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STOCK-BASED COMPENSATION AND BENEFIT PLAN (Tables)

3 Months Ended

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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