ࡱ>  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#܈ ~~<#܈ ~~4#܈ ~~3#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33f AKEBIA THERAPEUTICS INCWAKEBIA THERAPEUTICS (1)Table of Contents3 Balance Sheet^OIncome Statementi Cash FlowsوProperty and Equipment&23 4 Available for sale securit#23 4 Available for sale (1)#23 4 Available for sale (2)&5 Fair Value of Financial Instr%_5 Fair Value of Financial (1)6 Accrued Expenses&Shares Reserved for Future Issu&StockBased Compensation Expense#StockBased Compensation (1)&!10 Commitments and ContingencieM512 Net Loss per Share&@Comparison of the Three Months &QResearch and Development Expens&l]Comparison of the Nine Months E$qmResearch and Development (1)l{Cash Flows (1)67 Item 6 Exhibitsě 68 SIGNATURES˫ CONFIDENTIALACCEPTED AND AGREED&CERTIFICATION PURSUANT TO SECTI%CERTIFICATION PURSUANT TO (1)%hCERTIFICATION PURSUANT TO (2)sIncome Statemen (1)"Selected Balance Sheet Data l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 0} $ }       !Akebia Therapeutics, Inc. 10-Q 11/08/2017!AKEBIA THERAPEUTICS, INC.Delaware 20-8756903' (State or Other Jurisdiction of  (I.R.S. Employer& Incorporation or Organization)  Identification No.)   0 (245 First Street, Suite 1100, Cambridge, ~ z! MA0((Address of Principal Executive Offices) (Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|xl`*^l=PF0*8X> @ l  8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCTable of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } U} $ } $} $ } } $ } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017!AKEBIA THERAPEUTICS, INC.Large accelerated filer ?Accelerated filer ?        Non-accelerated filer  ? ! Smaller reporting company  ?        Emerging growth company  ?     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Txl` J>2 =PF0*8X> @ l  8,%3  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1) Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } I;} $ }  8     !Akebia Therapeutics, Inc. 10-Q 11/08/2017Table of Contents%Part I. Financial Information   1 )Item 1 ? Financial Statements (Unaudited)     - %Condensed Consolidated Balance Sheets ~ 1 )as of September 30, 2017 and December 31,~ ,$Condensed Consolidated Statements of~ -%Operations and Comprehensive Loss for1)the Three and Nine Months Ended September30, 2017 and 2016,$Condensed Consolidated Statements of~ 6.Cash Flows for the Nine Months Ended September30, 2017 and 20161)Notes to Condensed Consolidated Financial~  Statements5-Item 2 ? Management?s Discussion and Analysis~ z80of Financial Condition and Results of Operations91Item 3 ? Quantitative and Qualitative Disclosures~ about Market Risk( Item 4 ? Controls and Procedures~ Dlth'GT7G1 ~Z !"#$%&'()*+,-./01234567   "!Part II. Other Information!!""""#Item 1 ? Legal Proceedings#~ #$$$%Item 1A ? Risk Factors%~ %&&&8'0Item 2 ? Unregistered Sales of Equity Securities'~ '(and Use of Proceeds)))0*(Item 3 ? Defaults upon Senior Securities*~ *+++(, Item 4 ? Mine Safety Disclosures,~ ,---".Item 5 ? Other Information.~ .///0Item 6 ? Exhibits0~ 01112 Signatures2~ 234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/47z:`AeARF:=PF0*8X> @776655 l  3FwN  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of ContentsIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 7} $ }  } $ }  } $ 3     !Akebia Therapeutics, Inc. 10-Q 11/08/2017 Balance Sheet September 30, December 31, ~   ~   Assets        Current assets:       ! Cash and cash equivalents~ w  ~ o  % Available for sale securities ~    ~ t Unbilled receivable~ f~ ~1)Prepaid expenses and other current assets~ =~ !Total current assets~ a~ #Property and equipment, net~ 4~ ( Other assets~ ~  Total assets~ v~ R,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ ~ Accrued expenses~ N~ #Short-term deferred revenue~ c~  Short-term deferred rent~   ?!Total current liabilities~ < ~ r-%Deferred rent, net of current portion~ &)~ &0(Deferred revenue, net of current portion~ v+~  %Other non-current liabilities~ ^~ nTotal liabilities~ ~ */'Commitments and contingencies (Note 10)Dlxl Y AIyyl !"#$%&'()*+,-./012 Stockholders' equity:       6!.Preferred stock $0.00001 par value, 25,000,000! !?!!! !?!."&shares authorized; 0 shares issued and6#.outstanding at September 30, 2017 and December$31, 20165%-Common stock: $0.00001 par value; 175,000,000% %?%%% %?%4&,shares authorized; 47,238,001 and 38,615,7092'*shares issued and outstanding at September4(,30, 2017 and December 31, 2016, respectively")Additional paid-in capital)~ )ʯ)))~ )K),*$Accumulated other comprehensive loss*~ *.***~ *Z*+Accumulated deficit+~ +k+++~ +B+",Total stockholders' equity,~ ,,,,~ ,b(,2-*Total liabilities and stockholders' equity~ -v--~ -R-./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*Ph{~F@K=PF0*8X> @z221100----     l  "g`h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance Sheet Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } U5} $ }  } $ }  }  $ }  } $ }  } $ "     !Akebia Therapeutics, Inc. 10-Q 11/08/2017Income StatementThree Months Ended  Nine Months Ended    September 30,    September 30,   ~   ~   ~   ~   Collaboration revenue ~    $?  ~    $?  Operating expenses:                 Research and development  ~ ^   ~    ~ >    ~  "General and administrative~ ri~ BM  ~  /  ~   Total operating expenses~ ~ Z5  ~     ~ Operating loss~ B~   ~  m  ~ BOther income (expense):     Interest income~ * ~ n  ~  z  ~ J  Other income~ "~   ~  2  ~ Net loss~ ~  ~  Z  ~ .&Net loss per share - basic and diluted\(\߿Q  zG  zG0(Weighted-average number of common shares~ 0 ~    ~     ~ - basic and dilutedComprehensive loss:     Net loss~ ~  ~  Z  ~ 4,Other comprehensive gain/(loss) - unrealized~ &~ R  ~  .  ~ !gain/(loss) on securities Total comprehensive loss~ ~  ~    ~ r$____________________________Dlui'H\nNtxYz !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!               l  5}  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome StatementProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } :} $ } I} $ } I} $ 5                                 !Akebia Therapeutics, Inc. 10-Q 11/08/2017 Cash FlowsNine months ended   September 30, 2017   September 30, 2016  Operating activities:         Net loss ~ Z  ~  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 ?~ 0(Stock-based compensation - equity awards~ Jh~ @1)Fair value of warrants issued for license~ V5 ?4,Changes in operating assets and liabilities:Unbilled receivable~   ?1)Prepaid expenses and other current assets~ ~ FOther long-term assets~  ?Accounts payable~ *h~ `Accrued expense~ u~ F}Deferred revenue~ ~ q Deferred rent~ n~ F"-%Net cash used in operating activities~ n~ Investing activities:Purchase of equipment~ ~ *1)Proceeds from the maturities of available~ 2~ ~for sale securitiesDl{o.5ANkfgUO ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 2 *Purchases of available for sale securities  ~ B   ~ Z -!%Net cash used in investing activities!!~ !"!!!~ !i!"Financing activities:""""""""3#+Proceeds from the issuance of common stock,##~ ####~ ##$net of issuance costs6%.Proceeds from the sale of stock under employee%%~ %%%%~ %%&stock purchase plan3'+Proceeds from the exercise of stock options''~ 'R'''~ ''-(%Payments on capital lease obligations((~ ((((~ ((1))Net cash provided by financing activities))~ )V)))~ ))8*0(Decrease) increase in cash and cash equivalents**~ ****~ **.+&Cash and cash equivalents at beginning++~ +o +++~ + +, of the period6-.Cash and cash equivalents at end of the period-~ -w--~ --%.Non-cash financing activities........'/Unpaid follow-on offering costs/ /$?//~ //01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/. fP<n99-!=PF0*8X> @b 443322////----     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash Flows!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } +} $ } } $ } U} $ } U} $                             !Akebia Therapeutics, Inc. 10-Q 11/08/2017Property and Equipment Useful LifeSeptember 30, 2017December 31, 2016      (in thousands) ' Computer equipment and software ~  ~ 6   ~ r  Furniture and fixtures ~   ~     ~ f    Equipment ~   ~ r   ~   Leasehold improvements  Shorter of the  ~ V&   ~  useful life or remaining lease term (10 years),$Office equipment under capital lease~ ~ ~   ~  B~  / %Less accumulated depreciation~ ~   "Net property and equipment~ 4~ ( $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {ocsBvHm=PF0*8X> @R         l  }  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } $4} $ }  } $ } }  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017+#23 4. Available for sale securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  September 30, 2017                ! Cash and cash equivalents ~ w   $?   $?  ~ w &Available for sale securities:     Certificates of deposit~  ?   ?  ~ 'U.S. Government debt securities~ FU  ?  ~    ~ S !Corporate debt securities~ N?~    ~  b  ~ >+#Total available for sale securities~ ~   ~  "  ~ 3+Total cash, cash equivalents, and available~ ~"~   ~  "  ~ for sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 znbV8N, =PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } $4} $ }  }  $ } U} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017+#23 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 znbV9O.=PF0*8X> @            l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } *} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017+#23 4. Available for sale securitiesDue in one year or less~ VE  Due after one year  ~ Vb + #Total available for sale securities ~    $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$,znbV h\P(=PF0*8X> @*   l  `  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2) 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  September 30, 2017                 Assets:                ! Cash and cash equivalents ~ w   $?   $?  ~ w Certificates of deposit ?~     ?  ~ 'U.S. Government debt securities ?~ S     ?  ~ S !Corporate debt securities ?~ >    ?  ~ >~ w~    $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2: wk_SP4a;/#=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017.&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    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } } $ }  } $ }  } $                        !Akebia Therapeutics, Inc. 10-Q 11/08/20176. Accrued ExpensesSeptember 30, 2017December 31, 2016   (in thousands) ! Accrued clinical expenses ~ f  ~ nq   Accrued bonus  ~ %   ~ . ! Accrued professional fees  ~    ~ n  Accrued vacation  ~     ~  Accrued payroll~ b~ R  Accrued other~ #~ Total accrued expenses~ N~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0~rf@:;PD8=PF0*8X> @R     l  *  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 1} $ } y} $ } y} $                       !Akebia Therapeutics, Inc. 10-Q 11/08/2017+#Shares Reserved for Future IssuanceSeptember 30, 2017December 31, 20161 )Common stock options and RSUs outstanding  ~    ~ | / 'Shares available for issuance under the  ~ :=   ~ B 6   2014 Plan (1)(  Warrant to purchase common stock  ~     ? / 'Shares available for issuance under the  ~  '   ~ 1 ESPP (2) Total~ ~ ~A$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.fznbVFp\=PF0*8X> @* l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future IssuStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } } $ }  } $ } U}  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/20170(Stock-Based Compensation Expense SummaryThree months ended  Nine months ended   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016    (in thousands)   (in thousands)  Research and development ~   ~    ~ Y  ~  " General and administrative  ~    ~    ~ C   ~ R*  Total ~ !  ~ r  ~   ~ @ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hui]Q3'=PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } I"} $ } $} $ } U}  $ } U} $ } U} $      !Akebia Therapeutics, Inc. 10-Q 11/08/20170(Stock-Based Compensation Expense SummaryThree months ended  Nine months ended   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016    (in thousands)   (in thousands)   Stock options ~   ~ 6  ~ L  ~ 4  Restricted stock  ~ v   ~    ~ z   ~ R  Restricted stock units  ~ ^   ~    ~    ~  $Employee stock purchase plan~ ~   ~    ~ >Warrant ? ?  ~  V5   ? Total~ !~ r ~  ~   ~ @$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 ui]Q?|T=PF0*8X> @           l  3  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } <(} $ }  } $ } U} $ } } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017)!10. Commitments and ContingenciesLease Payments         Operating   to be Received    Net Operating   Capital        Lease    from Sublease   Lease Payments   Lease   Total    (in thousands)         ~  ~    ~   ~    ~    ~   ~   ~ f7   ~   ~ b3   ~   ~ v3 ~ ~ f7 ? ~  f7   ?~ f7~ ~ f7 ? ~  f7   ?~ f7~ ~ 6 ? ~  6   ?~ 6 Thereafter~ * ? ~  *   ?~ * Total~ ~  ~    ~ ~ )!Less amount representing interest      ?&Present value of minimum lease     ~ )! payments at September 30, 2017$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8||pdXZcy1CU_fV)=PF0*8X> @"                   l  X@  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } %} $ }  } $ } y} $                      !Akebia Therapeutics, Inc. 10-Q 11/08/201712. Net Loss per ShareAs of September 30,  ~   ~   Warrants  ~     ? ! Outstanding stock options  ~ y   ~  õ ! Unvested restricted stock  ~ z   ~  ' Unvested restricted stock units  ~ u,   ~   Total~ 0~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{oc Q?;/#=PF0*8X> @2   l  P  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-Q 11/08/2017H@Comparison of the Three Months Ended September 30, 2017 and 2016Three months ended  Increase    September 30, 2017   September 30, 2016    (Decrease)    (In Thousands)  Collaboration revenue ~    $?  ~   Operating expenses:             Research and development  ~ ^   ~    ~ F "General and administrative~ ri~ BM  ~  2  Total operating expenses~ ~ Z5  ~  v Loss from operations~ B~   ~  jD Other income, net~ J~    ~  B Net loss~ ~  ~  *2 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 ]QE9%T/u znF=PF0*8X> @z          l  \  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 7} $ } U} $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017kcResearch and Development Expenses. Research and development expenses were $58.7 million for the thr (in millions)4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program 4@ + #FO 2 RWARD and TRILO 2 GY studies  @  Japan Phase 3 studies  @ 6 .Regulatory and other clinical and non-clinical  ?   activities%Manufacture of drug substance/'Total increase related to the continued~ j!development of vadadustat,$Headcount, consulting and facilitiesffffff? Other?Total net increase;@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6:."6qF =PF0*8X> @2  l  `l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development ExpensResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-Q 11/08/2017G?Comparison of the Nine Months Ended September 30, 2017 and 2016Nine Months Ended  Increase    September 30, 2017   September 30, 2016    (Decrease)    (In Thousands)  Collaboration revenue ~    $?  ~   Operating expenses:             Research and development ~ >   ~   ~  "General and administrative~ /~    ~  4  Total operating expenses~  ~   ~  B Loss from operations~ m~ B ~   Other income, net~  ~ N  ~  ^ Net loss~ Z~  ~  6x $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 ^RF:'VU>x=PF0*8X> @             l  z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months ECash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 7} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017kcResearch and Development Expenses. Research and development expenses were $162.5 million for the ni (in millions)4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program~   Japan Phase 2 studies ~ . * "FO 2 WARD and TRILO 2 GY studies  ffffff@ 6 .Regulatory and other clinical and non-clinical  @   activitiesMedical affairs333333?%Manufacture of drug substance/'Total increase related to the continued`Q@!development of vadadustat,$Headcount, consulting and facilities@2*Fair value of warrant issued in connection333333 @with Janssen Agreement.&License fee in connection with Janssen~  Agreement Other?Total net increase T@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@aD:."Lz5`,`=PF0*8X> @2  l  ߆  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 0} $ } I} $ }  } $                       !Akebia Therapeutics, Inc. 10-Q 11/08/2017 Cash FlowsNine Months Ended   September 30, 2017   September 30, 2016    (In Thousands) ' Net cash provided by (used in):         Operating activities ~ n  ~   Investing activities  ~ "   ~ i Financing activities~ V~ 0(Net (decrease) increase in cash and cash~ ~  equivalents$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/._{o.xy=PF0*8X> @Z       l  5z9  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1) 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } y } $ } 8 5     !Akebia Therapeutics, Inc. 10-Q 11/08/201767 Item 6. Exhibits.Exhibits   10.1# 5 -Letter Agreement between Akebia Therapeutics,  6 .Inc. and Mitsubishi Tanabe Pharma Corporation,  ! dated September 26, 2017.   ?@,$Certification of Principal Executive-%Officer Required Under Rule 13a-14(a)/'of the Securities Exchange Act of 1934, as amended.333333?@,$Certification of Principal Financial-%Officer Required Under Rule 13a-14(a)/'of the Securities Exchange Act of 1934, as amended. @@,$Certification of Principal Executive/'Officer and Principal Financial Officer7/Required Under Rule 13a-14(b) of the Securities0(Exchange Act of 1934, as amended, and 18 U.S.C. 1350.fffffX@4,Press Release issued by Akebia Therapeutics,4,Inc. on August 8, 2017 (furnished herewith).Dl}qe9!y<6X x-^: !"#$%&'()*+,-./01234  !101.INS!!XBRL Instance Document""#101.SCH#/#'XBRL Taxonomy Extension Schema Document$$%101.CAL%4%,XBRL Taxonomy Extension Calculation Linkbase&&&Document''(101.DEF(3(+XBRL Taxonomy Extension Definition Linkbase)))Document**+101.LAB+/+'XBRL Taxonomy Extension Labels Linkbase,,,Document--.101.PRE.,.$XBRL Taxonomy Extension Presentation///Linkbase Document01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/.w=%4rZ =PF0*8X> @443322 l  #4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } $} $ } } $ } 0. #     !Akebia Therapeutics, Inc. 10-Q 11/08/2017 68 SIGNATURES!AKEBIA THERAPEUTICS, INC.      Date: November 8, 2017  By:  /s/ John P. Butler     John P. Butler    - %President and Chief Executive Officer     0(Under the requirements of the Securities1)and Exchange Act of 1934, this report was1)signed by the following persons on behalf/'of the Registrant and in the capacities"and on the date indicated.Date: November 8, 2017 By:/s/ John P. ButlerJohn P. Butler-%President and Chief Executive OfficerDate: November 8, 2017 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and TreasurerDR lxl/Bi5r6$DF !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @J ""!!  l  -  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURESACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } 1      !Akebia Therapeutics, Inc. 10-Q 11/08/2017 CONFIDENTIAL Very truly yours,  /s/ Michel Dahan   Michel DahanChief Business Officer!Akebia Therapeutics, Inc.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.ymaD8q=PF0*8X> @ l  _  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIAL!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } } %} $ }       !Akebia Therapeutics, Inc. 10-Q 11/08/2017ACCEPTED AND AGREED: By:/s/ Shigekazu Nakajima!Date: 26, September, 2017 Name: Shigekazu Nakajima   Title: General Manager,   ' Business Development Department    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@}qev'=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } $} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 11/08/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: November 8, 2017 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/(STVJ>2C ~=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (2)Income Statemen (1)Selected Balance Sheet DataU } $} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 11/08/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: November 8, 2017 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/(bTVJ>2Ao=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1)Income Statemen (1)Selected Balance Sheet DataU } $} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 11/08/2017g_CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350Date: November 8, 2017 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: November 8, 2017 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/4>2&+v@=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Selected Balance Sheet DataU } 0} $ }  } $ }  }  $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 11/08/2017Income StatementThree Months Ended  Nine Months Ended   September 30, 2017   September 30, 2016   September 30, 2017   September 30, 2016                   Collaboration revenue ~    $?  ~    $?  Operating expenses:             Research and development  ~ ^   ~    ~ >    ~  "General and administrative~ ri~ BM  ~  /  ~   Total operating expenses~ ~ Z5  ~     ~ Operating loss~ B~   ~  m  ~ BOther income, net~ J~    ~     ~ NNet loss~ ~  ~  Z  ~ .&Net loss per share - basic and diluted\(\߿Q  zG  zG0(Weighted-average number of common shares~ 0 ~    ~     ~ - basic and diluted$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 uiB2Mx=PF0*8X> @          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!23 4 Available for sale securit23 4 Available for sale (1)23 4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Nine Months EResearch and Development (1)Cash Flows (1)67 Item 6 Exhibits 68 SIGNATURES CONFIDENTIALACCEPTED AND AGREED!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Income Statemen (1)U } 0} $ }  } $ }       !Akebia Therapeutics, Inc. 10-Q 11/08/2017#Selected Balance Sheet DataSeptember 30, 2017December 31, 20160 (Cash, cash equivalents and available for ~   ~  sale securities Working capital  ~ $    ~    Total assets  ~ v   ~ R" Total stockholders' equity  ~    ~ b($____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*"hvj^d=PF0*8X> @:   Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~