XML 53 R37.htm IDEA: XBRL DOCUMENT v3.24.2.u1
STOCK-BASED COMPENSATION AND BENEFIT PLAN (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Equity Plans
The following table contains information about the Company's equity plans:
June 30, 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 RSUs208,986 — 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 awards12,597,753 — 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 equivalents10,435,850 — 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: 1,496,428 options included as outstanding under the 2014 Plan in the table and 2,374,950 options included as outstanding under the 2023 Plan in the table as of June 30, 2024 and 1,616,019 options included as outstanding under the 2014 Plan and 794,000 options included as outstanding under the 2023 Plan in the table as of December 31, 2023.
Stock Option Activity
The combined stock option activity for the six months ended June 30, 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— 
Granted5,037,450 $1.57 — — 
Exercised(304,152)$0.51 — — 
Expired(119,043)$21.02 
Canceled and forfeited(648,270)$3.11 — — 
Outstanding at June 30, 202417,278,820 $3.42 7.37 years$1,521 
Exercisable at June 30, 20248,559,257 $5.40 5.59 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— $— 3,968,200$1.59 
Vested(1,478,822)$1.62 (210,000)$1.20 
Forfeited and canceled(210,678)$0.90 (48,200)$1.68 
Outstanding as of June 30, 20241,650,369 $1.07 4,313,400 $1.59 
Assumptions Used in Black-Scholes Option Pricing Model The weighted-average assumptions used in calculating the fair values of the rights to acquire stock under the 2023 Plan, the 2014 Plan and inducement awards were as follows:                                         
 Three Months Ended June 30,Six Months Ended June 30,
Stock Options2024202320242023
Risk-free interest rate4.24 %-4.66%3.67 %-3.99%3.90%-4.66% 3.54%-3.99%
Expected volatility109.98 %-118.61%102.31 %-111.71%109.98%-118.61%100.97%-111.71%
Expected term (years)5.51 years-6.25 years5.51 years-6.25 years5.51 years-6.25 years5.51 years-6.25 years
Expected dividend yield —%—%—%—%
Weighted average grant date fair value
$0.91$0.97$1.35$0.56
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 June 30,Six Months Ended June 30,
 2024202320242023
Cost of goods sold $83 $73 $169 $139 
Research and development396 532 815 1,202 
Selling, general and administrative 1,593 2,685 3,410 4,220 
Restructuring— 200 38 418 
Total stock-based compensation$2,072 $3,490 $4,432 $5,979