Therapeutics, Inc. 10-K 03/12/2018@8Comparison of the Years Ended December 31, 2017 and 2016Year ended December 31,  Increase   ~   ~     (Decrease)    (In Thousands)  Collaboration revenue ~    ~   ~    Operating expenses:             Research and development  ~    ~ &   ~  "General and administrative~ ~  [  ~  J  Total operating expenses~ ~ .l  ~  Q Loss from operations~ N~ ҫ  ~   Other income, net~ .~ &   ~  # Net loss~ :N~  ~  h $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 eYMAH wR/i=PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended DComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } U5} $ } U} $      !Akebia Therapeutics, Inc. 10-K 03/12/2018kcCollaboration Revenue. Collaboration revenue was $178.0 million for the year ended December 31, 201 (in millions)4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program 33333sU@ + #FO 2 RWARD and TRILO 2 GY studies  333333@  Japan Phase 2 studies  @ 0 (Regulatory activities and other clinical ~  " and preclinical activities%Manufacture of drug substance?/'Total increase related to the continued33333SY@!development of vadadustat,$Headcount, consulting and facilitiesffffff @1)Fair value of warrants issued for Janssen333333 @licenseJanssen license fee? Other?Total net increasefffff\@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0:."6kf Q=PF0*8X> @2  l  $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraCollaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-K 03/12/2018@8Comparison of the Years Ended December 31, 2016 and 2015Year ended December 31,  Increase   ~   ~ ~    (Decrease)    (In Thousands)  Collaboration revenue ~    $?  ~   Operating expenses:             Research and development  ~ &   ~ "   ~ q "General and administrative~  [~ !  ~  :  Total operating expenses~ .l~ &  ~    Loss from operations~ ҫ~ >  ~  l Other income, net~ & ~ v   ~   Net loss~ ~ RK ~  k $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 eYMAH wR/i=PF0*8X> @z          l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 6} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018jbCollaboration Revenue. Collaboration revenue was $1.5 million for the year ended December 31, 2016 (in millions)4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program `P@ % Manufacture of drug substance @ 5 -Regulatory and other clinical and preclinical     activities/ 'Total increase related to the continued  yP@ !development of vadadustat,$Headcount, consulting and facilities@ Other?Total net increase333333R@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4<;/#IsNMA5 =PF0*8X> @:   l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1)!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 0} $ } I} $ }  }  $ }  } $                       !Akebia Therapeutics, Inc. 10-K 03/12/2018 Cash FlowsYear ended December 31,   ~   ~   ~ ~    (In Thousands) ' Net cash provided by (used in):             Operating activities ~   ~ ʈ  ~ &  Investing activities  ~ R.   ~    ~ "* Financing activities~ B~    ~  V 0(Net increase/(decrease) in cash and cash~ ~ Ve ~     equivalents$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.K{o(li =PF0*8X> @r          l  L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } !} $ }  } $ }  }  $ } $} $ } $} $ } $} $      !Akebia Therapeutics, Inc. 10-K 03/12/2018/'Contractual Obligations and CommitmentsPayments due by period     (in thousands)            Total   Less than 1 year    1-3 years    3-5 years   More than 5 years # Operating Lease Obligations ~   ~ 7  ~ r  ~ >m  ~ v  Less: Sublease Income  ~    ~     ?    ?    ?  Total ~   ~ 3  ~ r  ~ >m  ~ v $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hvj^R1J>2 =PF0*8X> @               l  z!  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and ComBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 2} $ }       !Akebia Therapeutics, Inc. 10-K 03/12/2018$72 Akebia Therapeutics, Inc. Page  ~ */ 'Report of Independent Registered Public Accounting Firm    Financial Statements~ .#Consolidated Balance Sheets~ 2-%Consolidated Statements of Operationsand Comprehensive Loss~ 60(Consolidated Statements of Stockholders?Equity~ :-%Consolidated Statements of Cash Flows~ >2*Notes to Consolidated Financial Statements$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@]Dui]5}W0 ]K%d=PF0*8X> @ l  48?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncIncome StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 7} $ }  } $ }  } $ 4     !Akebia Therapeutics, Inc. 10-K 03/12/2018 Balance Sheet December 31, December 31, ~   ~   Assets        Current assets:       ! Cash and cash equivalents~ 2H  ~ o  % Available for sale securities ~ R   ~ t Accounts receivable~ ~ ~1)Prepaid expenses and other current assets~ 2c~ !Total current assets~ R~ #Property and equipment, net~ 8~ ( Other assets~ #~  Total assets~ ^;~ R,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ Zm~ Accrued expenses~ f3~ #Short-term deferred revenue~ .~ !Total current liabilities~ v~ r-%Deferred rent, net of current portion~ r(~ &0(Deferred revenue, net of current portion~ ~  %Other non-current liabilities~ Z~ nTotal liabilities~ ~ */'Commitments and contingencies (Note 10)Stockholders' equity:D lxl Z BJz~is !"#$%&'()*+,-./01236 .Preferred stock $0.00001 par value, 25,000,000  ?    ? .!&shares authorized at December 31, 20174", and 2016; 0 shares issued and outstanding%#at December 31, 2017 and 20165$-Common stock: $0.00001 par value; 175,000,000$ $?$$$ $?$)%!shares authorized at December 31,3&+ 2017 and 2016; 47,612,619 and 38,615,709(' shares issued and outstanding at3(+ December 31, 2017 and 2016, respectively")Additional paid-in capital)~ )#)))~ )K).*&Accumulated other comprehensive income*~ ****~ *Z*+(loss),Accumulated deficit,~ ,z+,,,~ ,B,"-Total stockholders' equity-~ -H---~ -b(-2.*Total liabilities and stockholders' equity~ .^;..~ .R./0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/,7|p>N! mx=PF0*8X> @z332211....     l  #WX  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Shareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 0} $ }  } $ }  }  $ } } $ #                                 !Akebia Therapeutics, Inc. 10-K 03/12/2018Income Statement Year Ended     December 31,   ~   ~   ~ ~  Collaboration revenue ~    ~    $?  Operating expenses:             Research and development  ~    ~ &   ~ " "General and administrative~ ~  [  ~  !  Total operating expenses~ ~ .l  ~  & Operating loss~ N~ ҫ  ~  > Other income (expense):    Interest income~ +~   ~   Other income/(expense)~ 2~   ~  ~ Net loss~ :N~  ~  RK .&Net loss per share - basic and dilutedRQ   RQ 0(Weighted-average number of common shares~ _ ~ V  ~  ʌO - basic and dilutedComprehensive loss:    Net loss~ :N~  ~  RK -%Other comprehensive loss - unrealized~ ~ Z  ~  Z loss on securities Total comprehensive loss~ G~ N ~  G D>lui/u3yS77i Z ! " $ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @"" !!           l  3  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 0.} $ } } $ } $}  $ } } $ } U} $ }  } $ }  } $ }  } $ 3     !Akebia Therapeutics, Inc. 10-K 03/12/2018Shareholders' Equity    Common Stock    Additional               Total     Number of   h㈵>   Paid-In   Treasury    Unrealized    Accumulated    Stockholders'    Shares    Par Value   Capital   Stock    Gain/Loss   Deficit   Equity$ Balance at December 31, 2014  ~ S   $?  ~    ~ z  ~ "  ~   ~ :Z (  Issuance of common stock, net of  ~ kg    ?   ~      ?    ?    ?   ~    issuance costs)!Proceeds from sale of stock under~  ?  ~  r   ? ? ?~ r' employee stock purchase plan.&Forfeitures of restricted common stock~  ?    ?   ? ? ? ?Exercise of options~ X  ?  ~      ? ? ?~  ( Share-based compensation expense ? ?  ~  I   ? ? ?~ IUnrealized gain/loss ? ?    ?   ?~ : ?~ :Net loss ? ?    ?   ? ?~ RK~ RK$Balance at December 31, 2015~ *yO $? ~    ~ z~ Z~ N&~ ( Issuance of common stock, net of~ 6 ?  ~     ? ? ?~  issuance costs)!Proceeds from sale of stock under~  ?  ~     ? ? ?~ ' employee stock purchase plan.&Forfeitures of restricted common stock~  ?    ?   ? ? ? ?Exercise of options~ I ?  ~     ? ? ?~ ( Share-based compensation expense ? ?  ~  [   ? ? ?~ [Unrealized gain/loss ? ?    ?   ?~  ?~ 'Treasury shares retired (8,643) ? ?  ~  z  ~  ? ? ?Dl}qe5_5  ^4  !"#$%&'()*+,-./012 Net loss   ?    ?    ?    ?    ?   ~    ~  $!Balance at December 31, 2016!!~ !v4 !! !$?!! ~ ! K! !  !$?!!~ !Z!!~ !B!!~ !b(!(" Issuance of common stock, net of""~ ":P""" "?"" " ~ " R" " " "?""" "?""" "?"""~ "R"# issuance costs)$!Proceeds from sale of stock under$$~ $$$$ $?$$ $ ~ $ $ $ $ $?$$$ $?$$$ $?$$$~ $$'% employee stock purchase plan.&&Forfeitures of restricted common stock&&~ &j&&& &?&& &  & ?& & & &?&&& &?&&& &?&&& &?&'Exercise of options''~ 'V''' '?'' ' ~ ' ' ' ' '?''' '?''' '?'''~ ''(( Share-based compensation expense(( (?((( (?(( ( ~ ( ( ( ( (?((( (?((( (?(((~ ((%)Restricted stock unit vesting))~ )B))) )?)) )  ) ?) ) ) )?))) )?))) )?))) )?))*!Issuance of common stock warrants** *?*** *?** * ~ * V5* * * *?*** *?*** *?***~ *V5*+Unrealized gain/loss++ +?+++ +?++ +  + ?+ + + +?+++~ ++++ +?+++~ ++,Net loss,, ,?,,, ,?,, ,  , ?, , , ,?,,, ,?,,,~ ,:N,,,~ ,:N,$-Balance at December 31, 2017--~ -. Z -- -$?-- ~ - #- -  -$?--~ ---~ -z+--~ -H-./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hU+vxqMA5 =PF0*8X> @b,221100---- --------!!!! !!!!!!!!                     l  :\6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityProperty and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 8} $ } I} $ } I}  $ }  } $ :                                 !Akebia Therapeutics, Inc. 10-K 03/12/2018 Cash FlowsYear ended December 31,   ~   ~   ~ ~  Operating activities:             Net loss ~ :N  ~   ~ RK 0 (Adjustments to reconcile net loss to net            * "cash used in operating activities:%Depreciation and amortization~  ~   ~   7/Amortization of premium/discount on investments~  ~   ~   2*Loss on disposal of property and equipment ?~     ?  Stock-based compensation~ ~ [  ~  I 1)Fair value of warrants issued for license~ V5 ?    ? 4,Changes in operating assets and liabilities:    Accounts receivable~ ~     ? 1)Prepaid expenses and other current assets~ ~~   ~  ^ Other long-term assets~ ~   ~   Accounts payable~ ~M~   ~   Accrued expense~ ZW~ ~C  ~  H Deferred revenue~ ~      ?  Deferred rent~ ~ %  ~   0(Net cash provided by (used in) operating~ ~ ʈ  ~  &  activitiesInvesting activities:    Purchase of equipment~ ~ j  ~   1)Proceeds from the maturities of available~ ' ~ "   ~  v Dl{o(s'm(]BQ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9  for sale securities1!)Proceeds from sales of available for sale!!~ !"N!!! !?!! !  ! ?! " securities1#)Purchase of available for sale securities##~ ####~ ### # ~ # &J# 0$(Net cash provided by (used in) investing$$~ $R.$$$~ $$$ $ ~ $ "*$ % activities&Financing activities:&&&&&&&&& & & & 3'+Proceeds from the issuance of common stock,''~ 'R'''~ ''' ' ~ '  ' (net of issuance costs6).Proceeds from the sale of stock under employee))~ ))))~ ))) ) ~ ) r) *stock purchase plan3++Proceeds from the exercise of stock options++~ ++++~ +++ + ~ +  + -,%Payments on capital lease obligations,,~ ,,,,~ ,,, , ~ , , 1-)Net cash provided by financing activities--~ -B---~ - -- - ~ - V- -.%Increase in cash and cash equivalents..~ ....~ .Ve.. . ~ .  . ./&Cash and cash equivalents at beginning//~ /o ///~ / // / ~ / 2/ 0 of the period61.Cash and cash equivalents at end of the period1~ 12H11~ 1o 11 ~ 1  1 %2Non-cash financing activities222222222 2 2 2 '3Unpaid follow-on offering costs3 3$?33~ 3233 ~ 3 3 +4#Assets acquired under capital lease4 4$?44 4$?44 ~ 4 24 56$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/87mW5j]=PF0*8X> @99 88 77 444444 333333 111111      l  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } +} $ } } $ } U} $ } U} $                             !Akebia Therapeutics, Inc. 10-K 03/12/2018Property and Equipment Useful LifeDecember 31, 2017December 31, 2016      (in thousands) ' Computer equipment and software ~  ~    ~ r  Furniture and fixtures ~   ~     ~ f    Equipment ~   ~     ~   Leasehold improvements  Shorter of the  ~ Z(   ~  useful life or remaining lease term (10 years),$Office equipment under capital lease~ ~ ~   ~ I~  / %Less accumulated depreciation~ v~   "Net property and equipment~ 8~ ( $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {octCwIn=PF0*8X> @R         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } $4} $ }  }  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018( 4. Available for Sale Securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  December 31, 2017                ! Cash and cash equivalents ~ 2H   $?   $?  ~ 2H &Available for sale securities:     Certificates of deposit~  ?   ?  ~ 'U.S. government debt securities~ ΰ  ?  ~    ~ N !Corporate debt securities~ ږ ?  ~    ~ r+#Total available for sale securities~ :$ $? ~    ~ R3+Total cash, cash equivalents, and available~ jl $? ~    ~ efor sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6s }qeY @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } $4} $ }  }  $ } U} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018( 4. Available for Sale Securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  December 31, 2016                ! Cash and cash equivalents ~ o    $?   $?  ~ o  &Available for sale securities:     Certificates of deposit~ j ?    ?  ~ j'U.S. government debt securities~ " ?  ~    ~ !Corporate debt securities~ ڒ ?  ~    ~ +#Total available for sale securities~ bu $? ~  b  ~ t3+Total cash, cash equivalents, and available~ ~ $? ~  b  ~ for sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 }qeY @            l  B   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } *} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018( 4. Available for Sale SecuritiesDue in one year or less~ rL  Due after one year  ~  + #Total available for sale securities ~ R   $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$~,}qeYk_S+=PF0*8X> @*   l  9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2) 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  December 31, 2017                 Assets:                ! Cash and cash equivalents ~ 2H   $?   $?  ~ 2H Certificates of deposit ?~     ?  ~ 'U.S. government debt securities ?~ N     ?  ~ N !Corporate debt securities ?~ r    ?  ~ r~ 2H~ R   $?  ~ e$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/29 wk_SP5b<0$=PF0*8X> @         l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  December 31, 2016                 Assets:                ! Cash and cash equivalents ~ o    $?   $?  ~ o  Certificates of deposit ?~ j    ?  ~ j'U.S. government debt securities ?~     ?  ~ !Corporate debt securities ?~     ?  ~ ~ o ~ t   $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/29 wk_SP5b<0$=PF0*8X> @         l  C  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } $} $ }  } $ }  } $                          !Akebia Therapeutics, Inc. 10-K 03/12/2018100 6. Accrued ExpensesDecember 31, 2017December 31, 2016   (in thousands)  Accrued clinical ~   ~ nq   Accrued bonus  ~ 4   ~ .  Income tax payable  ~ n    ?  Professional fees  ~     ~ n Accrued vacation~ v ~ Accrued payroll~ n ~ R Accrued severance ?~ v Other~ %~ jTotal accrued expenses~ f3~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4$znbFHGHeYM%=PF0*8X> @R     l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 2} $ } y} $ } y} $                        !Akebia Therapeutics, Inc. 10-K 03/12/2018+#Shares Reserved for Future IssuanceDecember 31, 2017December 31, 20162 *Common stock options and RSU's outstanding  ~ B    ~ | ~ / 'Shares available for issuance under the  ~ "Jm   ~ E   2014 Plan (2)(  Warrant to purchase common stock  ~     ? /'Shares available for issuance under the~  '~ 1ESPP (3) Total~ ~ Q$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0znbVF8bN=PF0*8X> @* l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future IssuStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } U} $ } } $ } }  $ } } $                     !Akebia Therapeutics, Inc. 10-K 03/12/2018 Stock OptionsYear ended December 31,   ~   ~   ~ ~  Risk-free interest rate   1.81% - 2.27%    1.16% - 2.03%    1.44% - 1.95%  Dividend yield  0.00%    0.00%    0.00%   Volatility  78.57% - 85.81%   64.78% - 82.40%   62.47% - 81.25%  Expected term (years)   5.51 - 6.25    5.51 - 6.25    5.51 - 6.25 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*>hxl%D=PF0*8X> @b         l  +w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsRestricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } y}  $ } } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018 Stock OptionsSharesWeighted-Average  Weighted-Average   Aggregate       Exercise Price   Contractual Life   Intrinsic Value            (in years)  Outstanding,  ~ #   \(!@      ~ }   December 31, 2016 Granted  ~ RQ   fffff'@          Exercised~ F6Q@     ~ n( Forfeited~ -@     ~ [Expired/cancelled ?      Outstanding,~ cq= ף"@  ~  "  ~ : December 31, 2017Options exercisable,~ `{Gz@   ffffff@  ~ n December 31, 2017Expected to vest,~ E(\%@      December 31, 2017$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:q xlJ`%Y9aAhH<=PF0*8X> @       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1} $ }  } $                     !Akebia Therapeutics, Inc. 10-K 03/12/2018Restricted StockShares.&Weighted-Average Grant Date Fair Value1 )Restricted shares as of December 31, 2016  ~    )\( @  Granted   ?      Vested  ~ x   Q!@   Forfeited  ~ j   Gz@ 1 )Restricted shares as of December 31, 2017  ~    $- $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*huiXvxl`8=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted Stock!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } *} $ }  } $                     !Akebia Therapeutics, Inc. 10-K 03/12/2018Restricted Stock UnitsShares.&Weighted-Average Grant Date Fair Value+ #Unvested balance, December 31, 2016  ~ "Y   ףp= @  Granted  ~ u   Gz$@  Vested  ~ i   @   Forfeited  ~ A   Q!@ & Outstanding, December 31, 2017  ~ z,   Q"@ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h{ocX{ xlD=PF0*8X> @R       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }  } $ }  }  $ } } $                     !Akebia Therapeutics, Inc. 10-K 03/12/2018( 104 Compensation Expense Summary Years ended December 31,   ~   ~   ~ ~    (in thousands)      Research and development ~ e  ~ b!  ~ ~  " General and administrative  ~ bZ   ~ 9   ~ .)  Total ~   ~ [  ~ I $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h}qeY%PD8=PF0*8X> @r           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } I"} $ } U} $ } U}  $ } U} $                        !Akebia Therapeutics, Inc. 10-K 03/12/2018( 104 Compensation Expense Summary Years ended December 31,   ~   ~   ~ ~    (in thousands)       Stock options ~ e  ~  I  ~ 29  Restricted stock  ~ z   ~ *   ~ 6  Restricted stock units  ~    ~ 2    ~  $Employee stock purchase plan~ ~   ~  N Warrant~ V5 ?    ?  Total~ ~ [ ~  I $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0}qeY%0rH<0=PF0*8X> @r          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } -} $ }  } $} $ }  } $} $ } } $                         !Akebia Therapeutics, Inc. 10-K 03/12/20189. Income TaxesYear ended December 31,   ~   ~   ~ ~ % Federal tax at statutory rate  ~  %  ~  %  ~  %- %State and local tax at statutory rate   ffffff@    ffffff?   ~  , $Research and development tax credits   '@    @    ?  Equity compensation   333333    ɿ    333333 Alternative minimum tax ?    ? %Change in valuation allowance@D   ffffffB Impact of US tax reformYK ?    ? Effective tax rate~  %~  %  ~    %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 vj#B@}qI=PF0*8X> @:      l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } $4} $ }  } $ }  } $ !                                 !Akebia Therapeutics, Inc. 10-K 03/12/20189. Income Taxes December 31,  ~   ~    (in thousands)  Deferred tax assets:         Accrued expenses ~ FC  ~ !  Deferred revenue  ~ v   ~  Intangible assets~ ~ Restricted stock ?~ #Non-qualified stock options~ 0~ N.( Research and development credits~ ~ :'Net operating loss carryforward~ ~~ R& Other~ b ~ !Total deferred tax assets~ ~  Less valuation allowance~ f~ 3+Total deferred tax assets, net of valuation~ ~  allowance!Deferred tax liabilities: Fixed assets~ .~ &Total deferred tax liabilities~ .~ Net deferred tax asset $? $?$____________________________1)Created by Morningstar Document Research.D lvj.$< @Z       l  r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }  } $ } $}  $                          !Akebia Therapeutics, Inc. 10-K 03/12/2018)!10. Commitments and ContingenciesLease Payments        Operating   to be Received    Net Operating    Lease    from Sublease   Lease Payments    (in thousands) ~  ~ 7  ~   ~ 3 ~   ~ 8    ?  ~ 8 ~ ~ n9 ? ~  n9 ~ ~ 9 ? ~  9 ~ ~ 3 ? ~  3  Thereafter~ v ? ~  v  Total~ ~  ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4? |pdXH1lJ>2 =PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } %} $ }  } $ } y}  $ } y} $                      !Akebia Therapeutics, Inc. 10-K 03/12/201812. Net Loss per ShareYear ended December 31,   ~   ~   ~ ~  Warrants  ~     ?    ? ! Outstanding stock options  ~ c   ~ #   ~  ! Unvested restricted stock   ?   ~    ~ 2:  ' Unvested restricted stock units  ~ z,   ~ "Y   ~ }  Total~ *~ j)  ~  f $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, |{oc; =PF0*8X> @:      l  *7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per ShareSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1} $ } } $ } }  $ } } $ } } $ *     !Akebia Therapeutics, Inc. 10-K 03/12/2018-%109 13. Quarterly Results (unaudited)Three Months Ended    March 31,   June 30,    September 30,    December 31,   ~   ~   ~   ~    - %(in thousands, except per share data)     (unaudited)  Collaboration revenue ~ F  ~   ~   ~ RT Operating expenses~ ~  ~    ~ Loss from operations~ RA~ " ~  B  ~ Other income, net~ ~   ~  J  ~ JNet (loss)/income~ H~ ʯ ~    ~ $Net (loss)/income per share:      basicffffff(\  \(\߿  p= ף?dilutedffffff(\  \(\߿  ?1)Weighted-average number of common shares:      basic~ ֬= ~ s   ~  0   ~ :5J diluted~ ֬= ~ s   ~  0   ~            Three Months Ended March 31,June 30,   September 30,   December 31,~ ~  ~    ~ -%(in thousands, except per share data) (unaudited)Collaboration revenue $? $?   $?  ~ Dlxl`TLS_<+6]> !"#$%&'() Operating expenses ~   ~ r5  ~ Z5  ~ nj !Loss from operations!~ ! i!!~ !!! ~ ! ! ! ~ !!#"Other income (expense), net"~ """~ "f"" ~ "  " " ~ ""#Net loss#~ #l##~ ### ~ # # # ~ #j#-$%Net loss per share ?basic and diluted$$ffffff$$$ffffff$$ $ Q$ $ $Gz$%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/#J'NB6=PF0*8X> @jM))((''$$$$$$ $$###### ##"""""" ""!!!!!! !!                        l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1} $      !Akebia Therapeutics, Inc. 10-K 03/12/2018Summary Compensation It em 11.Executive Compensation  $ ____________________________1 )Created by Morningstar Document Research.0 (http://documentresearch.morningstar.com/ }qe."=PF0*8X> @ l  7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary Compensation 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1} 6      !Akebia Therapeutics, Inc. 10-K 03/12/2018Beneficial Ownership It em 12.0(Security Ownership of Certain Beneficial 5 -Owners and Management and Related Stockholder  Matters  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$1,}qex=PF0*8X> @ l   EIT_Ik*r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } =      !Akebia Therapeutics, Inc. 10-K 03/12/2018 112 PART IV    Exhibit  Description of Exhibit Number   @ . &Ninth Amended and Restated Certificate3+of Incorporation (incorporated by reference/'to exhibit 3.1 to the Company?s Current4,Report on Form 8-K, filed on March 28, 2014) @1)Amended and Restated Bylaws (incorporated4,by reference to exhibit 3.2 to the Company?s2*Current Report on Form 8-K, filed on March 28, 2014)ffffff@6.Form of Common Stock Certificate (incorporated4,by reference to exhibit 4.1 to the Company?s:2Registration Statement on Form S-1/A (333-193969),filed on March 4, 2014)@.&Fourth Amended and Restated Investors?;3Rights Agreement, dated March 5, 2014 (incorporated4,by reference to exhibit 4.4 to the Company?s2*10-K for the year ending December 31, 2014D lznJ&k] l?sn !"#$%&'()*+,-./0123456789:;<=>?  # and filed on March 4, 2015)!!!" 4.3#"-"%Common Stock Purchase Warrant between##-#%Akebia Therapeutics, Inc. and Janssen$$0$(Pharmaceutica NV, dated February 9, 2017%%-%%(incorporated by reference to exhibit&&0&(4.1 to the Company?s Quarterly Report on''(' Form 10-Q, filed on May 9, 2017)((() 4.4#)9)1Investment Agreement between Akebia Therapeutics,**2**Inc. and Vifor (International) Ltd., dated++/+'May 12, 2017 (incorporated by reference,,1,)to exhibit 4.1 to the Company?s Quarterly--5--Report on Form 10-Q, filed on August 8, 2017).../ 4.5*/6/.Amendment No. 1 to Fourth Amended and Restated00/0'Investors? Rights Agreement, dated June11128, 20172223 10.1*343,Form of Director and Officer Indemnification444 Agreement5556ffffff$@676/Office Lease Agreement Between MA-Riverview/2457757-First Street, L.L.C. and Akebia Therapeutics,8828*Inc., dated December 3, 2013 (incorporated9959-by reference to exhibit 10.2 to the Company?s::8:0Registration Statement on Form S-1 (333-193969),;;#;filed on February 14, 2014)<<<=$@=1=)First Amendment to Office Lease Agreement>>0>(Between Jamestown Premier 245 First, LLC??5?-and Akebia Therapeutics, Inc., dated DecemberD lLn"]w&]1 e me@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@.@&15, 2014 (incorporated by reference toAA2A*exhibit 10.3 to the Company?s 10-K for theBB/B'year ending December 31, 2014 and filedCCCon March 4, 2015)DDDE$@E2E*Second Amendment to Office Lease AgreementFF0F(Between Jamestown Premier 245 First, LLCGG5G-and Akebia Therapeutics, Inc., dated NovemberHH.H&23, 2015 (incorporated by reference toII2I*exhibit 10.4 to the Company?s 10-K for theJJ/J'year ending December 31, 2015 and filedKKKon March 14, 2016)LLLM%@M1M)Third Amendment to Office Lease AgreementNN0N(Between Jamestown Premier 245 First, LLCOO1O)and Akebia Therapeutics, Inc., dated JulyPP.P&25, 2016 (incorporated by reference toQQ/Q'exhibit 10.1 to the Company?s QuarterlyRR1R)Report on Form 10-Q, filed on November 9,SS~ STTTU 10.6*U3U+F ourth Amendment to Office Lease AgreementVV.V&Between CLPF-Cambridge Science Center,WW0W(LLC and Akebia Therapeutics, Inc., datedXXX May 1, 2017YYYZ 10.7?Z2Z*Amended and Restated 2008 Equity Incentive[[2[*Plan (incorporated by reference to exhibit\\4\,10.5 to the Company?s Registration Statement]]3]+on Form S-1 (333-193969), filed on February^^^ 14, 2014)___D lhp$;C`~(c?L`abcdefghijklmnopqrstuvwxyz{|}~` 10.8?`/`'Amendment No. 1 to Amended and Restatedaa0a(2008 Equity Incentive Plan (incorporatedbb5b-by reference to exhibit 10.6 to the Company?scc8c0Registration Statement on Form S-1 (333-193969),dd#dfiled on February 14, 2014)eeef 10.9?f0f(Executive Employment Agreement with Johngg9g1P. Butler, dated September 16, 2013 (incorporatedhh5h-by reference to exhibit 10.7 to the Company?sii8i0Registration Statement on Form S-1 (333-193969),jj#jfiled on February 14, 2014)kkkl 10.1 0 ?l1l)Executive Employment Agreement with Jasonmm9m1A. Amello, dated September 23, 2013 (incorporatednn5n-by reference to exhibit 10.8 to the Company?soo8o0Registration Statement on Form S-1 (333-193969),pp#pfiled on February 14, 2014)qqqr 10.11?r4r,Form of Non-Statutory Stock Option Agreementss/s'for officers (incorporated by referencett6t.to exhibit 10.24 to the Company?s Registrationuu-u%Statement on Form S-1/A (333-193969),vvvfiled on March 4, 2014)wwwx 10.12?x4x,Form of Non-Statutory Stock Option Agreementyy0y(for non-employee directors (incorporatedzz6z.by reference to exhibit 10.25 to the Company?s{{:{2Registration Statement on Form S-1/A (333-193969),|||filed on March 4, 2014)}}}~ 10.13*~2~*Non-Employee Director Compensation ProgramDM lb~Za RXR|Xb  10.14?-%Form of Executive Severance Agreement/'for officers (incorporated by reference6.to exhibit 10.27 to the Company?s Registration-%Statement on Form S-1/A (333-193969),filed on March 4, 2014) 10.15?6.2014 Incentive Plan (incorporated by reference6.to exhibit 10.29 to the Company?s Registration-%Statement on Form S-1/A (333-193969),filed on March 4, 2014) 10.16?7/2014 Employee Stock Purchase Plan (incorporated6.by reference to exhibit 10.30 to the Company?s:2Registration Statement on Form S-1/A (333-193969),filed on March 4, 2014)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.dju:it=PF0*8X> @ l   g  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } =      !Akebia Therapeutics, Inc. 10-K 03/12/2018 112 PART IV    Exhibit  Description of Exhibit Number    10.17? 6 .Cash Incentive Plan (incorporated by reference6.to exhibit 10.31 to the Company?s Registration-%Statement on Form S-1/A (333-193969),filed on March 4, 2014) 10.18*?5-Form of Restricted Stock Unit Award Agreement!under 2014 Incentive Plan 10.19?6.Form of Officer Inducement Award Non-Statutory,$Stock Option Agreement (incorporated4,by reference to exhibit 4.4 to the Company?s80Registration Statement on Form S-8 (333-222728),"filed on January 26, 2018) 10.20?.&Form of Inducement Award Non-Statutory/'Stock Option Agreement for non-officers-%(incorporated by reference to exhibit3+4.5 to the Company?s Registration StatementDlznJ&agC.BC !"#$%&'()*+,-./0123456789:;<=>?  2 *on Form S-8 (333-222728), filed on January!!! 26, 2018)"""# 10.21##1#)Master Services Agreement, between Akebia$$0$(Therapeutics, Inc., and Quintiles, Inc.,%%1%)dated as of June 8, 2015 (incorporated by&&2&*reference to exhibit 10.1 to the Company?s''/''Quarterly Report on Form 10-Q, filed on(((August 11, 2015))))* 10.22#*.*&Collaboration Agreement between Akebia++0+(Therapeutics, Inc. and Mitsubishi Tanabe,,.,&Pharma Corporation, dated December 11,--2-*2015 (incorporated by reference to exhibit..0.(10.29 to the Company?s 10-K for the year//3/+ending December 31, 2015 and filed on March000 14, 2016)1112 10.23#252-Letter Agreement between Akebia Therapeutics,3363.Inc. and Mitsubishi Tanabe Pharma Corporation,44.4&dated September 26, 2017 (incorporated5555-by reference to exhibit 10.1 to the Company?s66/6'Quarterly Report on Form 10-Q, filed on777November 8, 2017)8889 10.24#9,9$Collaboration and License Agreement,::-:%between Akebia Therapeutics, Inc. and;;-;%Otsuka Pharmaceutical Co. Ltd., dated<<4<,December 18, 2016 (incorporated by reference==2=*to exhibit 10.26 to the Company?s 10-K for>>3>+the year ending December 31, 2016 and filed???on March 6, 2017)D la s%0L`kv&D@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@@A 10.25#A3A+Collaboration and License Agreement betweenBB;B3Akebia Therapeutics, Inc. and Otsuka PharmaceuticalCC4C,Co. Ltd., dated April 25, 2017 (incorporatedDD5D-by reference to exhibit 10.1 to the Company?sEE/E'Quarterly Report on Form 10-Q, filed onFFFAugust 8, 2017)GGGH 10.26#H.H&Research and License Agreement betweenII-I%Akebia Therapeutics, Inc. and JanssenJJ0J(Pharmaceutica NV, dated February 9, 2017KK-K%(incorporated by reference to exhibitLL.L&10.1 to the Company?s Quarterly ReportMM+M#on Form 10-Q, filed on May 9, 2017)NNNO 10.27#O6O.License Agreement between Akebia Therapeutics,PP2P*Inc. and Vifor (International) Ltd., datedQQ/Q'May 12, 2017 (incorporated by referenceRR2R*to exhibit 10.2 to the Company?s QuarterlySS5S-Report on Form 10-Q, filed on August 8, 2017)TTTU 10.28*?U2U*Offer Letter to Rita Jain, dated April 28,VV~ VWWWX 21.1*XXList of SubsidiariesYYYZ 23.1*Z$ZConsent of Ernst & Young LLP[[[\ 31.1*\,\$Certification of Principal Executive]]-]%Officer Required Under Rule 13a-14(a)^^/^'of the Securities Exchange Act of 1934,___ as amendedD l.BPq*^tPpLI`abcdefghijklmnopqrstuvwxyz{|}~```a 31.2*a,a$Certification of Principal Financialbb-b%Officer Required Under Rule 13a-14(a)cc/c'of the Securities Exchange Act of 1934,ddd as amendedeeef 32.1*f,f$Certification of Principal Executivegg/g'Officer and Principal Financial Officerhh7h/Required Under Rule 13a-14(b) of the Securitiesii0i(Exchange Act of 1934, as amended, and 18jjj U.S.C. 1350kkkl 99.1*l4l,Press Release issued by Akebia Therapeutics,mm3m+Inc. on March 12, 2018 (furnished herewith)nnno101.INS*ooXBRL Instance Documentpppq101.SCH*q/q'XBRL Taxonomy Extension Schema Documentrrrs101.CAL*s4s,XBRL Taxonomy Extension Calculation LinkbasetttDocumentuuuv101.DEF*v3v+XBRL Taxonomy Extension Definition LinkbasewwwDocumentxxxy101.LAB*y/y'XBRL Taxonomy Extension Labels LinkbasezzzDocument{{{|101.PRE*|,|$XBRL Taxonomy Extension Presentation}}}Linkbase Document~D lDX n?uQtuI%2$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/ (=PF0*8X> @ l  %B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } } $ } 2 %     !Akebia Therapeutics, Inc. 10-K 03/12/2018115 SIGNATURES!AKEBIA THERAPEUTICS, INC.        Date: March 12, 2018    By:  /s/ John P. Butler       John P. Butler      - %Chief Executive Officer and President      % (Principal Executive Officer)6.Pursuant to the requirements of the Securities4,Exchange Act of 1934, this report was signed1)by the following persons on behalf of the/'Registrant and in the capacities and onthe date indicated.Date: March 12, 2018 By:/s/ John P. ButlerJohn P. Butler-%Director, Chief Executive Officer and/'President (Principal Executive Officer)Date: March 12, 2018 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief Financial2*Officer and Treasurer (Principal Financialand Accounting Officer)D lwkEjQwX%1_ !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @J $$##"" l  (j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURESSCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } } $ }  (     !Akebia Therapeutics, Inc. 10-K 03/12/2018115 SIGNATURESDate: March 12, 2018 By:/s/ Muneer A. Satter       Muneer A. Satter       Chairman     By:  /s/ Duane Nash Date: March 12, 2018        Duane NashDirector By:/s/ Michael S. WyzgaDate: March 12, 2018Michael S. WyzgaDirector By:/s/ Maxine GowenDate: March 12, 2018 Maxine GowenDirector By:/s/ Michael D. ClaymanDate: March 12, 2018Michael D. ClaymanDirector By:!/s/ Ronald C. Renaud, Jr.Date: March 12, 2018Ronald C. Renaud, Jr.Director By:/s/ Scott A. CanuteD/ lwk,Ib;_l !"#$%&' Date: March 12, 2018!!!!!!!Scott A. Canute"""""""Director#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/(}! =PF0*8X> @''&&%% l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1 '     !Akebia Therapeutics, Inc. 10-K 03/12/2018SCT AK HOLDINGS, LLC KHH AK HOLDINGS, LLC  By: /s/Muneer A. Satter Name: Muneer A. Satter Title: ManagerRSFIT AK HOLDINGS, LLC By: /s/ Muneer A. SatterName: Muneer A. SatterTitle: ManagerRHSIT AK HOLDINGS, LLCBy: /s/Muneer A. SatterName: Muneer A. SatterTitle: ManagerACWIT AK HOLDINGS, LLCBy: /s/Muneer A. SatterName: Muneer A. SatterDpl}qeY9- |Z@4(aU !"#$%& Title: Manager!"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/[x=PF0*8X> @ l  "  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1 "     !Akebia Therapeutics, Inc. 10-K 03/12/2018SCT AK HOLDINGS, LLC GBHIT AK HOLDINGS, LLC  By: /s/Muneer A. Satter Name: Muneer A. Satter Title: ManagerJWT AK HOLDINGS, LLCBy: /s/Muneer A. SatterName: Muneer A. SatterTitle: ManagerMILLENIUM TRUST COMPANY*"CUSTODIAN FBO MUNEER A. SATTER IRABy: /s/Muneer A. SatterName: Muneer A. SatterTitle:$____________________________Dcl}qeY7+qO5)ui]Q !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @ l  o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018SCT AK HOLDINGS, LLC0 (SATTER MEDICAL TECHNOLOGY PARTNERS, L.P. By:* "Satter Medical Technology GP, L.P. Its: General Partner By:* "Satter Medical Technology UGP, LLC Its: General Partner By:( Muneer A. Satter Revocable Trust Its:Managing Member By:/s/Muneer A. SatterName: Muneer A. SatterTitle: Trustee$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8}qeA h={U=% =PF0*8X> @b       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 1      !Akebia Therapeutics, Inc. 10-K 03/12/2018"12.Remedies of Indemnitee.!AKEBIA THERAPEUTICS, INC.  ) !Signature of Authorized Signatory  John P. Butler Print Name-%President and Chief Executive Officer Title$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 wk_:."|k_S+=PF0*8X> @ l  t  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of IndemniteeAKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $      !Akebia Therapeutics, Inc. 10-K 03/12/2018"12.Remedies of Indemnitee.AGREED TO AND ACCEPTED:   INDEMNITEE:   Signature    Print Name TitleAddress:$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4Pwk_<0 qe9-!=PF0*8X> @*  l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ } I"      !Akebia Therapeutics, Inc. 10-K 03/12/2018"AKEBIA THERAPEUTICS, INC., By:/s/Jason A. Amello Name:  Jason A. Amello Title: $ SVP, Chief Financial Officer  $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$A,wk_&h=PF0*8X> @  l  +  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }       !Akebia Therapeutics, Inc. 10-K 03/12/2018![Signature page follows.]!AKEBIA THERAPEUTICS, INC.    By:   Name:  [?] Title:  [?] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(zTxl`;W=PF0*8X> @" l  7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page follows NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } $ }       !Akebia Therapeutics, Inc. 10-K 03/12/2018![Signature page follows.]Dated:    Acknowledged and Agreed:    By     [Participant?s Name]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hxl`6l`T,=PF0*8X> @"  l  C  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/12/2018NO TITLEVery truly yours,    /s/Tamara Dillon     Tamara Dillon . &Senior Vice President, Human Resources$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h}qH0uM=PF0*8X> @ l  Q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } 2} $ } } $} $ } I"      !Akebia Therapeutics, Inc. 10-K 03/12/2018 Exhibit 21.1&SUBSIDIARIES OF THE REGISTRANT        Name   Ownership Percentage  $ Jurisdiction of Organization2 *Akebia Therapeutics Securities Corporation  ~  %   Massachusetts Akebia Europe Limited  ~  %  Ireland $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TymCgfZN&=PF0*8X> @" l  ]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211 CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/12/2018OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 12, 2018 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(QTVJ>2E =PF0*8X> @ l  fj  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/12/2018OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 12, 2018 By:/s/ Jason A. Amello    Jason A. Amello   . &Senior Vice President, Chief Financial    Officer and Treasurer   % (Principal Financial Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(`TVJ>2Cq=PF0*8X> @ l  y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1)6178446130 jgaraboakebiacom6178446130 jgar (1)6178446130 jgar (2)U } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/12/2018g_CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350Date: March 12, 2018 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: March 12, 2018 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and Treasurer%(Principal Financial Officer)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6>2&-xR=PF0*8X> @ l  %|і  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgar (1)6178446130 jgar (2)U } 0} $ }  } $ }  } $ }  } $ }  } $ %     !Akebia Therapeutics, Inc. 10-K 03/12/2018'617-844-6130 jgarabo@akebia.com      AKEBIA THERAPEUTICS, INC- %Consolidated Statements of Operations0 ((in thousands except share and per share data)  (unaudited)  Three Months Ended  Twelve Months EndedDecember 31, 2017December 31, 2016  December 31, 2017December 31, 2016Collaboration revenue~ RT~   ~    ~ Operating expenses:    Research and development~ z,~ n    ~   ~ &"General and administrative~ >v~ `   ~   ~  [ Total operating expenses~ ~ nj   ~   ~ .lOperating income/(loss)~ ~    ~  N ~ ҫOther income, net~ J~    ~  . ~ & Net income/(loss)~ ~ j  ~  :N ~ #Net income/(loss) per share      basicp= ף?Gz   RQ  diluted?Gz   RQ  0(Weighted-average number of common shares      basic~ :5J ~ ?    ~  _  ~ Vdiluted~ ^a ~ ?    ~  _  ~ V   D&l~rfZ^-`MZ !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##""              l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (2)U } $                       !Akebia Therapeutics, Inc. 10-K 03/12/2018'617-844-6130 jgarabo@akebia.com       ! AKEBIA THERAPEUTICS, INC.# Selected Balance Sheet Data (in thousands)  (unaudited)December 31, 2017December 31, 2016$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.~rfZuN4SG;=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??;AKEBIA THERAPEUTICS INC!Registrant s telephone number iTABLE OF CONTENTS!Stages and Prevalence of ChroniMarket Price Information!56 Equity Compensation Plan Inf56 Equity Compensation (1) Balance Sheet!Comparison of the Years Ended D!Collaboration Revenue CollaboraComparison of the Years (1)Collaboration Revenue (1) Cash Flows!Contractual Obligations and Com72 Akebia Therapeutics IncBalance Sheet (1)Income StatementShareholders EquityCash Flows (1)Property and Equipment!4 Available for Sale Securities4 Available for Sale (1)4 Available for Sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)100 6 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock Units!104 Compensation Expense Summar104 Compensation Expense (1)9 Income Taxes9 Income Taxes (1)!10 Commitments and Contingencie12 Net Loss per Share!109 13 Quarterly Results unaudiSummary CompensationBeneficial Ownership 112 PART IV112 PART IV (1)115 SIGNATURES115 SIGNATURES (1)SCT AK HOLDINGS LLCSCT AK HOLDINGS (1)SCT AK HOLDINGS (2)12Remedies of Indemnitee12Remedies of I (1)AKEBIA THERAPEUTICS (1)Signature page followsSignature page (1) NO TITLE Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)6178446130 jgaraboakebiacom6178446130 jgar (1)U } 0} $ }  } $ }                      !Akebia Therapeutics, Inc. 10-K 03/12/2018'617-844-6130 jgarabo@akebia.com0 (Cash, cash equivalents and available for  ~ e  ~  sale securities Working capital   ~     ~    Total assets   ~ ^;   ~ R" Total stockholders' equity   ~ H   ~ b($____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Wh~rfZnSX=PF0*8X> @*   Root Entry FBook  I  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXY