v3.26.1
STOCK-BASED COMPENSATION PLANS (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Equity Incentive Plans
The following table contains information about the Company's equity incentive plans:
June 30, 2026December 31, 2025
Title of PlanGroup EligibleType 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
Stock options and restricted stock units (RSUs)
68,864 — 148,860 — 
Akebia Therapeutics, Inc. 2014 Incentive Plan, as amended (2) (3)
(the 2014 Plan)
Employees, directors, consultants and advisors
Stock options, RSUs, stock appreciation rights (SARs) and performance awards
7,480,381 — 8,412,898 — 
Akebia Therapeutics, Inc. 2023 Stock Incentive Plan, as amended(3) (4) (the 2023 Plan)
(replaced 2014 Plan)
Employees, officers, directors, consultants and advisorsStock options, SARs, restricted stock, unrestricted stock, RSUs, performance awards, other share-based awards and dividend equivalents22,593,201 16,489,811 15,913,729 24,723,655 
(1)     The Keryx Equity Plans consist of the Keryx Biopharmaceuticals, Inc. 1999 Share Option Plan, 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: 948,628 options included as outstanding under the 2014 Plan in the table and 3,723,290 options included as outstanding under the 2023 Plan in the table as of June 30, 2026 and 1,050,525 options included as outstanding under the 2014 Plan and 3,034,085 options included as outstanding under the 2023 Plan in the table as of December 31, 2025.
(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 six months ended June 30, 2026, is as follows:
Stock
Options		Weighted Average Exercise PriceWeighted-Average Contractual Life (years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2025
18,152,258 $2.85 6.97 years$3,690 
Granted5,748,775 $1.38 — — 
Exercised(162,974)$0.64 — — 
Expired(672,449)$5.75 — — 
Canceled and forfeited(1,019,945)$1.71 — — 
Outstanding at June 30, 202622,045,665 $2.45 7.22 years$1,608 
Exercisable at June 30, 202611,510,155 $3.17 5.74 years$1,292 
Schedule of RSU and PSU Activity
RSU and PSU activity is as follows:
2014 Plan2023 Plan
Number of Shares
Weighted Average Grant Date Fair Value
Number of Shares
Weighted Average Grant Date Fair Value
Unvested as of December 31, 2025
330,622 $0.63 5,992,607 $2.09 
Granted— $— 5,662,700$1.39 
Vested(330,622)$0.63 (2,589,849)$2.17 
Forfeited and canceled— $— (968,677)$1.67 
Unvested as of June 30, 2026— $— 8,096,781 $1.63 
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:                                         
Three Months Ended June 30,Six Months Ended June 30,
Common Stock Options
2026202520262025
Risk-free interest rate4.02 %-4.25%3.81 %-4.09%3.61%-4.25%3.81%-4.38%
Expected volatility96.64 %-118.02%111.61 %-123.58%96.64%-119.09%111.61%-123.58%
Expected term (years)5.51 years-6.25 years5.51 years-6.25 years5.51 years-6.25 years5.51 years-6.25 years
Expected dividend yield —%—%—%—%
Weighted average grant date fair value
$1.01$2.99$1.18$2.10
Schedule of 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 June 30,Six Months Ended June 30,
2026202520262025
Cost of goods sold $124 $183 $322 $322 
Research and development565 531 1,621 998 
Selling, general and administrative 2,473 1,962 4,887 3,543 
Restructuring64 — 64 — 
Total stock-based compensation$3,226 $2,676 $6,894 $4,863