What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-07 · 297 added, 246 removed, 762 unchanged (42% of the section changed)

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

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

2026 December 31,

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Total current liabilities 160,865 162,938

Long-term operating lease liabilities 4,400 —

Long-term debt, net of current portion 24,754 48,250

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Preferred stock $ 0.00001 par value;

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

25,000,000 shares authorized at June 30, 2026 and December 31, 2025;

no shares issued and outstanding at June 30, 2026 and December 31, 2025

Common stock $ 0.00001 par value;

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

500,000,000 and 350,000,000 shares authorized at June 30, 2026 and December 31, 2025, respectively;

271,742,717 and 265,424,818 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

Additional paid-in capital 1,726,677 1,716,307

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

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

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

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License 855 896 1,562 1,597

Restructuring 1,945 — 1,945 —

Total operating expenses 45,030 38,464 90,980 74,661

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Interest expense ( 3,071 ) ( 6,834 ) ( 7,762 ) ( 14,604 )

Other income 3 213

Other income (expense) ( 7 ) ( 28 ) ( 4 ) 185

Change in fair value of warrant liability 566 ( 6,980 ) 1,022 ( 6,825 )

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Deficit Total Stockholders'

Equity (Deficit)

(dollars in thousands) Shares Amount

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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 — — — — —

— — — — 247 247

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

Common Stock Additional Paid-In

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

Issuance of common stock, net of

issuance costs 3,138,107 — 3,240 — — 3,240

Exercise of options 134,550 — 85 — — 85

Stock-based compensation expense — — 3,226 — — 3,226

Restricted stock unit vesting 571,645 — — — — —

Net loss — — — — ( 8,908 ) ( 8,908 )

Balance at June 30, 2026 271,742,717 $ 2 $ 1,726,677 $ 6 $ ( 1,701,667 ) $ 25,018

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

Three Months Ended March 31,

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Akebia Therapeutics, Inc.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Six Months Ended June 30,

(dollars in thousands) 2026 2025

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Depreciation 913 630

Impairment of fixed assets 64 —

Bad debt expense 198 959

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Other long-term liabilities ( 474 ) 605

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

Net cash provided by (used in) operating activities ( 17,682 ) 8,758

Investing Activities:

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Proceeds from the sale of property and equipment — 172

Purchase of IPR&D asset ( 3,000 ) —

Net cash provided by (used in) investing activities ( 4,141 ) 28

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Cash, cash equivalents and restricted cash — end of period $ 157,256 $ 138,998

Non-cash financing activities

Supplemental disclosures of non-cash financing and investing activities

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

Purchase of IPR&D asset included in accrued expenses and other current liabilities 2,000 —

Right-of-use asset obtained in exchange for lease liabilities 4,559 —

Property and equipment included in accounts payable 128 —

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

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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.

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 mid-stage rare kidney disease pipeline assets, praliciguat and ebribafusp, 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.

As of June 30, 2026, the Company had cash and cash equivalents of $ 155.5 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.

If the Company is unable to refinance its senior secured term loan, or the Company’s operating performance deteriorates significantly from the levels expected in the Company’s long-term operating plan, including if the Company does not achieve its future anticipated Vafseo revenue projections, it would have an adverse effect on the Company’s liquidity and capital resources, and the Company would be required to obtain additional financing to fund its operating plan or continue as a going concern in the future.

The Company expects to finance future cash needs through product and license, collaboration and other revenue, including royalties and revenue from supply agreements.

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There can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company or that its cash resources will fund its operating plan for the period of time anticipated by the Company, or that additional funding will be available on terms acceptable to the Company, or at all.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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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 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.

Interim results for the three and six months ended June 30, 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

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Akebia Therapeutics, Inc.

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 .

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

As of June 30, 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 March 31, 2026 and December 31, 2025.

Restricted cash is included in "prepaid expenses and other current assets" in the consolidated balance sheet as of June 30, 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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Reconciliation of cash, cash equivalents and restricted cash (in thousands) June 30, 2026 December 31, 2025

Cash and cash equivalents $ 155,548 $ 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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The Company's allowance for credit losses was $ 2.9 million and $ 2.7 million as of June 30, 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,

Six Months Ended June 30,

Beginning balance $ 2,691 $ 1,212

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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.

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Additionally, the amendments require the disclosure of total selling expenses and an entity's definition of those expenses.

ASU 2024-03 will be effective for annual reporting periods in fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after December 31, 2027.

ASU 2024-03 will be effective for annual reporting periods in fiscal years beginning after December 15, 2026, and interim reporting periods in fiscal years beginning after

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2027.

Early adoption is permitted and the amendments should be applied on a prospective basis.

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The Company is currently evaluating ASU 2025-06 and does not expect it to have a material effect on the Company’s consolidated financial statements.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

In December 2025, the FASB issued ASU 2025-12, Codification Improvements , to clarify ambiguities and improve consistency across multiple topics in the ASC, or the Update .

Key provisions include amendments to Topic 260, Earnings Per Share , or EPS , to refine the treatment of anti-dilutive shares in year-to-date diluted EPS calculations when an entity experiences a loss from continuing operations.

The amendments in the Update are effective for all entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.

Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance.

If an entity adopts the amendments in the Update in an interim period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period.

An entity may elect to early adopt the amendments on an issue-by-issue basis.

An entity should apply the amendments in the Update (except for the amendments to Topic 260, Earnings Per Share ) using one of the following transition methods:

(i) prospectively to all transactions recognized on or after the date that the entity first applies the amendments, or (ii) retrospectively to the beginning of the earliest comparative period presented.

An entity should adjust the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented.

The Company is currently evaluating ASU 2025-12 and does not expect it to have a material effect on the Company’s consolidated financial statements.

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):

March 31, 2026

June 30, 2026

Level 1 Level 2 Level 3 Total Fair Value

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volatility, risk-free rate, dividend yield and expected term.

The fair value of the Company's senior secured term loan facility approximates its carrying value as of June 30, 2026 and December 31, 2025, as the instrument bears interest at a variable rate that reflects current market rates.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Inventories consists of the following (in thousands):

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Inventories, current:

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Total inventories $ 66,290 $ 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 $ 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.

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 $ 1.7 million and $ 4.9 million during the three and six months ended June 30, 2026, respectively, and immaterial and $ 0.1 million during the three and six months ended June 30, 2025, respectively.

As of each of June 30, 2026 and December 31, 2025, the Company had goodwill of $ 59.0 million recorded in connection with the December 2018 merger with Keryx Biopharmaceuticals, Inc., pursuant to which Keryx Biopharmaceuticals, Inc.

became a wholly owned subsidiary of the Company.

The Company has not identified any goodwill impairment to date.

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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Description March 31, 2026 December 31, 2025

Description June 30, 2026 December 31, 2025

Restricted cash

$ 1,708 $ 1,699

Other 5,773 3,771

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

Description March 31, 2026 December 31, 2025

Description June 30, 2026 December 31, 2025

Long-term inventories $ 53,272 $ 59,129

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

March 31, 2026 December 31, 2025

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2026 December 31, 2025

Product revenue allowances excluding rebates $ 5,568 $ 7,916

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Accrued manufacturing costs 2,362 1,808

Restructuring costs 1,688 —

Liability related to sale of future royalties, current portion 1,450 1,664

Settlement royalties liability, current portion 9,624 12,516

Payments due to Q32 5,000 5,000

Payments due to Q32 Bio Inc.

Other 2,688 4,488

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(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 .

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

On February 3, 2025, the Company and Kreos entered into a Second Amendment to the BlackRock Credit Agreement, 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 .

Tranche C was available subject to receipt of a certain amount of cumulative gross cash proceeds after the Closing Date in the form of equity or equity linked securities in one or more series of transactions.

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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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 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.

The Term Loan Facility accrues interest at a floating annual rate equal to the sum of (i) the term Secured Overnight Financing Rate 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 June 30, 2026, the Company's interest rate was 11.00 %.

The Company recognized interest expense related to the BlackRock Credit Agreement of $ 2.2 million and $ 4.3 million during the three and six months ended June 30, 2026, respectively, and $ 2.1 million and $ 4.1 million during the three and six months ended June 30, 2025, 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.

The Term Loan Facility also includes transaction fees ranging from 1.00 % to 1.25 % of the draw down amount as well as exit fees of 0.75 % of the amount funded to the relevant tranche.

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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

As of June 30, 2026, future principal payments under the BlackRock Credit Agreement are as follows (in thousands):

Years ended December 31,

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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.

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Akebia Therapeutics, Inc.

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 of common stock to the Warrant Holder under the Initial Warrant.

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.

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 $ 2.5 million and $ 3.0 million as of March 31, 2026 and December 31, 2025, respectively.

The fair value of the warrant liability was $ 2.0 million and $ 3.0 million as of June 30, 2026 and December 31, 2025, respectively.

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

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Summary of Agreement

O n February 18, 2022, the Company entered into a Second Amended and Restated License Agreement, or the Vifor License Agreement , with CSL Vifor, which amended and restated the License Agreement dated as of May 12, 2017, or the Original License Agreement .

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 profit, net of certain pre-specified costs.

In February 2022, the Company entered into a Second Amended and Restated License Agreement, or the Vifor License Agreement , with CSL Vifor, which amended and restated the License Agreement dated as of May 12, 2017, or the Original

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

License Agreement .

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.

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Investment Agreements

In connection with the Original License Agreement, in May 2017, the Company sold an aggregate of 3,571,429 shares of the Company’s common stock, or 2017 Shares, to CSL Vifor at a price per share of $ 14.00 for a total of $ 50.0 million.

In May 2017, in connection with the Original License Agreement, the Company sold an aggregate of 3,571,429 shares of its common stock, or 2017 Shares, to CSL Vifor at a price per share of $ 14.00 for a total of $ 50.0 million.

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.

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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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 .

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during a calendar year in lieu of the above Settlement Royalty Payments.

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

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

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.

The Company therefore determined that the consideration received from CSL Vifor of $ 43.3 million, comprised of the up-front payment of $ 25.0 million and the premiums paid by CSL Vifor for the 2017 Shares and 2022 Shares of $ 4.7 million and $ 13.6 million, respectively, should be classified as debt.

The Company therefore determined that the consideration received from CSL Vifor of $ 43.3 million, comprised of the upfront payment of $ 25.0 million and the premiums paid by CSL Vifor for the 2017 Shares and 2022 Shares of $ 4.7 million and $ 13.6 million, respectively, should be classified as debt.

Accordingly, the Company recorded the $ 43.3 million as a liability and is amortizing such amount using the effective interest method over the Settlement Royalty Term.

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

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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The annual effective interest rate as of June 30, 2026 was 9.9 % 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 $ 1.7 million and $ 5.3 million for the three and six months ended June 30, 2026, respectively, and $ 5.4 million and $ 10.8 million for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the balances related to the settlement royalties liability were as follows (in thousands):

June 30, 2026 December 31, 2025

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

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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

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Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 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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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

The amortization of the discount was $ 1.2 million and $ 2.3 million for each of the three and six months ended June 30, 2026 and 2025, respectively.

The amortization of the deferred gain was $ 0.8 million and $ 1.5 million for the three and six months ended June 30, 2026, respectively, and $ 1.0 million and $ 2.0 million for the three and six months ended June 30, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the balances related to the Working Capital Fund liability were as follows (in thousands):

June 30, 2026 December 31, 2025

Current portion

4 unchanged sentences

Liability Related to Sale of Future Royalties

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 .

Akebia Therapeutics, Inc.

| Form 10-Q | Page 16

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

7 unchanged sentences

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).

The annual effective interest rate as of June 30, 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).

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 Royalty Agreement.

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):

Akebia Therapeutics, Inc.

| Form 10-Q | Page 14

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

The Company paid royalties to HCR of $ 0.3 million and $ 0.8 million during the three and six months ended June 30, 2026, respectively, and $ 0.4 million and $ 0.9 million during the three and six months ended June 30, 2025, respectively.

As of June 30, 2026 and December 31, 2025 the balances were as follows (in thousands):

Liability related to sale of future royalties June 30, 2026 December 31, 2025

Current portion (included in accrued expenses and other current liabilities) $ 1,450 $ 1,664

9 unchanged sentences

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 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, 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.

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 March 31, 2026 and December 31, 2025.

Future Lease Commitments

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 .

Akebia Therapeutics, Inc.

2 unchanged sentences

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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 leases 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 is performing 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 is 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 initial 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.

2 unchanged sentences

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

In May 2026, the Company gained access to the Office Premises to begin leasehold improvements.

Accordingly, the Company recorded a right-of-use asset and lease liability of $ 4.6 million in the condensed consolidated balance sheet related to the Office Premises as of the access date.

The Waltham Lease with respect to the Office Premises is non-cancelable and is classified as an operating lease.

The renewal option with respect to the Office Premises was not included in the calculation of the right-of-use asset and operating lease liability as the renewal was not reasonably certain.

The Company's obligation for payment of base rent begins on the Office Term Commencement Date.

Future Lease Commitments

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

Lease Commitments

Thereafter 3,779

Total lease commitments $ 7,647

present value adjustment ( 2,309 )

Current operating lease liabilities $ 5,338

Total operating lease costs were $ 1.4 million and $ 2.7 million for the three and six months ended June 30, 2026, respectively, and $ 1.2 million and $ 2.5 million for the three and six months ended June 30, 2025, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities was $ 1.5 million and $ 2.9 million for each of the three and six months ended June 30, 2026 and 2025, respectively.

The weighted average remaining lease term for the operating leases was 6.20 years and the incremental borrowing rate was 10.42 % as of June 30, 2026.

COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

Siegfried Manufacturing

Akebia Therapeutics, Inc.

| Form 10-Q | Page 18

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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, annually at a predetermined price.

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

As of June 30, 2026, the Company had no minimum commitments with Siegfried.

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

1 unchanged sentence

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 Company did not have an excess firm purchase commitment liability as of June 30, 2026.

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

2 unchanged sentences

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 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.

As of June 30, 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

In April 2020, the Company entered into a Supply Agreement with STA Pharmaceutical Hong Kong Limited, a subsidiary of WuXi AppTec, or WuXi STA , or, as amended, the WuXi STA DS Agreement .

In April 2020, the Company entered into a Supply Agreement with STA Pharmaceutical Hong Kong Limited, a subsidiary of WuXi AppTec Co., Ltd., or WuXi STA , or, as amended, the WuXi STA DS Agreement .

Under the WuXi STA DS Agreement, WuXi STA will manufacture Vafseo drug substance for commercial use under a volume-based pricing structure through April 2, 2029.

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 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.

As of June 30, 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 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.

Akebia Therapeutics, Inc.

| Form 10-Q | Page 16

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of June 30, 2026, the Company has committed to purchase $ 1.9 million of Vafseo drug product from WuXi STA through the end of 2026, however, as estimated global demand fluctuates, the Company may have additional future obligations under the WuXi STA DP Agreement.

License Agreements

4 unchanged sentences

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.

The Company is eligible to receive from Panion or any sublicensee royalty payments based on

Akebia Therapeutics, Inc.

| Form 10-Q | Page 19

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 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.

The Company incurred royalty payments due to Panion of approximately $ 1.6 million and $ 3.8 million during the three and six months ended June 30, 2026, respectively, and $ 3.1 million and $ 5.7 million during the three and six months ended June 30, 2025, respectively, relating to the Company’s sales of Auryxia in the U.S.

and Japan Tobacco, Inc.

and its subsidiary Torii Pharmaceutical Co., Ltd., collectively, JT and Torii’s , net sales of Riona in Japan.

(succeeded by Shionogi & Co., Ltd.) and its subsidiary Torii Pharmaceutical Co., Ltd., collectively, JT and Torii’s , net sales of Riona in Japan.

Cyclerion Agreement

5 unchanged sentences

Clarifying the Definition of a Business .

The $ 3.0 million upfront payment was charged to research and development expense at acquisition in June of 2021, as it relates to a development stage compound with no alternative future use.

In December 2024, the Company and Cyclerion entered into Amendment #1 to the Cyclerion Agreement, pursuant to which the Company agreed to pay Cyclerion (i) $ 1.25 million, which was paid in December 2024, and (ii) $ 0.5 million, which was paid in September 2025.

The $ 3.0 million upfront payment was charged to research and development expense at acquisition in June 2021, as it relates to a development stage compound with no alternative future use.

In December 2024, the Company and Cyclerion entered into an amendment to the Cyclerion Agreement, pursuant to which the Company agreed to pay Cyclerion (i) $ 1.25 million, which was paid in December 2024, and (ii) $ 0.5 million, which was paid in September 2025.

In addition, the parties agreed to the reduction of certain development milestones and the increase of certain royalty rates on net sales and sublicense income.

1 unchanged sentence

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 additional aggregate of $ 197.5 million from the Company in specified development and regulatory milestone payments on a product-by-product basis.

Under the Cyclerion Agreement, as amended in December 2024, 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.

The $ 1.0 million development milestone was paid during the six months ended June 30, 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.

3 unchanged sentences

Q32 Agreement

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 ADX-097, known as ebribafusp (AKB-097), worldwide for the treatment, prevention or diagnosis of any disease or condition in humans.

Ebribafusp, 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) made 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 ebribafusp up to an aggregate amount equal to $ 94.5 million, including a $ 2.0 million development milestone

Akebia Therapeutics, Inc.

2 unchanged sentences

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.

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 ebribafusp up to an aggregate amount equal to $ 487.5 million, and (v) will make certain royalty payments based on the net sales of ebribafusp 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.

5 unchanged sentences

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.

The $ 2.0 million development milestone payment is included in accrued expenses and other current liabilities in the consolidated balance sheet as of June 30, 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 $ 81.5 million at March 31, 2026.

The Company contracts with various organizations to conduct R&D activities with remaining contract costs to the Company of approximately $ 75.9 million at June 30, 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.

11 unchanged sentences

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.

For the three and six months ended June 30, 2026 and 2025, the Company did not experience any losses related to these indemnification obligations, and no claims were outstanding as of June 30, 2026.

The Company does not have any claims related to these indemnification obligations and consequently no related accruals were recorded.

PRODUCT REVENUE AND PROVISIONS FOR VARIABLE CONSIDERATION

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

Akebia Therapeutics, Inc.

2 unchanged sentences

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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,

Three Months Ended June 30, Six Months Ended June 30,

Product 2026 2025 2026 2025

2 unchanged sentences

Total product revenues $ 46,765 $ 60,461 $ 98,757 $ 116,252

(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

Six Months Ended June 30, 2026

Period Additions Deductions Balance

3 unchanged sentences

Deferred revenue $ 2,681 $ 12,495 $ ( 9,050 ) $ 6,126

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Period Additions Deductions Balance

4 unchanged sentences

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,

Three Months Ended June 30, Six Months Ended June 30,

Revenue Recognized in the Period:

2026 2025 2026 2025

Deferred revenue — beginning of the period

$ 5,616 $ 1,241 $ 8,626 $ —

Akebia Therapeutics, Inc.

10 unchanged sentences

Credits/payments made ( 3,416 ) ( 30,027 ) ( 1,414 ) ( 34,857 )

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

Balance at June 30, 2026 $ 1,061 $ 74,461 $ 2,257 $ 77,779

(in thousands) Chargebacks

5 unchanged sentences

Credits/payments made ( 2,359 ) ( 13,227 ) ( 269 ) ( 15,855 )

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

Balance at June 30, 2025 $ 348 $ 45,168 $ 6,505 $ 52,021

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).

1 unchanged sentence

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 $ 60.9 million and $ 44.4 million as of March 31, 2026 and December 31, 2025, respectively.

Accounts receivable, net related to product sales, was approximately $ 48.1 million and $ 44.4 million as of June 30, 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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

Entity Description 2026 2025 2026 2025

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

$ 527 $ 16 $ 560 $ 24

TPC License and Product Supply of Vafseo in Japan 412 502 752 870

6 unchanged sentences

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

Period Additions Deductions Balance

2 unchanged sentences

$ 2,391 $ 3,948 $ ( 3,792 ) $ 2,547

Three Months Ended March 31, 2025

Contract liability:

Deferred revenue

$ — $ 44 $ — $ 44

Six Months Ended June 30, 2025

Period Additions Deductions Balance

2 unchanged sentences

$ 2,010 $ 3,556 $ ( 3,521 ) $ 2,045

(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 March 31, 2026 and 2025.

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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

Revenue Recognized in the Period:

2026 2025 2026 2025

Deferred revenue — beginning of the period $ — $ — $ — $ —

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

During each of the three and six months ended June 30, 2026 and 2025, the Company recognized no revenue from performance obligations satisfied in previous periods.

Medice License Agreement

1 unchanged sentence

KG, or Medice , entered into a License Agreement, or the Medice License Agreement , pursuant to which the Company granted to Medice an exclusive license to develop and commercialize Vafseo for the treatment of anemia in adult patients with CKD in the EEA, the UK, Switzerland and Australia, or collectively, the Medice Territory .

Under the Medice License Agreement, the Company received an up-front payment of $ 10.0 million and is eligible to receive the following payments:

Under the Medice License Agreement, the Company received an upfront payment of $ 10.0 million and is eligible to receive the following payments:

(i) commercial milestone payments up to an aggregate of $ 100.0 million, and

8 unchanged sentences

Additionally, the Company has determined that in the context of the development of Vafseo for non-dialysis patients, Medice does not represent a customer as contemplated by ASC 606.

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.

As a result, the activities conducted

Akebia Therapeutics, Inc.

2 unchanged sentences

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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.

3 unchanged sentences

The Company identified one performance obligation in connection with its obligations under the Medice License Agreement, which is the license, or License Performance Obligation .

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 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.

As such, the Company recognized the $ 10.0 million up-front payment as license, collaboration and other revenue in the unaudited condensed consolidated statements of operations and comprehensive loss during the year ended December 31, 2023.

The transaction price at inception was comprised of the upfront 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 received during the six months ended June 30, 2025.

Pursuant to the terms of the Medice License Agreement, the upfront 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.

As such, the Company recognized the $ 10.0 million upfront payment as license, collaboration and other revenue in the unaudited condensed consolidated statements of operations and comprehensive loss during the year ended December 31, 2023.

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 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.

During the three and six months ended June 30, 2026 and 2025, the Company recognized $ 0.1 million in revenue and an immaterial amount of revenue from Medice royalties, respectively.

As of June 30, 2026, there were $ 0.2 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

1 unchanged sentence

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 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.

The Company recognized $ 0.5 million of revenue under the Medice Supply Agreement during the three and six months ended June 30, 2026.

The Company did not recognize any revenue under the Medice Supply Agreement during the three and six months ended June 30, 2025.

As of June 30, 2026, there were $ 0.5 million in accounts receivable, immaterial deferred revenue and no contract assets or payables in connection with the Medice Supply Agreement.

Supply of Drug Substance to Medice

2 unchanged sentences

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.

The Company did not recognize any revenue related to the supply of vadadustat drug substance to Medice during the three and six months ended June 30, 2026 and 2025.

TPC Collaboration Agreement

4 unchanged sentences

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 TPC for the Phase 3 studies, (iv) $ 10.0 million in development milestones

The Company identified two performance obligations in connection with its

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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 upfront 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 received, (v) $ 25.0 million in regulatory milestones received and (vi) $ 9.4 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.

As of June 30, 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.

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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.

The Company recognized revenue from TPC royalties of $ 0.4 million and $ 0.8 million during the three and six months ended June 30, 2026, respectively, and $ 0.5 million and $ 0.9 million during the three and six months ended June 30, 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 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.

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

As of June 30, 2026, there were no accounts receivable, payables or deferred revenue and $ 0.4 million in contract assets recorded in connection with the TPC Agreement.

Supply of Drug Product to TPC

2 unchanged sentences

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.

The Company recognized no revenue under the TPC Supply Agreement during each of the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026, there were no accounts receivable, deferred revenue or other current liabilities relating to the TPC Supply Agreement.

JT and Torii Sublicense Agreement

5 unchanged sentences

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

The Company developed a best estimate of the standalone selling price for the Rights to Future Know-How Performance Obligation primarily based on the likelihood that additional intellectual property covered by the license conveyed will be developed during the term of the arrangement and determined it immaterial.

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

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

The Company recognized license revenue of $ 1.4 million and $ 2.6 million during the three and six months ended June 30, 2026, respectively, and $ 1.5 million and $ 2.7 million during the three and six months ended June 30, 2025, respectively, related to royalties earned on net sales of Riona in Japan.

The Company records the associated mid-single digit percentage of

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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.

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 June 30, 2026, there was $ 1.4 million in accounts receivable relating to the JT and Torii Sublicense Agreement.

CAPITAL STOCK

Authorized and Outstanding Capital Stock

In June 2026, the Company filed a Certificate of Amendment to its Ninth Amended and Restated Certificate of Incorporation, which (i) increased the number of authorized shares of capital stock from 375,000,000 to 525,000,000 and (ii) increased the number of authorized shares of common stock, par value $ 0.00001 per share, from 350,000,000 to 500,000,000 .

As of June 30, 2026 and December 31, 2025, the authorized capital stock of the Company included 500,000,000 and 350,000,000 shares of common stock, respectively, $ 0.00001 par value per share, of which 271,742,717 and 265,424,818 shares were issued and outstanding as of June 30, 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 June 30, 2026 and December 31, 2025.

At-the-Market Facility

1 unchanged sentence

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

During the three and six months ended June 30, 2026, the Company sold 3,138,107 shares of its common stock under this program with gross proceeds of $ 3.4 million ($ 3.2 million, net of offering expenses).

Public Offering

2 unchanged sentences

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 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.

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

Unregistered Common Stock

7 unchanged sentences

The cashless exercise allowed 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 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

STOCK-BASED COMPENSATION PLANS

Stock-Based Compensation Plans

The Company incurred stock-based compensation expenses of $ 3.2 million and $ 6.9 million during the three and six months ended June 30, 2026, respectively, and $ 2.7 million and $ 4.9 million for the three and six months ended June 30, 2025, respectively.

Equity Incentive Plans

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Title of Plan Group Eligible Type of Award Granted (or to be Granted) Awards Outstanding Additional Awards Available for Grant

19 unchanged sentences

(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.

948,628 options included as outstanding under the 2014 Plan in the table and 3,723,290 options included as outstanding under the 2023 Plan in the table as of June 30, 2026 and 1,050,525 options included as outstanding under the 2014 Plan and 3,034,085 options included as outstanding under the 2023 Plan in the table as of December 31, 2025.

(4) On June 10, 2025, the 2023 Plan was amended to increase the number of shares of common stock available for issuance thereunder by 18,900,000 shares.

Common Stock Options and Stock Appreciation Rights

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

During the six months ended June 30, 2026, the Company granted 4,011,200 options to employees and 536,000 options to directors 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.

2 unchanged sentences

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 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.

During the six months ended June 30, 2026, the Company granted 1,201,575 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 1,044,875 options remained outstanding as of June 30, 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.

2 unchanged sentences

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.

The expense recognized for these awards is based on the grant date fair

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

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.

The combined stock option activity for the six months ended June 30, 2026, is as follows:

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

5 unchanged sentences

Canceled and forfeited ( 1,019,945 ) $ 1.71 — —

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.

Outstanding at June 30, 2026 22,045,665 $ 2.45 7.22 years $ 1,608

Exercisable at June 30, 2026 11,510,155 $ 3.17 5.74 years $ 1,292

As of June 30, 2026, there was approximately $ 13.0 million of unrecognized compensation costs related to stock options, which is expected to be recognized over a weighted average period of 2.76 years.

Restricted Stock Units

20 unchanged sentences

Forfeited and canceled — $ — ( 968,677 ) $ 1.67

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

Unvested as of June 30, 2026 — $ — 8,096,781 $ 1.63

As of June 30, 2026, there was $ 10.3 million of unrecognized compensation costs related to time-based RSUs and PSUs, which is expected to be recognized over a weighted-average period of 1.99 years.

Akebia Therapeutics, Inc.

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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

the end of the six-month offering period.

Employee Stock Purchase Plan

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

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 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.

As of June 30, 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 six months ended June 30, 2026.

Stock-Based Compensation Expense

1 unchanged sentence

The weighted-average assumptions used in calculating the fair values of the rights to acquire stock under the 2023 Plan, the 2014 Plan and inducement awards were as follows:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

Common Stock Options

2026 2025 2026 2025

Risk-free interest rate 4.02 % - 4.25 % 3.81 % - 4.09 % 3.61 % - 4.25 % 3.81 % - 4.38 %

Expected volatility 96.64 % - 118.02 % 111.61 % - 123.58 % 96.64 % - 119.09 % 111.61 % - 123.58 %

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

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

Expected dividend yield — % — % — % — %

2 unchanged sentences

The Company has classified stock-based compensation in its unaudited condensed consolidated statements of operations and comprehensive income (loss) as follows (in thousands):

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Cost of goods sold $ 124 $ 183 $ 322 $ 322

1 unchanged sentence

Selling, general and administrative 2,473 1,962 4,887 3,543

Restructuring 64 — 64 —

Total stock-based compensation $ 3,226 $ 2,676 $ 6,894 $ 4,863

Akebia Therapeutics, Inc.

| Form 10-Q | Page 30

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 March 31,

Three Months Ended June 30, Six Months Ended June 30,

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

9 unchanged sentences

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.

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.

| Form 10-Q | Page 27

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

diluted net loss per share were the same.

For the three and six months ended June 30, 2026 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.

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 Months Ended March 31, 2026

Three and Six Months Ended June 30, 2026

Outstanding common stock options 21,410,352

6 unchanged sentences

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.

The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using income from operations.

Net income is also a measure that is considered in monitoring budget versus actual results.

The CODM makes decisions on resource allocation, assesses performance of the business, and monitors budget versus actual results using income (loss) from operations.

Net income (loss) is also a measure that is considered in monitoring budget versus actual results.

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 months ended March 31, 2026 and 2025:

Three Months Ended March 31,

The following table presents information about reported segment revenues, segment profit or loss and significant segment expenses for the three and six months ended June 30, 2026 and 2025:

Akebia Therapeutics, Inc.

| Form 10-Q | Page 31

Akebia Therapeutics, Inc.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenues $ 49,128 $ 62,472 $ 102,672 $ 119,808

4 unchanged sentences

License 855 896 1,562 1,597

Restructuring 1,945 — 1,945 —

Income (loss) from operations ( 6,326 ) 14,089 ( 11,022 ) 27,603

7 unchanged sentences

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 March 31, 2026, and events which occurred subsequently but were not recognized in the

Akebia Therapeutics, Inc.

| Form 10-Q | Page 28

Akebia Therapeutics, Inc.

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.

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 June 30, 2026, and events which occurred subsequently but were not recognized in the consolidated financial statements.

The Company has concluded that no subsequent events have occurred that require disclosure .

Akebia Therapeutics, Inc.

| Form 10-Q | Page 32

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