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#܈ ~~"؈ ~~83ffff̙̙3f3fff3f3f33333f33tAKEBIA THERAPEUTICS INC TABLE OF CONTENTS&@Phase 2 Study in DialysisDependnOMarket Price Information&b59 Equity Compensation Plan Inf"-v59 Equity Compensation (1)"59 Equity Compensation (2)&Comparison of the Years Ended D&Ժ68 Research and Development Exp#Comparison of the Years (1)#AComparison of the Years (2) 70 Cash Flows&Contractual Obligations and Com!q74 Akebia Therapeutics Inc",Consolidated Balance Sheets&KConsolidated Statements of Oper# kConsolidated Statements (1)#Consolidated Statements (2))Property and Equipment&>3 Available for sale securities V3 Available for sale (1) e3 Available for sale (2)&O~87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses&JShares Reserved for Future Issu Stock OptionsStock Options (1)Restricted Stock|Restricted Stock Units#JCompensation Expense Summary 'Compensation Expense (1)87 Income TaxesvK7 Income Taxes (1)&c8 Commitments and Contingencies~y97 10 Net Loss per Shareq97 10 Net Loss per (1)%11 Quarterly Results unaudited8103 SIGNATURESx103 SIGNATURES (1)}104 EXHIBIT INDEX104 EXHIBIT IND (1);V104 EXHIBIT IND (2)g2 Demise of Space A {2 Demise of Space (1)2 Demise of Space (2)_2 Demise of Space (3)!B Terms for Offering Space B Terms for Offering (1)&12 EACH OF TENANT ADMINISTRATIV No further text this page$xCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)#STATE OF NEW YORK51STATE OF NEW YO (1)@ COUNTY OF NY(NTABLE OF CONTEN (1)p CONFIDENTIALUCONFIDENTIAL (1)CONFIDENTIAL (2)%CONFIDENTIAL (3)&*Section 167 Valid Claim means a&9 Portions of this exhibit have&10 Portions of this exhibit hav+Development Milestones,BSales Milestones @ l  H3X=?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INC!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 H     !Akebia Therapeutics, Inc. 10-K 03/14/2016TABLE OF CONTENTSPage No. PART I  ~    ~  Item 1.  Business   ~  Item 1A.   Risk Factors~ Item 1B.!Unresolved Staff Comments~ Item 2. Properties~ Item 3.Legal Proceedings~ Item 4.Mine Safety Disclosures~ PART II~ Item 5..&Market for Registrant?s Common Equity,.&Related Stockholder Matters and Issuer&Purchases of Equity Securities~ Item 6.Selected Financial Data~ Item 7.,$Management?s Discussion and AnalysisD`lth0a)Ki7$W !"#$%&'()*+,-./0123456789:;<=>?  8 0of Financial Condition and Results of Operations!!!~ !*"Item 7A."0"(Quantitative and Qualitative Disclosures###about Market Risk$$$~ $.%Item 8.%.%&Financial Statements and Supplementary&& &Data'''~ '(Item 9.(5(-Changes in and Disagreements with Accountants)).)&on Accounting and Financial Disclosure***~ *+Item 9A.++Controls and Procedures,,,~ ,-Item 9B.--Other Information...~ ./PART III000~ 01Item 10.121*Director, Executive Officers and Corporate222 Governance333~ 34Item 11.44Executive Compensation555~ 56Item 12.606(Security Ownership of Certain Beneficial7757-Owners and Management and Related Stockholder888Matters999~ 9:Item 13.:0:(Certain Relationships and Related Person;;/;'Transactions, and Director Independence<<<~ <=Item 14.=.=&Principal Accountant Fees and Services>>>~ >?PART IVD lz&nFr@\H`GK@ABCDEFG@@@~ @AItem 15.A2A*Exhibits and Financial Statement SchedulesB~ BC SIGNATURESD$E____________________________1F)Created by Morningstar Document Research.0G(http://documentresearch.morningstar.com/x^H<=PF0*8X> @"GGFFEECC l  N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTSMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016>6Phase 2 Study in Dialysis-Dependent 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/,|g[OCYn^RF=PF0*8X> @*  l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDepend!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 Market Price Information High Low~ ~         First Quarter +@   q= ף @  Second Quarter = ףp=&@   Gz@   Third Quarter ffffff,@   p= ף@  Fourth Quarter ffffff*@   p= ף@  High Low~ z$First Quarter from and after<@2@ March 20thSecond Quarter~ ~)\h0@ Third QuarterGzT<@4@Fourth Quarter5@333333!@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:VymaO*{2ocW/=PF0*8X> @         l  8u  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016/'59 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  ~    Gz"@   ~ \k  security holders Total~ Gz"@  ~  \k $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0>vj^RHh-# =PF0*8X> @          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016/'59 Equity Compensation Plan InformationYear Ended December 31,  ~ ~  ~ z  ~ v  ~ r   1 )(in thousands, except share and per share    data)- %Consolidated statements of operations                 data:Operating expenses:      Research and development~ "~ ~k ~    ~ N"General and administrative~ !~ V ~  m  ~ 6 Total operating expenses~ &~ P  ~    ~ .Loss from operations~ >~ 2  ~    ~ zOther income, net~ v ~ *  ~  :+  ~ Net loss~ RK~ Z ~  F2  ~ $Accretion on preferred stock~ ~ 6  ~  ʖ  ~ 2*Net loss applicable to common shareholders~ RK~ o ~    ~ L/'Net loss per share applicable to commonRQGz   \(_  R;-% stockholders?basic and diluted (1)0(Weighted-average number of common shares~ ʌO~ T  ~   4!  ~ nF used5- in net loss per share applicable to commonH@ stockholders?basic and diluted ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B/Xvj^R gHfzCh7;+=PF0*8X> @           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016/'59 Equity Compensation Plan Information December 31,   ~ ~  ~ z  ~ v    (in thousands)  Balance Sheet Data:            / 'Cash and cash equivalents and available ~ Zs  ~ ڥ  ~   for sale securitiesWorking capital~ ~ R  ~  f  Total assets~ r~ N  ~   .&Redeemable convertible preferred stock~ ~   ~    Accumulated deficit~ N&~   ~  > ,$Total stockholders? equity (deficit)~ ~ :Z  ~  > $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6f vj^RZ(z7+=PF0*8X> @Z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016@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  I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended DComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8} $ } U} $      !Akebia Therapeutics, Inc. 10-K 03/14/2016jb68 Research and Development Expenses. Research and development expenses were $43.0 million for the (in millions)    7 /Preparation for the PRO 2 TECT Phase 3 program ffffff,@ ' Other clinical and non-clinical  @  Regulatory activities  333333? 4 ,Completion of Phase 2b study in non-dialysis  333333 +#patients with anemia related to CKD/'Ongoing Phase 2 study for the treatment1)of anemia in patients undergoing dialysis/'Total increase related to the continued)@!development of vadadustat Headcount and consultingffffff@%Drug development for AKB-6899@ Other333333?Stock compensationffffffTotal net increase3@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@yD;/#][,=G |pH=PF0*8X> @2  l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016@8Comparison of the Years Ended December 31, 2014 and 2013Year ended December 31,  Increase   ~ z  ~ v    (Decrease)    (In Thousands)  Operating expenses:             Research and development ~ ~k  ~   ~ f " General and administrative  ~ V   ~ m   ~ zw  Total operating expenses~ P~   ~  W Loss from operations~ 2~   ~  W Other income, net~ *~ :+  ~   Net loss~ Z~ F2 ~  t $____________________________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/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8} $ } U} $      !Akebia Therapeutics, Inc. 10-K 03/14/2016@8Comparison of the Years Ended December 31, 2014 and 2013 (in millions)    / 'Ongoing Phase 2 study for the treatment 333333@ 1 )of anemia in patients undergoing dialysis4 ,Completion of Phase 2b study in non-dialysis  333333? + #patients with anemia related to CKD'Other clinical and non-clinicalffffff @7/Preparation for the PRO 2 TECT Phase 3 program333333?/'Total increase related to the continuedffffff @!development of vadadustatStock compensation@ Headcount and consulting~ %Drug development for AKB-6899333333? Other?Total net increase,@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0eYMAZt]x==PF0*8X> @2  l  !  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2)!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 70 Cash FlowsYear ended December 31,   ~ ~  ~ z  ~ v    (In Thousands) ' Net cash provided by (used in):             Operating activities ~ &  ~ R  ~ N  Investing activities  ~ "*   ~    ~ ~M Financing activities~ V~ B_  ~  n 1)Net increase in cash and cash equivalents~  ~  ~  1     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0xl%if maU-=PF0*8X> @r          l  `  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016/'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 ~    ~ j'   ~ V   ~ V   ~ ֲ  Total~   ~ '  ~ n  ~ V  ~ ֲ      $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|vj^R#K[OC=PF0*8X> @              l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016$74 Akebia Therapeutics, Inc. Page  ~ 2/ 'Report of Independent Registered Public Accounting Firm    Financial Statements~ 6#Consolidated Balance Sheets~ :-%Consolidated Statements of Operationsand Comprehensive Loss~ >-%Consolidated Statements of Redeemable5-Convertible Preferred Stock and Stockholders?Equity (Deficit)~ B-%Consolidated Statements of Cash Flows~ F2*Notes to Consolidated Financial Statements$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXui]5}W0 `' XL$=PF0*8X> @ l  1IDK  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } I;} $ }  } $ }  } $ 1     !Akebia Therapeutics, Inc. 10-K 03/14/2016#Consolidated Balance Sheets December 31, December 31, ~ ~  ~ z  Assets        Current assets:       ! Cash and cash equivalents~    ~ 2 % Available for sale securities ~ i   ~  1)Prepaid expenses and other current assets~ (~ jTotal current assets~ f~ B#Property and equipment, net~ r~ JDeferred offering costs~  ? Other assets~ ~  Total assets~ r~ N,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ &$~ Accrued expenses~ N~ L!Total current liabilities~ r~ kOther liabilities~ *~ Total liabilities~ ~ l.&Commitments and contingencies (Note 8)Stockholders' equity:6.Preferred stock $0.00001 par value, 25,000,000 ? ?)!shares authorized at December 31,91 2015 and 2014; 0 shares issued and outstandingDs lvj^Lxjs19iw|w !"#$%&'()*+,-./0% at December 31, 2015 and 20145!-Common stock: $0.00001 par value; 175,000,000! !?!!! !?!)"!shares authorized at December 31,3#+ 2015 and 2014; 30,662,218 and 20,370,624($ shares issued and outstanding at3%+ December 31, 2015 and 2014, respectively"&Additional paid-in capital&~ &&&&~ & &-'%Treasury stock, at cost, 8,463 shares'~ 'z'''~ 'z',($Accumulated other comprehensive loss(~ (Z(((~ ("()Accumulated deficit)~ )N&)))~ ))"*Total stockholders' equity*~ ****~ *:Z*2+*Total liabilities and stockholders' equity~ +r++~ +N+,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&v@Hz{{oG=PF0*8X> @z00//..++++     l  )Afi  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016D<Consolidated Statements of Operations and Comprehensive Loss Years ended December 31,  ~ ~  ~ z  ~ v  Operating expenses:            Research and development~ "  ~ ~k  ~  " General and administrative ~ !   ~ V   ~ m  Total operating expenses ~ &   ~ P   ~  Operating loss~ >~ 2 ~   Other income (expense):   &Interest income (expense), net~ ~ : ~   4,Extinguishment of debt and other liabilities ? ? ~  %  Other income~ ~~   ~  j Net loss~ RK~ Z~  F2 91Reconciliation of net loss to net loss applicable   to common stockholders:Net loss~ RK~ Z~  F2 $Accretion on preferred stock ?~ 6 ~  ʖ 2*Net loss applicable to common stockholders~ RK~ o~   /'Net loss per share applicable to commonRQGz  \(_ )!stockholders ? basic and diluted0(Weighted-average number of common shares~ ʌO~ T ~   4! -%used in net loss per share applicable3+ to common stockholders?basic and dilutedComprehensive loss:   Net loss~ RK~ Z~  F2 DlaUI=b`E)hE~ ! " # $ % & ' (             -!%Other comprehensive loss - unrealized!~ !Z!!!~ !"!!!  ! ?! "loss on securities#Comprehensive loss~ #G##~ #z##~ # F2# $%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/Ip=PF0*8X> @(( '' && ######           l  HZ1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $4} $ }  } $ }  }  $ } y} $ }  } $ } y} $ }  } $ }  } $ }  } "$ } ## } $&$ } ''$} (*$ } ++ } ,.$ } //U} 02$ } 33U} 46$ } 77 } 8:$ } ;; } <<$ H========== = = = = ===================!Akebia Therapeutics, Inc. 10-K 03/14/2016jbConsolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit.&Redeemable Convertible Preferred Stock !&"Stockholders' Equity (Deficit)<   Series A   Series B   Series C    2012 Series X  ! " Common Stock ( ) * Additional , - . / 0 1 2 3 4 5 6 7 8 9 :Total <   Redeemable Convertible   Redeemable Convertible   Redeemable Convertible   Redeemable Convertible  ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : Stockholders'   Preferred Stock   Preferred Stock   Preferred Stock   Preferred Stock    Number of   Amount    Number of   Amount    Number of   Amount    Number of   Amount  ! " Number of $ % &h㈵> ( ) *Paid-In , - .Treasury 0 1 2 Unrealized 4 5 6 Accumulated 8 9 :Equity <   Shares       Shares       Shares       Shares      ! "Shares $ % & Par Value ( ) *Capital , - .Stock 0 1 2 Gain/Loss 4 5 6Deficit 8 9 : (Deficit)$Balance at December 31, 2012~ *,~ C  ~  N  ~ 5 ? ? ? ? !"~ #6%$%& '?()* +?,-. /?012 3?456~ 7\89:~ ;\<+#Issuance of restricted common stock ? ?    ?   ? ? ? ? ? !"~ #Z#$%& '?()* +?,-. /?012 3?456 7?89:~ ;< Issuance of common stock ? ?    ?   ? ? ? ? ? !"~ #6 $%& '?()* +?,-. /?012 3?456 7?89:~ ;<!Exercise of stock options ? ?    ?   ? ? ? ? ? !"~ #V$%& '?()*~ +,-. /?012 3?456 7?89:~ ;<.&Forfeitures of restricted common stock ? ?    ?   ? ? ? ? ? !"~ #$%& '?()* +?,-. /?012 3?456 7?89: ;?<3+Reclassification of 2012 Series X preferred ? ?    ?   ? ? ?~ ~ & !" #?$%& '?()* +?,-. /?012 3?456 7?89: ;?<" stock upon modification'Sale of 2012 Series X preferred ? ?    ?   ? ? ?~ ~ j& !" #?$%& '?()* +?,-. /?012 3?456 7?89: ;?<*" stock, net of issuance costs of~ ‘)!Sale of Series C preferred stock, ? ?    ?   ?~ :˳~ br ? ? !" #?$%& '?()* +?,-. /?012 3?456 7?89: ;?<# net of issuance costs of~ NF3+Conversion of 2012 Series X preferred stock ? ?    ?   ?~ ^~ BM~ ~ ² !" #?$%& '?()* +?,-. /?012 3?456 7?89: ;?<( into Series C preferred stock'Accretion of preferred stock to ?~ #    ?  ~  ?~ */ ? ? !" #?$%& '?()*~ +~,-. /?012 3?456~ 7N89:~ ;ʖ<D-l;/#nm_OJC1 ޭޟޑj\B6 =!="=#=$=%=&='=(=)=*=+=,=-=.=/=0=1=2=3=4=5=6=7=8=9=:=;=<===>=?=  redemption value(! Share-based compensation expense!! !?!!! !?!! !  ! ?! ! ! !?!!! !?!!! !?!!! !?!!! !?! !!!" !#?!$!%!& !'?!(!)!*~ !+r!,!-!. !/?!0!1!2 !3?!4!5!6 !7?!8!9!:~ !;r!<"Net income (loss)"" "?""" "?"" "  " ?" " " "?""" "?""" "?""" "?""" "?" "!"" "#?"$"%"& "'?"(")"* "+?","-". "/?"0"1"2 "3?"4"5"6~ "7F2"8"9":~ ";F2"<$#Balance at December 31, 2013##~ #*,###~ #g## # ~ # N# # #~ #&L###~ ####~ #### #?### #?# #!#"~ ##nT#$#%#& #'?#(#)#* #+?#,#-#. #/?#0#1#2 #3?#4#5#6~ #7>#8#9#:~ #;>#< $Issuance of common stock$$ $?$$$ $?$$ $  $ ?$ $ $ $?$$$ $?$$$ $?$$$ $?$$$ $?$ $!$"~ $#B$$$%$& $'?$($)$*~ $+*$,$-$. $/?$0$1$2 $3?$4$5$6 $7?$8$9$:~ $;*$<+%#Issuance of restricted common stock%% %?%%% %?%% %  % ?% % % %?%%% %?%%% %?%%% %?%%% %?% %!%"~ %#k%$%%%& %'?%(%)%* %+?%,%-%. %/?%0%1%2 %3?%4%5%6 %7?%8%9%: %;?%<.&&Forfeitures of restricted common stock&& &?&&& &?&& &  & ?& & & &?&&& &?&&& &?&&& &?&&& &?& &!&"~ &#ֶ&$&%&& &'?&(&)&* &+?&,&-&. &/?&0&1&2 &3?&4&5&6 &7?&8&9&: &;?&<(' Receipt of payment on promissory'' '?''' '?'' '  ' ?' ' ' '?''' '?''' '?''' '?''' '?' '!'" '#?'$'%'& ''?'(')'*~ '+','-'. '/?'0'1'2 '3?'4'5'6 '7?'8'9':~ ';'<'( notes issued in exchange for!) shares of common stock*Exercise of options** *?*** *?** *  * ?* * * *?*** *?*** *?*** *?*** *?* *!*"~ *#*$*%*& *'?*(*)**~ *+f*,*-*. */?*0*1*2 *3?*4*5*6 *7?*8*9*:~ *;f*<'+Accretion of preferred stock to++ +?+++~ + ++ +  + ?+ + +~ +{+++ +?+++~ ++++ +?+++ +?+ +!+" +#?+$+%+& +'?+(+)+*~ +++,+-+. +/?+0+1+2 +3?+4+5+6~ +7+8+9+:~ +;2+<, redemption value%-Conversion of preferred stock--~ -*---~ -x-- - ~ - nj- - -~ -8---~ -nh6---~ -~^--- -?--- -?- -!-"~ -#s-$-%-& -'?-(-)-*~ -+f -,---. -/?-0-1-2 -3?-4-5-6~ -7z-8-9-:~ -;-<(. Share-based compensation expense.. .?... .?.. .  . ?. . . .?... .?... .?... .?... .?. .!." .#?.$.%.& .'?.(.).*~ .+].,.-.. ./?.0.1.2 .3?.4.5.6 .7?.8.9.:~ .;].<$/Deferred offering costs- IPO// /?/// /?// /  / ?/ / / /?/// /?/// /?/// /?/// /?/ /!/" /#?/$/%/& /'?/(/)/*~ /+X/,/-/. //?/0/1/2 /3?/4/5/6 /7?/8/9/:~ /;X/<0Unrealized gain/loss00 0?000 0?00 0  0 ?0 0 0 0?000 0?000 0?000 0?000 0?0 0!0" 0#?0$0%0& 0'?0(0)0* 0+?0,0-0. 0/?000102~ 03"040506 07?08090:~ 0;"0<&1Treasury shares purchased, not11 1?111 1?11 1  1 ?1 1 1 1?111 1?111 1?111 1?111 1?1 1!1"~ 1#1$1%1& 1'?1(1)1* 1+?1,1-1.~ 1/101112 13?141516 17?18191:~ 1;1<2 retired (2,553)"3Treasury shares purchased,33 3?333 3?33 3  3 ?3 3 3 3?333 3?333 3?333 3?333 3?3 3!3"~ 3#3$3%3& 3'?3(3)3* 3+?3,3-3.~ 3/303132 33?343536 37?38393:~ 3;3<4 retired (5,910)5Net income (loss)55 5?555 5?55 5  5 ?5 5 5 5?555 5?555 5?555 5?555 5?5 5!5" 5#?5$5%5& 5'?5(5)5* 5+?5,5-5. 5/?505152 53?545556~ 57Z58595:~ 5;Z5<$6Balance at December 31, 201466 6?666 6?66 6  6 ?6 6 6 6?666 6?666 6?666 6?666 6?6 6!6"~ 6#S6$6%6& 6'?6(6)6*~ 6+ 6,6-6.~ 6/z606162~ 63"646566~ 6768696:~ 6;:Z6<17)Issuance of common stock, net of issuance77 7?777 7?77 7  7 ?7 7 7 7?777 7?777 7?777 7?777 7?7 7!7"~ 7#kg7$7%7& 7'?7(7)7*~ 7+ 7,7-7. 7/?707172 73?747576 77?78797:~ 7; 7<89 costs2:*Proceeds from sale of stock under employee:: :?::: :?:: :  : ?: : : :?::: :?::: :?::: :?::: :?: :!:"~ :#:$:%:& :'?:(:):*~ :+r:,:-:. :/?:0:1:2 :3?:4:5:6 :7?:8:9::~ :;r:<;< stock purchase plan.=&Forfeitures of restricted common stock== =?=== =?== =  = ?= = = =?=== =?=== =?=== =?=== =?= =!="~ =#=$=%=& ='?=(=)=* =+?=,=-=. =/?=0=1=2 =3?=4=5=6 =7?=8=9=: =;?=<>Exercise of options>> >?>>> >?>> >  > ?> > > >?>>> >?>>> >?>>> >?>>> >?> >!>"~ >#X >$>%>& >'?>(>)>*~ >+ >,>->. >/?>0>1>2 >3?>4>5>6 >7?>8>9>:~ >; ><(? Share-based compensation expense?? ????? ???? ?  ? ?? ? ? ????? ????? ????? ????? ??? ?!?" ?#??$?%?& ?'??(?)?*~ ?+I?,?-?. ?/??0?1?2 ?3??4?5?6 ?7??8?9?:~ ?;I?<DFlgBA1ԿԷљћΎwkW?3@=A=B=C=D=E=F=G=@Unrealized gain/loss@@ @?@@@ @?@@ @  @ ?@ @ @ @?@@@ @?@@@ @?@@@ @?@@@ @?@ @!@" @#?@$@%@& @'?@(@)@* @+?@,@-@. @/?@0@1@2~ @3:@4@5@6 @7?@8@9@:~ @;:@<ANet income (loss)AA A?AAA A?AA A  A ?A A A A?AAA A?AAA A?AAA A?AAA A?A A!A" A#?A$A%A& A'?A(A)A* A+?A,A-A. A/?A0A1A2 A3?A4A5A6~ A7RKA8A9A:~ A;RKA<$BBalance at December 31, 2015BB B?BBB B?BB B  B ?B B B B?BBB B?BBB B?BBB B?BBB B?B B!B"~ B#*yOB$B%B& B'?B(B)B*~ B+B,B-B.~ B/zB0B1B2~ B3ZB4B5B6~ B7N&B8B9B:~ B;B<CD$E____________________________1F)Created by Morningstar Document Research.0G(http://documentresearch.morningstar.com/U =PF0*8X> @z/GG<FF<EE<    "# &' *+ ./ 23 67 :;        "# &' *+ ./ 23 67 :;         :;     "' *+ :;"; l  J'$v(  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } 8} $ }  } $ }  }  $ } } $ J                                 !Akebia Therapeutics, Inc. 10-K 03/14/2016-%Consolidated Statements of Cash FlowsYear ended December 31,  ~ ~  ~ z  ~ v  Operating activities:            Net loss~ RK  ~ Z  ~ F2 0 (Adjustments to reconcile net loss to net           * "cash used in operating activities:0(Gain on extinguishment of debt and other ? ? ~  2  liabilitiesDepreciation expense~ ~  ~   +#Amortization of debt issuance costs ? ? ~  " 7/Amortization of premium/discount on investments~ ~ 2 ~    ( Stock-based compensation expense~ I~ ] ~  r 4,Changes in operating assets and liabilities:   1)Prepaid expenses and other current assets~ ^~ J ~    Other assets~ ~ 6 ~   Accounts payable~ ~ n ~   Accrued expenses~ H~  + ~   Other liabilities~ ~ r   ? -%Net cash used in operating activities~ &~ R ~  N Investing activities:   Purchase of equipment~ ~ n ~   -%Proceeds from maturities of available~ v~  ~   for sale securities2*Purchases of available for sale securities~ &J~ A ~  . DAlxl`T%n7x0) ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? - %Net cash used in investing activities ~ "*   ~    ~ ~M !Financing activities:!!!!!!!!! ! ! 0"(Proceeds from the issuance of redeemable" "?""" "?""" ~ " q" (# convertible preferred stock, net$ of issuance costs1%)Proceeds from the issuance of 2012 Series% %?%%% %?%%% ~ % #% *&"X preferred stock, net of issuance' costs3(+Proceeds from the issuance of common stock,(~ ( (((~ ("^((( ~ ( ( )net of issuance costs2**Proceeds from sale of stock under employee*~ *r*** *?***  * ?* +stock purchase plan3,+Proceeds from the exercise of stock options,~ , ,,, ,?,,,  , ?, $-Repurchase of treasury stock- -?---~ -z---  - ?- -.%Payments received on promissory notes. .?...~ ....  . ?. (/ issued in exchange for shares of0 common stock-1%Payments on capital lease obligations1~ 1111~ 1111  1 ?1 12)Net cash provided by financing activities2~ 2V222~ 2B_222 ~ 2 n2 -3%Increase in cash and cash equivalents3~ 3 333~ 3333 ~ 3 13 .4&Cash and cash equivalents at beginning4~ 42444~ 4~K444 ~ 4 4 5 of period26*Cash and cash equivalents at end of period~ 6 66~ 6266~ 6 ~K6 &7Non-cash financing activities:777777777 7 7 38+Conversion of series A, series B and series 8$?88~ 888 8 $?8 %9C preferred stock into common: stock2;*Accretion of preferred stock to redemption ;$?;;~ ;M;;~ ; :i;  <value/='Unpaid initial public offering issuance =$?== =$?==~ = f =  >costs'?Unpaid follow-on offering costs~ ??? ?$??? ? $?? D&lEkk7{fVB@ A B C D E F G H I +@#Assets acquired under capital lease~ @2@@ @$?@@~ @ 2@ 3A+Reclassification of 2012 Series X preferred A$?AA A$?AA~ A &A $Bstock from debt to preferredC stock3D+Conversion of 2012 Series X preferred stock D$?DD D$?DD~ D BMD %Einto Series C preferred stockF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/k=PF0*8X> @"II HH GG DDDDDD AAAAAA @@@@@@ ?????? ====== ;;;;;; 888888 666666      l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016Property and Equipment Useful Life~ ~~ z      (in thousands) ' Computer equipment and software ~  ~   ~   Furniture and fixtures ~   ~    ~    Equipment ~   ~    ~   Leasehold improvements  Shorter of the  ~    ~ n useful life or remaining lease term (3 years),$Office equipment under capital lease~ ~ b~  2 ~  ~   %Less accumulated depreciation~ ~  6 "Net property and equipment~ r~ J $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {oca"h2=PF0*8X> @R         l  U  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016( 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  xd  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016( 3. Available for sale securitiesDue in one year or less~ b Due after one year  ~  + #Total available for sale securities ~ i   $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$~,}qeYk_S+=PF0*8X> @*   l  |  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016( 3. Available for sale securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)  December 31, 2014                ! Cash and cash equivalents ~ 2   $?   $?  ~ 2 &Available for sale securities:     Certificates of deposit~  ?    ?  ~ 'U.S. Government debt securities~ 2X~   ~    ~ WCommercial paper~ ' ?    ?  ~ '!Corporate debt securities~ zU~   ~    ~ U+#Total available for sale securities~ ~  ~    ~ 3+Total cash, cash equivalents, and available~ ~  ~    ~ ڥfor sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 }qeY @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20161)87 4. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  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/0K th\PM< =PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20161)87 4. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  Assets:                ! Cash and cash equivalents ~ 2   $?   $?  ~ 2  Certificates of deposit   ?   ~     ?   ~  'U.S. Government debt securities ?~ W    ?  ~ WCommercial paper ?~ '    ?  ~ '!Corporate debt securities ?~ U    ?  ~ U~ 2~    $?  ~ ڥ$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2A th\PM<4(=PF0*8X> @         l  q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20165. Accrued Expenses December 31,  ~ ~  ~ z    (in thousands)  Accrued clinical ~ F  ~ R!   Accrued bonus  ~  "   ~   Professional fees  ~     ~ " Accrued payroll~ ~ VAccrued vacation~ ~ Accrued severance ?~  Other~ Z~ Total accrued expenses~ N~ L$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4~rf*,./F=PF0*8X> @b       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016+#Shares Reserved for Future Issuance December 31,  ~ ~  ~ z (  Unvested restricted common stock  ~ 2:    ~  2 *Common stock options and RSU's outstanding  ~ F,   ~ *)] / 'Shares available for issuance under the  ~ 2}P   ~ ^   2014 Plan (1)/'Shares available for issuance under the~ ~  ESPP Total~ f~ F$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0znbV2QA=PF0*8X> @2   l  %  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future IssuStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 Stock OptionsYear ended December 31,  ~ ~  ~ z  Risk-free interest rate   1.44% - 1.95%    1.63% - 2.06%  Dividend yield   0.00%    0.00%   Volatility  62.47% - 81.25%   67.97% - 77.00%  Expected term (years)   5.51 - 6.25   @ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Whxl%HH=PF0*8X> @b          l  y  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsRestricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 Stock OptionsShares'Weighted-Average Exercise Price  Weighted-Average  !Aggregate Intrinsic Value           Contractual Life            (in years)  Outstanding,  ~ 6)]   HzG@      ~ .W   December 31, 2014 Granted  ~ ʌ<   Q#@          Exercised~ :333333?     ~ N| Forfeited~ zQQ)@     ~ Expired/cancelled ?      Outstanding,~ Gz"@   ffffff @  ~ v  December 31, 2015Options exercisable,~ "F%@   Q@  ~ R W December 31, 2015Expected to vest,~ bwQk#@   Q!@  ~ _ December 31, 2015$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:[ xl`v;kKsS~^R*=PF0*8X> @      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016Restricted StockSharesWeighted-Average Grant       Date Fair Value+ #Unvested balance, December 31, 2014  ~    Hz @  Granted  ~       Vested  ~    = ףp!@   Forfeited  ~    \(!@ &Outstanding, December 31, 2015~ 2: zG@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|ui (1%=PF0*8X> @R      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016Restricted Stock UnitsSharesWeighted-Average Grant       Date Fair Value+ #Unvested balance, December 31, 2014  ~    $-  Granted  ~    L&@  Vested  ~    $-   Forfeited  ~    L&@ &Outstanding, December 31, 2015~ }L&@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{oc 09-!=PF0*8X> @Z       l  9&  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016$Compensation Expense Summary    Year ended December 31,    ~ ~  ~ z     (in thousands)   Research and development ~ ~   ~ :+  " General and administrative  ~ .)   ~ 2   Total~ I~ ] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|ui].hi]Q)=PF0*8X> @Z           l  /8  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense Summary7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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} $ }  }  $                        !Akebia Therapeutics, Inc. 10-K 03/14/2016$Compensation Expense Summary    Year ended December 31,    ~ ~  ~ z     (in thousands)    Stock options ~ 29  ~    Restricted stock  ~ 6   ~ ?  Restricted stock units~  ? $Employee stock purchase plan~ N ?  Total~ I~ ] $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 ui].sVVJ>=PF0*8X> @Z           l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20167. Income TaxesYear ended December 31,  ~ ~  ~ z % Federal tax at statutory rate  ~  %  ~  %- %State and local tax at statutory rate  ~     @ , $Research and development tax credits   ?    333333  Equity compensation   333333     /'Other permanent differences and credits ?%Change in valuation allowanceffffffBBEffective tax rate~  %~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vj#<|M=PF0*8X> @2   l  "bb  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20167. Income Taxes December 31,  ~ ~  ~ z   (in thousands)  Deferred tax assets:         Accrued expenses ~ B  ~   Intangible assets  ~ >  ~ n  Restricted stock~ ~  Fixed assets ?~  'Non-qualified stock options (1)~ Z~ ( Research and development credits~ ~ 'Net operating loss carryforward~ r"~ ~ Other~ ~ !Total deferred tax assets~ s~  Less valuation allowance~ ~~ 63+Total deferred tax assets, net of valuation~   ? allowance!Deferred tax liabilities: Fixed assets~  ?Restricted stock ? ?&Total deferred tax liabilities~  ?Net deferred tax asset $? $?$____________________________D| lvj.$Gd]ql8?D8 ! 1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!        l  x  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016( 8. Commitments and Contingencies OperatingCapital       Lease   Lease   Total    (in thousands) ~  ~ j'  ~ "  ~ ' ~   ~ 0   ~    ~ 0 ~   ~ 0   ~    ~ 0 ~ ~ 0 ?  ~  0 ~ ~ 0 ?  ~  0  Thereafter~ ^ ?  ~  ^  Total~ ~ : ~   )!Less amount representing interest ?    /'Present value of minimum lease payments~ :     at December 31, 2015$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6r }qeY>8GA3=PF0*8X> @z          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016!97 10. Net Loss per Share   Year ended December 31,   ~ ~  ~ z   + #(in thousands, except share and per     share data)  Numerator:        Net loss~ RK~ Z$Accretion on preferred stock ?~ 62*Net loss applicable to common stockholders~ RK~ o Denominator:2*Weighted-average number of common shares ?~ ʌO~ T basic and diluted/'Net loss per share applicable to commonRQGz +# stockholders ? basic and diluted$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:xl`0>9,H=PF0*8X> @r      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016!97 10. Net Loss per ShareYear ended December 31,  ~ ~  ~ z ! Outstanding stock options  ~    ~ *)] ! Unvested restricted stock  ~ 2:    ~  ' Unvested restricted stock units  ~ }    ?  Total  ~ f   ~ .v $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*yhxl`8!l=PF0*8X> @2   l  %gݹ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1)103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016)!11. Quarterly Results (unaudited)Three Months Ended    March 31,   June 30,    September 30,    December 31,   ~ ~  ~ ~  ~ ~  ~ ~   - %(in thousands, except per share data)     (unaudited)  Operating expenses ~ B  ~ &  ~ z3  ~ J9 Loss from operations~ U~ U ~    ~ #Other income (expense), net~ &~ " ~  .  ~ Net loss~ X~ X ~    ~ /'Net loss per share applicable to common(\ٿ  (\  Q)! stockholders?basic and diluted          Three Months Ended March 31,June 30,   September 30,   December 31,~ z~ z ~  z  ~ z-%(in thousands, except per share data) (unaudited)Operating expenses~ ֚~ z ~  •  ~ Loss from operations~ .e~  ~  Bj  ~ FZ#Other income (expense), net~ R~ z ~    ~ Net loss~ ~h~  ~  m  ~ ]/'Net loss per share applicable to common(\E(\ؿ  Gz޿  p= ףDl|pdXPWfCh\/cU[. !"#$ )!! stockholders?basic and diluted$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/.P=PF0*8X> @ A$$##""                       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016103 SIGNATURES!AKEBIA THERAPEUTICS, INC.     By:  /s/ John P. Butler Date: March 14, 2016       John P. Butler      - %Chief Executive Officer and President      % (Principal Executive Officer) By:/s/ Jason A. AmelloDate: March 14, 2016Jason A. Amello.&Senior Vice President, Chief Financial2*Officer and Treasurer (Principal Financialand Accounting Officer)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6wk:Oex =PF0*8X> @" l  (   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016103 SIGNATURESDate: March 14, 2016 By:/s/ Muneer Satter        Muneer Satter       Chairman     By:  /s/ Anupam Dalal Date: March 14, 2016        Anupam DalalDirector By:/s/ Duane NashDate: March 14, 2016 Duane NashDirector By:/s/ Michael WyzgaDate: March 14, 2016 Michael WyzgaDirector By:/s/ Maxine GowenDate: March 14, 2016 Maxine GowenDirector By:/s/ Michael ClaymanDate: March 14, 2016Michael ClaymanDirector By:/s/ Ronald RenaudD lwk2Kj H(k(; !"#$%&' Date: March 14, 2016!!!!!!! Ronald Renaud"""""""Director#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/&# =PF0*8X> @''&&%% l   6,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016104 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! lthD:{(]9;5 !"#$%&'()*+,-./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)BBB C10.4*C2C*Second Amendment to Office Lease AgreementDD0D(Between Jamestown Premier 245 First, LLCEE5E-and Akebia Therapeutics, Inc., dated NovemberFFF23, 2015GGGH%@H4H,Amended and Restated Administrative ServicesII/I'Agreement, between Akebia Therapeutics,JJ1J)Inc. and Aerpio Therapeutics, Inc., datedKK2K*August 27, 2012 (incorporated by referenceLL5L-to exhibit 10.3 to the Company?s RegistrationMM1M)Statement on Form S-1 (333-193969), filedNNNon February 14, 2014)OOOP333333%@P2P*Administrative Services Agreement, betweenQQ:Q2Akebia Therapeutics, Inc. and Aerpio Therapeutics,RR2R*Inc., dated November 1, 2012 (incorporatedSS5S-by reference to exhibit 10.4 to the Company?sTT8T0Registration Statement on Form S-1 (333-193969),UU#Ufiled on February 14, 2014)VVV W10.7?W2W*Amended and Restated 2008 Equity IncentiveXX2X*Plan (incorporated by reference to exhibitYY4Y,10.5 to the Company?s Registration StatementZZ3Z+on Form S-1 (333-193969), filed on February[[[ 14, 2014)\\\ ]10.8?]/]'Amendment No. 1 to Amended and Restated^^0^(2008 Equity Incentive Plan (incorporated__5_-by reference to exhibit 10.6 to the Company?sD l\ l@{.B ;H DxT`abcdefghijklmnopqrstuvwxyz{|}~``8`0Registration Statement on Form S-1 (333-193969),aa#afiled on February 14, 2014)bbb c10.9?c0c(Executive Employment Agreement with Johndd9d1P. Butler, dated September 16, 2013 (incorporatedee5e-by reference to exhibit 10.7 to the Company?sff8f0Registration Statement on Form S-1 (333-193969),gg#gfiled on February 14, 2014)hhhi10.10?i1i)Executive Employment Agreement with Jasonjj9j1A. Amello, dated September 23, 2013 (incorporatedkk5k-by reference to exhibit 10.8 to the Company?sll8l0Registration Statement on Form S-1 (333-193969),mm#mfiled on February 14, 2014)nnno10.11?o7o/Offer Letter to Nicole R. Hadas, dated Novemberpp.p&13, 2013 (incorporated by reference toqq2q*exhibit 10.9 to the Company?s Registrationrr1r)Statement on Form S-1 (333-193969), filedssson February 14, 2014)tttu10.12?u/u'Executive Employment Agreement with Dr.vv:v2Robert Shalwitz, dated April 6, 2011 (incorporatedww6w.by reference to exhibit 10.10 to the Company?sxx8x0Registration Statement on Form S-1 (333-193969),yy#yfiled on February 14, 2014)zzz{10.13?{6{.Separation Agreement with Dr. Robert Shalwitz,||7|/dated August 5, 2014 (incorporated by reference}}2}*to exhibit 10.1 to the Company?s Quarterly~~2~*Report on Form 10-Q, filed on November 10,~ zDM lmIRHNHtPWH$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/ P=PF0*8X> @ l   1<HRU  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y } $ } ? 10.17? . &Forgiveness and Release Agreement with!!>!6Robert Shalwitz, dated January 30, 2014, (incorporated""6".by reference to exhibit 10.22 to the Company?s##8#0Registration Statement on Form S-1 (333-193969),$$#$filed on February 14, 2014)%%%&10.18?&/&'Offer Letter with Bradley Maroni, M.D.,''6'.dated July 21, 2014 (incorporated by reference((2(*to exhibit 10.17 to the Company?s 10-K for))3)+the year ending December 31, 2014 and filed***on March 4, 2015)+++,10.19?,4,,Form of Non-Statutory Stock Option Agreement--/-'for officers (incorporated by reference..6..to exhibit 10.24 to the Company?s Registration//-/%Statement on Form S-1/A (333-193969),000filed on March 4, 2014)111210.20?242,Form of Non-Statutory Stock Option Agreement3303(for non-employee directors (incorporated4464.by reference to exhibit 10.25 to the Company?s55:52Registration Statement on Form S-1/A (333-193969),666filed on March 4, 2014)777810.21?828*Non-Employee Director Compensation Program99-9%(incorporated by reference to exhibit::5:-10.26 to the Company?s Registration Statement;;2;*on Form S-1/A (333-193969), filed on March<<<4, 2014)===>10.22?>->%Form of Executive Severance Agreement??/?'for officers (incorporated by referenceD6 lVqM\ ^x=w%p4@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@6@.to exhibit 10.27 to the Company?s RegistrationAA-A%Statement on Form S-1/A (333-193969),BBBfiled on March 4, 2014)CCCD10.23?D6D.2014 Incentive Plan (incorporated by referenceEE6E.to exhibit 10.29 to the Company?s RegistrationFF-F%Statement on Form S-1/A (333-193969),GGGfiled on March 4, 2014)HHHI10.24?I7I/2014 Employee Stock Purchase Plan (incorporatedJJ6J.by reference to exhibit 10.30 to the Company?sKK:K2Registration Statement on Form S-1/A (333-193969),LLLfiled on March 4, 2014)MMMN10.25?N6N.Cash Incentive Plan (incorporated by referenceOO6O.to exhibit 10.31 to the Company?s RegistrationPP-P%Statement on Form S-1/A (333-193969),QQQfiled on March 4, 2014)RRRS10.26#S0S(Master Services Agreement by and betweenTT3T+Evonik Corporation and Akebia Therapeutics,UU3U+Inc., dated February 28, 2014 (incorporatedVV6V.by reference to exhibit 10.32 to the Company?sWW:W2Registration Statement on Form S-1/A (333-193969),XXXfiled on March 4, 2014)YYYZ10.27?Z5Z-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)_10.28#_1_)Master Services Agreement, between AkebiaDI le*\[ xTa&aj/ i`abcdefghijklmnopqrstuvwxyz{|}~``0`(Therapeutics, Inc., and Quintiles, Inc.,aa1a)dated as of June 8, 2015 (incorporated bybb2b*reference to exhibit 10.1 to the Company?scc/c'Quarterly Report on Form 10-Q, filed ondddAugust 11, 2015)eeef10.29#*f/f'Collaboration Agreement, between Akebiagg0g(Therapeutics, Inc. and Mitsubishi Tanabehh.h&Pharma Corporation, dated December 11,ii~ i~jjj k21.1*kkList of Subsidiarieslll m23.1*m$mConsent of Ernst & Young LLPnnn o31.1*o,o$Certification of Principal Executivepp-p%Officer Required Under Rule 13a-14(a)qq/q'of the Securities Exchange Act of 1934,rrr as amendedsss t31.2*t,t$Certification of Principal Financialuu-u%Officer Required Under Rule 13a-14(a)vv/v'of the Securities Exchange Act of 1934,www as amendedxxx y32.1*y,y$Certification of Principal Executivezz/z'Officer and Principal Financial Officer{{7{/Required Under Rule 13a-14(b) of the Securities||0|(Exchange Act of 1934, as amended, and 18}}} U.S.C. 1350~~~fffffX@4,Press Release issued by Akebia Therapeutics,DL lgv$hDz-kGf8|)3+Inc. on March 10, 2016 (furnished herewith)101.INS*XBRL Instance Document101.SCH*/'XBRL Taxonomy Extension Schema Document$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/K'p=PF0*8X> @ l  ~f  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } y } $ } U5      !Akebia Therapeutics, Inc. 10-K 03/14/2016104 EXHIBIT INDEX Exhibit  Description of Exhibit Number 101.CAL* 4 ,XBRL Taxonomy Extension Calculation Linkbase   Document   101.DEF*3+XBRL Taxonomy Extension Definition LinkbaseDocument101.LAB*/'XBRL Taxonomy Extension Labels LinkbaseDocument101.PRE*,$XBRL Taxonomy Extension PresentationLinkbase Document$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:KthDmIO#znb:=PF0*8X> @ l  $oyz  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20162. Demise of Space A Period Annual Base Rent Monthly Per    Base Rent Rentable    Square    Foot! Space A Rent Commencement  $239,148.00*~ f7~ : Date through1/31/172/1/17 ? 1/31/18~  @~ >2/1/18 ? 1/31/19~ ~ b?~ B2/1/19 ? 1/31/20~ j(5@~ F2/1/20 ? 1/31/21~ RX~ ^G~ J2/1/21 ? 1/31/22~ :@~ N2/1/22 ? 1/31/23~ "~ ZO~ R2/1/23 ? 1/31/24~  `5@~ V2/1/24 ? 1/31/25~ ~ VW~ Z2/1/25 ? 1/31/26~ G @~ ^2/1/26 ? $269,808.00*~ R_~ bExtended Termination Date *AnnualizedDNl}qe5n:l&Lv,y !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @##""!! l  $|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20162. Demise of Space A Period Annual Base Rent Monthly Per    Base Rent Rentable    Square    Foot! Space B Rent Commencement $1,305,642.00* 8@~ : Date through1/31/172/1/17 ? 1/31/18~ 6PQf@~ >2/1/18 ? 1/31/19~ »Q{G>@~ B2/1/19 ? 1/31/20~ NRĕ@~ F2/1/20 ? 1/31/21~ SQ@~ J2/1/21 ? 1/31/22~ fT{G!D@~ N2/1/22 ? 1/31/23~ U~ &~ R2/1/23 ? 1/31/24~ ~VQ~@~ V2/1/24 ? 1/31/25~  W{GI@~ Z2/1/25 ? 1/31/26~ Xܠ@~ ^2/1/26 -$1,473,032.00*Q @~ bExtended Termination Date *AnnualizedDfl}qe5n:f>da !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @##""!! l  !l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20162. Demise of Space A Period Annual Base Rent Monthly Per    Base Rent Rentable    Square    Foot! Space C Rent Commencement  $267,336.00*~ \~ > Date through1/31/182/1/18 ? 1/31/19~ ~ `~ B2/1/19 ? 1/31/20~ ~ d~ F2/1/20 ? 1/31/21~ ~ Ri~ J2/1/21 ? 1/31/22~ $~ m~ N2/1/22 ? 1/31/23~ Y~ "r~ R2/1/23 ? 1/31/24~ b~ v~ V2/1/24 ? 1/31/25~ B~ z~ Z2/1/25 ? 1/31/26~ "~ Z~ ^2/1/26 - Extended $297,792.00*~ ƒ~ bTermination Date *Annualized$____________________________1)Created by Morningstar Document Research.DIl}qe5n:p*X3 0 (http://documentresearch.morningstar.com/H=PF0*8X> @  l  "մ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/20162. Demise of Space A Period  Annual Base Monthly Per  Rent  Base Rent Rentable    Square    Foot 1/1/17 ? 4/30/17 $-0- $-0- $-0-5/1/17 ? 1/31/18$1,281,538.00*{G@~ >2/1/18 ? 1/31/19~ 5OQ*g@~ B2/1/19 ? 1/31/20~ 2P@~ F2/1/20 ? 1/31/21~ r0Q{G%@~ J2/1/21 ? 1/31/22~ -RQd@~ N2/1/22 ? 1/31/23~ b+S~ J~ R2/1/23 ? 1/31/24~ (T{G @~ V2/1/24 ? 1/31/25~ R&UQb@~ Z2/1/25 - 1/31/26~ #V@~ ^2/1/26 through$1,427,536.00*{G @~ bExtended Termination Date *Annualized$____________________________Dml}qe5o;Oq+MSG !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l  U  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016$B. Terms for Offering Space.  LANDLORD: ) !JAMESTOWN PREMIER 245 FIRST, LLC,, $a Delaware limited liability company  By: Name:/s/ Shegun HolderTitle:Authorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0Qui]9$N=PF0*8X> @2    l  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 Akebia Therapeutics IncConsolidated Balance Sheets!Consolidated Statements of OperConsolidated Statements (1)Consolidated Statements (2)Property and Equipment!3 Available for sale securities3 Available for sale (1)3 Available for sale (2)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering Space!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } } y#      !Akebia Therapeutics, Inc. 10-K 03/14/2016$B. Terms for Offering Space. TENANT: " AKEBIA THERAPEUTICS, INC., a Delaware corporation  By: Name:/s/ John P. ButlerTitle:President and CEO By: Name:/s/ Jason A. AmelloTitle:%Senior Vice President and CFO$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8Vui]9&d)[OC=PF0*8X> @2    l  "qJ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)No further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016kc12. EACH OF TENANT, ADMINISTRATIVE AGENT AND LANDLORD HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL B# If to Administrative Agent:) !Capital One, National Association " 90 Park Avenue, 4 th Floor  New York, New York 10016 , $Attn: Commercial Real Estate Banking  With a copy ofMorrison & Foerster LLP*"Administrative Agent?s notices to:#1290 Avenue of the Americas New York, New York 10104"Attn: Jeffrey Temple, Esq. If to Tenant:!Akebia Therapeutics, Inc.$245 First Street, Suite 1100Cambridge, MA 02142Attn: John ButlerWith a copy ofDavid L. WienerTenant?s notices to:Anderson & Kreiger LLP"One Canal Place, Suite 200Cambridge, MA 02141$____________________________Dl:."xH b2vK" a6 !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016$[No further text this page.]! AKEBIA THERAPEUTICS, INC.  By:  /s/ John P. Butler   Name:    Title: President and CEO By:/s/ Jason A. Amello Name:Title:%Senior Vice President and CFO$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2 ui]-GUI==PF0*8X> @2   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016%COMMONWEALTH OF MASSACHUSETTS /s/ Yolanda Baez Garcia(  Notary Public Signature and Seal  Print Name: Yolanda Baez Garcia My commission expires:  July 9, 2021 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tth\8yma9=PF0*8X> @:     l  2  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016%COMMONWEALTH OF MASSACHUSETTS /s/ Yolanda Baez Garcia(  Notary Public Signature and Seal  Print Name: Yolanda Baez Garcia My commission expires:  July 9, 2021 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tth\8yma9=PF0*8X> @:     l  h"  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016%COMMONWEALTH OF MASSACHUSETTS ADMINISTRATIVE AGENT:  CAPITAL ONE, NATIONAL- %ASSOCIATION , as administrative agent  By:/s/ Tina M. Morgan-Aziz Name:Tina M. Morgan-AzizTitle:Vice President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0th\, c=PF0*8X> @:    l  0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016STATE OF NEW YORK /s/ Joanne B. Smith(  Notary Public Signature and Seal  Print Name: Joanne B. Smith My commission expires:  7/26/2016 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TthD%xP=PF0*8X> @:     l  _?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORK COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016STATE OF NEW YORK, $JAMESTOWN PREMIER 245 FIRST, LLC , a* "Delaware limited liability company  By:  /s/ Shegun Holder   Name: Title:Authorized Signatory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,"|th8a =PF0*8X> @2    l  M  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1)TABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 COUNTY OF NY /s/ Kimberly Ann Goodger(  Notary Public Signature and Seal  Print Name: Kimberly Ann Goodger My commission expires: 3/28/19 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(TymI%uM=PF0*8X> @:     l  :d"p  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NY CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016TABLE OF CONTENTS  Page ARTICLE I. DEFINITIONS ~          Section 1.01   ?Affiliate? ~    Section 1.02  ?Akebia Inventions? ~  Section 1.03?Akebia Know-How?~   Section 1.04?Akebia Patents?~   Section 1.05!?Akebia Reserved Dispute?~   Section 1.06?Akebia Technology?~   Section 1.07?Akebia Trademark?~   Section 1.08 ?API?~   Section 1.09?Business Day?~   Section 1.10.&?Commercialization? or ?Commercialize?~   Section 1.11 ?Commercialization Plan?~   Section 1.12)!?Commercially Reasonable Efforts?~   Section 1.13"?Confidential Information?~  Section 1.14 ?Controlled?~  Section 1.15&?Cost of Goods Sold? or ?COGS?~  Section 1.16?DD-CKD Indication?~  Section 1.17 ?Development?~  Section 1.18?Development Plan?~  Section 1.19 ?Distributor?~  Section 1.20?Dollars? or ?$?~ D: lth OzNnCw !"#$%&'()*+,-./0123456789   Section 1.21  ?FDA? ~ !! Section 1.22!! ?FD&C Act?!~ !"" Section 1.23""?Field?"~ "## Section 1.24##?First Commercial Sale?#~ #$$ Section 1.25$%$?Global Phase 3 DD-CKD Study?$~ $%% Section 1.26%&%?Global Phase 3 NDD-CKD Study?%~ %&& Section 1.27& &?Global Phase 3 Program?&~ &'' Section 1.28'*'"?Good Clinical Practices? or ?GCP?'~ '(( Section 1.29(,($?Good Laboratory Practices? or ?GLP?(~ ()) Section 1.30)/)'?Good Manufacturing Practices? or ?GMP?)~ )** Section 1.31** ?HIF Product?*~ *++ Section 1.32++?Improvements?+~ +,, Section 1.33, ,?IND?,~ ,-- Section 1.34--?Invention(s)?-~ -.. Section 1.35..?Joint Inventions?.~ .// Section 1.36//?Joint Patents?/~ /00 Section 1.3700?Joint Technology?0~ 011 Section 1.3811 ?Know-How?1~ 122 Section 1.3922 ?Launch Plan?2~ 233 Section 1.4033?Licensee Inventions?3~ 344 Section 1.4144?Licensee Know-How?4~ 456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8L E{&4T1d9eYM%=PF0*8X> @*998877   l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1)CONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $ } <} $ } U5} $ }  =     !Akebia Therapeutics, Inc. 10-K 03/14/2016 CONFIDENTIAL   Section 1.42  ?Licensee Patents? ~    Section 1.43 # ?Licensee Reserved Dispute? ~    Section 1.44  ?Licensee Technology? ~    Section 1.45  ?Licensee Trademark? ~    Section 1.46  ?Licensed Compound? ~  Section 1.47?Licensed Product?~  Section 1.48?Medical Affairs?~  Section 1.49?MHLW?~  Section 1.50 ?NDA?~  Section 1.51?NDD-CKD Indication?~  Section 1.52 ?Net Sales?~  Section 1.53 ?Patents?~ " Section 1.54?Phase 1 Trial?~ " Section 1.55?Phase 2 Trial?~ " Section 1.56?Phase 3 Trial?~ " Section 1.57?PMDA?~ " Section 1.58?Regulatory Approval?~ " Section 1.59?Regulatory Authority?~ " Section 1.60?Regulatory Filings?~ & Section 1.61 ?Reimbursement Approval?~ & Section 1.62( ?Safety Data Exchange Agreement?~ & Section 1.63?sNDA?~ & Section 1.64 ?Territory?~ &D lym%Lw?^/h$ !"#$%&'()*+,-./0123456789:;<   Section 1.65   ?Third Party? ~ &!! Section 1.66!!?U.S.?!~ !&"" Section 1.67"" ?Valid Claim?"~ "&## Section 1.68##Interpretation#~ #.$$$$$$%ARTICLE II. LICENSES%~ %2&&&&&&'' Section 2.01''Grant of License'~ '2(( Section 2.02("(Rights to Grant Sublicense(~ (2)) Section 2.03)+)#No Other Rights and Retained Rights)~ )2** Section 2.04**Knowledge Transfer*~ *6++++++,ARTICLE III. GOVERNANCE,~ ,6------.. Section 3.01.$.Formation and Purpose of JSC.~ .6// Section 3.02// Membership/~ /600 Section 3.0300Meetings0~ 0611 Section 3.04121*Decision Making and JSC Dispute Resolution1~ 1:22 Section 3.0522Meeting Agendas2~ 2:33 Section 3.0633Additional Committees3~ 3:44 Section 3.07444,Interactions Between Committees and Internal4~ 4:555 5Teams66 Section 3.086,6$Specific Responsibilities of the JSC6~ 6:77 Section 3.0977Alliance Managers7~ 7>89$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/> 0Az2Jat,Z|*{=PF0*8X> @*<<;;::,,%% l  >  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 CONFIDENTIAL       ARTICLE IV. DEVELOPMENT ~ B         Section 4.01 $ Development in the Territory ~ B   Section 4.02  Development Plan ~ B Section 4.03Development Reports~ B Section 4.04Standards of Conduct~ F Section 4.05Developmental Efforts~ F Section 4.06Records~ F Section 4.07Medical Affairs~ FARTICLE V. REGULATORY~ F Section 5.01Regulatory Filings~ F%ARTICLE VI. COMMERCIALIZATION~ J Section 6.01General~ J Section 6.02!Commercialization Reports~ N Section 6.03!Commercialization Efforts~ N Section 6.04Standards of Conduct~ N Section 6.053+Trademarks and International Nonproprietary~ N NameD` lym%XB8Mz? !"#$%&'()*+,-./0123456789:;<=      -!%ARTICLE VII. MANUFACTURING AND SUPPLY!~ !R""""""## Section 7.01#3#+Manufacture and Supply of Licensed Products#~ #R$$ Section 7.02$$ Supply Price$~ $R%% Section 7.03%%Labeling%~ %R&&&&&&'ARTICLE VIII. PAYMENTS'~ 'V(((((()) Section 8.01))Upfront License Fee)~ )V** Section 8.02**Development Costs*~ *V++ Section 8.03++Milestone Payments+~ +Z,, Section 8.04,, Royalties,~ ,^-- Section 8.05-$-Royalty Payments and Reports-~ -b.. Section 8.06.. Accounting.~ .b// Section 8.07//Currency Conversion/~ /f00 Section 8.0800Methods of Payment0~ 0f11 Section 8.091 1Taxes1~ 1f22 Section 8.1022 Late Payments2~ 2j333333-4%ARTICLE IX. OWNERSHIP OF INTELLECTUAL4~ 4j5PROPERTY66666677 Section 9.017$7Akebia Intellectual Property7~ 7j88 Section 9.028&8Licensee Intellectual Property8~ 8j9:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@ Dm%B`HF y1K?3 =PF0*8X> @R ==<<;;5544''!!  l  ?N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } $ } m} $ } 2} $ } $ ?     !Akebia Therapeutics, Inc. 10-K 03/14/2016 CONFIDENTIAL   Section 9.03 ) !Joint Technology and Improvements ~ j   Section 9.04 % Prosecution of Akebia Patents ~ n   Section 9.05 0 (Prosecution of Licensee Patents Covering ~ n     Improvements   Section 9.06 $ Prosecution of Joint Patents ~ r Section 9.07Enforcement and Defense~ r Section 9.082*Defense of Third Party Infringement Claims~ v Section 9.09Patent Term Extensions~ z Section 9.10 Trademarks~ z/'ARTICLE X. INFORMATION AND ADVERSE DRUG~ zEVENTS AND REPORTS Section 10.01 Information~ z Section 10.02 Data Security~ z Section 10.03 Compliance~ z Section 10.04Adverse Drug Events~ ~0(ARTICLE XI. REPRESENTATIONS, WARRANTIES,~ ~ AND COVENANTS Section 11.01-%Mutual Representations and Warranties~ ~ Section 11.02$Additional Akebia Warranties~ D lym%;"V[44 !"#$%&'()*+,-./0123456789:;<=>   Section 11.03 & Additional Licensee Warranties ~ !! Section 11.04!! Disclaimer!~ !"" Section 11.05""Limitation of Liability"~ "######$$ARTICLE XII. CONFIDENTIALITY$~ $%%%%%%&& Section 12.01&& Generally&~ &'' Section 12.02'' Exceptions'~ '(( Section 12.03(( Publicity(~ ()) Section 12.04)) Publications)~ )** Section 12.05**Injunctive Relief*~ *++++++%,ARTICLE XIII. INDEMNIFICATION,~ ,------.. Section 13.01.!.Indemnification by Akebia.~ .// Section 13.02/#/Indemnification by Licensee/~ /00 Section 13.0300 Procedure0~ 011 Section 13.0411 Insurance1~ 1222222)3!ARTICLE XIV. TERM AND TERMINATION3~ 344444455 Section 14.015 5Term5~ 566 Section 14.0266Termination for Breach6~ 677 Section 14.037#7Termination for Convenience7~ 788 Section 14.048"8Termination for Bankruptcy8~ 899 Section 14.059'9Effect of Termination by Akebia9~ 9:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/B X*t2)fs+IAWxyQ=PF0*8X> @R >>==<<33,,$$ l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 CONFIDENTIAL   Section 14.06 ) !Effect of Termination by Licensee ~    Section 14.07  Survival; Accrued Rights ~       1 )ARTICLE XV. DISPUTE RESOLUTION; GOVERNING ~  LAW Section 15.01$Executive Officers; Disputes~  Section 15.02 Arbitration~  Section 15.03 Choice of Law~ "ARTICLE XVI. MISCELLANEOUS~  Section 16.01 Assignment~  Section 16.02 Standstill~  Section 16.03Non-Competition~  Section 16.04 Additional Collaboration~  Section 16.05 Force Majeure~  Section 16.06Entire Agreement~  Section 16.07 Severability~  Section 16.08Notices~  Section 16.09Further Assurances~  Section 16.10Agency~  Section 16.11 No Waiver~ D lym%>P{GL$ !"#$%&'   Section 16.12  No Strict Construction ~ !! Section 16.13!!Cumulative Remedies!~ !"" Section 16.14"" Counterparts"~ "#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/)=PF0*8X> @2''&&%%   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016iaSection 1.67 Valid Claim means a claim in any Akebia Patent in the Territory, which claim has not Additional Defined TermsSection  Agreement  Preamble Alliance Manager  Q@ Akebia  Preamble Akebia Indemnitees   ףp= *@# Akebia Regulatory Documents  5.01(b)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*sh<0$f4r=PF0*8X> @ l  ;x  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016kc9 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request. A Additional Defined TermsSection Arbitration Request  15.02(a) Bankruptcy Code  Gz,@ Bankrupt Party  Gz,@ Breaching Party   ףp= ,@ Bundled Product  1.52(h) Clinical Data5.01(b) CMC5.01(b)Combination Product1.52(h)Competing ProductHz0@$Development Cost Pre-Payment8.02(e)Developing PartyGz@Effective DatePreamble EMAq= ףp?Event of BankruptcyGz,@ FCPA 11.03(b)(i)Form 3Q @Form 17Q @ Form 6166Q @Generic Product8.04(d)Government Official 11.03(a)(i) [***] [***] HIF(\? ICH(\$@Dl:."[#xJ PyIi; !"#$%&'()*+,-./0123456789:  Information  Q$@!Indemnified Party!!(\*@"Indemnifying Party""(\*@#Joint Publication Plan##Gz(@ $JPC$$(\$@ %JSC%%Gz@&Lead Co-Chairperson&&)\(@'Licensed Rights''2.01(ii)(Licensee((Preamble)Licensee Indemnitees))Q*@%*Licensee Regulatory Documents**5.01(b) +[***]+ +[***],Losses,,Q*@-Non-Breaching Party-- ףp= ,@.Other Covered Party.. 11.03(a)(ii)/ Other Party//Gz,@0Party or Parties00Preamble1 Party Vote11RQ@2 Recipient22 ףp= (@3 Royalty Term338.04(b)4Seller44RQ?5 Sub-Committee55{Gz@67$8____________________________19)Created by Morningstar Document Research.0:(http://documentresearch.morningstar.com/:T}BZ*u9k4(=PF0*8X> @::9988 l  k+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit haveDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016jb10 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request. Additional Defined TermsSection  Supply Price  Gz@  Tax Forms  Q @ Term  Q,@+ #Withholding Tax Avoidance Documents  Gz. @ Withholding Party  Gz. @$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*ph;/#k=u=PF0*8X> @ l  1=A  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Consolidated Statements (3)Selected Balance Sheet DataU } } 8 1     !Akebia Therapeutics, Inc. 10-K 03/14/2016Development Milestones Event)!Payment Amount (in U.S. Dollars ) [***] [***] [***] [***] [***] In the [ *** ]:     ? ? [***]?? [***]In the [ *** ]:?? [***].&In the event that Licensee determines,4,in its sole discretion, to [ *** ], Licensee7/shall pay Akebia [ *** ] of the above milestone/'payments for the [***] for the Licensed3+Product and [ *** ] of the above milestones/'for the [***] for the Licensed Product. [***]In the [ *** ]:?? [***]5-?? [***], in which case the milestone paymentshall be[***].D%l{oc%{[CJB !"#$%&'()*+,-./0  !!In the [ *** ] :""##[*** ]$$%.%&In the event that Licensee determines,&4&,in its sole discretion, to [ *** ], Licensee'7'/shall pay Akebia [ *** ] of the above milestone(/('payments for Regulatory Approval of the)5)-Licensed Product for [ *** ] and [ *** ] of*3*+the above milestone payments for Regulatory+5+-Approval of the Licensed Product for [ *** ].,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&a@q3i$\=PF0*8X> @00//.. l  P  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016Sales Milestones Event+ #Payment Amount ( in U.S. Dollars )0 (Achievement of [***] of aggregate annual [***]7 /Net Sales of Licensed Products in the Territory0 (Achievement of [***] in aggregate annual [***]7 /Net Sales of Licensed Products in the Territory0(Achievement of [***] in aggregate annual [***]7/Net Sales of Licensed Products in the Territory$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|uiQL]=PF0*8X> @ l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016Section 8.04 Royalties#Portion of Annual Net SalesRoyalty$ Less than [***] Japanese Yen [*** ] [***] Japanese Yen [*** ]' Greater than [***] Japanese Yen [*** ]  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&{@{oc)vjB=PF0*8X> @ l  n  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (2)List of 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 03/14/2016!AKEBIA THERAPEUTICS, INC. By:/s/ John P. Butler By:/s/ Jason A. Amello        Name:  John P. Butler  Name:  Jason A. Amello        Title: + #President & Chief Executive Officer  Title:  Senior Vice President,      + #Chief Financial Officer & Treasurer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*whxl`%n=PF0*8X> @ l  M}  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)List of 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 03/14/2016!AKEBIA THERAPEUTICS, INC. By:/s/ Masayuki Mitsuka    Name:  Masayuki Mitsuka    Title: + #President & Representative Director   Chief Executive Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/* hxl`%W=PF0*8X> @ l  %+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2) 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 03/14/2016List of Akebia Patents% Patent/Patent Application No. Country Title(  Filing Date and Grant/Issue Date  WO 2008002576 PCT1 )PROLYL HYDROXYLASE INHIBITORS AND METHODS  June 26, 2007   OF USE  ID P0031690  Indonesia  September 7, 2012 IN 509/DELNP/2009 India  January 21, 2009 JP 5113838 JapanOctober 19, 2012 KR 1130592 South KoreaDecember 28, 2011PH 1-2009-500030 Philippines June 27, 2013 SG 149144 SingaporeSeptember 30, 2011 WO 2012170377 PCTC;PROCESS FOR PREPARING [(3-HYDROXYPYRIDINE-2-CARBONYL)AMINO] June 5, 2012)!ALKANOIC ACIDS, ESTERS AND AMIDESIN 9697/CHENP/2013 IndiapendingJP 2014-514536 JapanpendingKR 2014-7000297 South Koreapending WO 2014200773 PCT-%COMPOSITIONS AND METHODS FOR TREATING June 4, 2014ANEMIA TW 103120661Taiwanpending WO 2015073779 PCTUMSOLID FORMS OF {[5-(3-CHLOROPHENYL)-3-HYDROXYPYRIDINE-2-CARBONYL]AMINO}ACETICNovember 14, 2014,$ACID, COMPOSITIONS, AND USES THEREOF TW 103139670TaiwanpendingDN l{oc3Do rF]Qma !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/ P=PF0*8X> @$$##"" l  Ƣ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016 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/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 14, 2016 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(QTVJ>2E =PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: March 14, 2016 By:/s/ Jason A. Amello    Jason A. Amello   . &Senior Vice President, Chief Financial    Officer and Treasurer   % (Principal Financial Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(`TVJ>2Cq=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016g_CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350Date: March 14, 2016 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: March 14, 2016 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and Treasurer%(Principal Financial Officer)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6>2&-xR=PF0*8X> @ l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of Akebia Patents Exhibit 211!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Selected Balance Sheet DataU } >} $ } } $ } }  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-K 03/14/2016-%Consolidated Statements of Operations'Three months ended December 31,  Year ended December 31,  ~ ~  ~ z  ~ ~  ~ z  Operating expenses:                 Research and development ~   ~ c  ~ "  ~ ~k " General and administrative  ~ Z   ~ A   ~ !   ~ V  Total operating expenses  ~ J9   ~    ~ &   ~ P Operating loss~ ~ FZ  ~  >  ~ 2Other income, net~ ~   ~  v   ~ *Net loss~ ~ ] ~  RK  ~ Z91Reconciliation of net loss to net loss applicable      to common stockholders:Net loss~ ~ ] ~  RK  ~ Z$Accretion on preferred stock ? ?   ?  ~ 62*Net loss applicable to common stockholders~ ~ ] ~  RK  ~ o/'Net loss per share applicable to commonQp= ף  RQ  Gz stockholders?basic and diluted0(Weighted-average number of common shares~ 9~ k  ~  ʌO  ~ Tused in net loss<4 per share applicable to common stockholders?basic*"and ____________________________>6 diluted Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dlxl`T&G>A,ca3=PF0*8X> @              l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??LAKEBIA THERAPEUTICS INCTABLE OF CONTENTS!Phase 2 Study in DialysisDependMarket Price Information!59 Equity Compensation Plan Inf59 Equity Compensation (1)59 Equity Compensation (2)!Comparison of the Years Ended D!68 Research and Development ExpComparison of the Years (1)Comparison of the Years (2) 70 Cash Flows!Contractual Obligations and Com74 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)!87 4 Fair Value of Financial In87 4 Fair Value of (1)5 Accrued Expenses!Shares Reserved for Future Issu Stock OptionsStock Options (1)Restricted StockRestricted Stock UnitsCompensation Expense SummaryCompensation Expense (1)7 Income Taxes7 Income Taxes (1)!8 Commitments and Contingencies97 10 Net Loss per Share97 10 Net Loss per (1) 11 Quarterly Results unaudited103 SIGNATURES103 SIGNATURES (1)104 EXHIBIT INDEX104 EXHIBIT IND (1)104 EXHIBIT IND (2)2 Demise of Space A2 Demise of Space (1)2 Demise of Space (2)2 Demise of Space (3)B Terms for Offering SpaceB Terms for Offering (1)!12 EACH OF TENANT ADMINISTRATIVNo further text this pageCOMMONWEALTH OF MASSACHUSETTSCOMMONWEALTH OF (1)COMMONWEALTH OF (2)STATE OF NEW YORKSTATE OF NEW YO (1) COUNTY OF NYTABLE OF CONTEN (1) CONFIDENTIALCONFIDENTIAL (1)CONFIDENTIAL (2)CONFIDENTIAL (3)!Section 167 Valid Claim means a!9 Portions of this exhibit have!10 Portions of this exhibit havDevelopment MilestonesSales MilestonesSection 804 RoyaltiesAKEBIA THERAPEUTICS (1)AKEBIA THERAPEUTICS (2)List of 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 03/14/2016#Selected Balance Sheet DataDecember 31, 2015 December 31,      ~ z0 (Cash, cash equivalents and available for ~ Zs  ~ ڥ  sale securities Working capital  ~    ~ R   Total assets  ~ r   ~ N "Total stockholders? equity~ ~ :Z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|vj^}wk_7=PF0*8X> @B    Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~