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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Reserved Shares of Common Stock for Future Issuance
The Company has reserved for future issuance the following number of shares of common stock:
 December 31, 2021December 31, 2020
Common stock options, RSUs and PSUs outstanding (1)
16,065,218 14,108,828 
Shares available for issuance under Akebia equity plans (2)
4,675,734 3,468,080 
Warrant to purchase common stock509,611 509,611 
Shares available for issuance under the ESPP5,173,141 5,480,334 
Total26,423,704 23,566,853 
 
(1)Includes awards granted under the 2014 Plan and the Inducement Award Program and awards issued in connection with the Merger.
(2)On January 1, 2022, January 1, 2021 and January 1, 2020, the shares reserved for future grants under the 2014 Plan increased by 5,807,270, 4,880,775 and 4,031,376 shares, respectively, pursuant to the 2014 Plan Evergreen Provision.
Assumptions Used in Black-Scholes Option Pricing Model
The assumptions used in the Black-Scholes pricing model to estimate the grant date fair value of options granted under the 2014 Plan are as follows:
 Year ended December 31,
 202120202019
Risk-free interest rate0.66%-1.37%0.32%-1.38%1.42%-2.57%
Dividend yield—%—%—%
Volatility77.81%-81.79%69.56%-75.91%61.4%-64.1%
Expected term (years)5.51-6.255.51-6.255.51-6.25
Stock Option Activity The following table summarizes the Company’s stock option activity, excluding performance-based options, for the year ended December 31, 2021:
 SharesWeighted-Average
Exercise Price		Weighted-Average
Contractual Life
(in years)		Aggregate
Intrinsic Value
Outstanding, December 31, 20209,370,373 $9.31 $387,596 
Granted3,651,400 $3.34 
Exercised— $— $— 
Forfeited(1,517,165)$7.70 $43,756 
Expired/cancelled(106,393)$11.35 
Outstanding, December 31, 202111,398,215 $7.60 7.24$267,830 
Options exercisable, December 31, 20215,848,562 $9.92 5.80$267,440 
Vested and expected to vest, December 31, 202111,398,215 $7.60 
Performance-based Option Activity
The following table summarizes the Company’s performance-based option activity for the year ended December 31, 2021:
 SharesWeighted-Average
Exercise Price		Weighted-Average
Contractual Life
(in years)		Aggregate
Intrinsic Value
Outstanding, December 31, 2020— $— $— 
Granted99,558 $2.74 
Exercised— $— $— 
Forfeited/cancelled$— 
Outstanding, December 31, 202199,558 $2.74 9.6$— 
Restricted Stock and Performance-Based Restricted Stock Units Activity
The following table summarizes the Company’s RSU and PSU activity for the year ended December 31, 2021:
 
 SharesWeighted-
Average Grant
Date Fair Value
Unvested balance, December 31, 20204,725,353 $7.43 
Granted3,518,762 $3.44 
Vested(2,267,342)$6.77 
Forfeited(1,422,430)$5.82 
Unvested balance, December 31, 20214,554,343 $5.17 
Stock-Based Compensation Expense Related to Share-Based Awards The Company has classified its stock-based compensation expense related to share-based awards as follows:
 Years ended December 31,
 202120202019
 (in thousands) 
Research and development$5,816 $6,113 $3,544 
Selling, general and administrative16,919 18,347 8,381 
Total$22,735 $24,460 $11,925 
Compensation Expense by Type of Award
Compensation expense by type of award:
 Years ended December 31,
 202120202019
 (in thousands) 
Stock options$8,958 $8,517 $5,421 
Restricted stock units12,927 14,639 6,240 
Performance RSUs294 464 — 
Employee stock purchase plan556 840 264 
Total$22,735 $24,460 $11,925