$TVTX
Travere Therapeutics Inc

2021 Q1 Form 10-Q Financial Statement

#000143853321000016 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $47.41M $47.77M
YoY Change -0.76% 20.72%
Cost Of Revenue $1.645M $1.370M
YoY Change 20.07% 34.71%
Gross Profit $45.76M $46.40M
YoY Change -1.37% 20.35%
Gross Profit Margin 96.53% 97.13%
Selling, General & Admin $36.78M $33.14M
YoY Change 10.98% 1.44%
% of Gross Profit 80.37% 71.42%
Research & Development $47.95M $30.25M
YoY Change 58.5% -9.55%
% of Gross Profit 104.77% 65.19%
Depreciation & Amortization $6.074M $5.656M
YoY Change 7.39% 15.41%
% of Gross Profit 13.27% 12.19%
Operating Expenses $84.72M $62.84M
YoY Change 34.83% -19.23%
Operating Profit -$47.55M -$15.07M
YoY Change 215.58% -60.59%
Interest Expense -$5.321M -$4.887M
YoY Change 8.88% 0.45%
% of Operating Profit
Other Income/Expense, Net -$6.005M -$3.101M
YoY Change 93.65% 32.07%
Pretax Income -$53.55M -$18.17M
YoY Change 194.77% -55.22%
Income Tax $300.0K -$19.00M
% Of Pretax Income
Net Earnings -$53.87M $808.0K
YoY Change -6766.71% -101.97%
Net Earnings / Revenue -113.63% 1.69%
Basic Earnings Per Share -$0.96 $0.02
Diluted Earnings Per Share -$0.96 $0.02
COMMON SHARES
Basic Shares Outstanding 56.27M shares 43.12M shares
Diluted Shares Outstanding 56.27M shares 43.59M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $431.0M $269.9M
YoY Change 59.71% -0.3%
Cash & Equivalents $148.2M $67.02M
Short-Term Investments $282.8M $202.8M
Other Short-Term Assets $6.700M $5.300M
YoY Change 26.42% -44.79%
Inventory $7.183M $6.593M
Prepaid Expenses
Receivables $13.10M $18.10M
Other Receivables $17.10M $20.20M
Total Short-Term Assets $565.0M $406.6M
YoY Change 38.96% -14.49%
LONG-TERM ASSETS
Property, Plant & Equipment $11.70M $2.617M
YoY Change 346.96% -12.62%
Goodwill $936.0K $936.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.03M $6.803M
YoY Change 414.92% -49.5%
Total Long-Term Assets $199.0M $166.4M
YoY Change 19.57% -13.39%
TOTAL ASSETS
Total Short-Term Assets $565.0M $406.6M
Total Long-Term Assets $199.0M $166.4M
Total Assets $764.0M $573.1M
YoY Change 33.33% -14.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.01M $9.966M
YoY Change 50.59% 30.67%
Accrued Expenses $46.47M $41.59M
YoY Change 11.73% -10.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $85.01M $68.09M
YoY Change 24.85% -34.58%
LONG-TERM LIABILITIES
Long-Term Debt $218.1M $207.4M
YoY Change 5.16% 5.01%
Other Long-Term Liabilities $43.17M $13.31M
YoY Change 224.27% -43.14%
Total Long-Term Liabilities $43.17M $13.31M
YoY Change 224.27% -43.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.01M $68.09M
Total Long-Term Liabilities $43.17M $13.31M
Total Liabilities $401.4M $347.3M
YoY Change 15.56% -9.07%
SHAREHOLDERS EQUITY
Retained Earnings -$639.7M -$415.6M
YoY Change 53.92% 33.65%
Common Stock $1.003B $642.9M
YoY Change 55.97% 7.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $362.7M $225.7M
YoY Change
Total Liabilities & Shareholders Equity $764.0M $573.1M
YoY Change 33.33% -14.17%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$53.87M $808.0K
YoY Change -6766.71% -101.97%
Depreciation, Depletion And Amortization $6.074M $5.656M
YoY Change 7.39% 15.41%
Cash From Operating Activities -$26.47M -$29.16M
YoY Change -9.2% 42.28%
INVESTING ACTIVITIES
Capital Expenditures $4.495M $208.0K
YoY Change 2061.06% 994.74%
Acquisitions
YoY Change
Other Investing Activities -$96.44M $44.17M
YoY Change -318.34% -694.48%
Cash From Investing Activities -$105.7M $39.55M
YoY Change -367.27% -446.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $195.8M -$5.773M
YoY Change -3490.84% 420.09%
NET CHANGE
Cash From Operating Activities -$26.47M -$29.16M
Cash From Investing Activities -$105.7M $39.55M
Cash From Financing Activities $195.8M -$5.773M
Net Change In Cash $63.46M $4.583M
YoY Change 1284.68% -113.87%
FREE CASH FLOW
Cash From Operating Activities -$26.47M -$29.16M
Capital Expenditures $4.495M $208.0K
Free Cash Flow -$30.97M -$29.36M
YoY Change 5.47% 43.16%

Facts In Submission

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DESCRIPTION OF BUSINESS<div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#006ebf;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Organization and Description of Business</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Travere Therapeutics, Inc. (“we”, “our”, “us”, “Travere” and the “Company”) refers to Travere Therapeutics, Inc., a Delaware corporation, as well as our direct and indirect subsidiaries. Travere is a fully integrated biopharmaceutical company headquartered in San Diego, California focused on identifying, developing and delivering life-changing therapies to people with rare diseases. We regularly evaluate and, where appropriate, act on opportunities to expand our product pipeline through licenses and acquisitions of products in areas that will serve patients with serious or rare diseases and that we believe offer attractive growth characteristics. </span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The ongoing novel coronavirus (COVID-19) pandemic has resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders and extended shutdown of certain businesses around the world. While the impact of the COVID-19 pandemic did not have a material adverse effect on our financial position or results of operations for the three months ended March 31, 2021, these governmental actions and the widespread economic disruption arising from the pandemic have the potential to materially impact our business and influence our business decisions. The extent and duration of the pandemic is unknown, and the future effects on our business are uncertain and difficult to predict. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Clinical Programs:</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Sparsentan</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> also known as RE-021, is an investigational product candidate with a dual mechanism of action, selective endothelin receptor antagonist (“ERA”), with in vitro selectivity toward endothelin receptor type A, and a potent angiotensin receptor blocker (“ARB”). Sparsentan is currently being evaluated in two pivotal Phase 3 clinical studies in the following indications:</span></div><div style="margin-bottom:3pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#4c4c4c;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:15.42pt">Focal segmental glomerulosclerosis ("FSGS")</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> is a rare kidney disease characterized by proteinuria where the glomeruli become progressively scarred. FSGS is a leading cause of end-stage renal disease.</span></div><div style="margin-bottom:3pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#4c4c4c;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:15.42pt">Immunoglobulin A nephropathy ("IgAN")</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> is an immune-complex-mediated glomerulonephritis characterized by hematuria, proteinuria, and variable rates of progressive renal failure. IgAN is the most common primary glomerular disease.</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Pe</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">gtibatinase (</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">TVT-058) is a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria (HCU). Classical HCU is a rare metabolic disorder characterized by elevated levels of plasma homocysteine that can lead to vision, skeletal, circulatory and central nervous system issues. P</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">egtibatinase (</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">TVT-058) is currently being tested in a Phase 1/2 double blind, randomized, placebo-controlled dose escalation study to assess its safety, tolerability, pharmacokinetics, pharmacodynamics and clinical effects in patients with classical HCU. P</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">egtibatinase (</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">TVT-058) has been granted Rare Pediatric Disease and Fast Track designations by the FDA, as well as orphan drug designation in the United States and Europe. We acquired </span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">pegtibatinase (</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">TVT-058) as part of the November 2020 acquisition of Orphan Technologies Limited.</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Chenodal (chenodeoxycholic acid or CDCA) is a naturally occurring bile acid that is approved for the treatment of people with radiolucent stones in the gallbladder. CTX is a rare, progressive and underdiagnosed bile acid synthesis disorder affecting many parts of the body. In January 2020, we randomized the first patients in our Phase 3 RESTORE Study to evaluate the effects of Chenodal in adult and pediatric patients with CTX, and the study enrollment remains open. The pivotal study is intended to support an NDA submission for marketing authorization of Chenodal for CTX in the United States. </span></div><div style="margin-bottom:6pt;margin-top:9pt"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Preclinical Programs:</span></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company is a participant in two Cooperative Research and Development Agreements ("CRADAs"), which form a multi-stakeholder approach to pool resources with leading experts, and incorporate the patient perspective early in the therapeutic identification and development process. We have partnered with the National Institutes of Health’s National Center for Advancing Translational Sciences ("NCATS") and leading patient advocacy organizations, CDG Care and Alagille Syndrome Alliance, aimed at the identification of potential small molecule therapeutics for NGLY1 deficiency and Alagille syndrome, respectively. There are no treatment options currently approved for these diseases.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Approved products:</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:15.42pt">Chenodal (chenodiol tablets) is approved in the United States for the treatment of patients suffering from gallstones in whom surgery poses an unacceptable health risk due to disease or advanced age. </span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:15.42pt">Cholbam® (cholic acid capsules) is approved in the United States for the treatment of bile acid synthesis disorders due to single enzyme defects and is further indicated for adjunctive treatment of patients with peroxisomal disorders.</span></div>•Thiola® and Thiola EC® (tiopronin tablets) are approved in the United States for the prevention of cystine (kidney) stone formation in patients with severe homozygous cystinuria.
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264676000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
117176000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
111487000 USD
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
151342000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
153189000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5952000 USD
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5174000 USD
CY2021Q1 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
281900000 USD
CY2021Q1 tvtx Government Rebates Payable
GovernmentRebatesPayable
7912000 USD
CY2020Q4 tvtx Government Rebates Payable
GovernmentRebatesPayable
10707000 USD
CY2021Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
9927000 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
17912000 USD
CY2021Q1 tvtx Accrued Royaltyand Contingent Consideration
AccruedRoyaltyandContingentConsideration
7197000 USD
CY2020Q4 tvtx Accrued Royaltyand Contingent Consideration
AccruedRoyaltyandContingentConsideration
7857000 USD
CY2021Q1 tvtx Accrued Liabilities Researchand Development Current
AccruedLiabilitiesResearchandDevelopmentCurrent
12355000 USD
CY2020Q4 tvtx Accrued Liabilities Researchand Development Current
AccruedLiabilitiesResearchandDevelopmentCurrent
10166000 USD
CY2021Q1 tvtx Accrued Liabilities Selling Generaland Administrative Current
AccruedLiabilitiesSellingGeneralandAdministrativeCurrent
4094000 USD
CY2020Q4 tvtx Accrued Liabilities Selling Generaland Administrative Current
AccruedLiabilitiesSellingGeneralandAdministrativeCurrent
3944000 USD
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56268508 shares
CY2021Q1 tvtx Dilutive Securities Effect On Basic Eps Employee Stock Purchase Plan
DilutiveSecuritiesEffectOnBasicEPSEmployeeStockPurchasePlan
shares
CY2020Q1 tvtx Dilutive Securities Effect On Basic Eps Employee Stock Purchase Plan
DilutiveSecuritiesEffectOnBasicEPSEmployeeStockPurchasePlan
16636 shares
CY2021Q1 tvtx Dilutive Securities Effect On Basic Eps Restricted Stock
DilutiveSecuritiesEffectOnBasicEPSRestrictedStock
shares
CY2020Q1 tvtx Dilutive Securities Effect On Basic Eps Restricted Stock
DilutiveSecuritiesEffectOnBasicEPSRestrictedStock
75044 shares
CY2021Q1 tvtx Dilutive Securities Effect On Basic Eps Options
DilutiveSecuritiesEffectOnBasicEPSOptions
shares
CY2020Q1 tvtx Dilutive Securities Effect On Basic Eps Options
DilutiveSecuritiesEffectOnBasicEPSOptions
377922 shares
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-53867000 USD
CY2021Q1 tvtx Accrued Liabilities Miscellaneous
AccruedLiabilitiesMiscellaneous
4982000 USD
CY2020Q4 tvtx Accrued Liabilities Miscellaneous
AccruedLiabilitiesMiscellaneous
6207000 USD
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
46467000 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
56793000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56268508 shares
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-53867000 USD
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.96
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43122897 shares
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
808000 USD
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.96
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43592499 shares
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
808000 USD
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17979101 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14807564 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5900000 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
19.31
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7694000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5910000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-19000000.0 USD
CY2021Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3435000 USD
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
3219000 USD
CY2021Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3748000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
4389000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
7183000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
7608000 USD
CY2021Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3500000 USD
CY2020Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3600000 USD
CY2021Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
13100000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
15900000 USD

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