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STOCK-BASED COMPENSATION AND EMPLOYEE RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Schedule of Equity Plans | The following table contains information about the Company's equity incentive plans:
|  |  |  |  |  | December 31, 2025 |  | December 31, 2024
Title of Plan |  | Group Eligible |  | Type of Award Granted (or to be Granted) |  | Awards Outstanding |  | Additional Awards Available for Grant |  | Awards Outstanding |  | Additional Awards Available for Grant
Keryx Equity Plans(1)(2) |  | Employees, directors and consultants |  | Common stock options and RSUs |  | 148,860 |  |  | — |  |  | 163,765 |  |  | — |
Akebia Therapeutics, Inc. 2014 Incentive Plan, as amended (2) (3) (the 2014 Plan) (replaces 2008 Plan) |  | Employees, directors, consultants and advisors |  | Common stock options, RSUs, SARs and performance awards |  | 8,412,898 |  |  | — |  |  | 11,559,708 |  |  | — |
Akebia Therapeutics, Inc. 2023 Stock Incentive Plan, as amended(3) (the 2023 Plan) (replaces 2014 Plan) |  | Employees, officers, directors, consultants and advisors |  | Common stock options, SARs, restricted stock, unrestricted stock, RSUs, performance awards, other share-based awards and dividend equivalents |  | 15,913,729 |  |  | 24,723,655 |  |  | 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 the following 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: 1,050,525 options outstanding under the 2014 Plan and 3,034,085 options outstanding under the 2023 Plan as of December 31, 2025 and 1,151,127 options outstanding under the 2014 Plan and 2,534,775 options outstanding under the 2023 Plan as of December 31, 2024. (4) On June 10, 2025, the 2023 Plan was amended to increase the number of shares of common stock available for issuance thereunder by 18,900,000 shares.
Schedule of Stock Option Activity | The combined stock option activity for the year ended December 31, 2025, is as follows:
| Stock Options |  | Weighted-Average Exercise Price |  | Weighted-Average Contractual Life (years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2024 | 16,684,325 |  |  | $ | 3.19 |  |  | 7.17 years |  | $ | 6,797 |
Granted | 5,464,077 |  |  | $ | 2.48 |  |  |  |  |
Exercised | (1,205,853) |  |  | $ | 1.40 |  |  |  |  |
Expired | (1,165,336) |  |  | $ | 8.67 |  |  |  |  |
Canceled and forfeited | (1,624,955) |  |  | $ | 1.99 |  |  |  |  |
Outstanding at December 31, 2025 | 18,152,258 |  |  | $ | 2.85 |  |  | 6.97 years |  | $ | 3,690 |
Exercisable at December 31, 2025 | 9,819,097 |  |  | $ | 3.56 |  |  | 5.59 years |  | $ | 2,624 |
Vested and expected to vest at December 31, 2025 | 18,152,258 |  |  | $ | 2.85 |  |  | 6.97 years |  | $ | 3,690 |
Schedule of RSU and PSU Activity | RSU and PSU activity is as follows:
| 2014 Plan |  | 2023 Plan
| Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Unvested as of December 31, 2024 | 1,321,423 |  |  | $0.95 |  | 4,108,367 |  |  | $1.59
Granted | — |  |  | $0.00 |  | 4,492,000 |  |  | $2.31
Vested | (849,701) |  |  | $1.06 |  | (1,636,898) |  |  | $1.55
Forfeited and canceled | (141,100) |  |  | $0.98 |  | (970,862) |  |  | $1.89
Unvested as of December 31, 2025 | 330,622 |  |  | $0.63 |  | 5,992,607 |  |  | $2.09
Schedule of 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:
|  | Years ended December 31,
Common Stock Options |  | 2025 |  | 2024 |  | 2023
Risk-free interest rate |  | 3.67% | - | 4.38% |  | 3.60% | - | 4.66% |  | 3.54% | - | 4.81%
Expected volatility |  | 111.61% | - | 123.58% |  | 109.98% | - | 119.81% |  | 100.97% | - | 111.71%
Expected term (years) |  | 5.51 | - | 6.25 |  | 5.51 | - | 6.25 |  | 5.51 | - | 6.25
Expected dividend yield |  | —% |  | —% |  | —%
Weighted average grant date fair value |  | $2.14 |  | $1.36 |  | $0.69
Schedule of Stock-Based Compensation Expense in Consolidated Statement of Operations and Comprehensive Loss | The Company has classified stock-based compensation in its consolidated statements of operations and comprehensive loss as follows (in thousands):
| Years ended December 31,
| 2025 |  | 2024 |  | 2023
Cost of goods sold | $ | 683 |  |  | $ | 399 |  |  | 267 |
Research and development | 2,120 |  |  | 1,498 |  |  | 1,964 |
Selling, general and administrative | 8,480 |  |  | 5,840 |  |  | 6,456 |
Restructuring | — |  |  | 38 |  |  | 630 |
Total | $ | 11,283 |  |  | $ | 7,775 |  |  | $ | 9,317 |
Schedule of Stock-Based Compensation Expense by Type of Award | Stock-based compensation by type of award was as follows (in thousands):
| Years ended December 31,
| 2025 |  | 2024 |  | 2023
Stock options | $ | 5,356 |  |  | $ | 4,036 |  |  | $ | 5,310 |
Restricted stock units | 5,214 |  |  | 3,655 |  |  | 3,637 |
Performance RSUs | 545 |  |  | — |  |  | 297 |
Employee stock purchase plan | 168 |  |  | 84 |  |  | 73 |
Total | $ | 11,283 |  |  | $ | 7,775 |  |  | $ | 9,317 |

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