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STOCK-BASED COMPENSATION AND BENEFIT PLAN (Tables) | 3 Months Ended
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Mar. 31, 2025
Equity [Abstract] |
Equity Plans | The following table contains information about the Company's equity plans:
|  |  |  |  |  | March 31, 2025 |  | December 31, 2024
Title of Plan |  | Group Eligible |  | Type of Award Granted (or to be Granted) |  | Awards Outstanding |  | Additional Awards Authorized for Grant |  | Awards Outstanding |  | Additional Awards Authorized for Grant
Keryx Equity Plans(1)(2) |  | Employees, directors and consultants |  | Stock options and RSUs |  | 153,346 |  |  | — |  |  | 163,765 |  |  | — |
Akebia Therapeutics, Inc. 2014 Incentive Plan, as amended (2) (3) (the 2014 Plan) |  | Employees, directors, consultants and advisors |  | Stock options, RSUs, SARs and performance awards |  | 10,314,595 |  |  | — |  |  | 11,559,708 |  |  | — |
Akebia Therapeutics, Inc. 2023 Stock Incentive Plan(3) (the 2023 Plan) (replaced 2014 Plan) |  | Employees, officers, directors, consultants and advisors |  | Stock options, SARs, restricted stock, unrestricted stock, RSUs, performance awards, other share-based awards and dividend equivalents |  | 16,092,744 |  |  | 4,399,444 |  |  | 10,390,642 |  |  | 11,340,648 |
(1) The Keryx Equity Plans consist of the Keryx Biopharmaceuticals, Inc. 1999 Share Option Plan, Keryx Biopharmaceuticals, Inc., as amended, the 2004 Long-Term Incentive Plan, as amended, the Keryx Biopharmaceuticals, Inc. 2007 Incentive Plan, the Keryx Biopharmaceuticals Inc. Amended and Restated 2013 Incentive Plan and the Keryx Biopharmaceuticals, Inc. 2018 Equity Incentive Plan. (2) New awards are no longer being granted under these plans. (3) This table includes inducement awards that are subject to the terms and conditions of the applicable plan but were granted as inducement awards consistent with Nasdaq Listing Rule 5635(c)(4) and not under the applicable plan: 1,120,196 options included as outstanding under the 2014 Plan in the table and 2,274,138 options included as outstanding under the 2023 Plan in the table as of March 31, 2025 and 1,151,127 options included as outstanding under the 2014 Plan and 2,534,775 options included as outstanding under the 2023 Plan in the table as of December 31, 2024.
Stock Option Activity | The combined stock option activity for the three months ended March 31, 2025, is as follows:
| Stock Options |  | Weighted Average Exercise Price |  | Weighted-Average Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024 | 16,684,325 |  |  | $ | 3.19 |  |  | 7.17 years |  | $ | 6,797 |
Granted | 3,852,013 |  |  | $ | 2.23 |  |  | — |  |  | — |
Exercised | (604,325) |  |  | $ | 0.80 |  |  | — |  |  | — |
Expired | (249,474) |  |  | $ | 11.41 |  |  | — |  |  | — |
Canceled and forfeited | (580,529) |  |  | $ | 1.65 |  |  | — |  |  | — |
Outstanding at March 31, 2025 | 19,102,010 |  |  | $ | 3.01 |  |  | 7.54 years |  | $ | 6,152 |
Exercisable at March 31, 2025 | 9,208,835 |  |  | $ | 4.40 |  |  | 5.92 years |  | — |
RSU and PSU Activity | RSU and PSU activity is as follows:
| 2014 Plan |  | 2023 Plan
| Number of Shares |  | Weighted Average Fair Value |  | Number of Shares |  | Weighted Average Fair Value
Unvested as of December 31, 2024 | 1,321,423 |  |  | $ | 0.95 |  |  | 4,108,367 |  |  | $ | 1.59 |
Granted | — |  |  | $ | — |  |  | 4,126,200 |  | $ | 2.19 |
Vested | (566,321) |  |  | $ | 1.19 |  |  | (1,094,226) |  |  | $ | 1.68 |
Forfeited and canceled | (13,133) |  |  | $ | 0.63 |  |  | (423,635) |  |  | $ | 1.74 |
Unvested as of March 31, 2025 | 741,969 |  |  | $ | 0.76 |  |  | 6,716,706 |  |  | $ | 1.94 |
Assumptions Used in Black-Scholes Option Pricing Model | The weighted-average assumptions used in calculating the fair values of the rights to acquire stock under the 2023 Plan, the 2014 Plan and inducement awards were as follows:
|  | Three Months Ended March 31, |  |
Stock Options |  | 2025 |  | 2024 |  |  |  |
Risk-free interest rate |  | 4.00 | % | - | 4.38% |  | 3.90 | % | - | 4.23% |  |  |  |  |  |  |  |
Expected volatility |  | 111.97 | % | - | 117.83% |  | 111.33 | % | - | 114.25% |  |  |  |  |  |  |  |
Expected term (years) |  | 6.25 years | - | 6.25 years |  | 6.25 years | - | 6.25 years |  |  |  |  |  |  |  |
Expected dividend yield |  | —% |  | —% |  |  |  |
Weighted average grant date fair value |  | $1.92 |  | $1.46 |  |  |  |
Stock-Based Compensation Expense in Consolidated Statement of Operations and Comprehensive Loss | The Company has classified stock-based compensation in its unaudited condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Cost of goods sold | $ | 139 |  |  | $ | 87 |  |  |  |  |
Research and development | 467 |  |  | 419 |  |  |  |  |
Selling, general and administrative | 1,581 |  |  | 1,816 |  |  |  |  |
Restructuring | — |  |  | 38 |  |  |  |  |
Total stock-based compensation | $ | 2,187 |  |  | $ | 2,360 |  |  |  |  |

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