pKa
pKa is the personal tipping point of an ionizable group: the exact pH at which it sits half charged and half neutral. Think of it as a switch with a threshold. Below the pKa the switch leans one way, above it leans the other, and right at the pKa the two states are evenly balanced.
More precisely, pKa is the negative logarithm of the acid dissociation constant. A low pKa marks a strong acid that gives up its proton readily; a high pKa for a basic group's conjugate acid marks a strong base that holds a proton tightly. The Henderson–Hasselbalch relationship links pKa and the surrounding pH to predict exactly how much of the molecule is ionized.
pKa matters enormously in drug design because it controls how charged a molecule is at the pH of the gut, blood, or inside a cell, and charge in turn governs solubility, permeability, and binding. Shifting a pKa by introducing or modifying a nearby group is a routine medicinal-chemistry lever for tuning logD and absorption.
A carboxylic acid with pKa 4.5 is almost fully ionized (and water-loving) at blood pH 7.4, since the pH sits nearly three units above its pKa.
Two pH units away from pKa means roughly 99% in one ionization state.