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#܈ ~~7#܈ ~~<#܈ ~~3#܈ ~~4#܈ ~~"؈ ~~83ffff̙̙3f3fff3f3f33333f33>AKEBIA THERAPEUTICS INCTABLE OF CONTENTS&:Phase 2 Study in DialysisDependCHMarket Price Information&Y46 Equity Compensation Plan Inf"l46 Equity Compensation (1)"46 Equity Compensation (2)&TComparison of the Years Ended D&Research and Development Expens#Comparison of the Years (1)$/Research and Development (1)y Cash Flows&Contractual Obligations and Com!62 Akebia Therapeutics Inc"Consolidated Balance Sheets&w7Consolidated Statements of Oper#TConsolidated Statements (1)#Consolidated Statements (2)0Property and Equipment&I3 Available for sale securities 3 Available for sale (1) 3 Available for sale (2)&)$4 Fair Value of Financial Instr%74 Fair Value of Financial (1)K78 5 Accrued Expenses&{\Shares Reserved for Future Issu]k Stock Options{Stock Options (1):Restricted StockўRestricted Stock Units#WCompensation Expense Summary jCompensation Expense (1) 82 7 Income Taxesv82 7 Income Tax (1)&"8 Commitments and Contingencies11 Net Loss per ShareY#11 Net Loss per (1)&291 12 Quarterly Results unaudit @ l  J$-j7>:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INC!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y } $ } :} y J     !Akebia Therapeutics, Inc. 10-K 03/06/2017TABLE OF CONTENTSPage No. PART I  ~    ~  Item 1.  Business   ~ V Item 1A.   Risk Factors~ Item 1B.!Unresolved Staff Comments~ Item 2. Properties~ Item 3.Legal Proceedings~ Item 4.Mine Safety Disclosures~ PART II~ Item 5..&Market for Registrant?s Common Equity,.&Related Stockholder Matters and Issuer&Purchases of Equity Securities~ Item 6.Selected Financial Data~ Item 7.,$Management?s Discussion and AnalysisD`lth0a)Ki7$W !"#$%&'()*+,-./0123456789:;<=>?  8 0of Financial Condition and Results of Operations!!!~ !"Item 7A."0"(Quantitative and Qualitative Disclosures###about Market Risk$$$~ $%Item 8.%.%&Financial Statements and Supplementary&& &Data'''~ 'r(Item 9.(5(-Changes in and Disagreements with Accountants)).)&on Accounting and Financial Disclosure***~ *v+Item 9A.++Controls and Procedures,,,~ ,v-Item 9B.--Other Information...~ .z/PART III000~ 0z1Item 10.121*Director, Executive Officers and Corporate222 Governance333~ 3~4Item 11.44Executive Compensation555~ 5~6Item 12.606(Security Ownership of Certain Beneficial7757-Owners and Management and Related Stockholder888Matters999~ 9~:Item 13.:0:(Certain Relationships and Related Person;;/;'Transactions, and Director Independence<<<~ <~=Item 14.=.=&Principal Accountant Fees and Services>>>~ >?PART IVD lz&nFr@\H`GK@ABCDEFGHI@@@~ @AItem 15.A2A*Exhibits and Financial Statement SchedulesBBB~ BCItem 16.CCForm 10-K SummaryD~ DE SIGNATURESF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/xF =PF0*8X> @"IIHHGGEE l  G  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTSMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } %} y }       !Akebia Therapeutics, Inc. 10-K 03/06/2017B:Phase 2 Study in Dialysis-Dependent CKD Patients (CI-0011)& Mean Hemoglobin Levels (g/dL)* Baseline Week 7/8  Week 15/16 300mg Daily Dose $@ $@ $@ 450mg Daily Dose 333333%@ $@ %@' 450mg Three Times per Week Dose %@ ffffff$@ $@4 ,*Modified intent-to-treat (MITT) population, n=94$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|cWK?UjZNB=PF0*8X> @*  l  dX  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDepend!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017 Market Price Information High Low~          First Quarter {Gz)@   Gz@  Second Quarter {G#@  ~    Third Quarter (\"@   = ףp=@  Fourth Quarter p= #&@   p= ף@  High Low~ ~ First Quarter+@q= ף @Second Quarter= ףp=&@Gz@ Third Quarterffffff,@p= ף@Fourth Quarterffffff*@p= ף@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8ymaO.ZW=PF0*8X> @         l  'k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } -} $ } y} $ } $}  $ } y} $                         !Akebia Therapeutics, Inc. 10-K 03/06/2017/'46 Equity Compensation Plan Information Plan Category7/Number of securities to be issued upon exercise6.Weighted-average exercise price of outstanding 0 (Number of securities remaining available   3 +of outstanding options, warrants and rights  $ options, warrants and rights  5 -for future issuance under equity compensation          - %plans (excluding securities reflected           in column (a))   (a)   (b)   (c) - %Equity compensation plans approved by  ~ *   q= ף!@   ~  g  security holders%Equity compensation plans not~ b ?    ? ' approved by security holders Total~ Lq= ף!@  ~   g $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2. vj^RHh-G;/=PF0*8X> @          l  !L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } a/} $ }  } $ }  }  $ } } $ }  } $ }  } $ !     !Akebia Therapeutics, Inc. 10-K 03/06/2017/'46 Equity Compensation Plan InformationYear Ended December 31,  ~   ~ ~  ~ z  ~ v  ~ r       1 )(in thousands, except share and per share        data)- %Consolidated statements of operations                      data:Collaboration revenue~  $?   $?   $? $?Operating expenses:      Research and development~ &~ "  ~  ~k  ~ ~ N"General and administrative~  [~ !  ~  V  ~ m~ 6 Total operating expenses~ .l~ &  ~  P  ~ ~ .Loss from operations~ ҫ~ >  ~  2  ~ ~ zOther income, net~ & ~ v   ~  *  ~ :+~ Net loss~ ~ RK ~  Z  ~ F2~ $Accretion on preferred stock ? ?  ~  6  ~ ʖ~ %Net loss applicable to common~ ~ RK ~  o  ~ ~ L shareholders/'Net loss per share applicable to common RQ  Gz   \(_R;-% stockholders?basic and diluted (1))!Weighted-average number of common~ V~ ʌO  ~  T  ~  4!~ nF,$ shares used in net loss per share applicable to commonH@ stockholders?basic and diluted ____________________________1)Created by Morningstar Document Research.Dlvj^R A_>*K<^.  0 (http://documentresearch.morningstar.com/H=PF0*8X> @            l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 0.} $ }  } $ }  }  $ }  } $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017/'46 Equity Compensation Plan Information December 31,  ~   ~ ~  ~ z  ~ v  ~ r    (in thousands)  Balance Sheet Data:                    % Cash and cash equivalents and ~   ~ Zs  ~ ڥ  ~   ~  (  available for sale securitiesWorking capital~  ~   ~  R  ~ f~ & Total assets~ R~ r  ~  N  ~ ~ #.&Redeemable convertible preferred stock ? ?    ?  ~  ~ 6yAccumulated deficit~ B~ N&  ~    ~ >~ \,$Total stockholders? equity (deficit)~ b(~   ~  :Z  ~ >~ \$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/40 vj^RLYMA=PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-K 03/06/2017@8Comparison of the Years Ended December 31, 2016 and 2015Year ended December 31,  Increase   ~   ~ ~    (Decrease)    (In Thousands)  Collaboration revenue  ~    $?  ~   Operating expenses:             Research and development  ~ &   ~ "   ~ q "General and administrative~  [~ !  ~  :  Total operating expenses~ .l~ &  ~    Loss from operations~ ҫ~ >  ~  l Other income, net~ & ~ v   ~   Net loss~ ~ RK ~  k $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 eYMAH kF#]=PF0*8X> @r         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended DComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 7} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017kcResearch and Development Expenses. Research and development expenses were $115.8 million for the ye (in millions)     Vadadustat development `P@ % Manufacture of drug substance @ 6 .Regulatory and other clinical and non-clinical     activities/'Total increase related to the continuedyP@!development of vadadustat,$Headcount, consulting and facilities@ Other?Total net increase333333R@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6l:."u.W2m1%=PF0*8X> @:   l  @  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensResearch and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                         !Akebia Therapeutics, Inc. 10-K 03/06/2017@8Comparison of the Years Ended December 31, 2015 and 2014Year ended December 31,  Increase   ~ ~  ~ z    (Decrease)    (In Thousands)  Operating expenses:             Research and development ~ "  ~ ~k  ~ 4 " General and administrative  ~ !   ~ V   ~ ;  Total operating expenses~ &~ P  ~  Vp Loss from operations~ >~ 2  ~  Vp Other income, net~ v ~ *  ~  N Net loss~ RK~ Z ~   r $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 eYMAH [ O`TH =PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } U5} $ } U} $      !Akebia Therapeutics, Inc. 10-K 03/06/2017kcResearch and Development Expenses. Research and development expenses were $43.0 million for the yea (in millions)    4 ,Preparation for the PRO2TECT Phase 3 program ffffff,@ ' Other clinical and non-clinical @  Regulatory activities  333333? 4 ,Completion of Phase 2b study in non-dialysis  333333 +#patients with anemia related to CKD/'Ongoing Phase 2 study for the treatment1)of anemia in patients undergoing dialysis/'Total increase related to the continued)@!development of vadadustat Headcount and consultingffffff@%Drug development for AKB-6899@ Other333333?Stock compensationffffffTotal net increase3@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@kD:."_i:K&U~V=PF0*8X> @:   l  /  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1)!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 1} $ }  } $ }  }  $ }  } $                       !Akebia Therapeutics, Inc. 10-K 03/06/2017 Cash FlowsYear ended December 31,   ~   ~ ~  ~ z    (In Thousands) ' Net cash provided by (used in):             Operating activities ~ ʈ  ~ &  ~ R  Investing activities  ~    ~ "*   ~  Financing activities~  ~ V  ~  B_ 1)Net increase in cash and cash equivalents~ Ve~   ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.A{o(li =PF0*8X> @r          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } !} $ }  } $ }  }  $ } } $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017/'Contractual Obligations and CommitmentsPayments due by period (in thousands)    Total   Less than 1 year    1-3 years    3-5 years   More than 5 years ! Capital Lease Obligations ~ :  ~ &  ~     ?    ? # Operating Lease Obligations  ~    ~ f7   ~ .   ~ n   ~   Total ~   ~ 7  ~ B  ~ n  ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hvj^R$ =PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and ComConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 6} $ }       !Akebia Therapeutics, Inc. 10-K 03/06/2017$62 Akebia Therapeutics, Inc. Page  ~ / 'Report of Independent Registered Public Accounting Firm    Financial Statements~ #Consolidated Balance Sheets~  -%Consolidated Statements of Operationsand Comprehensive Loss~ -%Consolidated Statements of Redeemable5-Convertible Preferred Stock and Stockholders?Equity (Deficit)~ -%Consolidated Statements of Cash Flows~ 2*Notes to Consolidated Financial Statements$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXui]5}W0 `' XL$=PF0*8X> @ l  8f-6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics Inc!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } :} $ }  } $ }  } $ 8     !Akebia Therapeutics, Inc. 10-K 03/06/2017#Consolidated Balance Sheets December 31, December 31, ~   ~ ~  Assets        Current assets:       ! Cash and cash equivalents~ o   ~   % Available for sale securities ~ t   ~ i Unbilled receivable~ ~ ?1)Prepaid expenses and other current assets~ !~ (Total current assets~ ~ f#Property and equipment, net~ (~ rDeferred offering costs ?~  Other assets~ ~  Total assets~ R~ r,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ ~ &$Accrued expenses~ ~ N#Short-term deferred revenue~  ?!Total current liabilities~ r~ r Deferred rent~ &~ 0(Deferred revenue, net of current portion~   ?%Other non-current liabilities~ n~ Total liabilities~ *~ .&Commitments and contingencies (Note 8)Dlvj^Lx|7gu{ !"#$%&'()*+,-./01234567 Stockholders' equity:       6!.Preferred stock $0.00001 par value, 25,000,000! !?!!! !?!."&shares authorized at December 31, 20168#0 and 31, 2015; 0 shares issued and outstanding%$at December 31, 2016 and 20155%-Common stock: $0.00001 par value; 175,000,000% %?%%% %?%)&!shares authorized at December 31,3'+ 2016 and 2015; 38,615,709 and 30,662,218(( shares issued and outstanding at3)+ December 31, 2016 and 2015, respectively"*Additional paid-in capital*~ *K***~ **5+-Treasury stock, at cost, 0 shares at December+ +?+++~ +z+!,31, 2016 and 8,643 shares- at December 31, 2015..&Accumulated other comprehensive income.~ .Z...~ .Z./(loss)0Accumulated deficit0~ 0B000~ 0N&0"1Total stockholders' equity1~ 1b(111~ 1122*Total liabilities and stockholders' equity~ 2R22~ 2r234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4dqE.'q=PF0*8X> @z7766552222     l  ,OS  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance SheetsConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } I;} $ } } $ }  }  $ } } $ ,                                 !Akebia Therapeutics, Inc. 10-K 03/06/2017D<Consolidated Statements of Operations and Comprehensive Loss Year Ended    December 31,  ~   ~ ~  ~ z  Collaboration revenue ~    $?   $?  Operating expenses:            Research and development ~ &   ~ "   ~ ~k "General and administrative~  [~ ! ~  V  Total operating expenses~ .l~ & ~  P Operating loss~ ҫ~ > ~  2 Other income (expense):   Interest income~ ~  ~  :  Other income~ ~ ~ ~    Net loss~ ~ RK~  Z 91Reconciliation of net loss to net loss applicable   to common shareholders:Net loss~ ~ RK ~  Z $Accretion on preferred stock ? ? ~  6 2*Net loss applicable to common stockholders~ ~ RK~  o - basic and diluted/'Net loss per share applicable to common RQ Gz  ( stockholders - basic and diluted0(Weighted-average number of common shares~ V~ ʌO ~  T "used in net loss per share2* applicable to common stockholders?basicD9laUI=m7+;^;Q2a ! " # $ % & ' ( ) * +   and diluted!Comprehensive loss:!!!!!!!!! ! ! "Net loss~ """~ "RK""~ " Z" 6#.Other comprehensive income (loss) - unrealized#~ #Z###~ #Z### ~ # "# $gain (loss) on% securities&Comprehensive loss~ &N&&~ &G&&~ & z& '($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/HFQE9=PF0*8X> @++ ** )) &&&&&& """"""         l  <6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 0.} $ } y} $ }  }  $ } y} $ } $} $ }  } $ } U} $ } U} $ } I} "$ } ##I} $$$ <%%%%%%%%%% % % % % %%%%%%%%%%%%%%%%%%%!Akebia Therapeutics, Inc. 10-K 03/06/2017jbConsolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit.&Redeemable Convertible Preferred Stock & Stockholders' Equity (Deficit)$  ' Series A, Series B and Series C    Common Stock    Additional              ! "Total $   Redeemable Convertible                          ! " Stockholders'   Preferred Stock    Number of   Amount    Number of   h㈵>   Paid-In   Treasury    Unrealized    Accumulated  ! "Equity $   Shares       Shares    Par Value   Capital   Stock    Gain/Loss   Deficit  ! " (Deficit)$Balance at December 31, 2013~ RE~    ~  nT   ? ? ? ?~ > !"~ #>$ Issuance of common stock ? ?  ~  B   ?~ * ? ? ? !"~ #*$+#Issuance of restricted common stock ? ?  ~  k   ? ? ? ? ? !" #?$.&Forfeitures of restricted common stock ? ?  ~  ֶ   ? ? ? ? ? !" #?$( Receipt of payment on promissory ? ?    ?   ?~  ? ? ? !"~ #$' notes issued in exchange for! shares of common stockExercise of options ? ?  ~     ?~ f ? ? ? !"~ #f$'Accretion of preferred stock to ?~ M    ?   ?~  ? ?~  !"~ #2$ redemption value%Conversion of preferred stock~ ~ &  ~  s   ?~ f  ? ?~ z !"~ #$( Share-based compensation expense ? ?    ?   ?~ ] ? ? ? !"~ #]$$Deferred offering costs- IPO ? ?    ?   ?~ X ? ? ? !"~ #X$Unrealized gain/loss ? ?    ?   ? ? ?~ " ? !"~ #"$&Treasury shares purchased, not ? ?  ~     ? ?~  ? ? !"~ #$ retired (2,553)"Treasury shares purchased, ? ?  ~     ? ?~  ? ? !"~ #$ retired (5,910)D#l;/#O^+ #CZn\7\tUm %!%"%#%$%%%&%'%(%)%*%+%,%-%.%/%0%1%2%3%4%5%6%7%8%9%:%;% Net income (loss)   ?    ?    ?    ?    ?    ?    ?   ~ Z  ! "~ #Z $$!Balance at December 31, 2014!! !?!!! !?!! ! ~ ! S! ! ! !?!!!~ ! !!!~ !z!!!~ !"!!!~ !! !!!"~ !#:Z!$(" Issuance of common stock, net of"" "?""" "?"" " ~ " kg" " " "?"""~ " """ "?""" "?""" "?" "!""~ "# "$# issuance costs)$!Proceeds from sale of stock under$$ $?$$$ $?$$ $ ~ $ $ $ $ $?$$$~ $r$$$ $?$$$ $?$$$ $?$ $!$"~ $#r$$'% employee stock purchase plan.&&Forfeitures of restricted common stock&& &?&&& &?&& & ~ & & & & &?&&& &?&&& &?&&& &?&&& &?& &!&" &#?&$'Exercise of options'' '?''' '?'' ' ~ ' X ' ' ' '?'''~ ' ''' '?''' '?''' '?' '!'"~ '# '$(( Share-based compensation expense(( (?((( (?(( (  ( ?( ( ( (?(((~ (I((( (?((( (?((( (?( (!("~ (#I($)Unrealized gain/loss)) )?))) )?)) )  ) ?) ) ) )?))) )?))) )?)))~ ):))) )?) )!)"~ )#:)$*Net income (loss)** *?*** *?** *  * ?* * * *?*** *?*** *?*** *?***~ *RK* *!*"~ *#RK*$$+Balance at December 31, 2015++ +?+++ +?++ + ~ + *yO+ + + +?+++~ ++++~ +z+++~ +Z+++~ +N&+ +!+"~ +#+$(, Issuance of common stock, net of,, ,?,,, ,?,, , ~ , 6, , , ,?,,,~ ,,,, ,?,,, ,?,,, ,?, ,!,"~ ,#,$- issuance costs).!Proceeds from sale of stock under.. .?... .?.. . ~ . . . . .?...~ .... .?... .?... .?. .!."~ .#.$'/ employee stock purchase plan.0&Forfeitures of restricted common stock00 0?000 0?00 0 ~ 0 0 0 0 0?000 0?000 0?000 0?000 0?0 0!0" 0#?0$1Exercise of options11 1?111 1?11 1 ~ 1 I1 1 1 1?111~ 1111 1?111 1?111 1?1 1!1"~ 1#1$(2 Share-based compensation expense22 2?222 2?22 2  2 ?2 2 2 2?222~ 2[222 2?222 2?222 2?2 2!2"~ 2#[2$3Unrealized gain/loss33 3?333 3?33 3  3 ?3 3 3 3?333 3?333 3?333~ 3333 3?3 3!3"~ 3#3$'4Treasury shares retired (8,643)444444444 4  4 ?4 4 4 4?444~ 4z444~ 4444 4?444 4?4 4!4" 4#?4$5Net income (loss)55 5?555 5?55 5  5 ?5 5 5 5?555 5?555 5?555 5?555~ 55 5!5"~ 5#5$$6Balance at December 31, 201666 6?666 6?66 6 ~ 6 v4 6 6 6 6?666~ 6K666~ 6666~ 6Z666~ 6B6 6!6"~ 6#b(6$78$9____________________________1:)Created by Morningstar Document Research.0;(http://documentresearch.morningstar.com/<>'(AYZ߂ݛۏۃ[=PF0*8X> @;;$::$99$       "#        "#   "#    "# # l  @&  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8} $ } I} $ }  }  $ }  } $ @                                 !Akebia Therapeutics, Inc. 10-K 03/06/2017-%Consolidated Statements of Cash FlowsYear ended December 31,   ~   ~ ~  ~ z  Operating activities:             Net loss ~   ~ RK  ~ 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 2*Loss on disposal of property and equipment~  ?    ?  Stock-based compensation~ [~ I  ~  ] 4,Changes in operating assets and liabilities:    Unbilled receivable~  ?    ? 1)Prepaid expenses and other current assets~ ~ ^  ~  J Other long-term assets~ ~   ~  6 Accounts payable~ ~   ~  n Accrued expense~ ~C~ H  ~   + Deferred revenue~   ?    ?  Deferred rent~ %~   ~  r 0(Net cash provided by (used in) operating~ ʈ~ &  ~  R  activitiesInvesting activities:    Purchase of equipment~ j~   ~  n 1)Proceeds from the maturities of available~ " ~ v  ~   for sale securitiesD lxl`T Xf R TAJ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? 1 )Purchase of available for sale securities  ~    ~ &J   ~ A 0!(Net cash provided by (used in) investing!!~ !!!!~ !"*!! ! ~ ! ! " activities#Financing activities:######### # # # 3$+Proceeds from the issuance of common stock,$$~ $$$$~ $ $$ $ ~ $ "^$ %net of issuance costs6&.Proceeds from the sale of stock under employee&&~ &&&&~ &r&& &  & ?& 'stock purchase plan3(+Proceeds from the exercise of stock options((~ ((((~ ( (( (  ( ?( $)Repurchase of treasury stock)) )?))) )?)) ) ~ ) z) -*%Payments received on promissory notes** *?*** *?** * ~ * * (+ issued in exchange for shares of, common stock--%Payments on capital lease obligations--~ ----~ --- - ~ - - 1.)Net cash provided by financing activities..~ . ...~ .V.. . ~ . B_. -/%Increase in cash and cash equivalents//~ /Ve///~ / // / ~ / / .0&Cash and cash equivalents at beginning00~ 0 000~ 0200 0 ~ 0 ~K0 1 of the period62.Cash and cash equivalents at end of the period2~ 2o 22~ 2 22 ~ 2 22 %3Non-cash financing activities333333333 3 3 3 34+Conversion of series A, series B and series4 4$?44 4$?44 ~ 4 4 5C preferred stock into6 common stock27*Accretion of preferred stock to redemption7 7$?77 7$?77 ~ 7 M7  8value'9Unpaid follow-on offering costs9~ 9299~ 999  9 $?9 +:#Assets acquired under capital lease: :$?::~ :2::  : $?: ;<$=____________________________1>)Created by Morningstar Document Research.0?(http://documentresearch.morningstar.com/Dql5kU@{O4mNYx=PF0*8X> @?? >> == :::::: 999999 777777 444444 222222      l  z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } +} $ } } $ } U} $ } U} $                             !Akebia Therapeutics, Inc. 10-K 03/06/2017Property and Equipment Useful LifeDecember 31, 2016December 31, 2015      (in thousands) ' Computer equipment and software ~  ~ r  ~   Furniture and fixtures ~   ~ f    ~    Equipment ~   ~    ~   Leasehold improvements  Shorter of the  ~    ~  useful life or remaining lease term (10 years),$Office equipment under capital lease~ ~ ~  b ~ /~    %Less accumulated depreciation~ ~   "Net property and equipment~ (~ r $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {octCwIn=PF0*8X> @R         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $4} $ }  }  $ } U} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017( 3. 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/6s }qeY @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $4} $ }  } $ } }  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017( 3. Available for sale securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  December 31, 2015                ! Cash and cash equivalents ~     $?   $?  ~   &Available for sale securities:     Certificates of deposit~ P ?    ?  ~ P'U.S. Government debt securities~  ?  ~    ~ !Corporate debt securities~ BG~   ~  :  ~ ~F+#Total available for sale securities~ :m~  ~  V  ~ i3+Total cash, cash equivalents, and available~ w~  ~  V  ~ Zsfor sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 }qeY @            l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } *} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017( 3. Available for sale securitiesDue in one year or less~  Due after one year  ~ | + #Total available for sale securities ~ t   $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$~,}qeYk_S+=PF0*8X> @*   l  6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2) 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017.&4. 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  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017.&4. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  December 31, 2015                 Assets:                ! Cash and cash equivalents ~     $?   $?  ~   Certificates of deposit ?~ P    ?  ~ P'U.S. Government debt securities ?~     ?  ~ !Corporate debt securities ?~ ~F    ?  ~ ~F~  ~ i   $?  ~ Zs$____________________________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 INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $} $ }  } $ }  } $                          !Akebia Therapeutics, Inc. 10-K 03/06/201778 5. Accrued Expenses   December 31, 2016   December 31, 2015    (in thousands)  Accrued clinical ~ nq  ~ F   Accrued bonus  ~ .   ~  "  Accrued payroll  ~ R    ~  Professional fees~ n~  Accrued vacation~ ~ Accrued severance~ v ? Other~ j~ ZTotal accrued expenses~ ~ N$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4{oc31=PF0*8X> @Z       l  j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 2} $ } y} $ } y} $                       !Akebia Therapeutics, Inc. 10-K 03/06/2017+#Shares Reserved for Future Issuance   December 31, 2016   December 31, 2015 2 *Common stock options and RSU's outstanding  ~ |   ~ F, / 'Shares available for issuance under the  ~ B 6   ~ 2}P   2014 Plan (1)/ 'Shares available for issuance under the  ~ 1   ~  ESPP (2) Total~ ~A~ 6$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.znbV&fF:.=PF0*8X> @*   l  z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future IssuStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } U} $ } } $ } }  $ } } $                     !Akebia Therapeutics, Inc. 10-K 03/06/2017 Stock OptionsYear ended December 31,   ~   ~ ~  ~ z  Risk-free interest rate   1.16% - 2.03%    1.44% - 1.95%    1.63% - 2.06%  Dividend yield   0.00%    0.00%    0.00%   Volatility  64.78% - 82.40%   62.47% - 81.25%   67.97% - 77.00%  Expected term (years)   5.51 - 6.25    5.51 - 6.25   @ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Ehxl%8=PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsRestricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ } y}  $ } } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017 Stock OptionsShares'Weighted-Average Exercise Price - %Weighted-Average Contractual Life (in  !Aggregate Intrinsic Value           years)  Outstanding,  ~    Gz"@      ~ v    December 31, 2015 Granted  ~ yV   Q8 @           Exercised  ~ ~   zG?      ~ &  Forfeited~ VE{Gz @     ~ SExpired/cancelled ?      Outstanding,~ #\(!@   Q @  ~ } December 31, 2016Options exercisable,~ ZDEGz @   (\@  ~ a December 31, 2016Expected to vest,~ >Q"@    ףp= @  ~ > December 31, 2016$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 xlm*c=PF0*8X> @        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 1} $ }  } $                     !Akebia Therapeutics, Inc. 10-K 03/06/2017Restricted StockShares.&Weighted-Average Grant Date Fair Value1 )Restricted shares as of December 31, 2015  ~ 2:    333333@  Granted   ?      Vested  ~ ]   ףp= @   Forfeited  ~    Gz@ 1 )Restricted shares as of December 31, 2016  ~    )\( @ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*huiXvth\4=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } *} $ }  } $                     !Akebia Therapeutics, Inc. 10-K 03/06/2017Restricted Stock UnitsShares.&Weighted-Average Grant Date Fair Value+ #Unvested balance, December 31, 2015  ~ }   L&@  Granted  ~ Z   RQ@  Vested   ?       Forfeited  ~ &W   (\ @ & Outstanding, December 31, 2016  ~ "Y   ףp= @ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h{ocXvsg?=PF0*8X> @J      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                     !Akebia Therapeutics, Inc. 10-K 03/06/2017$Compensation Expense Summary Years ended December 31,   ~   ~ ~  ~ z    (in thousands)      Research and development ~ b!  ~ ~   ~ :+ " General and administrative  ~ 9   ~ .)   ~ 2  Total ~ [  ~ I  ~ ] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hui])TH<=PF0*8X> @r           l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense Summary82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } I"} $ } U} $ } U}  $ } } $                       !Akebia Therapeutics, Inc. 10-K 03/06/2017$Compensation Expense Summary Years ended December 31,   ~   ~ ~  ~ z    (in thousands)       Stock options ~  I  ~ 29  ~   Restricted stock  ~ *   ~ 6   ~ ?  Restricted stock units  ~ 2    ~     ? $Employee stock purchase plan~ ~ N    ?  Total~ [~ I ~  ] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.Xui])5x=PF0*8X> @r          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } a/} $ }  } $} $ }  } $} $ } } $                        !Akebia Therapeutics, Inc. 10-K 03/06/201782 7. Income TaxesYear ended December 31,   ~   ~ ~  ~ z % Federal tax at statutory rate  ~  %  ~  %  ~  %- %State and local tax at statutory rate   ffffff?   ~     @ , $Research and development tax credits   @    ?    333333  Equity compensation   ɿ    333333     /'Other permanent differences and credits ? ?    %Change in valuation allowanceDffffffB   B Effective tax rate~  %~  %  ~    %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/00 sg ?~1%=PF0*8X> @:      l  "}  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $4} $ }  } $ } U} $ "                                 !Akebia Therapeutics, Inc. 10-K 03/06/201782 7. Income Taxes December 31,  ~   ~ ~   (in thousands)  Deferred tax assets:         Accrued expenses ~ !  ~ B  Deferred revenue  ~     ? Intangible assets~ ~ >Restricted stock~ ~  Fixed assets ? ?#Non-qualified stock options~ N.~ Z( Research and development credits~ :~ 'Net operating loss carryforward~ R&~ r" Other~ ~ !Total deferred tax assets~ ~ s Less valuation allowance~ ~ ~3+Total deferred tax assets, net of valuation~ ~   allowance!Deferred tax liabilities: Fixed assets~ ~ &Total deferred tax liabilities~ ~ Net deferred tax asset $? $?$____________________________D lsg+!:94ZP ! 1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @Z !!       l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } <(} $ }  } $ } U} $ } } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017( 8. Commitments and ContingenciesLease Payments         Operating   to be Received    Net Operating   Capital        Lease    from Sublease   Lease Payments   Lease   Total    (in thousands)         ~  ~ f7  ~   ~ b3  ~ &  ~ 3 ~   ~ 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 December 31, 2016$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8z}qeY[dz 2DV`gW+=PF0*8X> @"                   l  L"  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 2} $ } } $ } }  $ }  } $                            !Akebia Therapeutics, Inc. 10-K 03/06/201711. Net Loss per ShareYear ended December 31,   ~   ~ ~  ~ z   1 )(in thousands, except share and per share        data)  Numerator:             Net loss ~   ~ RK  ~ Z $Accretion on preferred stock ? ?  ~  6 2*Net loss applicable to common stockholders~ ~ RK ~  o      Denominator:    2*Weighted-average number of common shares ?~ V~ ʌO  ~  T  basic and diluted/'Net loss per share applicable to common RQ  Gz  +# stockholders ? basic and diluted$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8Y {ocF\L,{L@=PF0*8X> @            l  (2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } %} $ } y} $ } y}  $ } y} $                     !Akebia Therapeutics, Inc. 10-K 03/06/201711. Net Loss per ShareYear ended December 31,   ~   ~ ~  ~ z ! Outstanding stock options  ~ #   ~    ~ *)] ! Unvested restricted stock  ~    ~ 2:    ~  ' Unvested restricted stock units  ~ "Y   ~ }    ?  Total  ~ j)   ~ f   ~ .v $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*dh{oc(h=PF0*8X> @:      l  &:LN  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1) 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } a/} $ &     !Akebia Therapeutics, Inc. 10-K 03/06/2017,$91 12. Quarterly Results (unaudited)Three Months Ended    March 31,   June 30,    September 30,    December 31,   ~   ~   ~   ~    - %(in thousands, except per share data)     (unaudited)  Collaboration revenue  $?   $?   $?  ~  Operating expenses~ ~ r5 ~  Z5  ~ njLoss from operations~  i~  ~    ~ #Other income (expense), net~ ~ f ~     ~ Net loss~ l~  ~    ~ j/'Net loss per share applicable to commonffffffffffff  Q  Gz)! stockholders?basic and diluted          Three Months Ended March 31,June 30,   September 30,   December 31,~ ~~ ~ ~  ~  ~ ~-%(in thousands, except per share data) (unaudited)Collaboration revenue $? $?   $?   $?Operating expenses~ B~ & ~  z3  ~ J9Loss from operations~ U~ U ~    ~ #Other income (expense), net~ &~ " ~  .  ~ Net loss~ X~ X ~    ~ DglymaUMT`3;< !"#$%/ 'Net loss per share applicable to common  (\   ٿ   (\   Q )!! stockholders?basic and diluted"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/d%=PF0*8X> @JI%%$$##                           l  'df  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ } } $ } 2 '     !Akebia Therapeutics, Inc. 10-K 03/06/2017 96 SIGNATURES!AKEBIA THERAPEUTICS, INC.     By:  /s/ John P. Butler Date: March 6, 2017       John P. Butler      - %Chief Executive Officer and President      % (Principal 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. By:/s/ John P. ButlerDate: March 6, 2017John P. Butler-%Chief Executive Officer and President%(Principal Executive Officer) By:/s/ Jason A. AmelloDate: March 6, 2017Jason A. Amello.&Senior Vice President, Chief FinancialD lxl;QgV!t L !"#$%&      2 *Officer and Treasurer (Principal Financial!!!!!!!and Accounting Officer)"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/x =PF0*8X> @J &&%%$$ l  (z|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } $ } } $ }  (     !Akebia Therapeutics, Inc. 10-K 03/06/2017 96 SIGNATURESDate: March 6, 2017 By:/s/ Muneer A. Satter       Muneer A. Satter       Chairman     By:  /s/ Duane Nash Date: March 6, 2017        Duane NashDirector By:/s/ Michael S. WyzgaDate: March 6, 2017Michael S. WyzgaDirector By:/s/ Maxine GowenDate: March 6, 2017 Maxine GowenDirector By:/s/ Michael D. ClaymanDate: March 6, 2017Michael D. ClaymanDirector By:!/s/ Ronald C. Renaud, Jr.Date: March 6, 2017Ronald C. Renaud, Jr.Director By:/s/ Scott A. CanuteD( lxl.Lf? dr !"#$%&' Date: March 6, 2017!!!!!!!Scott A. Canute"""""""Director#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/'~" =PF0*8X> @''&&%% l   H)c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } I } $ } =      !Akebia Therapeutics, Inc. 10-K 03/06/201797 EXHIBIT INDEX Exhibit  Description of Exhibit Number   @ . &Ninth Amended and Restated Certificate  3 +of Incorporation (incorporated by reference/'to exhibit 3.1 to the Company?s Current4,Report on Form 8-K, filed on March 28, 2014) @1)Amended and Restated Bylaws (incorporated4,by reference to exhibit 3.2 to the Company?s2*Current Report on Form 8-K, filed on March 28, 2014)ffffff@6.Form of Common Stock Certificate (incorporated4,by reference to exhibit 4.1 to the Company?s:2Registration Statement on Form S-1/A (333-193969),filed on March 4, 2014)@4,Third Amended and Restated Voting Agreement,5-dated May 10, 2013 (incorporated by reference4,to exhibit 4.2 to the Company?s Registration1)Statement on Form S-1 (333-193969), filedon February 14, 2014)D luiE;|)^:<6 !"#$%&'()*+,-./0123456789:;<=>?   !333333@!0!(Amendment No. 1 to the Third Amended and""0"(Restated Voting Agreement, dated May 31,##2#*2013 (incorporated by reference to exhibit$$3$+4.3 to the Company?s Registration Statement%%3%+on Form S-1 (333-193969), filed on February&&& 14, 2014)'''(@(.(&Fourth Amended and Restated Investors?));)3Rights Agreement, dated March 5, 2014 (incorporated**4*,by reference to exhibit 4.4 to the Company?s++2+*10-K for the year ending December 31, 2014,,#,and filed on March 4, 2015)---.333333$@.4.,Form of Director and Officer Indemnification//,/$Agreement (incorporated by reference0050-to exhibit 10.1 to the Company?s Registration11-1%Statement on Form S-1/A (333-193969),222filed on March 4, 2014)3334ffffff$@474/Office Lease Agreement Between MA-Riverview/2455555-First Street, L.L.C. and Akebia Therapeutics,6626*Inc., dated December 3, 2013 (incorporated7757-by reference to exhibit 10.2 to the Company?s88880Registration Statement on Form S-1 (333-193969),99#9filed on February 14, 2014):::;$@;1;)First Amendment to Office Lease Agreement<<0<(Between Jamestown Premier 245 First, LLC==5=-and Akebia Therapeutics, Inc., dated December>>.>&15, 2014 (incorporated by reference to??2?*exhibit 10.3 to the Company?s 10-K for theDF l>R%Z }Yj!iy%o#@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@/@'year ending December 31, 2014 and filedAAAon March 4, 2015)BBBC$@C2C*Second Amendment to Office Lease AgreementDD0D(Between Jamestown Premier 245 First, LLCEE5E-and Akebia Therapeutics, Inc., dated NovemberFF.F&23, 2015 (incorporated by reference toGG2G*exhibit 10.4 to the Company?s 10-K for theHH/H'year ending December 31, 2015 and filedIIIon March 14, 2016)JJJK%@K1K)Third Amendment to Office Lease AgreementLL0L(Between Jamestown Premier 245 First, LLCMM1M)and Akebia Therapeutics, Inc., dated JulyNN.N&25, 2016 (incorporated by reference toOO/O'exhibit 10.1 to the Company?s QuarterlyPP1P)Report on Form 10-Q, filed on November 9,QQ~ QRRR S10.6?S2S*Amended and Restated 2008 Equity IncentiveTT2T*Plan (incorporated by reference to exhibitUU4U,10.5 to the Company?s Registration StatementVV3V+on Form S-1 (333-193969), filed on FebruaryWWW 14, 2014)XXX Y10.7?Y/Y'Amendment No. 1 to Amended and RestatedZZ0Z(2008 Equity Incentive Plan (incorporated[[5[-by reference to exhibit 10.6 to the Company?s\\8\0Registration Statement on Form S-1 (333-193969),]]#]filed on February 14, 2014)^^^ _10.8?_0_(Executive Employment Agreement with JohnD l\k!R.B`:u%5D`abcdefghijklmnopqrstuvwxyz{|}~``9`1P. Butler, dated September 16, 2013 (incorporatedaa5a-by reference to exhibit 10.7 to the Company?sbb8b0Registration Statement on Form S-1 (333-193969),cc#cfiled on February 14, 2014)ddd e10.9?e1e)Executive Employment Agreement with Jasonff9f1A. Amello, dated September 23, 2013 (incorporatedgg5g-by reference to exhibit 10.8 to the Company?shh8h0Registration Statement on Form S-1 (333-193969),ii#ifiled on February 14, 2014)jjjk10.10?k7k/Offer Letter to Nicole R. Hadas, dated Novemberll.l&13, 2013 (incorporated by reference tomm2m*exhibit 10.9 to the Company?s Registrationnn1n)Statement on Form S-1 (333-193969), filedoooon February 14, 2014)pppq10.11?q/q'Executive Employment Agreement with Dr.rr:r2Robert Shalwitz, dated April 6, 2011 (incorporatedss6s.by reference to exhibit 10.10 to the Company?stt8t0Registration Statement on Form S-1 (333-193969),uu#ufiled on February 14, 2014)vvvw10.12?w6w.Separation Agreement with Dr. Robert Shalwitz,xx7x/dated August 5, 2014 (incorporated by referenceyy2y*to exhibit 10.1 to the Company?s Quarterlyzz2z*Report on Form 10-Q, filed on November 10,{{~ {z|||}10.13?}6}.Consulting Agreement with Dr. Robert Shalwitz,~~7~/dated August 5, 2014 (incorporated by reference2*to exhibit 10.2 to the Company?s QuarterlyDa lZQWQ}Y` Qb<2*Report on Form 10-Q, filed on November 10,~ z10.14?/'Offer Letter with Bradley Maroni, M.D.,6.dated July 21, 2014 (incorporated by reference2*to exhibit 10.17 to the Company?s 10-K for3+the year ending December 31, 2014 and filedon March 4, 2015)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/ hw(=PF0*8X> @ l  {X  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEXTABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y } $ } y<      !Akebia Therapeutics, Inc. 10-K 03/06/201797 EXHIBIT INDEX Exhibit  Description of Exhibit Number   10.15 ? 4 ,Form of Non-Statutory Stock Option Agreement  / 'for officers (incorporated by reference6.to exhibit 10.24 to the Company?s Registration-%Statement on Form S-1/A (333-193969),filed on March 4, 2014)10.16?4,Form of Non-Statutory Stock Option Agreement0(for non-employee directors (incorporated6.by reference to exhibit 10.25 to the Company?s:2Registration Statement on Form S-1/A (333-193969),filed on March 4, 2014)10.17?2*Non-Employee Director Compensation Program-%(incorporated by reference to exhibit5-10.26 to the Company?s Registration Statement2*on Form S-1/A (333-193969), filed on March4, 2014)10.18?-%Form of Executive Severance Agreement/'for officers (incorporated by referenceD luiE8b>JAY-  !"#$%&'()*+,-./0123456789:;<=>?  6 .to exhibit 10.27 to the Company?s Registration!!-!%Statement on Form S-1/A (333-193969),"""filed on March 4, 2014)###$10.19?$6$.2014 Incentive Plan (incorporated by reference%%6%.to exhibit 10.29 to the Company?s Registration&&-&%Statement on Form S-1/A (333-193969),'''filed on March 4, 2014)((()10.20?)7)/2014 Employee Stock Purchase Plan (incorporated**6*.by reference to exhibit 10.30 to the Company?s++:+2Registration Statement on Form S-1/A (333-193969),,,,filed on March 4, 2014)---.10.21?.6..Cash Incentive Plan (incorporated by reference//6/.to exhibit 10.31 to the Company?s Registration00-0%Statement on Form S-1/A (333-193969),111filed on March 4, 2014)222310.22#303(Master Services Agreement by and between4434+Evonik Corporation and Akebia Therapeutics,5535+Inc., dated February 28, 2014 (incorporated6666.by reference to exhibit 10.32 to the Company?s77:72Registration Statement on Form S-1/A (333-193969),888filed on March 4, 2014)999:10.23?:5:-Form of Restricted Stock Unit Award Agreement;;/;'under 2014 Incentive Plan (incorporated<<6<.by reference to exhibit 10.26 to the Company?s==2=*10-K for the year ending December 31, 2014>>#>and filed on March 4, 2015)???D le*\[ xTa&aj/ i@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@10.24#@1@)Master Services Agreement, between AkebiaAA0A(Therapeutics, Inc., and Quintiles, Inc.,BB1B)dated as of June 8, 2015 (incorporated byCC2C*reference to exhibit 10.1 to the Company?sDD/D'Quarterly Report on Form 10-Q, filed onEEEAugust 11, 2015)FFFG10.25#G.G&Collaboration Agreement between AkebiaHH0H(Therapeutics, Inc. and Mitsubishi TanabeII.I&Pharma Corporation, dated December 11,JJ2J*2015 (incorporated by reference to exhibitKK0K(10.29 to the Company?s 10-K for the yearLL3L+ending December 31, 2015 and filed on MarchMMM 14, 2016)NNNO10.26*#O,O$Collaboration and License Agreement,PP-P%between Akebia Therapeutics, Inc. andQQ-Q%Otsuka Pharmaceutical Co. Ltd., datedRRRDecember 18, 2016SSS T21.1*TTList of SubsidiariesUUU V23.1*V$VConsent of Ernst & Young LLPWWW X31.1*X,X$Certification of Principal ExecutiveYY-Y%Officer Required Under Rule 13a-14(a)ZZ/Z'of the Securities Exchange Act of 1934,[[[ as amended\\\ ]31.2*],]$Certification of Principal Financial^^-^%Officer Required Under Rule 13a-14(a)__/_'of the Securities Exchange Act of 1934,D la{G#=T'k"h#i`abcdefghijklmnopqrstuvwxyz{|}~``` as amendedaaa b32.1*b,b$Certification of Principal Executivecc/c'Officer and Principal Financial Officerdd7d/Required Under Rule 13a-14(b) of the Securitiesee0e(Exchange Act of 1934, as amended, and 18fff U.S.C. 1350ggghfffffX@h4h,Press Release issued by Akebia Therapeutics,ii2i*Inc. on March 6, 2017 (furnished herewith)jjjk101.INS*kkXBRL Instance Documentlllm101.SCH*m/m'XBRL Taxonomy Extension Schema Documentnnno101.CAL*o4o,XBRL Taxonomy Extension Calculation LinkbasepppDocumentqqqr101.DEF*r3r+XBRL Taxonomy Extension Definition LinkbasesssDocumenttttu101.LAB*u/u'XBRL Taxonomy Extension Labels LinkbasevvvDocumentwwwx101.PRE*x,x$XBRL Taxonomy Extension PresentationyyyLinkbase Documentz{$|____________________________1})Created by Morningstar Document Research.0~(http://documentresearch.morningstar.com/B XawH$\'T0==PF0*8X> @~~}}|| l  5  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8}  5     !Akebia Therapeutics, Inc. 10-K 03/06/2017TABLE OF CONTENTS  Page   ARTICLE 1 DEFINITIONS~    ARTICLE 2 LICENSES~ ZARTICLE 3 GOVERNANCE~ bARTICLE 4 DEVELOPMENT~ ARTICLE 5 REGULATORY~ !ARTICLE 6 MEDICAL AFFAIRS~ 7/ARTICLE 7 COMMERCIALIZATION AND NON-PROMOTIONAL~  ACTIVITIES*"ARTICLE 8 MANUFACTURING AND SUPPLY~ ARTICLE 9 PAYMENTS~ 5-ARTICLE 10 OWNERSHIP OF INTELLECTUAL PROPERTY~ &D{lthP4cKs*|d !"#$%&'()*+,-./012342 *ARTICLE 11 INFORMATION; PHARMACOVIGILANCE;~ J.!&PRODUCT WITHDRAWAL, AND LIMITED RECALL""/#'ARTICLE 12 REPRESENTATIONS, WARRANTIES,~ #V$ AND COVENANTS%%"&ARTICLE 13 CONFIDENTIALITY~ &j''"(ARTICLE 14 INDEMNIFICATION~ (r))'*ARTICLE 15 TERM AND TERMINATION~ *z++0,(ARTICLE 16 DISPUTE RESOLUTION; GOVERNING~ , -LAW.. /ARTICLE 17 MISCELLANEOUS~ /01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/.r1h/|pd<=PF0*8X> @443322 l  =u   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 1} y =     !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-19- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request   Additional Defined Terms Section AAA 16.2.3 Acquiror 17.3.1 Additional Detail 7.8.3(a)!Additional Detail Payment7.8.3(b)Additional Development@)!Additional Promotional Activities 7.9.11)Additional Promotional Activities Payment 7.9.2 AgreementPreambleAlliance Manager@AkebiaPreambleAkebia Indemniteesffffff,@%Akebia Royalty Buy-Back Right 9.5.6Arbitration Request16.2.1Breaching Partyffffff.@Buy-Back Payment 9.5.6CAN Product Materials7.11.1)!Confidential Disclosure Agreement333331@Cost Share Notice4.1.5(d)"Cost Share Transition Date4.1.5(b)%Cost Share Transition Quarter4.1.5(c)Debarred/Excluded12.1.10Dl:."h7F_.b1 !"#$%&'()*+,-./0123456789:;< Detailing Shortfall 7.8.1!Divestiture Notice!17.3.1"Effective Date"Preamble#Establishing Committee #3.5.3$Excess MSL FTEs$@ %HHS%-?& Information&333333&@'Indemnified Party',@(Indemnifying Party(,@%)Initial R&D Cost Share Amount)4.1.5(a)*Joint Publication Plan*13.4.2 +JCC +3.4.1 ,JDC ,3.3.1 -JSC -3.1.1).!Licensed Product Support Services.@/Licensee/Preamble0Licensee Accounts07.18.11Licensee Indemnitees1333333,@#2Licensee R&D True-Up Amount29.6.2(b)3Losses3333333,@4Manufacturing Plan4333333 @5Medical Affairs Data 56.5.26Medical Affairs Plan6ffffff@7Non-Breaching Party7ffffff.@89$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/>@0r?i,Y1qAm=PF0*8X> @<<;;:: l  3$# (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } +}  3     !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-20- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request OIG -? OIG Compliance Guidance -? Operational Team 3.5.3 Option Exercise Period #@ Other Component ffffff? PMRC 3.8.1 PVC 3.5.2Paragraph IV Notice10.7.4Party or PartiesPreamble Party Vote @#Pharmacovigilance Committee 3.5.2 PhRMA Code-? Prepayment4.1.5(d)Promotional Data7.16.2Proposing Party@Quality Agreement @Quarterly Report 9.4.2R&D Funding Option 4.1.4Recall Decision-Makers11.5.3 Recipientffffff*@Required Details 7.8.1!Royalty Conversion Option#@ Royalty Term 9.5.5Dl:."{GxPk<X !"#$%&'()*+,-./012  Safety Data &@!Seller!333333?"Shifted Detail Payment "7.8.4#Shifted Portion Payment #7.9.3$ Sub-Committee $3.5.1% Super-PMRC %3.8.1$&Successful Detailing Metrics &7.8.1'Supply Agreement'ffffff @ (Term(333333.@,)$Transition Quarter Cost Share Amount)4.1.5(c)*Underperforming Party *7.8.1+Upfront Payment+333333"@,Withholding Party,333333"@--./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hL"r.|pH=PF0*8X> @221100 l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } m)}  '      !Akebia Therapeutics, Inc. 10-K 03/06/2017PAYMENTS1)Table 9.3.1 ? NDD-CKD Approval Milestones Event(  Payment Amount (in U.S. Dollars)* "1. If such Licensed Product [***]: $[***]* "2. If such Licensed Product [***]: $[***]* "3. If such Licensed Product [***]: $[***]* "4. If such Licensed Product [***]: $[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*&h}q<?=PF0*8X> @" l  A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } m)}  '      !Akebia Therapeutics, Inc. 10-K 03/06/2017PAYMENTS0(Table 9.3.2 ? DD-CKD Approval Milestones Event(  Payment Amount (in U.S. Dollars)* "1. If such Licensed Product [***]: $[***]* "2. If such Licensed Product [***]: $[***]* "3. If such Licensed Product [***]: $[***]* "4. If such Licensed Product [***]: $[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*%h}q=@=PF0*8X> @" l  pO  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y } } 0      !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-65- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request%Table 9.3.3 ? Data Milestones Event Applicable Criteria Payment Amount   (in U.S. Dollars) 1. [***]  (a) [***] $[***]   (b) [***] $[***] 2. [***]  (a) [***] $[***] (b) [***]$[***]3. [***] (a) [***]$[***] (b) [***]$[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0=:."n3W$ =PF0*8X> @" l  X_  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8}  '      !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-65- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request'Ta ble 9.3.4 ? Sales Milestones Event(  Payment Amount (in U.S. Dollars)2 *Achievement of $ [***] of aggregate annual $[***]7 /Net Sales of Licensed Products in the Territory during a calendar year2 *Achievement of $ [***] of aggregate annual $[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year2*Achievement of $ [***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year2*Achievement of $ [***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year2*Achievement of $ [***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<L:."f+ dw<uM=PF0*8X> @" l  k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 6} <      !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-69- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request5 -Portion of Annual Net Sales (in U.S. Dollars)  Royalty Rate $0 to ?$ [***] [***] %  > $ [***] [***] %  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@:."WK?=PF0*8X> @ l  y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } a} $ } } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-105- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reques! AKEBIA THERAPEUTICS, INC. & OTSUKA PHARMACEUTICAL CO. LTD.    By: /s/ John P. Butler  By: /s/ Tatsuo Higuchi      Name: John P. Butler  Name: Tatsuo HiguchiTitle:President and CEOTitle:&President & Representative BOD$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.:."[Wd=PF0*8X> @*   l  _  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit haAkebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } } $ } }       !Akebia Therapeutics, Inc. 10-K 03/06/2017kc-105- [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reques! AKEBIA THERAPEUTICS, INC. & OTSUKA PHARMACEUTICAL CO. LTD.    By: /s/ Jason A. Amello  By: /s/ Susumu Tamai      Name: Jason A. Amello  Name:  Susumu TamaiTitle:SVP, CFOTitle:Ex Deputy President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.:."[Yz=PF0*8X> @*   l  %D  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1) Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y#} I } yU}  %     !Akebia Therapeutics, Inc. 10-K 03/06/2017Akebia Patents%Patent/Patent Application No.Country Title Filing Date / Issue Date~ . US1 )PROLYL HYDROXYLASE INHIBITORS AND METHODS  10/12/2010   OF USE~ ^  US1 )PROLYL HYDROXYLASE INHIBITORS AND METHODS  12/04/2012   OF USE~ BF US1 )PROLYL HYDROXYLASE INHIBITORS AND METHODS  01/01/2013OF USE~   US1)PROLYL HYDROXYLASE INHIBITORS AND METHODS 12/03/2013OF USE~ ! US1)PROLYL HYDROXYLASE INHIBITORS AND METHODS 01/27/2015OF USE 14/854,080 US1)PROLYL HYDROXYLASE INHIBITORS AND METHODS 09/15/2015OF USE~ Z0. USKCPROCESS FOR PREPARING [(3-HYDROXYPYRIDINE-2-CARBONYL)AMINO]ALKANOIC 09/29/2015 ACIDS, ESTERS AND AMIDES 14/833,222 USKCPROCESS FOR PREPARING [(3-HYDROXYPYRIDINE-2-CARBONYL)AMINO]ALKANOIC 08/24/2015 ACIDS, ESTERS AND AMIDES 14/897,849 US-%COMPOSITIONS AND METHODS FOR TREATING 06/04/2014ANEMIA 14/541,284 USOGSOLID FORMS OF {[5-(3-CHLOROPHENYL)-3-HYDROXYPYRIDINE-2-CARBONYL]AMINO} 11/14/20143+ACETIC ACID, COMPOSITIONS, AND USES THEREOFPCT/US16/23132 PCT,$DEUTERIUM-ENRICHED HYPOXIA-INDUCIBLE 03/18/20163+FACTOR PROLYL HYDROXYLASE ENZYME INHIBITORSPCT/US16/25235 PCT-%COMPOSITIONS AND METHODS FOR TREATING 03/31/2016D lwkiqGO% F u* !"#$   ANEMIA!$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/+P=PF0*8X> @$$##"" l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 2} $ } } $} $ } I"      !Akebia Therapeutics, Inc. 10-K 03/06/2017 Exhibit 21.1&SUBSIDIARIES OF THE REGISTRANT        Name   Ownership Percentage  $ Jurisdiction of Organization2 *Akebia Therapeutics Securities Corporation  ~  %   Massachusetts Akebia Europe Limited  ~  %  Ireland $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TymCgfZN&=PF0*8X> @" l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211 CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/06/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 6, 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/(PTVJ>2F=PF0*8X> @ l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/06/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 6, 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/(_TVJ>2Dr=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1)Consolidated Statements (3)Selected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-K 03/06/2017g_CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350Date: March 6, 2017 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: March 6, 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/6>2&.y T=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Selected Balance Sheet DataU } 0} $ }  }  $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/06/2017-%Consolidated Statements of OperationsThree Months Ended  Twelve Months Ended   December 31, 2016   December 31, 2015   December 31, 2016   December 31, 2015  Collaboration revenue  $ 1,535   ?   $ 1,535   $ ?  Operating expenses:                 Research and development  ~ n    ~    ~ &   ~ " " General and administrative  ~ `   ~ Z   ~  [   ~ !  Total operating expenses~ nj~ J9   ~  .l ~ &Operating loss~ ~    ~  ҫ ~ >Other income, net~ ~    ~  &  ~ v Net loss~ j~   ~   ~ RK/'Net loss per share applicable to commonGzQ     RQ&stockholders?basic and diluted0(Weighted-average number of common shares~ ? ~ 9   ~  V ~ ʌO0(used in net loss per share applicable to-%common stockholders?basic and diluted$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 xl`T8Ym-z=PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??:AKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!46 Equity Compensation Plan Inf46 Equity Compensation (1)46 Equity Compensation (2)!Comparison of the Years Ended D!Research and Development ExpensComparison of the Years (1)Research and Development (1) Cash Flows!Contractual Obligations and Com62 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!4 Fair Value of Financial Instr 4 Fair Value of Financial (1)78 5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)82 7 Income Taxes82 7 Income Tax (1)!8 Commitments and Contingencies11 Net Loss per Share11 Net Loss per (1)!91 12 Quarterly Results unaudit 96 SIGNATURES96 SIGNATURES (1)97 EXHIBIT INDEX97 EXHIBIT INDE (1)TABLE OF CONTEN (1)!19 Portions of this exhibit hav!20 Portions of this exhibit hav PAYMENTS PAYMENTS (1)!65 Portions of this exhibit hav65 Portions of this (1)!69 Portions of this exhibit hav!105 Portions of this exhibit ha105 Portions of this (1)Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)U } 0} $ }  } $ }  } $                     !Akebia Therapeutics, Inc. 10-K 03/06/2017#Selected Balance Sheet DataDecember 31, 2016December 31, 20150 (Cash, cash equivalents and available for ~   ~ Zs  sale securities Working capital  ~     ~    Total assets  ~ R   ~ r " Total stockholders? equity  ~ b(   ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*]hvj^hMR=PF0*8X> @:   Root Entry FBook  &  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}