Steven K. Burke
Senior Vice President, Research & Development and Chief Medical Officer at 
Akebia Therapeutics
Akebia TherapeuticsExecutive
About Steven K. Burke
Steven K. Burke, M.D., age 64, is Senior Vice President, Research & Development and Chief Medical Officer at Akebia Therapeutics, having joined in August 2019. He holds an A.B. from Harvard College and an M.D. from Cornell University Medical College; he completed residency and fellowship at Brigham and Women’s Hospital and is certified by the American Board of Internal Medicine . In 2024, executive bonuses were paid at 100% of target based entirely on corporate performance goals achieved (Vafseo FDA approval and TDAPA designation, launch plan execution, near-100% dialysis contracting, Auryxia revenue, NDD-CKD protocol submission, and financing for 24 months), indicating strong linkage between compensation and strategic execution .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akebia Therapeutics | SVP, Research & Development and Chief Medical Officer | 2019–present | Leads clinical/R&D strategy for Vafseo and pipeline; public statements emphasize data generation and real-world evidence to support standard-of-care adoption . |
| Proteon Therapeutics | SVP & Chief Medical Officer | 2006–2019 | Led development for kidney and vascular disease therapeutics . |
| Genzyme | SVP, Medical and Regulatory Affairs | 2001–2006 | Senior leadership in medical/regulatory, prior experience in renal therapeutics . |
| GelTex Pharmaceuticals | VP Clinical Research & Medical Director | 1994–2000 | Clinical leadership roles; contributed to kidney-related therapeutics development . |
| Glaxo, Inc. | Various positions | Not disclosed | Early career roles; details not specified in proxy . |
External Roles
No public company directorships or external board roles disclosed in the proxy for Dr. Burke .
Fixed Compensation
Multi-year compensation for Steven K. Burke (USD):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | 526,766 | 553,104 | 579,653 |
| Stock Awards ($) | 212,160 | 123,606 | 339,696 |
| Option Awards ($) | 399,823 | 152,053 | 440,575 |
| Non-Equity Incentive ($) | 224,007 | 367,785 | 433,853 |
| All Other Compensation ($) | 15,801 | 16,500 | 17,250 |
| Total ($) | 1,378,557 | 1,213,048 | 1,811,027 |
Additional fixed details:
- 2024 base salary rate: $575,228 (4% merit increase from 2023 $553,104) .
- Target bonus: 45% of base salary; actual 2024 annual cash bonus paid: $258,853 (100% achievement) .
- Special 2024 cash incentive award: $175,000 (in addition to annual bonus) .
Performance Compensation
2024 performance-based compensation design and outcomes:
| Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Corporate performance goals (Auryxia revenue ≈ $152.2M; Vafseo FDA approval; TDAPA designation effective Jan 1, 2025; Vafseo launch plan; near-100% dialysis contracting; NDD-CKD protocol submission; financing for ≥24 months) | 100% corporate | Not disclosed | Achieved 100% of goals | $258,853 (annual bonus) | Paid after FY close; cash bonus |
2024 long-term incentives (time-based):
- Options: 303,300 shares @ $1.68 (grant date 1/31/2024; fair value $440,575). Vest: 25% at first anniversary, then quarterly over 3 years .
- RSUs: 202,200 shares (grant date 1/31/2024; fair value $339,696). Vest: one-third on each of the first, second, and third anniversaries (i.e., 1/31/2025, 1/31/2026, 1/31/2027) .
2024 realized equity:
- RSUs vested: 108,734 shares; value realized $175,906; no option exercises in 2024 .
Equity Ownership & Alignment
Summary of ownership and alignment mechanisms:
| Item | Amount |
|---|---|
| Shares owned directly | 413,990 |
| Options exercisable within 60 days | 1,118,629 |
| Total beneficial ownership | 1,532,619 |
| Ownership (% of common shares outstanding) | <1% |
| Shares pledged as collateral | Prohibited by policy |
Key outstanding unvested awards (as of 12/31/2024):
| Award | Shares Unvested | Strike/Type | Expiration | Vesting Schedule |
|---|---|---|---|---|
| RSUs | 353,000 | RSU | N/A | One-third each on 1/31/2025, 1/31/2026, 1/31/2027 |
| Stock Option | 303,300 | $1.68 | 1/31/2034 | 25% at 1-year; then quarterly over 3 years |
| Stock Option | 165,546 | $0.63 | 1/31/2033 | 25% at 1-year; then quarterly over 3 years |
| Stock Option | 70,316 | $2.16 | 2/28/2032 | 25% at 1-year; then quarterly over 3 years |
| Stock Option | 7,500 | $3.46 | 2/26/2031 | 25% at 1-year; then quarterly over 3 years |
Insider trading and alignment policies:
- Hedging and pledging of company stock is prohibited; margin accounts disallowed .
- Clawback (Compensation Recovery Policy) adopted November 2023 applies to executives .
Section 16 note:
- One late Form 4 filing covering an open market sale of Common Stock by Dr. Burke was reported; details not specified in proxy .
Employment Terms
| Term | Details |
|---|---|
| Employment start date | August 2019; currently SVP, R&D and CMO |
| Contract type | At-will (offer letters for named executive officers) |
| Severance (no change-in-control) | 12 months base salary ($575,228) and 12 months COBRA reimbursement ($17,559); unvested time-based equity continues to vest during severance period (no acceleration) |
| Severance (change-in-control; double-trigger) | 12 months base salary ($575,228), pro-rated payment equal to 50% of target bonus ($129,426), acceleration of unvested options ($738,487) and RSUs ($670,700), plus 12 months COBRA reimbursement ($17,559); total estimated $2,131,400 (as of 12/31/2024) |
| Change-of-control structure | Double-trigger for enhanced severance and accelerated vesting upon termination without cause or for good reason in connection with a change in control |
| Clawback policy | Compensation Recovery Policy (Nov 2023) for executive officers |
| Tax gross-ups | Not provided in executive severance agreements |
| Non-compete / non-solicit | Not disclosed in proxy; standard at-will employment noted |
Investment Implications
- Pay-for-performance alignment: 2024 bonuses paid at 100% reflect delivery on major corporate milestones (Vafseo approval/TDAPA, launch readiness, dialysis contracting, Auryxia revenue, financing runway), indicating strong linkage between variable cash pay and operational execution .
- Vesting calendar and potential trading windows: RSUs granted 1/31/2024 vest annually on 1/31/2025, 1/31/2026, 1/31/2027; options vest quarterly after the first anniversary. These dates can create predictable liquidity windows; one late Form 4 open-market sale was reported, suggesting periodic selling activity to monitor .
- Retention risk vs severance economics: Double-trigger CIC benefits are moderate (≈1x salary plus 0.5x target bonus and equity acceleration), reducing parachute risk while providing standard protection; equity continues vesting during non-CIC severance, supporting retention incentives .
- Alignment safeguards: Prohibitions on hedging and pledging, option repricing restrictions, and an executive clawback policy reinforce shareholder alignment and mitigate governance risk .
- Ownership: Beneficial ownership is <1% of shares outstanding, but sizable exercisable options and unvested RSUs indicate meaningful equity exposure; monitor filings around vesting dates for potential selling pressure .