ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~8#܈ ~~<#܈ ~~4#܈ ~~3#܈ ~~7#܈ ~~"؈ ~~83ffff̙̙3f3fff3f3f33333f33 AKEBIA THERAPEUTICS INC/AKEBIA THERAPEUTICS (1)T%Table of Contents: Balance SheetXIncome Statementt Cash FlowsProperty and Equipment&4 Available for sale securities h4 Available for sale (1) 24 Available for sale (2)&5 Fair Value of Financial Instr%5 Fair Value of Financial (1)Z23 6 Accrued Expenses& Shares Reserved for Future Issu&StockBased Compensation Expense#*StockBased Compensation (1)&g<10 Commitments and ContingencieMT12 Net Loss per Share&dComparison of the Three Months &uvResearch and Development Expens&Comparison of the Six Months En$͖Research and Development (1)Cash Flows (1)64 Item 6 Exhibits3 65 SIGNATURESTABLE OF CONTEN (1)& Portions of this exhibit have &3 Portions of this exhibit have&15 Portions of this exhibit hav.TABLE OF CONTEN (2)r=PAYMENTS&H 55 Portions of this exhibit ha T 55 Portions of this (1) a 55 Portions of this (2)&p 56 Portions of this exhibit ha } 56 Portions of this (1)  56 Portions of this (2) CONFIDENTIALuTable of Conten (3)&Remainder of page intentionallyRemainder of page (1)&CERTIFICATION PURSUANT TO SECTI%mCERTIFICATION PURSUANT TO (1)%CERTIFICATION PURSUANT TO (2)&Consolidated Statements of Oper"+Selected Balance Sheet Data l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 0} $ }       !Akebia Therapeutics, Inc. 10-Q 08/08/2017!AKEBIA THERAPEUTICS, INC.Delaware 20-8756903' (State or Other Jurisdiction of  (I.R.S. Employer& Incorporation or Organization)  Identification No.)   0 (245 First Street, Suite 1100, Cambridge, ~ z! MA0((Address of Principal Executive Offices) (Zip Code)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|xl`*^l=PF0*8X> @ l  $  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCTable of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } U} $ } $} $ } } $ } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017!AKEBIA THERAPEUTICS, INC.Large accelerated filer ?Accelerated filer ?        Non-accelerated filer  ? ! Smaller reporting company  ?        Emerging growth company  ?     $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Txl` J>2 =PF0*8X> @ l  74M:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1) Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } I;} $ }  7     !Akebia Therapeutics, Inc. 10-Q 08/08/2017Table of Contents%Part I. Financial Information   1 )Item 1 ? Financial Statements (Unaudited)     - %Condensed Consolidated Balance Sheets ~ 1 )as of June 30, 2017 and December 31, 2016,$Condensed Consolidated Statements of~ -%Operations and Comprehensive Loss for4,the Three and Six Months Ended June 30, 2017and 2016,$Condensed Consolidated Statements of~ 0(Cash Flows for the Six Months Ended June30, 2017 and 20161)Notes to Condensed Consolidated Financial~  Statements5-Item 2 ? Management?s Discussion and Analysis~ r80of Financial Condition and Results of Operations91Item 3 ? Quantitative and Qualitative Disclosures~ about Market Risk( Item 4 ? Controls and Procedures~ Dlth'G_KaK't !"#$%&'()*+,-./0123456" Part II. Other Information  !!!""Item 1 ? Legal Proceedings"~ "###$Item 1A ? Risk Factors$~ $%%%8&0Item 2 ? Unregistered Sales of Equity Securities&~ &'and Use of Proceeds(((0)(Item 3 ? Defaults upon Senior Securities)~ )***(+ Item 4 ? Mine Safety Disclosures+~ +,,,"-Item 5 ? Other Information-~ -.../Item 6 ? Exhibits/~ / 0001 Signatures1~ 123$4____________________________15)Created by Morningstar Document Research.06(http://documentresearch.morningstar.com/2^:eAe%vj^6=PF0*8X> @665544 l  5OW  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of ContentsIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! 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Cash and cash equivalents~ :  ~ o  % Available for sale securities ~     ~ t Unbilled receivable ?~ ~1)Prepaid expenses and other current assets~ ~ !Total current assets~ I~ #Property and equipment, net~ -~ ( Other assets~ n~  Total assets~ ڎ~ R,$Liabilities and stockholders' equityCurrent liabilities:Accounts payable~ ~ Accrued expenses~ ~ #Short-term deferred revenue~ *~  Short-term deferred rent~  ?!Total current liabilities~ ^ ~ r-%Deferred rent, net of current portion~ )~ &0(Deferred revenue, net of current portion~ ~  %Other non-current liabilities~ b~ nTotal liabilities~ B~ */'Commitments and contingencies (Note 10)D lxl^ GOr !"#$%&'()*+,-./01234 Stockholders' equity:       6!.Preferred stock $0.00001 par value, 25,000,000! !?!!! !?!."&shares authorized at June 30, 2017 and=#5 December 31, 2016; 0 shares issued and outstanding$at June 30, 2017 and% December 31, 20165&-Common stock: $0.00001 par value; 175,000,000& &?&&& &?&*'"shares authorized at June 30, 2017;(3 and December 31, 2016; 42,490,957 and 38,615,709%)shares issued and outstanding?*7 at June 30, 2017 and December 31, 2016, respectively"+Additional paid-in capital+~ ++++~ +K+,,$Accumulated other comprehensive loss,~ , ,,,~ ,Z,-Accumulated deficit-~ ----~ -B-".Total stockholders' equity.~ .z...~ .b(.2/*Total liabilities and stockholders' equity~ /ڎ//~ /R/01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/.hHL#bcocW/=PF0*8X> @z443322////     l  "rqs  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance Sheet Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 0} $ }  } $ }  }  $ }  } $ }  } $ "     !Akebia Therapeutics, Inc. 10-Q 08/08/2017Income StatementThree Months Ended  Six Months Ended   June 30,   June 30,   ~   ~   ~   ~   Collaboration revenue ~    $?  ~    $?  Operating expenses:                 Research and development  ~    ~ v   ~ U   ~  "General and administrative~ k~ R  ~  V  ~ ʭ Total operating expenses~ ~ r5  ~  6  ~ jOperating loss~ "~   ~  r  ~ 3Other income (expense):     Interest income~  ~ :  ~  R  ~  Other income~ *~ .  ~    ~ fNet loss~ ʯ~  ~    ~ =.&Net loss per share - basic and diluted(\ffffff  (\  ffffff0(Weighted-average number of common shares~ s ~    ~  J|   ~ 1- basic and dilutedComprehensive loss:     Net loss~ ʯ~  ~    ~ =-%Other comprehensive loss - unrealized~ ~   ~     ~ loss on securitiesComprehensive loss~ ~  ~    ~ r>$____________________________Dlui2SgyYd  !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!               l  5?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome StatementProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 8} $ } I} $ } I} $ 5                                 !Akebia Therapeutics, Inc. 10-Q 08/08/2017 Cash FlowsSix months ended    June 30, 2017    June 30, 2016  Operating activities:         Net loss ~   ~ = 0 (Adjustments to reconcile net loss to net        * "cash used in operating activities:%Depreciation and amortization~ ~ :7/Amortization of premium/discount on investments~ ~ ~0(Stock-based compensation - equity awards~ F~ &1)Fair value of warrants issued for license~ V5 ?4,Changes in operating assets and liabilities:Unbilled receivable~ ~ ?1)Prepaid expenses and other current assets~ s~ Other long-term assets~  ?Accounts payable~ ~ :,Accrued expense~ ~ jcDeferred revenue~ 2z~ q Deferred rent~ ~ 0(Net cash provided by (used in) operating~ ~ >k activitiesInvesting activities:Purchase of equipment~ ~ 1)Proceeds from the maturities of available~ M~ for sale securitiesD^l{o/@LZ* _ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 1 )Purchase of available for sale securities  ~ *   ~  -!%Net cash used in investing activities!!~ !n!!!~ !!"Financing activities:""""""""3#+Proceeds from the issuance of common stock,##~ ####~ ##$net of issuance costs6%.Proceeds from the sale of stock under employee%%~ %%%%~ %%&stock purchase plan3'+Proceeds from the exercise of stock options''~ ''''~ ''-(%Payments on capital lease obligations((~ ((((~ ((1))Net cash provided by financing activities))~ ))))~ ))-*%Decrease in cash and cash equivalents**~ *8***~ **.+&Cash and cash equivalents at beginning++~ +o +++~ + +, of the period6-.Cash and cash equivalents at end of the period-~ -:--~ --%.Non-cash financing activities........'/Unpaid follow-on offering costs/~ /&//~ //01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/. gQ=zEE9-=PF0*8X> @b 443322////----     l  ڥ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash Flows!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } +} $ } } $ } U} $ } U} $                             !Akebia Therapeutics, Inc. 10-Q 08/08/2017Property and Equipment Useful Life June 30, 2017December 31, 2016      (in thousands) ' Computer equipment and software ~  ~   ~ r  Furniture and fixtures ~   ~     ~ f    Equipment ~   ~ "   ~   Leasehold improvements  Shorter of the  ~ "   ~  useful life or remaining lease term (10 years),$Office equipment under capital lease~ ~ ~   ~ 8~  / %Less accumulated depreciation~ &~   "Net property and equipment~ -~ ( $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: {ocxG{Mr=PF0*8X> @R         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } $4} $ }  }  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017( 4. Available for sale securities Gross   Gross          Unrealized    Unrealized        Amortized Cost   Gains   Losses    Fair Value    (in thousands)   June 30, 2017                ! Cash and cash equivalents ~ :   $?   $?  ~ : &Available for sale securities:     Certificates of deposit~  ?   ?  ~ 'U.S. Government debt securities~ v ?  ~    ~ !Corporate debt securities~ *9  ~    ~ "8+#Total available for sale securities~   $? ~    ~  3+Total cash, cash equivalents, and available~  $? ~    ~ for sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6z }qeY@V6 =PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! 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Cash and cash equivalents ~ o    $?   $?  ~ o  &Available for sale securities:     Certificates of deposit~ j ?    ?  ~ j'U.S. Government debt securities~ " ?  ~    ~ !Corporate debt securities~ ڒ ?  ~    ~ +#Total available for sale securities~ bu $? ~  b  ~ t3+Total cash, cash equivalents, and available~ ~ $? ~  b  ~ for sale securities$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6 }qeY @            l  X  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } *} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017( 4. Available for sale securitiesDue in one year or less~ :  Due after one year  ~ H + #Total available for sale securities ~     $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$~,}qeYk_S+=PF0*8X> @*   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2) 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)   June 30, 2017                 Assets:                ! Cash and cash equivalents ~ :   $?   $?  ~ : Certificates of deposit ?~     ?  ~ 'U.S. Government debt securities ?~     ?  ~ !Corporate debt securities ?~ "8    ?  ~ "8~ :~     $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/25 wk_SP9f@4(=PF0*8X> @         l  [  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } %} $ } $} $ }  }  $ } $} $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017.&5. Fair Value of Financial Instruments%Fair Value Measurements Using   Level 1   Level 2   Level 3   Total    (in thousands)  December 31, 2016                 Assets:                ! Cash and cash equivalents ~ o    $?   $?  ~ o  Certificates of deposit ?~ j    ?  ~ j'U.S. Government debt securities ?~     ?  ~ !Corporate debt securities ?~     ?  ~ ~ o ~ t   $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/29 wk_SP5b<0$=PF0*8X> @         l  5   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ }  } $ }  } $                        !Akebia Therapeutics, Inc. 10-Q 08/08/201723 6. Accrued Expenses June 30, 2017December 31, 2016   (in thousands) ! Accrued clinical expenses ~ `  ~ nq   Accrued bonus  ~ Z   ~ . ! Accrued professional fees  ~     ~ n  Accrued vacation  ~     ~  Accrued payroll~  ~ R  Accrued other~ &~ Total accrued expenses~ ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0{ocB<=RF:=PF0*8X> @R     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 2} $ } y} $ } y} $                       !Akebia Therapeutics, Inc. 10-Q 08/08/2017+#Shares Reserved for Future Issuance June 30, 2017December 31, 20162 *Common stock options and RSU's outstanding  ~ p(   ~ | / 'Shares available for issuance under the  ~ #-   ~ B 6   2014 Plan (1)(  Warrant to purchase common stock  ~     ? / 'Shares available for issuance under the  ~  ^)   ~ 1 ESPP (2) Total~ > ~ ~A$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.bznbVJ t`=PF0*8X> @* l  )  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future IssuStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ }  } $ } U}  $ } } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/20170(Stock-Based Compensation Expense SummaryThree months ended  Six months ended    June 30, 2017    June 30, 2016    June 30, 2017    June 30, 2016    (in thousands)   (in thousands)  Research and development ~   ~   ~ P  ~   " General and administrative  ~    ~ f    ~ *+   ~   Total ~ &'  ~   ~ {  ~ & $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hui]Q H<0=PF0*8X> @             l  Z;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation Expense!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } I"} $ } $} $ } $}  $ } $} $ } $} $      !Akebia Therapeutics, Inc. 10-Q 08/08/20170(Stock-Based Compensation Expense SummaryThree months ended  Six months ended    June 30, 2017    June 30, 2016    June 30, 2017    June 30, 2016    (in thousands)   (in thousands)   Stock options ~ N  ~   ~ 3  ~ !  Restricted stock  ~    ~ n   ~    ~ 6  Restricted stock units  ~ N    ~ z   ~ j   ~ " $Employee stock purchase plan~ ~ B  ~  N  ~ Warrant ? ?  ~  V5   ? Total~ &'~  ~  {  ~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0 ui]Q ,Tk=PF0*8X> @           l  R  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } <(} $ }  } $ } U} $ } } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017)!10. Commitments and ContingenciesLease Payments         Operating   to be Received    Net Operating   Capital        Lease    from Sublease   Lease Payments   Lease   Total    (in thousands)         ~  ~   ~   ~   ~   ~  ~   ~ f7   ~   ~ b3   ~   ~ v3 ~ ~ f7 ? ~  f7   ?~ f7~ ~ f7 ? ~  f7   ?~ f7~ ~ 6 ? ~  6   ?~ 6 Thereafter~ * ? ~  *   ?~ * Total~ ~   ~    ~ &~ )!Less amount representing interest      ?&Present value of minimum lease     ~ &$ payments at June 30, 2017$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8w|pdXZcy1CU_fV."=PF0*8X> @"                   l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } %} $ }  } $ } y}  $ }  } $ } y} $      !Akebia Therapeutics, Inc. 10-Q 08/08/201712. Net Loss per ShareThree months ended  Six months ended    June 30, 2017    June 30, 2016    June 30, 2017    June 30, 2016  Warrants  ~     ?   ~     ? ! Outstanding stock options  ~ B   ~    ~ B   ~  ! Unvested restricted stock  ~    ~ b    ~    ~ b  ' Unvested restricted stock units  ~ ^2   ~ 68   ~ ^2   ~ 68  Total~ HI~ f   ~  HI  ~ f $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|{ocCViv]=PF0*8X> @J      l  u  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-Q 08/08/2017C;Comparison of the Three Months Ended June 30, 2017 and 2016Three months ended  Increase     June 30, 2017    June 30, 2016    (Decrease)    (In Thousands)  Collaboration revenue ~    $?  ~   Operating expenses:             Research and development  ~    ~ v   ~ * "General and administrative~ k~ R  ~    Total operating expenses~ ~ r5  ~   Loss from operations~ "~   ~  r$ Other income, net~  ~ f  ~  F Net loss~ ʯ~  ~  .! $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 bVJ>4c>}U=PF0*8X> @z          l  k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } U5} $ } U} $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017kcResearch and Development Expenses. Research and development expenses were $43.8 million for the thr (in millions)    4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program @ ! FO 2 RWARD Phase 2 study  333333? ! TRILO 2 GY Phase 3 study  333333? 0 (Regulatory activities and other clinical  333333? and non-clinical%Manufacture of drug substanceffffff/'Total increase related to the continued#@!development of vadadustat,$Headcount, consulting and facilities333333@ Other?Total net increase)@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:T:."_cGrBqeY1=PF0*8X> @2  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development ExpensResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ }  } $ }  }  $ } } $                          !Akebia Therapeutics, Inc. 10-Q 08/08/2017A9Comparison of the Six Months Ended June 30, 2017 and 2016Six Months Ended  Increase     June 30, 2017    June 30, 2016    (Decrease)    (In Thousands)  Collaboration revenue ~    $?  ~   Operating expenses:             Research and development ~ U  ~   ~ B7 "General and administrative~ V~ ʭ  ~    Total operating expenses~ 6~ j  ~  O Loss from operations~ r~ 3 ~  *L Other income, net~ b~ F   ~   Net loss~ ~ = ~  F $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 dXL@8g"fO=PF0*8X> @             l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnCash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 7} $ } U} $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017kcResearch and Development Expenses. Research and development expenses were $103.8 million for the si (in millions)    4 ,PRO 2 TECT and INNO 2 VATE Phase 3 program 33333C@ ! FO 2 RWARD Phase 2 study  333333? 6 .Regulatory and other clinical and non-clinical  ?   activities!TRILO 2 GY Phase 3 study333333?%Manufacture of drug substance333333/'Total increase related to the continuedE@!development of vadadustat,$Headcount, consulting and facilities333333@2*Fair value of warrant issued in connection333333 @with Janssen Agreement.&License fee in connection with Janssen~  Agreement Other333333?Total net increaseYJ@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX:."_GrBfvjB=PF0*8X> @2  l  س  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 1} $ } I} $ }  } $                       !Akebia Therapeutics, Inc. 10-Q 08/08/2017 Cash FlowsSix Months Ended    June 30, 2017    June 30, 2016    (In Thousands) ' Net cash provided by (used in):         Operating activities ~   ~ >k  Investing activities  ~ n   ~  Financing activities~ ~ 1)Net increase in cash and cash equivalents~ 8~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.J{o/=PF0*8X> @Z       l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1) 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } y } $ } = =     !Akebia Therapeutics, Inc. 10-Q 08/08/201764 Item 6. Exhibits.Exhibits    4.1# 9 1Investment Agreement between Akebia Therapeutics,  2 *Inc. and Vifor (International) Ltd., dated    May 12, 2017.    10.1#3+Collaboration and License Agreement between;3Akebia Therapeutics, Inc. and Otsuka Pharmaceutical'Co. Ltd., dated April 25, 2017. 10.2#6.License Agreement between Akebia Therapeutics,2*Inc. and Vifor (International) Ltd., dated May 12, 2017.?@,$Certification of Principal Executive-%Officer Required Under Rule 13a-14(a)/'of the Securities Exchange Act of 1934, as amended.333333?@,$Certification of Principal Financial-%Officer Required Under Rule 13a-14(a)/'of the Securities Exchange Act of 1934, as amended.Dl}qe9!vE!t1 f5z/Q !"#$%&'()*+,-./0123456789:;<  @@ , $Certification of Principal Executive!!/!'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,''4',Inc. on August 8, 2017 (furnished herewith).(()101.INS))XBRL Instance Document**+101.SCH+/+'XBRL Taxonomy Extension Schema Document,,-101.CAL-4-,XBRL Taxonomy Extension Calculation Linkbase...Document//0101.DEF030+XBRL Taxonomy Extension Definition Linkbase111Document223101.LAB3/3'XBRL Taxonomy Extension Labels Linkbase444Document556101.PRE6,6$XBRL Taxonomy Extension Presentation777Linkbase Document89$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/>I0gtu] pXl@(d=PF0*8X> @<<;;:: l  #G\  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 ExhibitsTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ } } $ } 0. #     !Akebia Therapeutics, Inc. 10-Q 08/08/2017 65 SIGNATURES!AKEBIA THERAPEUTICS, INC.      Date: August 8, 2017  By:  /s/ John P. Butler     John P. Butler    - %Chief Executive Officer and President     0(Under the requirements of the Securities1)and Exchange Act of 1934, this report was1)signed by the following persons on behalf/'of the Registrant and in the capacities"and on the date indicated.Date: August 8, 2017 By:/s/ John P. ButlerJohn P. Butler-%Chief Executive Officer and PresidentDate: August 8, 2017 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and TreasurerDL lxl/Dk7t8(JL !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @J ""!!  l  N,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURES! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $4}  N     !Akebia Therapeutics, Inc. 10-Q 08/08/2017TABLE OF CONTENTS Page    ARTICLE I Definitions.~     1.1.  Defined Terms~     1.2. Additional Defined Terms~ 2*ARTICLE II Purchase and Sale of Securities~  2.1.'Purchase and Sale of Securities~ ( ARTICLE III Closing; Deliveries.~  3.1.Closing~  3.2.!Deliveries by the Company~  3.3."Deliveries by the Investor~ 1)ARTICLE IV Representations and Warranties~ of the Company. 4.1.3+Organization, Corporate Power and Authority~ Dlth@u/ b>L(y^ !"#$%&'()*+,-./0123456789:;<=>?   ! 4.2.! Authorization~ !"""# 4.3.# No Conflicts~ #$$$% 4.4.0%(No Governmental Authority or Third Party~ %&&Consents'''( 4.5.(Capitalization~ ()))* 4.6. *Valid Issuance of Shares~ *+++, 4.7.3,+Company SEC Documents; Financial Statements~ ,---. 4.8.. Litigation.~ .///0 4.9.0Investment Company~ 01112 4.10.2No General Solicitation~ 233304(ARTICLE V Representations and Warranties~ 45of the Investor.667 5.1.#7Organization; Good Standing~ 78889 5.2.9 Authorization~ 9":::; 5.3.; No Conflicts~ ;"<<<= 5.4.0=(No Governmental Authority or Third Party~ =">>Consents???Dl}CI%b>}7T0s@ABCDEFGHIJKLM@ 5.5.)@!Purchase Entirely for Own Account~ @"AAAB 5.6.!BDisclosure of Information~ B"CCCD 5.7.,D$Investment Experience and Accredited~ D"EEInvestor StatusFFFG 5.8.GAcquiring Person~ G&HHHIJ$K____________________________1L)Created by Morningstar Document Research.0M(http://documentresearch.morningstar.com/ F"G# =PF0*8X> @R MMLLKK5544  l  AJ }  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)!3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } <} 1}  A     !Akebia Therapeutics, Inc. 10-Q 08/08/2017jb[***] Portions of this exhibit have been redacted pursuant to a confidential treatment request. An 5.9.Restricted Securities~ &     5.10. Legends~ &   7 /ARTICLE VI Additional Covenants and Agreements.~ &   6.1.Lock-Up~ & 6.2.)!Additional Agreements of Investor~ * 6.3. Form D; Blue Sky Filings~ . 6.4.Public Disclosure~ 2 6.5.Rule 144~ 2"ARTICLE VII Miscellaneous.~ 2 7.1.1)Governing Law; Submission to Jurisdiction~ 2 7.2.Waiver~ 2 7.3.Notices~ 2Dl;/#vR I%|X"[7 !"#$%&'()*+,-./0123456789:;<=>?  7.4. Specific Performance~ 6!!!" 7.5."Entire Agreement~ "6###$ 7.6.$ Amendments~ $:%%%& 7.7.-&%Headings; Nouns and Pronouns; Section~ &:'' References((() 7.8.) Severability~ ):***+ 7.9.+ Assignment~ +:,,,- 7.10.-Successors and Assigns~ -:.../ 7.11./ Counterparts~ /:0001 7.12.!1Third Party Beneficiaries~ 1:2223 7.13.3No Strict Construction~ 3:4445 7.14.5Survival of Warranties~ 5:6667 7.15.7Remedies~ 7>8889 7.16.9Expenses~ 9>:::; 7.17. ;Term~ ;><=$>____________________________1?)Created by Morningstar Document Research.D[l\8gC D yUL(@0@(http://documentresearch.morningstar.com/H=PF0*8X> @*@@??>>  l  /  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 0} a      !Akebia Therapeutics, Inc. 10-Q 08/08/2017kc3 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request. A  Defined Term Section  Common Stock Recitals Company Preamble  Exchange Act Section 4.7(a) Closing  Section 2.1 Closing Date Section 3.1InvestorPreambleIrrevocable ProxySection 6.2(b)(ii)Modified Clause Section 7.8Rule 144 Section 5.9Shares Section 2.1$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8:."N$`5 =PF0*8X> @ l  T-  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit haveTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } } *      !Akebia Therapeutics, Inc. 10-Q 08/08/2017jb15 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment request." VIFOR (INTERNATIONAL) LTD.    By:" /s/ Dr. Christoph Springer  Name: Dr. Christoph Springer  Title:+ #Global Head of Business Development By:$/s/ Dr. Oliver P. Kronenberg Name: Dr. Oliver P. KronenbergTitle:Group General Counsel!AKEBIA THERAPEUTICS, INC. By:/s/ John P. Butler Name:John P. ButlerTitle:+#President & Chief Executive Officer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0;/#t5L s<=PF0*8X> @B   l  "4< =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit hav PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } U5}  "     !Akebia Therapeutics, Inc. 10-Q 08/08/2017TABLE OF CONTENTS Page Article I DEFINITIONS~  Article II LICENSES~ Z Article III GOVERNANCE~ b Article IV DEVELOPMENT~ $ Article V REGULATORY AFFAIRS~ "Article VI MEDICAL AFFAIRS~ %Article VII COMMERCIALIZATION~ -%Article VIII MANUFACTURING AND SUPPLY~ Article IX PAYMENTS~ 4,Article X OWNERSHIP OF INTELLECTUAL PROPERTY~ 2*Article XI INFORMATION; PHARMACOVIGILANCE;~ -%PRODUCT WITHDRAWAL AND LIMITED RECALL~ 0(Article XII REPRESENTATIONS, WARRANTIES,~ " AND COVENANTS$Article XIII CONFIDENTIALITY~ 2#Article XIV INDEMNIFICATION~ >'Article XV TERM AND TERMINATION~ B1)Article XVI DISPUTE RESOLUTION; GOVERNING~ R LAW"Article XVII MISCELLANEOUS~ Z$____________________________DlthLZ&=x_)xi5) !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l  \H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! 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If such Licensed Product [***]:$[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,Q|}q<h(=PF0*8X> @" l  T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } m)} 0      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 55 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque0(Table 9.2.2 ? DD-CKD Approval Milestones Event Payment Amount  (in U.S. Dollars)* "1. If such Licensed Product [***]: $[***]* "2. If such Licensed Product [***]: $[***]* "3. If such Licensed Product [***]: $[***]*"4. If such Licensed Product [***]:$[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|<0$PxP=PF0*8X> @" l  |`  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } y } } 0      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 55 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque%Table 9.2.3 ? Data Milestones Event Applicable Criteria Payment Amount   (in U.S. Dollars) 1. [***]  (a) [***] $[***]   (b) [***] $[***] 2. [***]  (a) [***] $[***] (b) [***]$[***]3. [***] (a) [***]$[***] (b) [***]$[***]$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0;<0$p5Y&=PF0*8X> @" l   o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 8} 0      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 55 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque&Table 9.2.4 ? Sales Milestones Event Payment Amount  (in U.S. Dollars)1 )Achievement of $[***] of aggregate annual $[***]7 /Net Sales of Licensed Products in the Territory during a calendar year1)Achievement of $[***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year1)Achievement of $[***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year1)Achievement of $[***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year1)Achievement of $[***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year1)Achievement of $[***] of aggregate annual$[***]7/Net Sales of Licensed Products in the Territoryduring a calendar year$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/DOl<0$StR g, f=PF0*8X> @" l  f|  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2) 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } U5} <      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 56 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque5 -Table 9.3.1(a) ? Royalty Rates: Sub-Territory A4 ,Portion of Annual Net Sales (in U.S. Dollars  Royalty Rate in Sub-Territory A) $[***] to ?$[***] [***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%> $[***][***]%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4S<0$jK\6*=PF0*8X> @*   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } U5} <      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 56 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque5 -Table 9.3.1(b) ? Royalty Rates: Sub-Territory B4 ,Portion of Annual Net Sales (in U.S. Dollars  Royalty Rate in Sub-Territory B) $[***] to ?$[***] [***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%> $[***][***]%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4S<0$jK\6*=PF0*8X> @*   l  I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } I;} <      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ia- 56 [***] Portions of this exhibit have been redacted pursuant to a confidential treatment reque5 -Table 9.3.1(c) ? Royalty Rates: Sub-Territory C# Portion of Annual Net Sales  Royalty Rate9 1(in U.S. Dollars in each country in Sub-Territory C)$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%>$[***] to ?$[***][***]%> $[***][***]%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4><0${>0qK?3 =PF0*8X> @*   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2)Table of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } I"} $ } } -      !Akebia Therapeutics, Inc. 10-Q 08/08/2017 CONFIDENTIAL!AKEBIA THERAPEUTICS, INC.&OTSUKA PHARMACEUTICAL CO. LTD.    By: /s/ John P. Butler  By: /s/ Tatsuo Higuchi Name: John P. Butler  Name: Tatsuo Higuchi Title: CEO  Title:- %President and Representative Director     !AKEBIA THERAPEUTICS, INC.&OTSUKA PHARMACEUTICAL CO. LTD. By:/s/ Jason A. Amello By:/s/ Susumu Tamai Name:Jason A. Amello Name: Susumu TamaiTitle:$SVP, Chief Financial OfficerTitle:"Executive Deputy President&OTSUKA PHARMACEUTICAL CO. LTD. By:/s/ Tetsuya Tachikawa Name:Tetsuya TachikawaTitle:Senior Vice President$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ Dym&z5{-W=PF0*8X> @B l  5ȴf  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIAL!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } 0} $ }  5     !Akebia Therapeutics, Inc. 10-Q 08/08/2017Table of Contents Pages    Article 1 DEFINITIONS ~      Article 2 GOVERNANCE ~ &   Article 3 LICENSE GRANT~ *,$Article 4 SALES OF LICENSED PRODUCTS~ *#Article 5 SUPPLY AGREEMENTS~ 2-%Article 6 PRICING AND PRICE REPORTING~ :Article 7 EXCLUSIVITY~ :Article 8 REGULATORY~ >#Article 9 TRADEMARKS; NAMES~ >+#Article 10 MANUFACTURING AND SUPPLY~ BArticle 11 PAYMENTS~ FDlth?^!N*\"P, !"#$%&'()*+,-./01234/ 'Article 12 INFORMATION AND ADVERSE DRUG ~ J!EVENTS AND REPORTS"""/#'Article 13 REPRESENTATIONS, WARRANTIES,#~ #N$ AND COVENANTS%%%"&Article 14 CONFIDENTIALITY&~ &Z'''"(Article 15 INDEMNIFICATION(~ (b)))'*Article 16 TERM AND TERMINATION*~ *f+++0,(Article 17 DISPUTE RESOLUTION; GOVERNING,~ ,v -LAW... /Article 18 MISCELLANEOUS/~ /z01$2____________________________13)Created by Morningstar Document Research.04(http://documentresearch.morningstar.com/.Vq$ ChY5=PF0*8X> @443322 l  ]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)Remainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ } *} $ } } $ } *      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ME[Remainder of page intentionally left blank, signature page follows.]! AKEBIA THERAPEUTICS, INC. " Vifor (INTERNATIONAL) LTD.        By:  /s/ John P. Butler  By:  /s/ Christoph Springer Name:  John P. Butler  Name:  Dr. Christoph Springer Title: + #President & Chief Executive Officer  Title: + #Global Head of Business Development$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hXL@451sK=PF0*8X> @*   l  ^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionally!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } $ } I"} $ } } $ } I"      !Akebia Therapeutics, Inc. 10-Q 08/08/2017ME[Remainder of page intentionally left blank, signature page follows.]! AKEBIA THERAPEUTICS, INC. " Vifor (INTERNATIONAL) LTD.        By:  /s/ Jason A. Amello  By: $ /s/ Dr. Oliver P. Kronenberg Name:  Jason A. Amello  Name:  Dr. Oliver P. Kronenberg Title: $ SVP, Chief Financial Officer  Title:  Group General Counsel$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hXL@45'~V=PF0*8X> @*   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1) CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 08/08/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: August 8, 2017 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(QTVJ>2E =PF0*8X> @ l  p  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperSelected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 08/08/2017OGCERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002Date: August 8, 2017 By:/s/ Jason A. Amello    Jason A. Amello   . &Senior Vice President, Chief Financial    Officer and Treasurer   % (Principal Financial Officer) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(`TVJ>2Cq=PF0*8X> @ l  *  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1)!Consolidated Statements of OperSelected Balance Sheet DataU } } } $ } 0.      !Akebia Therapeutics, Inc. 10-Q 08/08/2017g_CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 (18 U.S.C. Section 1350Date: August 8, 2017 By:/s/ John P. Butler    John P. Butler   . &President, Chief Executive Officer and    Director   % (Principal Executive Officer)    Date: August 8, 2017 By:/s/ Jason A. AmelloJason A. Amello.&Senior Vice President, Chief FinancialOfficer and Treasurer%(Principal Financial Officer)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4>2&-xD=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)Selected Balance Sheet DataU } 0} $ }  } $ }  }  $ }  } $ }  } $      !Akebia Therapeutics, Inc. 10-Q 08/08/2017-%Consolidated Statements of OperationsThree Months Ended  Six Months Ended    June 30, 2017    June 30, 2016    June 30, 2017    June 30, 2016  Collaboration revenue ~    $?  ~    $?  Operating expenses:                 Research and development  ~    ~ v   ~ U   ~  " General and administrative  ~ k   ~ R   ~ V   ~ ʭ  Total operating expenses~ ~ r5  ~  6  ~ jOperating loss~ "~   ~  r  ~ 3Other income, net~  ~ f  ~  b  ~ F Net loss~ ʯ~  ~    ~ =.&Net loss per share - basic and diluted(\ffffff  (\  ffffff0(Weighted-average number of common shares~ s ~    ~  J|   ~ 1 - basic and diluted$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6K xl`TUv=cgP:=PF0*8X> @          l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??-AKEBIA THERAPEUTICS INCAKEBIA THERAPEUTICS (1)Table of Contents Balance SheetIncome Statement Cash FlowsProperty and Equipment!4 Available for sale securities4 Available for sale (1)4 Available for sale (2)!5 Fair Value of Financial Instr 5 Fair Value of Financial (1)23 6 Accrued Expenses!Shares Reserved for Future Issu!StockBased Compensation ExpenseStockBased Compensation (1)!10 Commitments and Contingencie12 Net Loss per Share!Comparison of the Three Months !Research and Development Expens!Comparison of the Six Months EnResearch and Development (1)Cash Flows (1)64 Item 6 Exhibits 65 SIGNATURESTABLE OF CONTEN (1)! Portions of this exhibit have !3 Portions of this exhibit have!15 Portions of this exhibit havTABLE OF CONTEN (2) PAYMENTS! 55 Portions of this exhibit ha 55 Portions of this (1) 55 Portions of this (2)! 56 Portions of this exhibit ha 56 Portions of this (1) 56 Portions of this (2) CONFIDENTIALTable of Conten (3)!Remainder of page intentionallyRemainder of page (1)!CERTIFICATION PURSUANT TO SECTI CERTIFICATION PURSUANT TO (1) CERTIFICATION PURSUANT TO (2)!Consolidated Statements of OperU } 0} $ }  } $ }  } $                     !Akebia Therapeutics, Inc. 10-Q 08/08/2017#Selected Balance Sheet Data June 30, 2017December 31, 20160 (Cash, cash equivalents and available for ~   ~   sale securities Working capital  ~ :4    ~     Total assets  ~ ڎ   ~ R " Total stockholders? equity  ~ z   ~ b( $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Yhvj^lQV=PF0*8X> @:   Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~