[Form 4] Akebia Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 1 July 2025, venture fund 5AM Opportunities I, L.P. filed a Form 144 indicating its intent to sell up to 6,422 common shares of Entrada Therapeutics, Inc. (NASDAQ: TRDA) through TD Securities (USA) LLC. The proposed transaction is valued at roughly USD 45,737 and represents only 0.02 % of Entrada’s 37.95 million shares outstanding.

The filing also discloses that the same fund recently sold 19,265 shares on 27 Jun 2025 for USD 133,121 and 6,422 shares on 30 Jun 2025 for USD 43,751, bringing total sales in the past three months to 25,687 shares (≈ 0.07 % of the float) for gross proceeds of approximately USD 176,872.

The shares were originally acquired on 29 Mar 2021 via a cash-financed venture investment. No operational, earnings, or strategic updates are provided in this notice. Form 144 merely gives advance notice of potential affiliate sales; execution is not assured. Given the small size relative to the public float, the filing is unlikely to materially affect liquidity or valuation but does indicate continued position trimming by an early investor.

Insights

Securities Analyst

TL;DR: Minor insider sale—6.4k shares (0.02 %) planned; unlikely to move TRDA stock materially.

The filing signals a routine disposal of a modest stake by 5AM Opportunities I, L.P., following two similarly sized trades earlier in the week. Aggregate sales of 25.7k shares over three months are immaterial to Entrada’s 37.9 million-share float and generate less than USD 0.2 million in proceeds—negligible versus the company’s market cap. No adverse operational information accompanies the notice, so the market impact should be neutral barring sentiment-driven reactions to continued venture-fund selling.

Corporate Governance Expert

TL;DR: Routine affiliate filing; no governance red flags, impact minimal.

Form 144 compliance shows the seller is observing SEC disclosure rules. The representation statement affirms no undisclosed adverse information, and there is no indication of a 10b5-1 plan. The modest share count and voluntary disclosure timing suggest orderly liquidation rather than urgency or insider concern. From a governance perspective, this is a standard event with no material implications.

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ostrowski Erik

(Last) (First) (Middle)

C/O AKEBIA THERAPEUTICS, INC

245 FIRST ST.

(Street)

CAMBRIDGE MA 02142

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Akebia Therapeutics, Inc. [ AKBA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, CFO, CBO & Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	06/30/2025		S		41,314(1)(2)	D	$3.67	503,586	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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. This sale was made pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on June 21, 2024.

2. This sale was made automatically by the Issuer to cover tax withholding obligations in connection with the vesting and settlement of one-third of the reporting person's restricted stock units granted on June 28, 2024.

Remarks:

	/s/Carolyn Rucci, attorney-in-fact for Erik Ostrowski	07/01/2025
	** Signature of Reporting Person	Date
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Entrada Therapeutics (TRDA) shares are being registered for sale under this Form 144?

The filing covers 6,422 common shares valued at about USD 45,737.

Who is the seller in the TRDA Form 144 filing?

The shares are being sold for the account of 5AM Opportunities I, L.P., a venture investment fund.

What percentage of Entrada Therapeutics’ outstanding shares does the proposed sale represent?

Approximately 0.02 % of the 37.95 million shares outstanding.

Have there been recent sales by the same shareholder?

Yes. The fund sold 19,265 shares on 27 Jun 2025 and 6,422 shares on 30 Jun 2025, totaling 25,687 shares in three months.

Does the Form 144 filing guarantee that the shares will be sold?

No. Form 144 provides notice of intent; it does not oblige the seller to complete the transaction.