Akebia Therapeutics Enters Material Agreement, Reports Equity Sales

TL;DR

Akebia just signed a big deal and sold some stock. Watch this space.

AI Summary

On February 3, 2025, Akebia Therapeutics, Inc. entered into a material definitive agreement, creating a direct financial obligation. The company also reported unregistered sales of equity securities. Akebia Therapeutics, Inc. is incorporated in Delaware and its principal executive offices are located in Cambridge, Massachusetts.

Why It Matters

This filing indicates significant financial and corporate actions by Akebia Therapeutics, including new obligations and equity transactions that could impact its financial structure and shareholder value.

Risk Assessment

Risk Level: medium — The filing details material definitive agreements and unregistered sales of equity, which can introduce financial obligations and dilutive effects.

Key Players & Entities

• Akebia Therapeutics, Inc. (company) — Registrant
• February 3, 2025 (date) — Date of earliest event reported
• 245 First Street Cambridge , Massachusetts 02142 (address) — Principal executive offices
• 617-871-2098 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.00001 — ich registered Common Stock, par value $0.00001 per share AKBA The Nasdaq Capital Marke
• $55.0 m — the aggregate principal amount of up to $55.0 million, subject to certain customary con
• $37.0 m — ree tranches: (i) an initial tranche of $37.0 million, which was funded on January 29,
• $8.0 m — 29, 2024, (ii) an additional tranche of $8.0 million, which was funded on April 19, 20
• $10.0 m — 19, 2024, and (iii) a final tranche of $10.0 million, which was available in a single
• $9.3 million — nded Tranche C Loan and net proceeds of $9.3 million were received on February 3, 2025, afte
• $1.30 — tock, at an exercise price per share of $1.30 (subject to standard adjustments for st

Filing Documents

• akba-20250203.htm (8-K) — 32KB
• 0001517022-25-000010.txt ( ) — 169KB
• akba-20250203.xsd (EX-101.SCH) — 2KB
• akba-20250203_def.xml (EX-101.DEF) — 4KB
• akba-20250203_lab.xml (EX-101.LAB) — 24KB
• akba-20250203_pre.xml (EX-101.PRE) — 14KB
• akba-20250203_htm.xml (XML) — 3KB

01. Entry into a Material Agreement

Item 1.01. Entry into a Material Agreement. On February 3, 2025, Akebia Therapeutics, Inc. (the "Company") and Kreos Capital VII (UK) Limited (the "Lender Representative") entered into the Second Amendment to the Agreement for the Provision of a Loan Facility (the "Second Amendment"), which amends certain provisions of the Agreement for the Provision of a Loan Facility, dated January 29, 2024 (the "Original Loan Agreement", and as amended by that certain First Amendment to Agreement for the Provision of a Loan Facility, dated as of July 10, 2024, the "Existing Loan Agreement", and as further amended by the Second Amendment, the "Loan Agreement"). As previously disclosed, the Existing Loan Agreement provides for a senior secured term loan facility in the aggregate principal amount of up to $55.0 million, subject to certain customary conditions (the "Term Loan Facility"). The Term Loan Facility provided the Company access to three tranches: (i) an initial tranche of $37.0 million, which was funded on January 29, 2024, (ii) an additional tranche of $8.0 million, which was funded on April 19, 2024, and (iii) a final tranche of $10.0 million, which was available in a single draw through an expiry date of December 31, 2024 (the "Prior Tranche C Loan"). As a result of the Second Amendment, the Prior Tranche C Loan expiry date was extended until February 3, 2025 (the "Extended Tranche C Loan"). The terms of the Extended Tranche C Loan are substantially similar to the terms of the Prior Tranche C Loan, however, interest will accrue on the Extended Tranche C Loan as if it was advanced on December 31, 2024. The foregoing description of the Loan Agreement is qualified in its entirety by reference to the full text of the Original Loan Agreement which was filed as Exhibit 10.102 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed by the Company on March 14, 2024. The foregoing description of the Second Amendment does not purport to be comple

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities. On February 3, 2025, in connection with the drawdown of the Extended Tranche C Loan, in accordance with the previously disclosed warrant agreement, dated as of January 29, 2024, between the Company and Kreos Capital VII Aggregator SCSp, an affiliate of the Lender Representative (the "Warrant Holder"), the Company issued a warrant to the Warrant Holder to purchase 1,153,846 shares of the Company's common stock, at an exercise price per share of $1.30 (subject to standard adjustments for stock splits, stock dividends, rights offerings and pro rata distributions). The warrant shall be exercisable for eight years from date of issuance. The warrant and the common stock issuable upon the exercise of such warrant was not registered under the Securities Act of 1933, as amended (the "Securities Act") and was offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act and/or Rule 506(b) promulgated thereunder. Accordingly, the holder thereof may only sell common stock issued upon exercise of such warrant pursuant to an effective registration statement under the Securities Act covering the resale of those shares, an exemption under Rule 144 under the Securities Act or another applicable exemption under the Securities Act. The foregoing description of the form of warrant is qualified in its entirety by reference to the full text of the form of warrant which was filed as Exhibit 4.7 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed by the Company on March 14, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AKEBIA THERAPEUTICS, INC. Date: February 7, 2025 By: /s/ John P. Butler Name: John P. Butler Title: President and Chief Executive Officer

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View this 8-K filing on SEC EDGAR