Amendment No. 1 to Form SC 13G





Washington, D.C. 20549




Under the Securities Exchange Act of 1934

(Amendment No. 1)*



Akebia Therapeutics, Inc.

(Name of Issuer)

Common Stock, $0.00001 Par Value

(Title of Class of Securities)


(CUSIP Number)

December 31, 2015

(Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

¨ Rule 13d-1(c)

x Rule 13d-1(d)



* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






CUSIP No. 00972D105   Page 2 of 6 Pages



Names of reporting person



Muneer A. Satter


Check the appropriate box if a member of a group (see instructions)

(a)  ¨        (b)  ¨



SEC use only



Citizenship or place of organization


    United States of America

Number of



owned by






Sole voting power




Shared voting power




Sole dispositive power




Shared dispositive power




Aggregate amount beneficially owned by each reporting person




Check box if the aggregate amount in Row (9) excludes certain shares (see instructions)    ¨



Percent of class represented by amount in Row (9)


    5.34% (a)


Type of reporting person (see instructions)




(a) The percentage is calculated using 37,468,094 shares outstanding as disclosed in Akebia Therapeutics, Inc.’s Prospectus Supplement dated January 6, 2016 as filed with the Securities and Exchange Commission on January 8, 2016.



CUSIP No. 00972D105   Page 3 of 6 Pages


Item 1(a)      Name of Issuer:
     Akebia Therapeutics, Inc.
Item 1(b)      Address of Issuer’s Principal Executive Offices:
     245 First Street, Suite 1100
     Cambridge, MA 02142
Item 2(a)      Name of Person Filing:
     This Schedule 13G is being filed by Muneer A. Satter (the “Reporting Person”).
Item 2(b)      Address of Principal Business Office or, if none, Residence:
     Muneer A. Satter
     c/o Satter Investment Management, LLC
     676 North Michigan Avenue, Suite 4000
     Chicago, IL 60611
Item 2(c)      Citizenship:
     The Reporting Person is a citizen of the United States of America.
Item 2(d)      Title of Class of Securities:
     Common Stock, par value $0.00001 per share (the “Common Stock”).
Item 2(e)      CUSIP Number:
Item 3      If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:


(a)   ¨      Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).
(b)   ¨      Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c)   ¨      Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d)   ¨      Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
(e)   ¨      An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E).
(f)   ¨      An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F).



CUSIP No. 00972D105   Page 4 of 6 Pages


(g)   ¨      A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G).
(h)   ¨      A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(i)   ¨      A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3).
(j)   ¨      Non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J).
(k)   ¨      Group, in accordance with §240.13d-1(b)(1)(ii)(K).
       Not applicable.


Item 4      Ownership:


(a)      Amount beneficially owned: The Reporting Person beneficially owns an aggregate of 2,002,560 shares of Common Stock. The shares of Common Stock beneficially owned by the Reporting Person include (a) 785,340 shares of Common Stock that are held by the Muneer A. Satter Revocable Trust for which the Reporting Person serves as trustee and, in such capacity, has sole voting and dispositive power over all such shares and (b) 1,217,220 shares of Common Stock that are held by various other trusts and other entities for which the Reporting Person serves as trustee, investment advisor or manager and, in such capacity, has sole voting and dispositive power over all such shares. The Reporting Person also holds stock options to purchase 5,000 shares of Common Stock, which vest on the earlier of June 10, 2016 or the date immediately prior to the Issuer’s next annual meeting of stockholders.
(b)      Percent of class: See Item 11 on the cover page hereto.
(c)      Number of shares as to which such person has:
     (i)    sole power to vote or to direct the vote: See Item 5 on the cover page hereto.
     (ii)    shared power to vote or to direct the vote: 0
     (iii)    sole power to dispose or to direct the disposition of: See Item 7 on the cover page hereto.
     (iv)    shared power to dispose or to direct the disposition of: 0


Item 5      Ownership of Five Percent or Less of a Class:
     Not Applicable.



CUSIP No. 00972D105   Page 5 of 6 Pages


Item 6      Ownership of More Than Five Percent on Behalf of Another Person:
     Not Applicable.
Item 7      Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company:
     Not Applicable.
Item 8      Identification and Classification of Members of the Group:
     Not Applicable.
Item 9      Notice of Dissolution of Group:
     Not Applicable.
Item 10      Certification:
     Not Applicable.


After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 12, 2016



/s/ Muneer A. Satter

Muneer A. Satter