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STOCK-BASED COMPENSATION AND BENEFIT PLAN (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Equity Plans
The following table contains information about the Company's equity plans:
March 31, 2024December 31, 2023
Title of PlanGroup EligibleType of Award Granted (or to be Granted)Awards OutstandingAdditional Awards Authorized for GrantAwards OutstandingAdditional Awards Authorized for Grant
Keryx Equity Plans(1)(2)
Employees, directors and consultantsStock options and RSUs224,929 — 232,203 — 
Akebia Therapeutics, Inc. 2014 Incentive Plan, as amended (2) (3)
(the 2014 Plan)
Employees, directors, consultants and advisorsStock options, RSUs, SARs and performance awards13,531,330 — 15,311,501 — 
Akebia Therapeutics, Inc. 2023 Stock Incentive Plan(3) (the 2023 Plan)
(replaced 2014 Plan)
Employees, officers, directors, consultants and advisorsStock options, SARs, restricted stock, unrestricted stock, RSUs, performance awards, other share-based awards and dividend equivalents9,198,750 10,945,556 1,712,400 17,382,722 
(1)     The Keryx Equity Plans consist of the Keryx Biopharmaceuticals, Inc. 1999 Share Option Plan, Keryx Biopharmaceuticals, Inc., as amended, the 2004 Long-Term Incentive Plan, as amended, the Keryx Biopharmaceuticals, Inc. 2007 Incentive Plan, the Keryx Biopharmaceuticals Inc. Amended and Restated 2013 Incentive Plan and the Keryx Biopharmaceuticals, Inc. 2018 Equity Incentive Plan.
(2)     New awards are no longer being granted under these plans.
(3)     This table includes inducement awards that are subject to the terms and conditions of the applicable plan but were granted as inducement awards consistent with Nasdaq Listing Rule 5635(c)(4) and not under the applicable plan: 1,525,375 options outstanding under the 2014 Plan and 1,764,950 options outstanding under the 2023 Plan as of March 31, 2024 and 1,616,019 options outstanding under the 2014 Plan and 794,000 options outstanding under the 2023 Plan as of December 31, 2023.
Stock Option Activity
The combined stock option activity for the three months ended March 31, 2024, is as follows:
Stock
Options		Weighted Average Exercise PriceWeighted-Average Contractual Life (years) Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 202313,312,835 $4.20 7.27 years— 
Granted4,088,450 $1.68 — — 
Exercised(280,260)$0.50 — — 
Expired(25,074)$13.67 
Canceled and forfeited(218,175)$6.28 — — 
Outstanding at March 31, 202416,877,776 $3.61 7.69 years$5,655 
Exercisable at March 31, 20247,898,693 $5.94 6.05 years
RSU and PSU Activity
RSU and PSU activity is as follows:
2014 Plan2023 Plan
Number of SharesWeighted Average Fair ValueNumber of SharesWeighted Average Fair Value
Outstanding as of December 31, 20233,339,869 $1.30 603,400 $1.48 
Granted— $— 3,407,200$1.68 
Vested(1,237,718)$1.69 — $— 
Forfeited and canceled(36,218)$1.16 (9,300)$1.68 
Outstanding as of March 31, 20242,065,933 $1.08 4,001,300 $1.65 
Assumptions Used in Black-Scholes Option Pricing Model The weighted-average assumptions used in calculating the fair values of the rights to acquire stock under the 2023 Plan, the 2014 Plan and inducement awards were as follows:                                         
 Three Months Ended March 31,
Stock Options20242023
Risk-free interest rate3.90 %-4.23%3.54 %-3.57%
Expected volatility111.33 %-114.25%100.97 %-102.16%
Expected term (years)6.25 years-6.25 years6.25 years-6.25 years
Expected dividend yield —%—%
Weighted average grant date fair value
$1.46$0.52
Stock-Based Compensation Expense in Consolidated Statement of Operations and Comprehensive Loss
The Company has classified stock-based compensation in its unaudited condensed consolidated statements of operations and comprehensive loss as follows (in thousands):                                    
 Three Months Ended March 31,
 20242023
Cost of goods sold $87 $66 
Research and development419 669 
Selling, general and administrative 1,816 1,536 
Restructuring38 218 
Total stock-based compensation$2,360 $2,489