What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-10 · 351 added, 394 removed, 657 unchanged (53% of the section changed)

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share amounts) September 30,

(dollars in thousands, except per share amounts) March 31,

2026 December 31,

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Total assets $ 362,520 $ 376,565

Liabilities and stockholders' equity (deficit)

Liabilities and stockholders' equity

Current liabilities:

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Current portion of deferred revenue 4,496 2,681

Current portion of long-term debt 12,495 —

Working Capital Fund liability, current portion 23,445 17,356

Total current liabilities 173,884 162,938

Long-term operating lease liabilities — 3,547

Long-term debt, net 47,641 38,693

Long-term debt, net of current portion 36,395 48,250

Liability related to settlement royalties, net of current portion 54,842 54,750

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Commitments and contingencies (Note 10)

Stockholders' equity (deficit):

Stockholders' equity:

Preferred stock $ 0.00001 par value;

25,000,000 shares authorized at September 30, 2025 and December 31, 2024;

no shares issued and outstanding at September 30, 2025 and December 31, 2024

25,000,000 shares authorized at March 31, 2026 and December 31, 2025;

no shares issued and outstanding at March 31, 2026 and December 31, 2025

Common stock $ 0.00001 par value;

350,000,000 shares authorized at September 30, 2025 and December 31, 2024;

265,226,038 and 224,848,992 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively

350,000,000 shares authorized at March 31, 2026 and December 31, 2025;

267,898,415 and 265,424,818 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital 1,720,126 1,716,307

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Accumulated deficit ( 1,692,759 ) ( 1,683,705 )

Total stockholders' equity (deficit) 41,592 ( 49,185 )

Total liabilities and stockholders' equity (deficit) $ 364,152 $ 220,670

Total stockholders' equity 27,375 32,610

Total liabilities and stockholders' equity $ 362,520 $ 376,565

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(dollars in thousands, except per share amounts) 2026 2025

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Cost of product and other revenue 12,290 7,625

Amortization of intangible asset — 9,011 — 27,032

Total cost of goods sold 12,290 7,625

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License 707 701

Restructuring — — — 58

Total operating expenses 45,950 36,197

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Interest expense ( 4,691 ) ( 7,770 )

Other income (expense) ( 10 ) ( 17 ) 175 39

Other income 3 213

Change in fair value of warrant liability 456 155

Loss on extinguishment of debt — — — ( 517 )

Income (loss) before income taxes ( 8,928 ) 6,112

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Restricted stock unit vesting 1,660,547 — — — — —

Net loss — — — — ( 17,985 ) ( 17,985 )

— — — — 6,112 6,112

Balance at March 31, 2025 261,644,590 $ 2 $ 1,696,821 $ 6 $ ( 1,672,248 ) $ 24,581

Exercise of options 23,892 — 14 — — 14

Stock-based compensation expense — — 2,072 — — 2,072

Restricted stock unit vesting 451,104 — — — — —

Net loss — — — — ( 8,582 ) ( 8,582 )

Balance at June 30, 2024 209,929,145 $ 2 $ 1,601,755 $ 6 $ ( 1,635,517 ) $ ( 33,754 )

Issuance of common stock, net of

issuance costs 1,242,662 — 1,662 — — 1,662

Proceeds from sale of stock under

employee stock purchase plan 97,411 — 83 — — 83

Exercise of options 2,312 — — — — —

Stock-based compensation expense — — 1,646 — — 1,646

Restricted stock unit vesting 270,592 — — — — —

Net loss — — — — ( 20,039 ) ( 20,039 )

Balance at September 30, 2024 211,542,122 $ 2 $ 1,605,146 $ 6 $ ( 1,655,556 ) $ ( 50,402 )

Common Stock Additional Paid-In

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Deficit Total Stockholders'

Equity (Deficit)

(dollars in thousands) Shares Amount

Balance at December 31, 2025 265,424,818 $ 2 $ 1,716,307 $ 6 $ ( 1,683,705 ) $ 32,610

Issuance of common stock, net of

issuance costs 34,437,364 — 64,907 — — 64,907

Proceeds from sale of stock under

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Restricted stock unit vesting 2,348,826 — — — — —

Net income — — — — 6,112 6,112

Balance at March 31, 2025 261,644,590 $ 2 $ 1,696,821 $ 6 $ ( 1,672,248 ) $ 24,581

Issuance of common stock, net of

issuance costs 850,000 — 1,542 — — 1,542

Exercise of options 95,996 — 178 — — 178

Stock-based compensation expense — — 2,676 — — 2,676

Restricted stock unit vesting 451,246 — — — — —

Net income — — — — 247 247

Balance at June 30, 2025 263,041,832 $ 2 $ 1,701,217 $ 6 $ ( 1,672,001 ) $ 29,224

Warrants exercised, cashless

— — — — ( 9,054 ) ( 9,054 )

Proceeds from sale of stock under

employee stock purchase plan 94,060 — 151 — — 151

Exercise of options 438,300 — 962 — — 962

Stock-based compensation expense — — 3,221 — — 3,221

Restricted stock unit vesting 243,258 — — — — —

— — — — 540 540

Balance at September 30, 2025 265,226,038 $ 2 $ 1,713,045 $ 6 $ ( 1,671,461 ) $ 41,592

Balance at March 31, 2026 267,898,415 $ 2 $ 1,720,126 $ 6 $ ( 1,692,759 ) $ 27,375

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30,

Three Months Ended March 31,

(dollars in thousands) 2026 2025

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Depreciation 328 314

Amortization of intangible asset — 27,032

Bad debt expense 199 702

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Non-cash operating lease expense 1,198 1,104

Non-cash loss on extinguishment of debt — 294

Write-down of inventory 3,216 163

Change in excess inventory purchase commitments — 2,068

Gain on the sale of property and equipment — ( 172 )

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Other long-term liabilities ( 355 ) 365

Net cash provided by (used in) operating activities 36,863 ( 36,193 )

Net cash used in operating activities ( 21,207 ) ( 13,587 )

Investing Activities:

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Proceeds from the sale of property and equipment — 172

Net cash used in investing activities ( 49 ) ( 31 )

Net cash provided by (used in) investing activities ( 62 ) 154

Financing Activities:

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Proceeds from the exercise of stock options 20 482

Repayment of WCF liability ( 492 ) —

Repayment of liability related to settlement royalties ( 585 ) —

Repayment of term debt — ( 462 )

Net cash provided by financing activities 77,775 27,338

Net cash provided by (used in) financing activities ( 926 ) 74,942

Increase (decrease) in cash, cash equivalents and restricted cash ( 22,195 ) 61,509

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Issuance of warrants in connection with BlackRock Credit Agreement $ — $ 2,199

Cashless exercise of warrants in connection with BlackRock Credit Agreement $ 7,494 $ —

Purchase of IPR&D asset included in accrued expenses and other current liabilities $ 5,000 $ —

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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market in January 2025.

Auryxia ® (ferric citrate) is marketed for two indications:

Auryxia ® (ferric citrate) is an orally administered medicine approved and marketed in the U.S.

for two indications:

(i) the control of serum phosphorus levels in adult patients with dialysis dependent chronic kidney disease, or DD-CKD , and (ii) the treatment of iron deficiency anemia, or IDA , in adult patients with non-dialysis dependent chronic kidney disease, or NDD-CKD .

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in March 2025.

On March 11, 2026, Teva Pharmaceuticals Ltd.

received approval for its Abbreviated New Drug Application for a generic version of Auryxia, which has subsequently entered the market.

Vafseo is also approved for the treatment of symptomatic anemia associated with CKD in the European Economic Area, or EEA , the United Kingdom, or the UK , Switzerland, Australia, South Korea and Taiwan in adult patients on chronic maintenance dialysis and in Japan for adult dialysis-dependent and non-dialysis patients.

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Since its inception, the Company has devoted most of its resources to research and development, or R&D , including its preclinical and clinical development activities, commercializing Auryxia and Vafseo and providing general and administrative support for these operations.

In addition, the Company continues to explore additional development opportunities to expand its pipeline and portfolio of novel therapeutics.

As of September 30, 2025, the Company had cash and cash equivalents of approximately $ 166.4 million.

Based on its current operating plan, the Company believes that its cash resources and the cash the Company expects to generate from product, royalty, supply and license revenues will be sufficient to fund its current operating plan for at least twelve months from the filing of this Quarterly Report on Form 10-Q, or Form 10-Q .

The Company's mid-stage rare kidney disease pipeline assets, praliciguat and AKB-097, are being evaluated to target areas of unmet need.

The Company's early-stage pipeline assets include AKB-9090 and AKB-10108, which are HIF molecules.

In addition, the Company continues to explore additional development opportunities to expand its pipeline and portfolio of novel therapeutics through both internal research and external innovation to leverage its fully integrated team.

As of March 31, 2026, the Company had cash and cash equivalents of $ 162.6 million.

Based on its current operating plan, the Company believes that its cash resources and the cash the Company expects to generate from product, royalty, supply and license revenues will be sufficient to fund its current operating plan through at least twelve months from the filing of this Quarterly Report on Form 10-Q, or Form 10-Q .

However, if the Company’s operating performance deteriorates significantly from the levels expected in the Company’s operating plan, including if the Company does not achieve its future anticipated Vafseo revenue projections, it would affect the Company’s liquidity and its ability to continue as a going concern in the future.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2024, and notes thereto, which are included in the Company's Annual Report on Form 10-K, that was filed with the Securities and Exchange Commission, or SEC , on March 13, 2025, or the 2024 Form 10-K .

The Company's significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2025, and notes thereto, which are included in the Company's Annual Report on Form 10-K, that was filed with the Securities and Exchange Commission, or SEC , on February 26, 2026, or the 2025 Form 10-K .

Since the date of those financial statements, there have been no material changes to the Company's significant accounting policies.

In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included.

Interim results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025 or any other future period.

Interim results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2026 or any other future period.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP .

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC , and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB .

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S., or GAAP .

The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries.

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Significant estimates and judgments reflected in these unaudited condensed consolidated financial statements include, but are not limited to:

accrued expenses, other long-term liabilities, a liability related to settlement royalties, revenues, including various rebates, returns and reserves related to product sales, inventories, classification of expenses between cost of goods sold, R&D and selling, general and administrative, long-term assets, including the Company's right-of-use assets and goodwill.

accrued expenses, a liability related to settlement royalties, revenues, including various rebates, returns and provisions related to product sales, inventories, classification of expenses between cost of goods sold, R&D and selling, general and administrative, long-term assets, including the Company's right-of-use assets and goodwill.

Cash, Cash Equivalents and Restricted Cash

In determining its cash, cash equivalents and restricted cash, the Company considers only those highly liquid investments, readily convertible to cash within 90 days from the date of purchase to be cash equivalents.

As of September 30, 2025, cash and cash equivalents primarily included cash on hand and money market funds.

As of March 31, 2026, cash and cash equivalents primarily included cash on hand and money market funds.

Restricted cash represents amounts required to secure the outstanding letter of credit in connection with the Company’s office and laboratory space in Cambridge, Massachusetts, or the Cambridge Lease .

Restricted cash is included in "prepaid expenses and other current assets" in the consolidated balance sheet as of September 30, 2025 and in “other long-term assets” in the consolidated balance sheet as of December 31, 2024.

The following table reconciles cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the total amounts shown in the consolidated statements of cash flows:

(in thousands) September 30, 2025 December 31, 2024

Restricted cash is included in "prepaid expenses and other current assets" in the consolidated balance sheet as of March 31, 2026 and December 31, 2025.

The following table reconciles cash, cash equivalents and restricted cash reported within the Company's consolidated balance sheets to the total amounts reported in the consolidated statements of cash flows:

Reconciliation of cash, cash equivalents and restricted cash (in thousands) March 31, 2026 December 31, 2025

Cash and cash equivalents $ 162,644 $ 184,844

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Provisions are made based upon a specific review of all significant outstanding receivables and the overall quality and age of those invoices not specifically reviewed as well as historical payment patterns and existing economic factors.

The Company believes that credit risks associated with its customers and collaboration partners are not significant.

The Company's allowance for credit losses was $ 2.6 million and $ 1.2 million as of September 30, 2025 and December 31, 2024, respectively.

The following table summarizes the activity related to the Company's allowance for credit losses (in thousands):

The Company believes that credit risks associated with its customers and collaboration partners are not

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended September 30,

The Company's allowance for credit losses was $ 2.9 million and $ 2.7 million as of March 31, 2026 and December 31, 2025, respectively.

The following table summarizes the activity related to the Company's allowance for credit losses (in thousands):

Three Months Ended March 31,

Beginning balance $ 2,691 $ 1,212

Provision for bad debts 199 702

Recoveries/(write-offs)

Ending balance $ 2,889 $ 1,914

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These activities, including the commercialization of Auryxia and Vafseo, could be adversely affected by a significant interruption in the supply of APIs and formulated drugs or distribution of finished product to the market.

Recent Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures .

ASU 2023-09 requires public companies to annually (i) disclose specific categories in the rate reconciliation and (ii) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate).

ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024.

The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on the Company’s consolidated financial statements.

New Accounting Pronouncements - Recently Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets .

ASU 2025-05 provides a practical expedient that all entities can use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers .

Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets.

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years.

Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively.

The adoption of this standard did not have a material effect on the Company’s consolidated financial statements and related disclosures.

New Accounting Pronouncements - Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

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The Company is currently reviewing the impact that the adoption of ASU 2024-03 may have on its expense disclosures in the notes to the consolidated financial statements.

In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets .

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years.

Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively.

The Company is currently evaluating ASU 2025-05 and does not expect it to have a material effect on the Company’s consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software , which removes all references to prescriptive and sequential software development stages (referred to as "project stages").

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE MEASUREMENTS

The tables below present certain assets and liabilities measured at fair value categorized by the level of input used in the valuation of each asset and liability (in thousands):

September 30, 2025

March 31, 2026

Level 1 Level 2 Level 3 Total Fair Value

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Level 1 Level 2 Level 3 Total Fair Value

Cash equivalents:

Money market funds $ 172,689 $ — $ — $ 172,689

Long-term liability:

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Inventories consists of the following (in thousands):

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Inventories, current:

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Work-in-process 54,418 57,290

Finished goods

Inventories, long-term $ 56,060 $ 59,129

Total inventories $ 69,056 $ 74,739

Inventory written down as a result of excess, obsolescence, scrap or other reasons charged to cost of product and other revenue in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was $ 0.5 million and $ 0.6 million during the three and nine months ended September 30, 2025, respectively, and $ 1.3 million and $ 2.4 million during the three and nine months ended September 30, 2024, respectively.

For the three and nine months ended September 30, 2024, the Company realized lower cost of product and other revenue of $ 3.7 million and $ 12.3 million, respectively, due to the Company's ability to sell inventory previously written down to zero, its then net realizable value.

INTANGIBLE ASSET AND GOODWILL

Intangible Asset

The Company maintained a definite-lived intangible asset related to developed product rights for Auryxia.

The intangible asset was initially recorded at fair value and was stated net of accumulated amortization.

The Company amortized the intangible asset using the straight-line method over the estimated useful life of six years .

The intangible asset was fully amortized as of December 31, 2024.

The Company recorded $ 9.0 million and $ 27.0 million in amortization expense for the three and nine months ended September 30, 2024, respectively, related to the developed product rights for Auryxia.

Inventory written down as a result of excess, obsolescence, scrap or other reasons charged to cost of product and other revenue in the unaudited condensed consolidated statements of operations and comprehensive income (loss) was $ 3.2 million and $ 0.2 million during the three months ended March 31, 2026 and 2025, respectively.

As of each of March 31, 2026 and December 31, 2025, the Company had goodwill of $ 59.0 million recorded in connection with the December 2018 merger with Keryx.

The Company has not identified any goodwill impairment to date.

ADDITIONAL BALANCE SHEET DETAIL

Prepaid expenses and other current assets are as follows (in thousands):

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of each of September 30, 2025 and December 31, 2024, the Company had goodwill of $ 59.0 million in connection with the December 2018 merger with Keryx.

The Company has not identified any goodwill impairment to date.

ADDITIONAL BALANCE SHEET DETAIL

Prepaid expenses and other current assets are as follows (in thousands):

Description September 30, 2025 December 31, 2024

Prepaid manufacturing $ — $ 4,029

Description March 31, 2026 December 31, 2025

Restricted cash

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Total prepaid expenses and other current assets $ 5,305 $ 5,470

Prepaid manufacturing expenses include advance payments to contract manufacturing organizations, or CMOs , for APIs or drug substance.

Such amounts are reclassified to work-in-process inventory upon the quality release of the batches and transfer of title to the Company from the CMO.

Other prepaid expenses and other current assets, among other things, include capitalized implementation costs, prepaid insurance, prepaid clinical trial costs and prepaid information technology costs.

Other long-term assets are as follows (in thousands):

Description September 30, 2025 December 31, 2024

Description March 31, 2026 December 31, 2025

Long-term inventories $ 56,060 $ 59,129

Restricted cash — 1,680

Other 514 552

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See Note 4, Inventories , for further information on long-term inventories.

Accrued expenses and other current liabilities consists of the following (in thousands):

September 30, 2025 December 31, 2024

Accrued expenses and other current liabilities are as follows (in thousands):

March 31, 2026 December 31, 2025

Product revenue allowances excluding rebates $ 8,371 $ 7,916

Product rebates 70,556 64,674

Product return reserves, current portion 5,076 5,295

Product return provisions, current portion 1,972 2,375

Clinical trial costs 1,329 1,188

Compensation and related benefits 8,320 11,018

Operating lease liabilities, current portion 4,936 5,400

Operating lease liabilities 2,127 3,548

Royalties due to Panion & BF Biotech, Inc.

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Accrued manufacturing costs 1,513 1,808

Restructuring costs — 489

BioVectra, Inc.

termination fees — 7,204

Liability related to sale of future royalties, current portion 1,401 1,664

Settlement royalties liability, current portion 15,397 12,516

Payments due to Q32 5,000 5,000

Other 5,630 4,488

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Entry into BlackRock Loan Facility

On January 29, 2024, or the Closing Date , the Company entered into the Agreement for the Provision of a Loan Facility, or the BlackRock Credit Agreement, with Kreos Capital VII (UK) Limited , or Kreos , which are funds and accounts managed by BlackRock Inc., collectively, BlackRock , and provides for a senior secured term loan facility in the aggregate principal amount

Akebia Therapeutics, Inc.

| Form 10-Q | Page 10

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of up to $ 55.0 million, or the Term Loan Facility .

The Term Loan Facility was available in three tranches (i) Tranche A — $ 37.0 million was funded on the Closing Date and used to repay the Pharmakon Term Loans (as defined below);

(ii) Tranche B — $ 8.0 million was funded on April 19, 2024, or the Tranche B Closing Date , and (iii) Tranche C — $ 10.0 million was funded on February 3, 2025, or the Tranche C Closing Date , collectively the Term Loans .

The Term Loan Facility was available in three tranches:

(i) Tranche A — $ 37.0 million was funded on the Closing Date;

(ii) Tranche B — $ 8.0 million was funded on April 19, 2024, or the Tranche B Closing Date;

and (iii) Tranche C — $ 10.0 million was funded on February 3, 2025, or the Tranche C Closing Date , collectively the Term Loans .

On February 3, 2025, the Company and Kreos entered into a Second Amendment to the BlackRock Credit Agreement, or the Second Amendment , which, among other things, extended the expiry date of Tranche C from December 31, 2024 to the Tranche C Closing Date, or the Extended Tranche C .

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On the Closing Date, the Company received $ 34.5 million on Tranche A, after deducting debt issuance costs, fees and expenses.

On the Tranche B Closing Date, the Company received $ 7.5 million, after deducting debt issuance costs, fees and expenses.

On the Tranche B Closing Date, the Company received $ 7.5 million, after deducting debt issuance costs, fees and

Akebia Therapeutics, Inc.

| Form 10-Q | Page 10

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On the Tranche C Closing Date, the Company received $ 9.3 million, after deducting debt issuance costs, interest, fees and expenses.

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In the event of certain prespecified events, the repayment schedule will be accelerated.

The Term Loan Facility will accrue interest at a floating annual rate equal to the sum of (i) the term Secured Overnight Financing Rate , or SOFR , for a tenor of one month (subject to a floor of 4.25 % per annum) plus (ii) a margin of 6.75 % per annum (subject to an overall cap of 15.00 % per annum on the all-in interest rate).

As of September 30, 2025, the Company's interest rate was 11.00 %.

The Company recognized interest expense related to the BlackRock Credit Agreement of $ 2.1 million and $ 6.2 million during the three and nine months ended September 30, 2025, respectively, and $ 1.7 million and $ 5.5 million during the three and nine months ended September 30, 2024, respectively.

The Term Loan Facility accrues interest at a floating annual rate equal to the sum of (i) the term Secured Overnight Financing Rate , or SOFR , for a tenor of one month (subject to a floor of 4.25 % per annum) plus (ii) a margin of 6.75 % per annum (subject to an overall cap of 15.00 % per annum on the all-in interest rate).

As of March 31, 2026, the Company's interest rate was 11.00 %.

During the three months ended March 31, 2026 and 2025, the Company recognized interest expense related to the BlackRock Credit Agreement of $ 2.2 million and $ 2.1 million, respectively.

During the continuance of any payment event of default under the BlackRock Credit Agreement, the interest rate on such overdue sum will automatically increase by an additional 3.0 % per annum, and may be subject to an additional late fee of 2.0 % of such overdue sum.

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If the Company prepays the outstanding loan prior to maturity, it will be required to pay a prepayment fee ranging from 1.0 % to 4.0 % of the amount prepaid.

If prepayment is made during the first year, the Company also is required to pay the amount of otherwise due interest payments for the twelve-month period following prepayment.

As of September 30, 2025, future principal payments under the BlackRock Credit Agreement are as follows (in thousands):

As of March 31, 2026, future principal payments under the BlackRock Credit Agreement are as follows (in thousands):

Years ended December 31,

Principal Payments

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If an event of default occurs and is continuing under the BlackRock Credit Agreement, BlackRock is entitled to take enforcement action, including acceleration of amounts due and it could limit the Company's ability to make certain payments under the Vifor Termination Agreement (as defined below).

On July 10, 2024, in connection with the Termination and Settlement Agreement entered into between the Company and CSL Vifor (as defined below), or the Vifor Termination Agreement , the Company and Kreos entered into a First Amendment to the

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for further information on the Vifor Termination Agreement.

On the Closing Date, Kreos Capital VII Aggregator SCSp, an affiliate of Kreos, or the Warrant Holder , received a warrant to purchase 3,076,923 shares of the Company’s common stock, at an exercise price per share of $ 1.30 , or the Initial Warrant .

On the Tranche C Closing Date, the Company issued the Warrant Holder an additional warrant to purchase 1,153,846 shares of the Company’s common stock at an exercise price per share of $ 1.30 , or the Tranche C Warrant .

Each warrant is exercisable for eight years from the date of issuance.

On July 21, 2025, the Warrant Holder exercised its option to purchase 2,115,384 shares of the Company's common stock under the Initial Warrant on a cashless basis at an exercise price per share of $ 1.30 .

A cashless exercise allows the Warrant Holder to convert the warrants into shares of the Company's common stock without the need for a cash payment.

Instead of paying cash upon exercise, the Warrant Holder received a reduced number of shares based on a predetermined formula.

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

BlackRock Credit Agreement, which amended certain provisions of the BlackRock Credit Agreement.

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for further information on the Vifor Termination Agreement.

On the Tranche C Closing Date, the Company issued the Warrant Holder additional warrants to purchase 1,153,846 shares of the Company’s common stock at an exercise price per share of $ 1.30 , or the Tranche C Warrant .

Each warrant shall be exercisable for eight years from the date of issuance.

July 23, 2025, as a result of the cashless exercise, the Company issued 1,408,588 shares of common stock to the Warrant Holder under the Initial Warrant.

The Initial Warrant and the Tranche C Warrant are liabilities classified under ASC 815, Derivatives and Hedging , as they could potentially require net cash settlement outside of the Company’s control.

The Initial Warrant and the Tranche C Warrant are measured at fair value each reporting period and when a warrant is exercised, with the changes in fair value presented within the unaudited condensed consolidated statements of operations and comprehensive income (loss).

The fair value of the warrant liability was $ 5.2 million as of September 30, 2025 and December 31, 2024.

See Note 3, Fair Value of Financial Instruments , for information on the fair value determination.

A cashless exercise allows the Warrant Holder to convert the warrants into shares of the Company's common stock without the need for a cash payment.

Instead of paying cash upon exercise, the Warrant Holder received a reduced number of shares based on a predetermined formula.

On July 23, 2025, as a result of the cashless exercise, the Company issued 1,408,588 shares to the Warrant Holder under the Initial Warrant.

The fair value of the warrant liability was $ 2.5 million and $ 3.0 million as of March 31, 2026 and December 31, 2025, respectively.

See Note 3, Fair Value Measurements , for information on the fair value determination.

Other Agreements Accounted for as Debt

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See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for further information.

Pharmakon Term Loans (Extinguished January 29, 2024)

On November 11, 2019, the Company, with Keryx as guarantor, entered into a loan agreement, or Pharmakon Loan Agreement , which consisted of a secured term loan facility in an aggregate amount of up to $ 100.0 million, or Pharmakon Term Loans .

On the Closing Date, using the proceeds from the BlackRock Credit Agreement, the Company paid the then outstanding principal balance on the Pharmakon Term Loans of $ 35.0 million, plus the outstanding interest and a prepayment fee of $ 0.2 million.

During the nine months ended September 30, 2024, the Company recorded a debt extinguishment loss of $ 0.5 million.

The Company recognized no interest expense during the three and nine months ended September 30, 2025 and immaterial interest expense during the nine months ended September 30, 2024, in each case related to the Pharmakon Loan Agreement.

See Note 7, Indebtedness , of the Notes to the Consolidated Financial Statements in the 2024 Form 10-K for further details.

LIABILITY RELATED TO SETTLEMENT ROYALTIES, WORKING CAPITAL FUND LIABILITY AND LIABILITY RELATED TO SALE OF FUTURE ROYALTIES

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The Vifor License Agreement granted CSL Vifor an exclusive license to sell Vafseo to Fresenius Medical Care North America and its affiliates, including Fresenius Kidney Care Group LLC, to certain third-party dialysis organizations approved by the Company, to independent dialysis organizations that are members of certain group purchasing organizations and certain non-retail specialty pharmacies, collectively, the Supply Group , in the U.S.

The Vifor License Agreement was structured as a profit share arrangement between the Company and CSL Vifor in which the Company would receive approximately 66 % of the profits, net of certain pre-specified costs.

In addition, CSL Vifor made an

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upfront payment to the Company of $ 25.0 million in February 2022 in connection with the amendment and restatement of the Vifor License Agreement, which was previously recorded as long-term deferred revenue in the consolidated balance sheets.

The Vifor License Agreement was structured as a profit share arrangement between the Company and CSL Vifor in which the Company would receive approximately 66 % of the profit, net of certain pre-specified costs.

In addition, CSL Vifor made an upfront payment to the Company of $ 25.0 million in February 2022 in connection with the amendment and restatement of the Vifor License Agreement, which was previously recorded as long-term deferred revenue in the consolidated balance sheets.

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , of the Notes to the Consolidated Financial Statements in the 2025 Form 10-K for a more detailed description of the Vifor License Agreement.

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In February 2022, in connection with the Vifor License Agreement, the Company sold an aggregate of 4,000,000 shares of its common stock, or 2022 Shares , to CSL Vifor at a price per share of $ 5.00 for a total of $ 20.0 million.

The $ 18.3 million, which represented the premium over the closing stock price, or $ 4.7 million for the 2017 Shares and $ 13.6 million for the 2022 Shares, was previously recorded as long-term deferred revenue in the consolidated balance sheets as it represented consideration related to the Vifor License Agreement.

The $ 18.3 million, which represented the premiums over the closing stock price, or $ 4.7 million for the 2017 Shares and $ 13.6 million for the 2022 Shares, was previously recorded as long-term deferred revenue in the consolidated balance sheets as it represented consideration related to the Vifor License Agreement.

The 2017 Shares and 2022 Shares are subject to standstill agreements and are subject to voting agreements.

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On July 10, 2024, the Company and CSL Vifor entered into the Vifor Termination Agreement, pursuant to which the Company and CSL Vifor agreed, among other things, to terminate, effective immediately, the Vifor License Agreement.

Pursuant to the terms of the Vifor Termination Agreement, the Company will pay CSL Vifor decreasing quarterly tiered royalty payments ranging from a high single-digit percentage of the Company’s net sales of Vafseo up to $ 450.0 million to mid-single digit percentage of the Company’s net sales of Vafseo above $ 450.0 million, in each case, in the U.S.

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digit percentage of the Company’s net sales of Vafseo above $ 450.0 million, in each case, in the U.S.

during a calendar year, or the Settlement Royalty Payments .

The Settlement Royalty Payments commenced upon the first sale of Vafseo by the Company, its affiliates or third-party licensees to a third party for use in the U.S., and will continue until the later of the (i) expiration of the last-to-expire valid claim listed in the FDA Orange Book, or OB , that would be infringed by the making, using, selling or importing of Vafseo in the U.S.

The Settlement Royalty Payments commenced upon the first sale of Vafseo by the Company, its affiliates or third-party licensees to a third party for use in the U.S., and will continue until the later of the (i) expiration of the last-to-expire valid claim listed in the FDA Orange Book that would be infringed by the making, using, selling or importing of Vafseo in the U.S.

or (ii) the expiration of marketing or regulatory exclusivity for Vafseo in the U.S., or the Settlement Royalty Term .

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If the Company exercises the Royalty Buy-Down Option, the WCF Royalty Payments, as described below, will continue as described below.

The WCF Royalty Payments, as described below, the Settlement Royalty Payments and the Royalty Buy-Down Option are in consideration for the termination of the Vifor License Agreement and all obligations thereunder, and the covenants and agreements set forth in the Vifor Termination Agreement, including the settlement and release of all disputes and claims arising from the Vifor License Agreement.

The WCF Royalty Payments, the Settlement Royalty Payments and the Royalty Buy-Down Option are in consideration for the termination of the Vifor License Agreement and all obligations thereunder, and the covenants and agreements set forth in the Vifor Termination Agreement, including the settlement and release of all disputes and claims arising from the Vifor License Agreement.

As a result of the Vifor Termination Agreement, the Company reassessed whether the Vifor License Agreement still met the criteria to be considered a contract within the scope of ASC 606, Revenue from Contracts with Customers, and concluded that CSL Vifor no longer met the definition of a customer and, therefore, the arrangement should not be considered a revenue contract with a customer under ASC 606.

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The liability related to settlement royalties and the amortization are based on the Company’s current estimates of future royalties expected to be paid over the life of the arrangement.

To the extent the Company’s estimates of future royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, the Company will adjust the effective interest rate and recognize related non-cash interest expense on a prospective basis.

To the extent the Company’s estimates of future royalty payments are greater or less than previous estimates or the estimated timing of such payments is materially different than previous estimates, the Company will adjust the effective interest rate and recognize the related non-cash interest expense on a prospective basis.

On a quarterly basis, the Company reassesses the expected royalty payments.

The annual effective interest rate as of September 30, 2025 was 24.6 % which is reflected as interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

The Company recognized interest expense related to the settlement royalties liability of $ 3.9 million and $ 14.7 million for the three and nine months ended September 30, 2025,

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respectively, and $ 4.4 million for the three and nine months ended September 30, 2024.

As of September 30, 2025 and December 31, 2024, the balances related to the settlement royalties liability were as follows (in thousands):

September 30, 2025 December 31, 2024

The annual effective interest rate as of March 31, 2026 was 21.2 % which is reflected as interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

The Company recognized interest expense related to the settlement royalties liability of $ 3.6 million and $ 5.4 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, the balances related to the settlement royalties liability were as follows (in thousands):

March 31, 2026

December 31, 2025

Current portion (included in accrued expenses and other current liabilities)

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The Working Capital Fund was considered a debt arrangement with zero coupon interest and the Company imputed interest on the Working Capital Fund liability at a rate of 15.0 % per annum, which was determined based on certain factors, including the Company's credit rating, comparable securities yield and the expected repayment period.

On March 18, 2022, when the $ 40.0 million was received from CSL Vifor, the Company recorded an initial discount on the Working Capital Fund liability and a corresponding deferred gain on the condensed consolidated balance sheet.

On May 3, 2024, the Company and CSL Vifor entered into Amendment #1 to the Vifor License Agreement, or the Amendment .

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The WCF Royalty Payments are subject to minimum true-up milestones of $ 10.0 million, $ 20.0 million and $ 40.0 million, or the WCF Royalty True-Up Payments , on each of May 31, 2026, May 31, 2027 and May 31, 2028, respectively, or the WCF Royalty True-Up Dates .

If the cumulative total of the WCF Royalty Payments paid to CSL Vifor on any given WCF Royalty True-Up Date is less than the respective WCF Royalty True-Up Payment, the Company will pay CSL Vifor a one-time payment equal to the difference between the WCF Royalty True-Up Payment and the cumulative total of the WCF Royalty Payments paid by the Company through such WCF Royalty True-Up Date.

If the cumulative total of the WCF Royalty Payments paid to CSL Vifor on any given WCF Royalty True-Up Date is less

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than the respective WCF Royalty True-Up Payment, the Company will pay CSL Vifor a one-time payment equal to the difference between the WCF Royalty True-Up Payment and the cumulative total of the WCF Royalty Payments paid by the Company through such WCF Royalty True-Up Date.

The Company determined that the terms of the Amendment are not substantially different than the terms of the Vifor License Agreement, and therefore the Amendment was accounted for as a modification.

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On a quarterly basis, the Company reassesses the effective rate and will adjust the rate prospectively, if needed.

The discount on the Working Capital Fund liability is amortized to interest expense using the effective interest method over the WCF Royalty Term.

The deferred gain is amortized to interest income on a straight-line basis over the WCF Royalty Term.

The amortization of the discount was $ 1.2 million and $ 3.5 million for the three and nine months ended September 30, 2025, respectively, and $ 1.1 million and $ 2.7 million for the three and nine months ended September 30, 2024, respectively.

The amortization of the deferred gain was $ 1.1 million and $ 3.1 million for the three and nine months ended September 30, 2025, respectively, and $ 0.9 million and $ 2.6 million for the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025 and December 31, 2024, the balances related to the Working Capital Fund liability were as follows (in thousands):

September 30, 2025 December 31, 2024

The discount on the Working Capital Fund liability is being amortized to interest expense using the effective interest method over the WCF Royalty Term.

The deferred gain is being amortized to interest income on a straight-line basis over the WCF Royalty Term.

The amortization of the discount was $ 1.2 million and $ 1.1 million for the three months ended March 31, 2026 and 2025, respectively.

The amortization of the deferred gain was $ 0.8 million and $ 1.0 million for the three months ended March 31, 2026 and 2025, respectively.

As of March 31, 2026 and December 31, 2025, the balances related to the Working Capital Fund liability were as follows (in thousands):

March 31, 2026

December 31, 2025

Current portion

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Total Working Capital Fund liability $ 39,850 $ 39,962

$ 40,717 $ 40,287

Liability Related to Sale of Future Royalties

On February 25, 2021, the Company entered into a royalty interest acquisition agreement, or the Royalty Agreement , with HealthCare Royalty Partners IV, L.P., or HCR , pursuant to which the Company sold to HCR its right to receive royalties and sales milestones for Vafseo in Japan and certain other Asian countries, such countries collectively, the MTPC Territory , and such payments collectively the Royalty Interest Payments , in each case, payable to the Company under the MTPC Agreement (as defined below).

In February 2021, the Company entered into a royalty interest acquisition agreement, or the Royalty Agreement , with HealthCare Royalty Partners IV, L.P., or HCR , pursuant to which the Company sold to HCR its right to receive royalties and sales milestones for Vafseo in Japan and certain other Asian countries, such countries collectively, the TPC Territory , and such payments collectively the Royalty Interest Payments , in each case, payable to the Company under the Company's Collaboration Agreement, or the TPC Agreement , with Tanabe Pharma Corporation, formerly Mitsubishi Tanabe Pharma Corporation, or TPC .

The Royalty Interest Payments are subject to an annual maximum “cap” of $ 13.0 million, after which the Company will receive 85 % of the Royalty Interest Payments for the remainder of that year.

The Royalty Interest Payments are also subject to an aggregate maximum “cap” of $ 150.0 million, after which the Royalty Interest Payments will revert back to

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The Company retains the right to receive all potential future regulatory milestones for Vafseo under the MTPC Agreement.

At the transaction date, the Company recorded the proceeds received from HCR of $ 44.8 million (net of certain transaction expenses) as a liability and is amortizing it using the effective interest method over the life of the arrangement.

The Royalty Interest Payments are also subject to an aggregate maximum “cap” of $ 150.0 million, after which the Royalty Interest Payments will revert back to the Company.

The Company retains the right to receive all potential future regulatory milestones for Vafseo under the TPC Agreement.

The Royalty Agreement will terminate on the earlier of the date on which HCR has received (i) the last Royalty Interest Payment or (ii) payment by the Company of an amount equal to the Aggregate Cap minus the aggregate amount of all Royalty Interest Payments actually received by HCR.

At the transaction date, the Company recognized the proceeds received from HCR of $ 44.8 million (net of certain transaction expenses) as a liability and is amortizing it using the effective interest method over the life of the arrangement.

The liability related to sale of future royalties and the debt amortization are based on the Company’s current estimates of future royalties expected to be paid over the life of the arrangement.

1 unchanged sentence

In the event the Company's estimates of future royalties are less than the proceeds from the sale of future royalties, the Company will not recognize related non-cash interest expense.

On a quarterly basis, the Company reassesses the effective interest rate and adjusts the rate prospectively as needed.

The annual effective interest rate as of September 30, 2025 was 0 % and, therefore the Company did not recognize any non-cash interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

As a result of its ongoing involvement in the cash flows related to the royalties and sales milestones in the MTPC Territory, the Company will continue to account for these royalties as non-cash royalty revenue which is reflected in license, collaboration and other revenue in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

On a quarterly basis, the Company assesses the expected royalty payments.

The annual effective interest rate as of March 31, 2026 was 0 % and, therefore the Company did not recognize any non-cash interest expense in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

As a result of the Company's ongoing involvement in the cash flows related to the royalties and sales milestones in the TPC Territory, the Company will continue to account for the royalties received as non-cash royalty revenue which is reflected within license, collaboration and other revenue in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

The Company paid royalties to HCR of $ 0.5 million during each of the three months ended September 30, 2025 and 2024 and $ 1.4 million during each of the nine months ended September 30, 2025 and 2024.

As of September 30, 2025 and December 31, 2024 the balances were as follows (in thousands):

Liability related to sale of future royalties September 30, 2025 December 31, 2024

The Company paid royalties to HCR of $ 0.5 million during each of the three months ended March 31, 2026 and 2025.

As of March 31, 2026 and December 31, 2025 the balances were as follows (in thousands):

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Liability related to sale of future royalties March 31, 2026 December 31, 2025

Current portion (included in accrued expenses and other current liabilities) $ 1,401 $ 1,664

1 unchanged sentence

Total liability related to sale of future royalties $ 51,815 $ 52,272

The Royalty Agreement requires the Company to take certain actions, including actions with respect to the Royalty Interest Payments, the TPC Agreement, and the Company's intellectual property.

The Royalty Agreement also contains certain representations and warranties, covenants, indemnification obligations, events of default and other provisions that are customary for a royalty monetization transaction of this nature.

In addition, the Company granted HCR a precautionary security interest in connection with the Royalty Interest Payments.

Cambridge Lease

Under the Cambridge Lease, the Company leases approximately 65,167 square feet of office, storage and lab space in Cambridge, Massachusetts.

The term of the Cambridge Lease with respect to the 59,216 square feet of office and storage space expires on September 11, 2026, with one five-year extension option available.

The term of the Cambridge Lease with respect to the 5,951 square feet of lab space expires on September 11, 2026, with one two-year extension option available.

Under the Cambridge Lease, the Company leases approximately 65,167 square feet of office, storage and laboratory space in Cambridge, Massachusetts.

The term of the Cambridge Lease with respect to the 59,216 square feet of office and storage space expires on September 11, 2026.

The term of the Cambridge Lease with respect to the 5,951 square feet of laboratory space was set to expire on September 11, 2026.

On April 9, 2026, the Company extended the term of the Cambridge Lease with respect to the laboratory space through October 31, 2026.

See Note 17, Subsequent Events , for further information.

The Cambridge Lease is non-cancelable and is classified as an operating lease.

The renewal options with respect to the office, storage and the lab space of the Cambridge Lease were not included in the calculation of the right-of-use asset and operating lease liability as the renewals are not reasonably certain.

The Cambridge Lease does not contain residual value guarantees.

In arriving at the operating lease liabilities, the Company applied incremental borrowing rates ranging from 6.65 % to 6.94 %, which were based on the remaining lease term at either the date of adoption of ASC 842 or the effective date of any subsequent lease term extensions.

As of September 30, 2025, the remaining lease term for the Cambridge Lease was 0.95 years.

Operating lease costs were $ 1.2 million and $ 3.7 million for each of the three and nine months ended September 30, 2025 and 2024, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $ 1.5 million and $ 4.4 million for the three and nine months ended September 30, 2025, respectively, and $ 1.4 million and $ 4.3 million for the three and nine months ended September 30, 2024, respectively.

The security deposit in connection with the Cambridge Lease is $ 1.7 million in the form of a letter of credit, which is included as restricted cash in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheet as of September 30, 2025 and in other long-term assets in the accompanying unaudited condensed consolidated balance sheet as of December 31, 2024.

In arriving at the operating lease liabilities, the Company applied incremental borrowing rates ranging from 6.65 % to 6.94 %, which were based on the remaining lease term at either the date of adoption of ASC 842, Leases , or the effective date of any subsequent lease term extensions.

As of March 31, 2026, the remaining lease term for the Cambridge Lease was 0.45 years.

Operating lease costs were $ 1.2 million for each of the three months ended March 31, 2026 and 2025.

Cash paid for amounts included in the measurement of operating lease liabilities was $ 1.5 million for each of the three months ended March 31, 2026 and 2025.

Future Lease Commitments

Future commitments under the Cambridge Lease are as follows (in thousands):

Future commitments under the non-cancelable Cambridge Lease are as follows (in thousands):

Lease Commitments

Total lease commitments $ 2,142

present value adjustment ( 15 )

Current operating lease liabilities

Waltham Lease

On January 27, 2026, the Company entered into a lease agreement, or the Waltham Lease , with BP THIRD AVENUE LLC, a Delaware limited liability company, or the Landlord , pursuant to which the Company will lease an aggregate of approximately 43,474 square feet, consisting of 28,518 square feet of office space, or the Office Premises , and 14,956 square feet of laboratory space, or the Lab Premises , located in Waltham, Massachusetts.

The Company intends to relocate its corporate headquarters to Waltham in September 2026.

Prior to commencement of the term of the Waltham Lease, the Landlord will perform certain items of work on the Office Premises, or the Landlord’s Office Premises Work , and the Lab Premises, or the Landlord’s Lab Premises Work , each pursuant to the Waltham Lease.

The Landlord shall be solely responsible for the payment of all costs and expenses associated with completing such work, except as otherwise expressly set forth in the Waltham Lease.

The term of the Waltham Lease with respect to the Office Premises commences on the earlier to occur of (i) the date on which the Landlord’s Office Premises Work has been “substantially completed” and the Office Premises are “ready for occupancy” (each as defined in the Waltham Lease) or (ii) the date upon which the Company occupies all or any portion of the Office Premises, which is expected to be on or about September 1, 2026, or the Office Term Commencement Date .

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Lease Commitments

Total lease commitments $ 5,073

present value adjustment ( 137 )

Current and long-term operating lease liabilities $ 4,936

term of the Waltham Lease will be for an 84 -calendar month-period commencing on the Office Term Commencement Date, unless extended or sooner terminated as provided in the Waltham Lease, with one five-year extension option available.

The Company’s annual rent for the Office Premises will start at $ 0.9 million and will increase at an additional $ 1.00 per square foot for each successive Rent Year (as defined in the Waltham Lease) until the end of the initial term.

The Company’s annual rent for the Lab Premises will start at $ 1.0 million and will increase by approximately 3.0 % for each successive Rent Year until the end of the initial term.

The Waltham Lease requires a security deposit in the amount of $ 0.8 million in the form of an irrevocable letter of credit.

In addition to rent, the Company is required to pay additional amounts for taxes, insurance, maintenance and other operating expenses.

COMMITMENTS AND CONTINGENCIES

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The Company's contractual obligations include a commercial supply agreement with Siegfried Evionnaz SA, or Siegfried, to supply commercial drug substance for Auryxia.

The Company and Siegfried entered into a Master Manufacturing Services and Supply Agreement, most recently amended in February 2023, or the Siegfried Agreement , under which the Company has agreed to purchase a minimum quantity of drug substance of Auryxia at a predetermined price.

As of September 30, 2025, the Company is required to purchase a minimum quantity of drug substance for Auryxia annually at a total cost of approximately $ 15.3 million through the end of 2026.

As of March 31, 2026, the Company had no minimum commitments with Siegfried.

The term of the Siegfried Agreement expires on December 31, 2026.

The Siegfried Agreement provides the Company and Siegfried with certain early termination rights.

The Company regularly reviews its estimate of the excess firm purchase commitment liability which relates to the amount of minimum purchase commitments under the Siegfried Agreement that exceed the current forecast, including review of assumptions of expected future demand and expiry of inventory.

The excess firm commitment liability recorded in other long-term liabilities was $ 3.6 million as of September 30, 2025 and December 31, 2024.

The Company regularly reviews its estimate of the excess firm purchase commitment liability which relates to the amount of minimum purchase commitments under the Siegfried Agreement that exceeded the then current forecast, including review of assumptions of expected future demand and expiry of inventory.

The Company did not have an excess firm purchase commitment liability as of March 31, 2026.

The excess firm purchase commitment liability recorded in other long-term liabilities was $ 0.8 million as of December 31, 2025.

Patheon Manufacturing

On March 11, 2020, the Company entered into a Supply Agreement with Patheon Inc., or Patheon, or the Patheon Agreement , under which Patheon will manufacture Vafseo drug product for commercial use under a volume-based pricing structure through June 30, 2026, renewing annually unless either party gives the other party eighteen months ' prior written notice.

In March 2020, the Company entered into a Supply Agreement with Patheon Inc., or Patheon, or the Patheon Agreement , under which Patheon agreed to manufacture Vafseo drug product for commercial use under a volume-based pricing structure through June 30, 2023, with the agreement renewing annually unless either party gives the other party eighteen months ' prior written notice.

Under the Patheon Agreement, the Company agreed to purchase from Patheon a certain percentage of the estimated global demand for Vafseo drug product based on certain quarterly and annual forecasts provided by the Company.

As of September 30, 2025, the Company has committed to purchase $ 1.1 million of Vafseo drug product from Patheon through the end of 2026, however, as estimated global demand fluctuates, the Company may have additional future obligations under the Patheon Agreement.

As of March 31, 2026, the Company has committed to purchase $ 1.1 million of Vafseo drug product from Patheon through the end of 2026, however, as estimated global demand fluctuates, the Company may have additional future obligations under the Patheon Agreement.

WuXi STA Manufacturing

2 unchanged sentences

Pursuant to the WuXi STA DS Agreement, the Company has agreed to purchase a certain percentage of the global demand for Vafseo drug substance from WuXi STA.

As of September 30, 2025, the Company has committed to purchase $ 69.2 million of Vafseo drug substance from WuXi STA through the end of 2027, however, as estimated global demand fluctuates, the Company may have additional future obligations under the WuXi STA DS Agreement.

As of March 31, 2026, the Company has committed to purchase $ 69.2 million of Vafseo drug substance from WuXi STA through the end of 2027, however, as estimated global demand fluctuates, the Company may have additional future obligations under the WuXi STA DS Agreement.

Additionally, on February 10, 2021, the Company entered into a Supply Agreement with WuXi STA, which was amended on October 15, 2024, or the WuXi STA DP Agreement , under which WuXi STA will manufacture and supply Vafseo drug product for commercial purposes under a volume-based pricing structure through January 1, 2032.

5 unchanged sentences

In addition, each party has the ability to terminate the WuXi STA DP Agreement upon the occurrence of certain conditions.

As of September 30, 2025, the Company has committed to purchase $ 0.8 million of Vafseo drug product from WuXi STA through the first quarter

As of March 31, 2026, the Company has committed to purchase $ 2.1 million of Vafseo drug product from WuXi STA through the first half of 2026, however, as estimated global demand fluctuates, the Company may have additional future obligations under the WuXi STA DP Agreement.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

of 2026, however, as estimated global demand fluctuates, the Company may have additional future obligations under the WuXi STA DP Agreement.

Esteve - Assigned Supply Agreement

On April 9, 2019, the Company entered into a Supply Agreement with Esteve Química, S.A., or Esteve , or the Esteve Agreement , under which Esteve would manufacture Vafseo drug substance for commercial use under a volume-based pricing structure.

On December 16, 2022, the Company, Mitsubishi Tanabe Pharma Corporation, or MTPC , and Esteve executed the Esteve Assignment Agreement, pursuant to which the Esteve Agreement was assigned to MTPC.

The Esteve Assignment Agreement transferred the rights and obligations of the Esteve Agreement to MTPC, specifically including the obligations under certain purchase orders issued by the Company and accepted by Esteve.

Although the Esteve Agreement was assigned to MTPC in December 2022, the Company and Esteve have agreed to negotiate the terms of a new commercial supply relationship.

As of September 30, 2025, the Company has committed to purchase $ 7.6 million of Vafseo drug substance from Esteve through the end of 2025.

BioVectra - Former Manufacturing and Unconditional Purchase Commitments

Under the Manufacture and Supply Agreement with BioVectra, Inc., or BioVectra , and the Amended and Restated Product Manufacture and Supply and Facility Construction Agreement with BioVectra, the Company agreed to purchase minimum quantities of Auryxia drug substance annually at predetermined prices as well as reimburse BioVectra for certain costs in connection with construction of a new facility for the manufacture and supply of Auryxia drug substance.

On December 22, 2022, the Company and BioVectra entered into a termination agreement, or the BioVectra Termination Agreement , pursuant to which the parties agreed, among other things, to terminate, effective immediately, any and all existing agreements entered into between the parties in connection with the manufacture and supply, by BioVectra to the Company, of Auryxia drug substance.

Under the terms of the BioVectra Termination Agreement, each of the Company and BioVectra released one another from all existing and future claims and liabilities and the return of certain materials and documents.

In addition, the Company agreed to pay BioVectra a total of $ 32.5 million consisting of (i) an upfront payment of $ 17.5 million and (ii) six quarterly payments of $ 2.5 million which commenced in April 2024 and were completed in July 2025, totaling $ 15.0 million.

The upfront payment of $ 17.5 million was made during the quarter ended December 31, 2022 and was recognized to cost of product and other revenue.

In accordance with ASC 420, Exit or Disposal Cost Obligations , the Company recognized a liability and corresponding expense for the remaining termination fees based on estimated fair value as of December 22, 2022.

The Company imputed interest on the liability for the remaining termination fees at a rate of 17.0 % per annum, which was determined based on certain factors, including the Company's credit rating, comparable securities yield, and expected repayment period of the remaining termination fees.

The Company recorded an initial discount on the remaining termination fees on the consolidated balance sheet on the date of the termination.

This resulted in the recording of a liability and corresponding charge to cost of goods sold of $ 11.2 million during the quarter ended December 31, 2022.

The discount on the liability balance is being amortized to interest expense using the effective interest rate method over the term of the liability.

The amortization of the discount was immaterial and $ 0.3 million for the three and nine months ended September 30, 2025, respectively, and $ 0.4 million and $ 1.3 million for the three and nine months ended September 30, 2024, respectively.

License Agreements

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On April 17, 2019, the Company and Panion & BF Biotech, Inc., or Panion , entered into a second amended and restated license agreement, or the Panion Amended License Agreement , which amended and restated in full the license agreement between the Company and Panion.

The Panion Amended License Agreement provides the Company with an exclusive license under Panion-owned know-how and patents with the right to sublicense, develop, make, use, sell, offer for sale, import and export ferric citrate worldwide, excluding certain Asian-Pacific countries, or the Licensor Territory .

The Panion Amended License Agreement also provides Panion with an exclusive license under the Company-owned patents, with the right to sublicense (with the Company’s written consent), develop, make, use, sell, offer for sale, import and export ferric citrate in certain countries in the Licensor Territory.

The Panion Amended License Agreement provides the Company with an exclusive license under Panion-owned know-how and patents covering the rights to sublicense, develop, make, use, sell, offer for sale, import and export ferric citrate worldwide, excluding certain Asian-Pacific countries, or the Licensor Territory .

The Panion Amended License Agreement also provides Panion with an exclusive license under Company-owned patents, covering the rights to sublicense (with the Company’s written consent), develop, make, use, sell, offer for sale, import and export ferric citrate in certain countries in the Licensor Territory.

Under the Panion Amended License Agreement, Panion is eligible to receive from the Company or any sublicensee royalty payments based on a mid-single digit percentage of sales of ferric citrate in the Company’s licensed territories.

The Company is eligible to receive from Panion or any sublicensee royalty payments based on a mid-single digit percentage of net sales of ferric citrate in Panion’s licensed territories.

See Note 10, Commitments and Contingencies , of the Notes to the Consolidated Financial Statements in the 2024 Form 10-K for a more detailed description of this license agreement.

Akebia Therapeutics, Inc.

| Form 10-Q | Page 17

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company incurred royalty payments due to Panion of approximately $ 2.7 million and $ 8.4 million during the three and nine months ended September 30, 2025, respectively, and $ 2.1 million and $ 6.4 million during the three and nine months ended September 30, 2024, respectively, relating to the Company’s sales of Auryxia in the U.S.

See Note 10, Commitments and Contingencies , of the Notes to the Consolidated Financial Statements in the 2025 Form 10-K for a more detailed description of the Panion Amended License Agreement.

The Company incurred royalty payments due to Panion of approximately $ 2.3 million and $ 2.6 million during the three months ended March 31, 2026 and 2025, respectively, relating to the Company’s sales of Auryxia in the U.S.

and Japan Tobacco, Inc.

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Furthermore, the only contingency as it related to the $ 0.5 million payment made in September 2025 was the passage of time.

Under the Cyclerion Agreement, as amended, Cyclerion is eligible to receive up to an aggregate of $ 198.5 million from the Company in specified development and regulatory milestone payments on a product-by-product basis.

Under the Cyclerion Agreement, as amended, Cyclerion is eligible to receive up to an additional aggregate of $ 197.5 million from the Company in specified development and regulatory milestone payments on a product-by-product basis.

In December 2025, the Company incurred a $ 1.0 million development milestone in connection with the initiation of a Phase 2 clinical trial for praliciguat in the U.S., which was charged to research and development expense during the year ended December 31, 2025 .

The $ 1.0 million development milestone was paid during the three months ended March 31, 2026.

Cyclerion will also be eligible to receive specified commercial milestones as well as tiered royalties ranging from a mid-single-digit percentage to twenty percent of net sales, on a product-by-product basis, and subject to reduction upon expiration of patent rights or the launch of a generic product in the territory.

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The parties also have customary termination rights, subject to a cure period, in the event of the other party’s material breach of the Cyclerion Agreement or in the event of certain additional circumstances.

Q32 Agreement

Akebia Therapeutics, Inc.

| Form 10-Q | Page 17

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On November 28, 2025, or the APA Closing Date , the Company entered into an Asset Purchase Agreement, or the Q32 Purchase Agreement , with Q32 Bio Inc.

and Q32 Bio Operations Inc, or together, Q32 , pursuant to which Q32 sold and assigned to the Company, and the Company purchased and assumed from Q32 substantially all assets and liabilities of Q32 and its affiliates related to the research, development, manufacture and commercialization of Q32's clinical-stage development candidate known as ADX-097 (now referred to as AKB-097) worldwide for the treatment, prevention or diagnosis of any disease or condition in humans.

AKB-097, which has been evaluated in a Phase 1 clinical trial in healthy volunteers, is a tissue-targeted C3d-Factor H fusion protein complement inhibitor with the potential to treat rare kidney diseases.

Under the terms of the Q32 Purchase Agreement, the Company (i) made an upfront payment of $ 7.0 million on the APA Closing Date, (ii) will make an additional upfront payment of $ 3.0 million on the six-month anniversary of the APA Closing Date, (iii) will make certain milestone payments upon the achievement of specified development and regulatory milestone events related to AKB-097 up to an aggregate amount equal to $ 94.5 million, including a $ 2.0 million development milestone payment upon the earlier of initiation of a Phase 2 clinical trial and December 31, 2026, (iv) will make certain milestone payments upon the achievement of specified commercial milestone events with respect to the net sales of AKB-097 up to an aggregate amount equal to $ 487.5 million, and (v) will make certain royalty payments based on the net sales of AKB-097 with royalty percentage tiers ranging from the low single digits to mid-teen percentages.

The royalties will expire on a country-by-country basis on the later to occur of (a) the date of expiration of the last-to-expire valid claim of any transferred patent right that covers such product in such country, and (b) the tenth anniversary of the first commercial sale of such product.

The transaction was accounted for as an asset acquisition as the acquired assets did not meet the definition of a business.

The Company did not acquire any outputs and there was not an acquired substantive process in place to create outputs.

The total purchase consideration of $ 12.8 million was composed of the $ 7.0 million upfront payment, the $ 3.0 million additional upfront payment, the $ 2.0 million development milestone payment and $ 0.8 million of direct transaction costs.

The only contingency as it relates to the $ 2.0 million milestone payment upon the earlier of initiation of a Phase 2 clinical trial and December 31, 2026 is the passage of time.

The fair value was allocated to in process research and development, or IPR&D , assets with no alternative future use for these assets at the closing of the acquisition.

As a result, the Company recorded a charge of $ 12.8 million related to acquired IPR&D expense on the consolidated statements of operations and comprehensive loss during the year ended December 31, 2025.

The $ 3.0 million additional upfront payment and the $ 2.0 million development milestone payment are included in accrued expenses and other current liabilities in the consolidated balance sheet as of March 31, 2026.

Other Third-Party Contracts

The Company contracts with various organizations to conduct R&D activities with remaining contract costs to the Company of approximately $ 86.8 million at September 30, 2025.

The Company contracts with various organizations to conduct R&D activities with remaining contract costs to the Company of approximately $ 81.5 million at March 31, 2026.

The scope of the services under these R&D contracts can be modified upon mutual agreement of the parties, and the contracts or scope of services can be cancelled by the Company upon written notice.

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Changes in the Company’s estimates could have a material impact and are recorded as litigation progresses and new information comes to light.

Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not expect the resolution of current legal proceedings to have a material adverse effect on its financial position, results of operations or cash flows.

Guarantees and Indemnifications

As permitted under Delaware law, the Company may indemnify its officers, directors and employees for certain events or occurrences that happen by reason of their relationship with, or position held at, the Company.

The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in

The Company may also be subject to indemnification obligations by law with respect to the actions of its employees under certain circumstances and in certain jurisdictions.

The Company maintains director and officer liability insurance coverage that is intended to cover a portion of amounts that may be due with respect to indemnification after a deductible is met.

Further, the Company is a party to a variety of agreements in the ordinary course of business under which it may be obligated to indemnify third parties with respect to certain matters.

For the three months ended March 31, 2026 and 2025, the Company did not experience any losses related to these indemnification obligations, and no claims were outstanding as of March 31, 2026.

The Company does not have any claims related to these indemnification obligations and consequently concluded that the fair value of these obligations is negligible and no related accruals were recorded.

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

certain jurisdictions.

The Company maintains director and officer liability insurance coverage that is intended to cover a portion of amounts that may be due with respect to indemnification after a deductible is met.

Further, the Company is a party to a variety of agreements in the ordinary course of business under which it may be obligated to indemnify third parties with respect to certain matters.

For the three and nine months ended September 30, 2025 and 2024, the Company did not experience any losses related to these indemnification obligations, and no claims were outstanding as of September 30, 2025.

PRODUCT REVENUE AND RESERVES FOR VARIABLE CONSIDERATION

Until Vafseo's market entry in January 2025, the Company’s only source of product revenue was from the U.S.

sales of Auryxia.

The Company recognized the following revenue from Vafseo and Auryxia (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION

The following table presents net product revenue for Vafseo and Auryxia (in thousands):

Three Months Ended March 31,

Product 2026 2025

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Total product revenues $ 51,992 $ 55,791

(1) Includes the authorized generic version of Auryxia sold and distributed by the Company's authorized generic distribution partner, Mylan Therapeutics, Inc., or AG Partner , during the three and nine months ended September 30, 2025.

The following table presents changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Partner (in thousands):

Nine Months Ended September 30, 2025

(1) Includes the authorized generic version of Auryxia sold and distributed by the Company's authorized generic distribution partner, Mylan Therapeutics, Inc., or AG Distributor , during the three months ended March 31, 2026 and 2025.

The following tables present changes in the Company’s contract assets and liabilities related to the Company's sales to its AG Distributor (in thousands):

Three Months Ended March 31, 2026

Period Additions Deductions Balance

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Deferred revenue $ 2,681 $ 4,826 $ ( 3,011 ) $ 4,496

Three Months Ended March 31, 2025

Period Additions Deductions Balance

Contract assets:

Accounts receivable $ — $ 1,241 $ — $ 1,241

Contract liabilities:

Deferred revenue $ — $ 1,241 $ — $ 1,241

The Company recognized the following revenues related to the Company's sales to its AG Distributor as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):

Three Months Ended March 31,

Revenue Recognized in the Period:

Deferred revenue — beginning of the period

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Company recognized the following revenues related to the Company's sales to its AG Partner as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

Revenue Recognized in the Period:

2025 2024 2025 2024

Deferred revenue — beginning of the period

$ 2,664 $ — $ — $ —

Product revenue allowance and reserve categories were as follows:

Product revenue allowance and provision categories were as follows:

(in thousands) Chargebacks

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Credits/payments made ( 1,639 ) ( 12,449 ) ( 872 ) ( 14,960 )

Balance at September 30, 2025 $ 554 $ 59,238 $ 6,471 $ 66,263

Balance at March 31, 2026 $ 998 $ 78,927 $ 2,638 $ 82,563

(in thousands) Chargebacks

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Credits/payments made ( 1,389 ) ( 8,822 ) ( 145 ) ( 10,356 )

Balance at September 30, 2024 $ 1,343 $ 15,316 $ 4,507 $ 21,166

Balance at March 31, 2025 $ 496 $ 27,451 $ 6,520 $ 34,467

Chargebacks, discounts and estimated product returns are recorded as a reduction of revenue in the period the related product revenue is recognized in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

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Estimated product returns on product sales that are not expected to be returned within one year are recorded as other long-term liabilities in the unaudited condensed consolidated balance sheets.

Accounts receivable, net related to product sales, was approximately $ 63.2 million and $ 32.4 million as of September 30, 2025 and December 31, 2024, respectively.

Accounts receivable, net related to product sales, was approximately $ 60.9 million and $ 44.4 million as of March 31, 2026 and December 31, 2025, respectively.

LICENSE, COLLABORATION AND OTHER REVENUE

The Company recognized the following revenue from its license, collaboration and other revenue agreements (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

Entity Description 2026 2025

Medice License and royalties related to the sale of Vafseo in the EU

$ 28 $ 29 $ 52 $ 29

MTPC License and Product Supply of Vafseo in Japan 455 525 1,325 2,106

TPC License and Product Supply of Vafseo in Japan 341 369

JT and Torii License and royalties related to the sale of Riona in Japan 1,179 1,169

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

Period Additions Deductions Balance

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$ 2,391 $ 1,552 $ ( 2,282 ) $ 1,661

Contract liability:

Deferred revenue

$ — $ 1,013 $ — $ 1,013

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Period Additions Deductions Balance

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$ 2,010 $ 1,545 $ ( 1,989 ) $ 1,566

Contract liabilities:

Deferred revenue (2)

$ 43,296 $ — $ ( 43,296 ) $ —

(1) Excludes accounts receivable related to amounts due to the Company from product sales of Auryxia and Vafseo which are included in the accompanying unaudited condensed consolidated balance sheets as of September 30, 2025 and 2024.

(2) See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for further information.

The Company recognized the following revenues as a result of changes in the contract asset and contract liability balances in the respective periods (in thousands):

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

Revenue Recognized in the Period:

2025 2024 2025 2024

Deferred revenue — beginning of the period $ — $ —

During each of the three and nine months ended September 30, 2025 and 2024, the Company recognized no revenue from performance obligations satisfied in previous periods.

During each of the three months ended March 31, 2026 and 2025, the Company recognized no revenue from performance obligations satisfied in previous periods.

Medice License Agreement

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In this instance, the Company would receive 70 % of the net product margin of any sales of Vafseo in the non-dialysis patient population, unless Medice requests to share the cost of the development necessary to gain approval to market Vafseo for non-dialysis patients in the Medice Territory and the parties agree on alternative financial terms.

If the Company develops Vafseo for non-dialysis patients, the Company has determined that the activities under the Medice License Agreement represent joint operating activities in which both parties are active participants and of which both parties are exposed to

Akebia Therapeutics, Inc.

| Form 10-Q | Page 21

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

significant risks and rewards that are dependent on the success of the activities.

Accordingly, if the Company develops Vafseo for non-dialysis patients, the Company will account for the joint activities in accordance with ASC No.

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As a result, the activities conducted pursuant to development activities for Vafseo for non-dialysis patients will be accounted for as a component of the related expense in the period incurred.

Akebia Therapeutics, Inc.

| Form 10-Q | Page 21

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The Medice License Agreement expires on the date of expiration of all payment obligations due thereunder with respect to Vafseo in the last country in the Medice Territory, unless earlier terminated in accordance with the terms of the Medice License Agreement.

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The transaction price at inception was comprised of the up-front payment of $ 10.0 million, of which the Company received $ 8.6 million during the quarter ended June 30, 2023.

The remaining $ 1.4 million was withheld by the German Federal Tax Office and was included in prepaid expenses and other current assets as of December 31, 2024 on the audited consolidated balance sheets.

The $ 1.4 million was received during the nine months ended September 30, 2025.

The remaining $ 1.4 million was withheld by the German Federal Tax Office and was received during the three months ended March 31, 2025.

Pursuant to the terms of the Medice License Agreement, the up-front payment of $ 10.0 million is non-refundable and non-creditable against any other amount due to the Company and was allocated to the License Performance Obligation, which was satisfied as of the Medice Effective Date.

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In accordance with ASC 606, the Company will recognize sales-based royalties and milestone payments at the later of when the performance obligation is satisfied or the related sales occur.

During each of the three and nine months ended September 30, 2025 and 2024, the Company recognized immaterial revenue from Medice royalties.

As of September 30, 2025, there were $ 0.1 million in contract assets, and no accounts receivable, payables or deferred revenue in connection with the Medice License Agreement.

During each of the three months ended March 31, 2026 and 2025, the Company recognized immaterial revenue from Medice royalties.

As of March 31, 2026, there were $ 0.1 million in contract assets, and no accounts receivable, payables or deferred revenue in connection with the Medice License Agreement.

Supply of Drug Product to Medice

On September 13, 2024, the Company and Medice entered into a supply agreement, or the Medice Supply Agreement , under which the Company will supply Vafseo drug product to Medice for commercial and developmental use in the Medice Territory.

On September 13, 2024, the Company and Medice entered into a supply agreement, or the Medice Supply Agreement , under which the Company supplies Vafseo drug product to Medice for commercial and developmental use in the Medice Territory.

The Company recognizes revenue under this arrangement when risk of loss passes to Medice, delivery has occurred, and Medice has accepted the product.

The Company did not recognize any revenue under the Medice Supply Agreement during the three and nine months ended September 30, 2025 or 2024.

MTPC Collaboration Agreement

On December 11, 2015, the Company and MTPC entered into a Collaboration Agreement, or the MTPC Agreement , providing MTPC with exclusive development and commercialization rights to Vafseo in the MTPC Territory, which was amended effective as of December 2, 2022.

In addition, the Company supplies Vafseo to MTPC for both clinical and commercial use in the MTPC Territory.

In February 2021, the Company entered into the Royalty Agreement with HCR, whereby the Company sold its right to receive royalties and sales milestones under the MTPC Agreement, subject to certain caps and other terms and conditions.

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for additional information and Note 12, License, Collaboration and Other Revenue , of the Notes to the Consolidated Financial Statements in the 2024 Form 10-K for a more detailed description of the MTPC Agreement.

The Company evaluated the elements of the MTPC Agreement in accordance with the provisions of ASC 606 and concluded that the contract counterparty, MTPC, is a customer.

The Company identified two performance obligations in connection with its material promises under the MTPC Agreement as follows:

The Company did not recognize any revenue under the Medice Supply Agreement during the three months ended March 31, 2026 and 2025.

As of March 31, 2026, there were no accounts receivable, contract assets, payables or deferred revenue in connection with the Medice Supply Agreement.

Supply of Drug Substance to Medice

On November 12, 2025, the Company and Medice entered into Amendment #1 to the License Agreement, or the Medice Amendment .

Pursuant to the Medice Amendment, the Company agreed to supply vadadustat drug substance to Medice pursuant to the terms of a supply agreement dated concurrently with the Medice Amendment and granted Medice the right to manufacture Vafseo tablets using the vadadustat drug substance to be supplied by the Company.

In addition, the Medice Amendment provides that any know-how or patent rights arising out of Medice’s manufacture of Vafseo tablets will be owned by the Company.

The Company did not recognize any revenue related to the supply of vadadustat drug substance to Medice during the three months ended March 31, 2026 and 2025.

TPC Collaboration Agreement

On December 11, 2015, the Company and TPC entered into the TPC Agreement, providing TPC with exclusive development and commercialization rights to Vafseo in the TPC Territory, which was amended effective as of December 2, 2022.

In addition, the Company supplies Vafseo to TPC for both clinical and commercial use in the TPC Territory.

In February 2021, the Company entered into the Royalty Agreement with HCR, whereby the Company sold its right to receive royalties and sales milestones under the TPC Agreement, subject to certain caps and other terms and conditions.

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for additional information and Note 12, License, Collaboration and Other Revenue , of the Notes to the Consolidated Financial Statements in the 2025 Form 10-K for a more detailed description of the TPC Agreement.

The Company evaluated the elements of the TPC Agreement in accordance with the provisions of ASC 606 and concluded that the contract counterparty, TPC, is a customer.

The Company identified two performance obligations in connection with its material promises under the TPC Agreement as follows:

(i) License, Research and Clinical Supply Performance Obligation and (ii) Rights to Future Know-How Performance Obligation .

The transaction price was comprised of:

(i) the up-front payment of $ 20.0 million, (ii) the cost for the Phase 2 studies of $ 20.5 million, (iii) the cost of all clinical supply provided to MTPC for the Phase 3 studies, (iv) $ 10.0 million in development milestones received, (v) $ 25.0 million in regulatory milestones received and (vi) $ 8.2 million in royalties from net sales of Vafseo.

The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

As of September 30, 2025, all development milestones and $ 25.0 million in regulatory

(i) the up-front payment of $ 20.0 million, (ii) the cost for the Phase 2 studies of $ 20.5 million, (iii) the cost of all clinical supply provided to TPC for the Phase 3 studies, (iv) $ 10.0 million in development milestones

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

milestones have been achieved.

No other regulatory milestones have been assessed as probable of being achieved and as a result have been fully constrained.

received, (v) $ 25.0 million in regulatory milestones received and (vi) $ 9.0 million in royalties from net sales of Vafseo.

The Company re-evaluates the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

As of March 31, 2026, all development milestones and $ 25.0 million in regulatory milestones have been achieved.

No other regulatory milestones or commercial milestones have been assessed as probable and have been fully constrained until the period in which they are achieved.

The Company allocates the transaction price to each performance obligation based on the Company’s best estimate of the relative standalone selling price.

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As such, the Company did not develop a best estimate of standalone selling price for the License, Research and Clinical Supply Performance Obligation and allocated the entire transaction price to this performance obligation.

Revenue for the License, Research and Clinical Supply Performance Obligation for the MTPC Agreement is being recognized using a proportional performance method, for which all deliverables have been completed.

The Company recognizes any revenue from MTPC royalties in the period in which the sales occur.

The Company recognized revenue from MTPC royalties of $ 0.5 million during each of the three months ended September 30, 2025 and 2024, and $ 1.3 million and $ 1.4 million during the nine months ended September 30, 2025 and 2024, respectively.

As noted above, in February 2021, the Company entered into the Royalty Agreement, whereby the Company sold its right to receive these royalties and sales milestones under the MTPC Agreement, subject to certain caps and other terms and conditions.

Revenue for the License, Research and Clinical Supply Performance Obligation for the TPC Agreement is being recognized using a proportional performance method, for which all deliverables have been completed.

The Company recognizes any revenue from TPC royalties in the period in which the sales occur.

The Company recognized revenue from TPC royalties of $ 0.3 million and $ 0.4 million during the three months ended March 31, 2026 and 2025, respectively.

As noted above, in February 2021, the Company entered into the Royalty Agreement, whereby the Company sold its right to receive these royalties and sales milestones under the TPC Agreement, subject to certain caps and other conditions.

See Note 8, Liability Related to Settlement Royalties, Working Capital Fund Liability and Liability Related to Sale of Future Royalties , for additional information.

The revenue is classified as license and other revenue in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

As of September 30, 2025, there were no accounts receivable, payables or deferred revenue and $ 0.5 million in contract assets recorded in connection with the MTPC Agreement.

Supply of Drug Product to MTPC

On July 15, 2020, the Company and MTPC entered into a supply agreement, or the MTPC Supply Agreement , under which the Company supplies Vafseo drug product to MTPC for commercial use in Japan and certain other Asian countries, as contemplated by the MTPC Agreement.

The revenue is classified as collaboration, license and other revenue in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss).

As of March 31, 2026, there were no accounts receivable, payables or deferred revenue and $ 0.3 million in contract assets recorded in connection with the TPC Agreement.

Supply of Drug Product to TPC

On July 15, 2020, the Company and TPC entered into a supply agreement, or the TPC Supply Agreement , under which the Company supplies Vafseo drug product to TPC for commercial use in Japan and certain other Asian countries, as contemplated by the TPC Agreement.

See Note 12, License, Collaboration and Other Revenue , of the Notes to the Consolidated Financial Statements in the 2025 Form 10-K for a more detailed description of this supply agreement.

On December 16, 2022, the Company, MTPC and Esteve executed an Assignment of Supply Agreement, or the Esteve Assignment Agreement , pursuant to which the rights and obligations of the Company under the Esteve Agreement were transferred to MTPC.

The Company has no further obligation to take delivery of, or pay for, product delivered by Esteve except as disclosed in Note 10, Commitments and Contingencies .

The Company does not recognize revenue under this arrangement until risk of loss on the drug product passes to MTPC and delivery has occurred and MTPC has accepted the product.

The Company recognized no revenue under the MTPC Supply Agreement during the three and nine months ended September 30, 2025 and no revenue and $ 0.7 million in revenue under the MTPC Supply Agreement during the three and nine months ended September 30, 2024, respectively.

As of September 30, 2025, there was $ 1.0 million in accounts receivable and $ 1.0 million in deferred revenue recorded in connection with the MTPC Supply Agreement.

The Company does not recognize revenue under this arrangement until risk of loss on the drug product passes to TPC and delivery has occurred and TPC has accepted the product.

The Company recognized no revenue under the TPC Supply Agreement during each of the three months ended March 31, 2026 and 2025.

As of March 31, 2026, there were no accounts receivable, deferred revenue or other current liabilities relating to the TPC Supply Agreement.

JT and Torii Sublicense Agreement

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As such, the Company allocated the entire transaction price to the License and Supply Performance Obligation.

The Company recognized license revenue of $ 1.5 million and $ 4.2 million during the three and nine months ended September 30, 2025, respectively, and $ 1.3 million and $ 3.7 million during the three and nine months ended September 30, 2024, respectively, related to royalties earned on net sales of ferric citrate hydrate in Japan under the trade name Riona.

The Company recognized license revenue of $ 1.2 million during each of the three months ended March 31, 2026 and 2025, related to royalties earned on net sales of Riona in Japan.

The Company records the associated mid-single digit percentage of net sales royalty expense due to Panion, the licensor of Riona, in the same period as the royalty revenue from JT and Torii is recorded.

As of March 31, 2026, there was $ 1.2 million in accounts receivables relating to the JT and Torii Sublicense Agreement.

CAPITAL STOCK

Authorized and Outstanding Capital Stock

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CAPITAL STOCK

Authorized and Outstanding Capital Stock

As of September 30, 2025, the authorized capital stock of the Company included 350,000,000 shares of common stock, $ 0.00001 par value per share, of which 265,226,038 and 224,848,992 shares were issued and outstanding as of September 30, 2025 and December 31, 2024, respectively;

and 25,000,000 shares of undesignated preferred stock, $ 0.00001 par value per share, of which no shares were issued and outstanding as of September 30, 2025 and December 31, 2024.

As of March 31, 2026, the authorized capital stock of the Company included 350,000,000 shares of common stock, $ 0.00001 par value per share, of which 267,898,415 and 265,424,818 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively;

and 25,000,000 shares of undesignated preferred stock, $ 0.00001 par value per share, of which no shares were issued and outstanding as of March 31, 2026 and December 31, 2025.

At-the-Market Facility

On April 7, 2022, the Company entered into an at-the-market, or ATM , sales agreement, or the Original Sales Agreement , with Jefferies LLC, or Jefferies, as the Company's sales agent, under which the Company could offer and sell from time to time up to $ 26.0 million of shares of its common stock at current market prices.

During the year ended December 31, 2023, the Company sold 6,189,974 shares of common stock under this program with gross proceeds of $ 6.8 million ($ 6.7 million, net of offering expenses).

During the nine months ended September 30, 2024, the Company sold 13,261,311 shares of its common stock under this program with gross proceeds of $ 19.2 million ($ 18.7 million, net of offering expenses).

On September 3, 2024, in connection with the filing of a new shelf registration statement on Form S-3, the Company filed a prospectus related to the Company's amended and restated sales agreement (which amended and restated the Original Sales Agreement), with Jefferies, as the Company’s sales agent, pursuant to which the Company is able to offer and sell up to $ 75.0 million of its common stock at current market prices from time to time.

Since September 12, 2024 (the date the Company’s shelf registration statement on Form S-3 went effective) through December 31, 2025, the Company sold 23,708,995 shares of its common stock under this program with gross proceeds of $ 43.0 million ($ 42.2 million, net of offering expenses).

During the nine months ended September 30, 2025, the Company sold 9,437,364 shares of its common stock under this program with gross proceeds of $ 18.7 million ($ 18.4 million, net of offering expenses).

During the three months ended March 31, 2026, the Company did not sell any shares of its common stock under this program.

Public Offering

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Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock, or the Additional Shares , at the public offering price per share, and the Underwriters partially exercised their option and purchased 850,000 Additional Shares on April 22, 2025.

Net proceeds from the Offering of the Shares were $ 46.5 million, after deducting underwriting discounts and commissions and estimated offering expenses and net proceeds from the Offering of the Additional Shares were $ 1.6 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Net proceeds from the Offering were $ 46.5 million, after deducting underwriting discounts and commissions and offering expenses and net proceeds from the Offering of the Additional Shares were $ 1.6 million, after deducting underwriting discounts and commissions and offering expenses.

Unregistered Common Stock

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Each warrant is exercisable for eight years from the date of issuance.

The warrants and the common stock issuable upon the exercise of such warrants were not registered under the Securities Act and, accordingly, the holder thereof may only sell common stock issued upon exercise of such warrants pursuant to an effective registration statement under the Securities Act covering the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities Act.

The warrants and the common stock issuable upon the exercise of such warrants were not registered under the Securities Act.

Accordingly, the holder thereof may only sell common stock issued upon exercise of such warrants pursuant to an effective registration statement under the Securities Act covering the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities Act.

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Instead of paying cash upon exercise, the Warrant Holder received a reduced number of shares based on a predetermined formula.

On July 23, 2025, as a result of the cashless exercise, the Company issued 1,408,588 shares of common stock to the Warrant Holder under the Initial Warrant.

STOCK-BASED COMPENSATION PLANS

Stock-Based Compensation Plans

The Company incurred stock-based compensation expenses of $ 3.7 million and $ 2.2 million for the three months ended March 31, 2026 and 2025, respectively.

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

July 23, 2025, as a result of the cashless exercise, the Company issued 1,408,588 shares to the Warrant Holder under the Initial Warrant.

STOCK-BASED COMPENSATION AND BENEFIT PLAN

Stock-Based Compensation and Benefit Plans

The Company incurred stock-based compensation expenses of $ 3.2 million and $ 8.1 million during the three and nine months ended September 30, 2025, respectively, and $ 1.6 million and $ 6.1 million for the three and nine months ended September 30, 2024, respectively.

Equity Incentive Plans

The following table contains information about the Company's equity plans:

September 30, 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

The following table contains information about the Company's equity incentive plans:

March 31, 2026 December 31, 2025

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)

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(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:

1,074,082 options included as outstanding under the 2014 Plan in the table and 3,064,976 options included as outstanding under the 2023 Plan in the table as of September 30, 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.

(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:

956,825 options included as outstanding under the 2014 Plan in the table and 3,787,674 options included as outstanding under the 2023 Plan in the table as of March 31, 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.

Common Stock Options and Stock Appreciation Rights

During the nine months ended September 30, 2025, the Company issued 3,634,400 options to employees and 375,200 options to directors under the 2023 Plan.

During the three months ended March 31, 2026, the Company granted 4,011,200 options to employees under the 2023 Plan.

Options and SARs granted by the Company generally vest over periods of between 12 and 48 months, subject, in each case, to the individual’s continued service through the applicable vesting date.

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The Company also maintains an inducement award program with a share pool that is separate from the Company's equity plans under which inducement awards may be granted consistent with Nasdaq Listing Rule 5635(c)(4).

During the nine months ended September 30, 2025, the Company granted 1,182,176 options to purchase shares of the Company’s common stock to new hires as inducements to such employees entering into employment with the Company, of which 1,133,176 options remained outstanding as of September 30, 2025.

The Company grants annual service-based stock options to employees and directors and SARs to certain executives under the 2023 Plan and previously granted options to employees and directors under the 2014 Plan.

During the three months ended March 31, 2026, the Company granted 858,775 options to purchase shares of the Company’s common stock to new hires as inducements to such employees entering into employment with the Company, of which 858,775 options remained outstanding as of March 31, 2026.

The Company grants annual service-based stock options to employees and directors and granted SARs to certain executives under the 2023 Plan and previously granted options to employees and directors under the 2014 Plan.

In addition, the Company issues stock options to directors, new hires and occasionally to other employees not in connection with the annual grant process.

Finally, the Company periodically grants performance-based stock options which generally vest in connection with the achievement of specified commercial, regulatory and corporate milestones.

The performance-based stock options also generally feature a time-based vesting component.

The expense recognized for these awards is based on the grant date fair value of the Company’s common stock multiplied by the number of options granted and recognized over time based on the probability of meeting such commercial, regulatory and corporate milestones.

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Finally, the Company grants performance-based stock options which generally vest in connection with the achievement of specified commercial, regulatory and corporate milestones.

The performance-based stock options also generally feature a time-based vesting component.

The combined stock option activity for the nine months ended September 30, 2025, is as follows:

The combined stock option activity for the three months ended March 31, 2026, is as follows:

Options Weighted Average Exercise Price Weighted-Average Contractual Life (years) Aggregate Intrinsic Value (in thousands)

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Canceled and forfeited ( 529,058 ) $ 1.78 — —

Outstanding at September 30, 2025 18,468,508 $ 2.86 7.29 years $ 15,160

Exercisable at September 30, 2025 9,360,308 $ 3.68 5.84 years $ 7,746

As of September 30, 2025, there was approximately $ 13.5 million of unrecognized compensation costs related to stock options, which is expected to be recognized over a weighted average period of 2.82 years.

Outstanding at March 31, 2026

21,871,531 $ 2.48 7.59 years $ 2,691

Exercisable at March 31, 2026

10,605,986 $ 3.23 6.04 years $ 2,059

As of March 31, 2026, there was approximately $ 14.4 million of unrecognized compensation costs related to stock options, which is expected to be recognized over a weighted average period of 2.96 years.

Restricted Stock Units

Generally, RSUs granted by the Company vest in one of the following ways:

(i) 100 % of each RSU grant vests on the first anniversary of the grant date, (ii) one third of each RSU grant vests on the first, second and third anniversaries of the grant date, or (iii) one third of each RSU grant vests on the first anniversary of the grant date and the remaining two thirds vests in eight substantially equal quarterly installments beginning after the one year anniversary, subject, in each case, to the individual’s continued service through the applicable vesting date.

(i) 100 % of each RSU grant vests on the first anniversary of the grant date, (ii) one third of each RSU grant vests on the first, second and third anniversaries of the grant date, (iii) 50 % of each RSU grant vests on the first anniversary and 25 % of each RSU grant vests every six months after the one year anniversary of the grant date, or (iv) one third of each RSU grant vests on the first anniversary of the grant date and the remaining two thirds vests in eight substantially equal quarterly installments beginning after the one year anniversary, subject, in each case, to the individual’s continued service through the applicable vesting date.

The grant-date fair value of the RSUs is recognized as expense on a straight-line basis.

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2014 Plan 2023 Plan

Number of Shares Weighted Average Fair Value Number of Shares Weighted Average Fair Value

Number of Shares Weighted Average Grant Date Fair Value

Unvested as of December 31, 2025

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Forfeited and canceled — $ — ( 321,217 ) $ 1.80

Unvested as of September 30, 2025 410,733 $ 0.63 6,237,794 $ 2.09

As of September 30, 2025, there was $ 9.7 million of unrecognized compensation costs related to time-based RSUs and PSUs, which is expected to be recognized over a weighted-average period of 1.90 years.

Unvested as of March 31, 2026

— $ — 9,079,486 $ 1.71

As of March 31, 2026, there was $ 12.7 million of unrecognized compensation costs related to time-based RSUs and PSUs, which is expected to be recognized over a weighted-average period of 2.19 years.

Employee Stock Purchase Plan

On June 6, 2019, the Company's stockholders approved the Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP .

Under the ESPP, substantially all employees may voluntarily enroll to purchase shares of the Company’s common stock through payroll deductions at a price equal to 85 % of the lower of the fair market values of the stock as of the beginning or

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Employee Stock Purchase Plan

On June 6, 2019, the Company's stockholders approved the Amended and Restated 2014 Employee Stock Purchase Plan, or ESPP .

the end of the six-month offering period.

An employee's payroll deductions under the ESPP are limited to 15 % of the employee's compensation, and an employee may not purchase more than $ 25,000 worth of stock during any calendar year.

In addition, an employee may not purchase more than 1,500 shares in any offering period.

As of September 30, 2025 and December 31, 2024, a total of 4,260,647 and 4,448,069 shares of the Company’s common stock were available for future issuance under the ESPP, respectively.

The Company issued 187,422 shares under the ESPP during the nine months ended September 30, 2025.

In addition, an employee may not purchase more than 1,500 shares in any six-month offering period.

As of March 31, 2026 and December 31, 2025, a total of 4,164,300 and 4,260,647 shares of the Company’s common stock were available for future issuance under the ESPP, respectively.

The Company issued 96,347 shares under the ESPP during the three months ended March 31, 2026.

Stock-Based Compensation Expense

The Black-Scholes option pricing model is used to estimate the fair value of the stock options.

The Black-Scholes option pricing model is used to estimate the fair value of the common stock options.

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 September 30, Nine Months Ended September 30,

Stock Options 2025 2024 2025 2024

Three Months Ended March 31,

Common Stock Options

Risk-free interest rate 3.61 % - 4.00 % 4.00 % - 4.38 %

Expected volatility 110.17 % - 119.09 % 111.97 % - 117.83 %

Expected term (years) 6.25 years - 6.25 years 6.25 years - 6.25 years 5.51 years - 6.25 years 5.51 years - 6.25 years

Expected term (years) 6.25 years - 6.25 years 6.25 years - 6.25 years

Expected dividend yield — % — %

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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 September 30, Nine Months Ended September 30,

2025 2024 2025 2024

Three Months Ended March 31,

Cost of goods sold $ 197 $ 139

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Selling, general and administrative 2,415 1,581

Restructuring — — — 38

Total stock-based compensation $ 3,668 $ 2,187

Akebia Therapeutics, Inc.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NET INCOME (LOSS) PER SHARE

The following summarizes the calculation of net income (loss) per share:

Three Months Ended September 30, Nine Months Ended September 30,

Three Months Ended March 31,

(Dollars in thousands, except per share amounts) 2026 2025

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Potentially dilutive securities including common stock options, RSUs, SARs and warrants have been excluded from the calculation of diluted net loss per share as their effects would be anti-dilutive.

Therefore, for the three and nine months ended September 30, 2024 in which the Company reported a net loss, the weighted average number of shares outstanding used to calculate both basic and diluted net loss per share were the same.

For the three months ended March 31, 2026 in which the Company reported a net loss, the weighted average number of shares outstanding used to calculate both basic and

Akebia Therapeutics, Inc.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

diluted net loss per share were the same.

The shares in the table below were excluded from the calculation of diluted net loss per share, prior to the use of the treasury stock method, due to their anti-dilutive effect:

Three and Nine Months Ended September 30, 2024

Warrants 3,076,923

Three Months Ended March 31, 2026

Outstanding common stock options 21,236,218

Unvested RSUs 9,079,486

Stock appreciation rights 635,313

Warrants 2,115,385

Total 33,066,402

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The Company operates as one operating segment focused on developing and commercializing innovative therapeutics primarily in the U.S.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies.

The accounting policies of the segment are the same as those described in Note 2, Summary of Significant Accounting Policies .

The determination of a single business segment is consistent with the consolidated financial information regularly reviewed by the chief executive officer, who is the Company's chief operating decision maker, or CODM , in assessing segment performance and deciding how to allocate resources on a consolidated basis.

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The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.

The following table presents information about reported segment revenues, segment profit and significant segment expenses for the three and nine months ended September 30, 2025 and 2024:

Akebia Therapeutics, Inc.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended September 30, Nine Months Ended September 30,

2025 2024 2025 2024

The following table presents information about reported segment revenues, segment profit and significant segment expenses for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31,

Revenues $ 53,544 $ 57,336

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Panion royalty 2,257 2,566

Excess firm purchase commitment charge — — — 2,068

Amortization of intangible asset — 9,011 — 27,032

Research and development 14,807 9,754

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License 707 701

Restructuring — — — 58

Income (loss) from operations ( 4,696 ) 13,514

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Interest expense ( 4,691 ) ( 7,770 )

Other (expense) income ( 10 ) ( 17 ) 175 39

Other income 3 213

Change in fair value of warrant liability 456 155

Loss on extinguishment of debt — — — ( 517 )

Income (loss) before income taxes ( 8,928 ) 6,112

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SUBSEQUENT EVENTS

The Company has evaluated events and transactions occurring after the balance sheet date through the filing date of this Form 10-Q with the Securities and Exchange Commission, to ensure that the unaudited condensed consolidated financial statements include appropriate disclosure of events both recognized in the accompanying unaudited condensed consolidated financial statements as of September 30, 2025, and events which occurred subsequently but were not recognized in the consolidated financial statements.

The Company has evaluated events and transactions occurring after the balance sheet date through the filing date of this Form 10-Q with the Securities and Exchange Commission, to ensure that the unaudited condensed consolidated financial statements include appropriate disclosure of events both recognized in the accompanying unaudited condensed consolidated financial statements as of March 31, 2026, and events which occurred subsequently but were not recognized in the

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

consolidated financial statements.

The Company has concluded that no subsequent events have occurred that require disclosure other than the following:

Cambridge Lease Extension - Lab Space

On April 9, 2026, the Company extended the term of the Cambridge Lease with respect to the laboratory space from September 11, 2026 to October 31, 2026.

See Note 9, Leases , for further information on the Cambridge Lease.

Akebia Therapeutics, Inc.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements