Sec Form 4 Filing - Butler John P. @ Akebia Therapeutics, Inc. - 2018-07-11

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person Butler John P. 2. Issuer Name and Ticker or Trading Symbol Akebia Therapeutics, Inc. [ AKBA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner X __ Officer (give title below) _____ Other (specify below) CEO and President (Last) (First) (Middle) C/O AKEBIA THERAPEUTICS, INC., 245 FIRST STREET 3. Date of Earliest Transaction (MM/DD/YY) 07/11/2018 (Street) CAMBRIDGE, MA02142 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/11/2018 M 100,000 A $ 0.47 510,314 ( 1 ) D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Employee Stock Option (Right to buy) $ 0.47 07/11/2018 M 100,000 ( 2 ) 09/16/2023 Common Stock 100,000 $ 0 287,000 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other Butler John P. C/O AKEBIA THERAPEUTICS, INC. 245 FIRST STREET CAMBRIDGE, MA02142 X CEO and President Signatures Nicole R. Hadas, attorney-in-fact for John P. Butler 07/12/2018 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The total amount of beneficial securities owned includes 1,500 shares of stock purchased on June 29, 2018 at $8.48 per share in connection with the Issuer's Employee Stock Purchase Plan. ( 2 )On September 16, 2013, the Issuer granted the reporting person an option to purchase 612,500 shares of the Issuer's common stock (the "Option") under the Issuer's Amended and Restated 2008 Equity Incentive Plan. 25% of the shares underlying the Option vested on the first anniversary of the grant date, and the remaining 75% vested in equal monthly installments thereafter. Prior to July 11, 2018, the reporting person exercised the Option with respect to 225,500 shares. On July 11, 2018, the reporting person exercised the Option with respect to 100,000 shares, as reported on this Form 4.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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