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#܈ ~~83ffff̙̙3f3fff3f3f33333f33& Exact name of registrant as spe&;Registrant s telephone number i6(Exact name of registrant as specified in its charter)Delaware 20-8756903' (State or other jurisdiction of  (I.R.S. Employer& incorporation or organization)  Identification No.)   ' 245 First Street, Cambridge, MA ~ z!0 ((Address of principal executive offices)   (Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hg[OC eAf=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as speTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } U} $ } $} $ } } $ } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018JBRegistrant s telephone number, including area code: (617) 871-2098Large accelerated filer ?Accelerated filer ?        Non-accelerated filer  ? ! Smaller reporting company  ?            Emerging growth company  ? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T[OC7e! =PF0*8X> @ l  7.4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number i!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } I;} $ }  7     !Akebia Therapeutics, Inc. 10-Q 05/09/2018Table of Contents%Part I. Financial Information   1 )Item 1 ? Financial Statements (Unaudited)     - %Condensed Consolidated Balance Sheets ~ 2 *as of March 31, 2018 and December 31, 2017,$Condensed Consolidated Statements of~ -%Operations and Comprehensive Loss for1)the Three Months Ended March 31, 2018 and~ ,$Condensed Consolidated Statements of~ 3+Cash Flows for the Three Months Ended March31, 2018 and 20171)Notes to Condensed Consolidated Financial~  Statements5-Item 2 ? Management?s Discussion and Analysis~ 80of Financial Condition and Results of Operations91Item 3 ? Quantitative and Qualitative Disclosures~ about Market Risk( Item 4 ? Controls and Procedures~ D lth'GaS fP,y" !"#$%&'()*+,-./0123456" Part II. Other Information  !!!""Item 1 ? Legal Proceedings"~ "###$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-~ -".../Item 6 ? Exhibits/~ /&0001 Signatures1~ 1*23$4____________________________15)Created by Morningstar Document Research.06(http://documentresearch.morningstar.com/2^:eAe%vj^6=PF0*8X> @665544 l  3!IyP  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } @} $ }  } $ }  } $ 3     !Akebia Therapeutics, Inc. 10-Q 05/09/20187/(in thousands, except share and per share data) March 31, December 31, ~   ~   Assets        Current assets:       ! Cash and cash equivalents~ n   ~ 2H % Available for sale securities ~ U   ~ R Accounts receivable~ 20~ 1)Prepaid expenses and other current assets~ ~~ 2cTotal current assets~ ֫~ R#Property and equipment, net~  :~ 8 Other assets~ ~ # Total assets~ f~ ^;,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ b~ ZmAccrued expenses~ Z~ f3#Short-term deferred revenue~ ~ !Total current liabilities~ = ~ ʜ-%Deferred rent, net of current portion~ '~ r(0(Deferred revenue, net of current portion~ ~ %Other non-current liabilities~ V~ ZTotal liabilities~ ~ &/'Commitments and contingencies (Note 10)Stockholders' equity:D(lnbVJ;goj{#+[_JT !"#$%&'()*+,-./0126 .Preferred stock $0.00001 par value, 25,000,000  ?    ? .!&shares authorized; 0 shares issued and5"- outstanding at March 31, 2018 and December#31, 20175$-Common stock: $0.00001 par value; 175,000,000$~ $$$$ $?$+%#shares authorized at March 31, 2018;&3 and December 31, 2017; 56,857,470 and 47,612,619(' shares issued and outstanding at=(5 March 31, 2018 and December 31, 2017, respectively")Additional paid-in capital)~ )$)))~ )#),*$Accumulated other comprehensive loss*~ *j***~ **+Accumulated deficit+~ +>+++~ +&^+",Total stockholders' equity,~ , ,,,~ ,:{,2-*Total liabilities and stockholders' equity~ -f--~ -^;-./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hp>a2  =PF0*8X> @z221100----     l  "Yc2d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 0} $ }  } $ }  } $ "                                 !Akebia Therapeutics, Inc. 10-Q 05/09/20187/(in thousands, except share and per share data)Three Months Ended    March 31,   ~   ~   Collaboration revenue ~   ~ F  Operating expenses:         Research and development  ~ r   ~ F "General and administrative~ ~ rZ Total operating expenses~ rL~ Operating loss~ :~ RAOther income (expense):Interest income~ ~ Other income (expense)~ ~ Net loss~ ~ H.&Net loss per share - basic and dilutedQ޿ffffff0(Weighted-average number of common shares~ " ~ ֬= - basic and dilutedComprehensive loss:Net loss~ ~ H-%Other comprehensive loss - unrealized~ R~ 6loss on debt securities Total comprehensive loss~ j~ :E$____________________________Dy lnbVJw ysqmNoG; ! 1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!       l  9py  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1)!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 8} $ } U} $ } I} $ 9                                 !Akebia Therapeutics, Inc. 10-Q 05/09/2018(in thousands)Three Months Ended   March 31, 2018   March 31, 2017  Operating activities:         Net loss ~   ~ H 0 (Adjustments to reconcile net loss to net        * "cash used in operating activities:%Depreciation and amortization~ ~ 7/Amortization of premium/discount on investments~ ~  Stock-based compensation~ "~ 1)Fair value of warrants issued for license ?~ V54,Changes in operating assets and liabilities:Accounts receivable~ r~ ~1)Prepaid expenses and other current assets~ ~ Other long-term assets ?~ Accounts payable~  ~ Accrued expense~ ~%~ z>Deferred revenue~ Fm~  Deferred rent~ ^~ -%Net cash used in operating activities~ Z~ "kInvesting activities:Purchase of equipment~ b~ V1)Proceeds from the maturities of available~ *p~ ~for sale securities1)Proceeds from sales of available for sale~ N ?Dlwk)8Db2a ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8   securities1!)Purchase of available for sale securities!!~ !!!!~ !!0"(Net cash provided by (used in) investing""~ "J"""~ "]"# activities$Financing activities:$$$$$$$$3%+Proceeds from the issuance of common stock,%%~ %^%%%~ %N%&net of issuance costs6'.Proceeds from the sale of stock under employee''~ 'j'''~ ''(stock purchase plan3)+Proceeds from the exercise of stock options))~ ))))~ ))-*%Payments on capital lease obligations**~ ****~ **1+)Net cash provided by financing activities++~ ++++~ +J+6,.Increase (decrease) in cash, cash equivalents,,,~ ,>_,,,~ ,.,-and restricted cash..&Cash, cash equivalents, and restricted..~ .6\...~ ." .'/cash at beginning of the period.0&Cash, cash equivalents, and restricted0~ 0r 00~ 0Ng0!1cash at end of the period%2Non-cash financing activities22222222'3Unpaid follow-on offering costs3~ 3~33~ 3*345$6____________________________17)Created by Morningstar Document Research.08(http://documentresearch.morningstar.com/6 Q"fyB#b6=PF0*8X> @b 88776633330000     l  d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } !}  $                   !Akebia Therapeutics, Inc. 10-Q 05/09/2018-%Condensed Consolidated Balance Sheets( December 31, 2017 (in thousands)   As revised under ASC 606  , $As originally reported under ASC 605   Effect of change # Short-term deferred revenue~   ~ .  ~ V  Accumulated deficit~ &^  ~ z+  ~ 2   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@xl`TXF:.=PF0*8X> @j           l  ܚ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance Property and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } U5} $ } U} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/20183+Cash, Cash Equivalents, and Restricted CashMarch 31, 2018March 31, 2017! Cash and cash equivalents~ n   ~ JS 1 )Prepaid expenses and other current assets ~     ?   Other assets ~    ~  4 ,Total cash, cash equivalents, and restricted~ r   ~ Ng 1 )cash shown in the statement of cash flows$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/()TrfZN=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and Restr!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } +} $ } } $ } U} $ } U} $                             !Akebia Therapeutics, Inc. 10-Q 05/09/2018Property and Equipment Useful LifeMarch 31, 2018December 31, 2017      (in thousands) ' Computer equipment and software ~  ~ 2   ~    Furniture and fixtures ~   ~     ~     Equipment ~   ~     ~    Leasehold improvements  Shorter of the  ~ z(   ~ Z( useful life or remaining lease term (10 years),$Office equipment under capital lease~ ~ ~   ~ M~  I %Less accumulated depreciation~ Z~  v "Net property and equipment~  :~ 8 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {ocwFzLq=PF0*8X> @R         l  q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment 3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 0.} $ }  } $ }  } $                        !Akebia Therapeutics, Inc. 10-Q 05/09/2018D<3. Strategic Collaborations and Other Significant Agreements,$For the Three Months Ended March 31,  ~   ~   Collaboration revenue:  (in thousands)  MTPC Agreement ~    $?  Otsuka U.S. Agreement  ~ >2   ~ F & Otsuka International Agreement  ~ :     ? .&Total Proportional Performance Revenue~ ~ FMTPC Stability Studies~ & ?#Total Collaboration Revenue~ ~ F$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0aUI==RGOC7=PF0*8X> @j       l  N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } $} $ }  } $ }  }  $ } } $                       !Akebia Therapeutics, Inc. 10-Q 05/09/2018D<3. Strategic Collaborations and Other Significant AgreementsMarch 31, 2018     Short-Term    Long-Term   Total  Deferred revenue:  (in thousands)  MTPC Agreement  $?   $?   $?  Otsuka U.S. Agreement  ~    ~ N   ~ 6 & Otsuka International Agreement  ~    ~ ~7   ~ 2 Vifor Agreement ?~ I  ~  I  Total~ ~  ~  c  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.caUI=o m=PF0*8X> @r          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } a/} $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018D<3. Strategic Collaborations and Other Significant Agreements)!Three months ended March 31, 2018&Balance at Beginning of Period Additions  Deductions    Balance at End of Period Contract assets:                Other current assets $?  ~ :   $?  ~ :  Accounts receivable 1~ *  ~ v3  ~ r  ~ , / 'Contract liabilities - Deferred revenue~    ~ 6  ~ ~6  ~ c                  )!Three months ended March 31, 2017     -%Contract assets - Accounts receivable~ ~ $?~      $?/'Contract liabilities - Deferred revenue~   $?~    ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0# aUI=Cs[>2&=PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } a/} $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018D<3. Strategic Collaborations and Other Significant Agreements,$For the Three Months Ended March 31,. &Revenue recognized in the period from:~   ~  / 'Amounts included in deferred revenue at~ 6~  ~ F # the beginning of the period, $Performance obligations satisfied in $?   $?  previous periods$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TaUI=y]Q)=PF0*8X> @R        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } $4} $ }  } $ } $}  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018( 4. Available For Sale Securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  March 31, 2018                ! Cash and cash equivalents ~ n    $?   $?  ~ n  &Available for sale securities:     Certificates of deposit~ _ $?   $?  ~ _'U.S. government debt securities~ [  ?  ~    ~ vT !Corporate debt securities~ v ?  ~    ~ 6+#Total available for sale securities~ B^ $? ~  j  ~ U3+Total cash, cash equivalents, and available~  $? ~  j  ~ for sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 }qeY?U&=PF0*8X> @             l  j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } $4} $ }  } $ } $}  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018( 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/6 }qeY @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } *} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018( 4. Available For Sale SecuritiesDue in one year or less~ ~  Due after one year  ~ . + #Total available for sale securities ~ U   $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$~,}qeYk_S+=PF0*8X> @*   l  "#  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  March 31, 2018                 Assets:                ! Cash and cash equivalents ~ n    $?   $?  ~ n  Certificates of deposit ?~ _    ?  ~ _'U.S. government debt securities ?~ vT     ?  ~ vT !Corporate debt securities ?~ 6    ?  ~ 6~ n ~ U   $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/26 wk_SP8e?3'=PF0*8X> @         l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018.&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  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } } $ }  } $ } U} $                          !Akebia Therapeutics, Inc. 10-Q 05/09/20186. Accrued ExpensesMarch 31, 2018December 31, 2017   (in thousands) ! Accrued clinical expenses ~   ~   Professional fees  ~    ~     Accrued bonus  ~    ~ 4  Income tax payable  ~ n   ~ n Accrued vacation~  ~ v Accrued payroll~ ~ n Accrued severance~  ? Accrued other~ V2~ %Total accrued expenses~ Z~ f3$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4/~rfDFDEZNB=PF0*8X> @R     l  O  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 1} $ } y} $ } y} $                        !Akebia Therapeutics, Inc. 10-Q 05/09/2018+#Shares Reserved for Future IssuanceMarch 31, 2018December 31, 20171 )Common stock options and RSUs outstanding  ~ 62   ~ B  ~ / 'Shares available for issuance under the  ~    ~ "Jm   2014 Plan (2)(  Warrant to purchase common stock  ~    ~  /'Shares available for issuance under the~ &~  'ESPP (3) Total~ G~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0znbVJ @* l  Z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } } $ }  } $ }  } $                     !Akebia Therapeutics, Inc. 10-Q 05/09/20180(Stock-Based Compensation Expense SummaryThree Months Ended   March 31, 2018   March 31, 2017    (in thousands)  Research and development ~    ~ :A " General and administrative  ~ :   ~   Total ~ "  ~ T $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hui]Qag =PF0*8X> @Z         l  g  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseLeases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } I"} $ } U} $ } } $                        !Akebia Therapeutics, Inc. 10-Q 05/09/20180(Stock-Based Compensation Expense SummaryThree Months Ended   March 31, 2018   March 31, 2017    (in thousands)   Stock options ~ V  ~   Restricted stock   ?   ~ "  Restricted stock units  ~    ~  $Employee stock purchase plan~ ~ Warrant ?~ V5 Total~ "~ T$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0ui]Qa}kX=PF0*8X> @Z       l  ]w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } } $ }  } $ } $}  $                          !Akebia Therapeutics, Inc. 10-Q 05/09/2018LeasesLease Payments        Operating   to be Received    Net Operating    Lease    from Sublease   Lease Payments    (in thousands) ~  ~ )  ~   ~ & ~   ~ 8    ?  ~ 8 ~ ~ n9 ? ~  n9 ~ ~ 9 ? ~  9 ~ ~ 3 ? ~  3  Thereafter~ v ? ~  v  Total~ ~  ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4$ s9cLeYM%=PF0*8X> @                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } %} $ }  } $ }  } $                      !Akebia Therapeutics, Inc. 10-Q 05/09/201812. Net Loss per ShareAs of March 31,  ~   ~   Warrants  ~    ~  ! Outstanding stock options  ~ 2   ~ s ! Unvested restricted stock   ?   ~  ' Unvested restricted stock units  ~ :   ~ Ң4  Total~ Q~ A$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{oc$TC?3'=PF0*8X> @2   l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-Q 05/09/2018D<Comparison of the Three Months Ended March 31, 2018 and 2017Three months ended  Increase    March 31, 2018   March 31, 2017    (Decrease)    (In Thousands)  Collaboration revenue ~   ~ F  ~   Operating expenses:             Research and development  ~ r   ~ F   ~ . "General and administrative~ ~ rZ  ~  2  Total operating expenses~ rL~   ~  G Loss from operations~ :~ RA  ~   Other income, net~ ~   ~  .  Net loss~ ~ H ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 aUI=1`;zR=PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months  Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } U5} $ } U} $      !Akebia Therapeutics, Inc. 10-Q 05/09/2018)!Research and Development Expenses (in millions). &Manufacture of drug substance and drug 333333 @  product0 (Regulatory activities and other clinical  333333@ " and preclinical activities1 )FO 2 RWARD-2 and TRILO 2 GY-2 studies 1  333333? Japan Phase 2 studiesffffff4,PRO 2 TECT and INNO 2 VATE Phase 3 program/'Total increase related to the continued@!development of vadadustat,$Headcount, consulting and facilities @Janssen license fee~ 1)Fair value of warrants issued for Janssen333333 license Other?Total other decreasesffffffTotal net increaseffffff?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@"D|pdX'f@4Xf=PF0*8X> @2  l  Y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development ExpensItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } y<} $ }  } $ }  } $                       !Akebia Therapeutics, Inc. 10-Q 05/09/2018 Cash FlowsThree Months Ended   March 31, 2018   March 31, 2017    (In Thousands) ' Net cash provided by (used in):         Operating activities ~ Z  ~ "k  Investing activities  ~ J   ~ ] Financing activities~ ~ J:2Net (decrease) increase in cash, cash equivalents,~ >_~ .and restricted cash$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.j{o-=PF0*8X> @Z       l  1$  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash Flows SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } y } $ } 8 1     !Akebia Therapeutics, Inc. 10-Q 05/09/2018Item 6. Exhibits.Exhibits   ?@ , $Certification of Principal Executive  - %Officer Required Under Rule 13a-14(a)  / 'of the Securities Exchange Act of 1934,    as amended.333333?@,$Certification of Principal Financial-%Officer Required Under Rule 13a-14(a)/'of the Securities Exchange Act of 1934, as amended. @@,$Certification of Principal Executive/'Officer and Principal Financial Officer7/Required Under Rule 13a-14(b) of the Securities0(Exchange Act of 1934, as amended, and 18 U.S.C. 1350.fffffX@4,Press Release issued by Akebia Therapeutics,1)Inc. on May 9, 2018 (furnished herewith).101.INSXBRL Instance Document101.SCH/'XBRL Taxonomy Extension Schema DocumentDlth<$Bd9jFJ !"#$%&'()*+,-./0  !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*,*$XBRL Taxonomy Extension Presentation+++Linkbase Document,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&d@eMa5Y=PF0*8X> @00//.. l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 0} $ } } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 05/09/2018 SIGNATURES!AKEBIA THERAPEUTICS, INC.      Date: May 9, 2018  By:  /s/ John P. Butler     John P. Butler    - %President and Chief Executive Officer     Date: May 9, 2018 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and Treasurer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8{o2Jq5KX=PF0*8X> @" l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 0} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 05/09/2018OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: May 9, 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/(NTVJ>2H=PF0*8X> @ l  r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomjgaraboakebiacom (1)U } 0} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 05/09/2018OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: May 9, 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>2Ft=PF0*8X> @ l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)jgaraboakebiacomjgaraboakebiacom (1)U } 0} } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 05/09/2018h`CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350)Date: May 9, 2018 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: May 9, 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=1%/z#W=PF0*8X> @ l  #k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacom (1)U } 0} $ }  } $ }  } $ #     !Akebia Therapeutics, Inc. 10-Q 05/09/2018jgarabo@akebia.com     ! AKEBIA THERAPEUTICS, INC.- %Consolidated Statements of Operations0 ((in thousands except share and per share data)  (unaudited) Three Months Ended March 31, 2018March 31, 2017 Collaboration revenue~ ~ F  Operating expenses:  Research and development~ r~ F  "General and administrative~ ~ rZ   Total operating expenses~ rL~   Operating loss~ :~ RA  Other income, net~ ~   Net loss~ ~ H  .&Net loss per share - basic and dilutedQ޿ffffff  0(Weighted-average number of common shares~ " ~ ֬=    - basic anddiluted    D& lsg])wc!z,r !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!!        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!!Exact name of registrant as spe!Registrant s telephone number iTable of Contents!in thousands except share and p!in thousands except share a (1) in thousands!Condensed Consolidated Balance !Cash Cash Equivalents and RestrProperty and Equipment!3 Strategic Collaborations and  3 Strategic Collaborations (1) 3 Strategic Collaborations (2) 3 Strategic Collaborations (3)!4 Available For Sale Securities!4 Available For Sale Securi (1)!4 Available For Sale Securi (2)!5 Fair Value of Financial Instr!5 Fair Value of Financial I (1)6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!StockBased Compensation Exp (1)Leases12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens Cash FlowsItem 6 Exhibits SIGNATURES!CERTIFICATION PURSUANT TO SECTI!CERTIFICATION PURSUANT TO S (1)!CERTIFICATION PURSUANT TO S (2)jgaraboakebiacomU } 0} $ }  } $ }                            !Akebia Therapeutics, Inc. 10-Q 05/09/2018jgarabo@akebia.com! AKEBIA THERAPEUTICS, INC.0 (Selected Consolidated Balance Sheet Data (in thousands)  (unaudited)       March 31, 2018December 31, 20170(Cash, cash equivalents and available for~ ~ esale securitiesWorking capital~ m~ B  Total assets~ f~ ^;"Total stockholders' equity~  ~ :{$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6sgq*~rJ=PF0*8X> @Z      Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~