2021 Q4 Form 10-K Financial Statement

#000143853322000008 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $57.25M $227.5M $50.98M
YoY Change 12.29% 14.71% 9.2%
Cost Of Revenue $1.896M $6.784M $2.070M
YoY Change -8.41% 10.74% 19.65%
Gross Profit $55.35M $220.7M $48.91M
YoY Change 13.17% 14.83% 8.79%
Gross Profit Margin 96.69% 97.02% 95.93%
Selling, General & Admin $35.85M $149.9M $30.08M
YoY Change 19.19% 10.37% 32.45%
% of Gross Profit 64.77% 67.91% 61.5%
Research & Development $61.88M $210.3M $38.09M
YoY Change 62.45% 59.61% 5.6%
% of Gross Profit 111.78% 95.3% 77.88%
Depreciation & Amortization $6.050M $26.62M $6.630M
YoY Change -8.75% 8.29% 25.33%
% of Gross Profit 10.93% 12.06% 13.56%
Operating Expenses $102.5M $360.2M $74.12M
YoY Change 38.35% 34.62% 15.99%
Operating Profit -$47.19M -$161.8M -$118.6M
YoY Change -60.19% -8.17% 320.88%
Interest Expense -$4.833M $20.10M -$380.0K
YoY Change 1171.84% 5.24% -96.74%
% of Operating Profit
Other Income/Expense, Net $454.0K -$17.92M -$3.543M
YoY Change -112.81% 41.89% 71.99%
Pretax Income -$51.57M -$179.7M -$122.1M
YoY Change -57.76% -4.82% 303.92%
Income Tax $4.000K $409.0K -$471.0K
% Of Pretax Income
Net Earnings -$51.57M -$180.1M -$121.6M
YoY Change -57.6% 6.29% 301.94%
Net Earnings / Revenue -90.09% -79.16% -238.55%
Basic Earnings Per Share -$3.01
Diluted Earnings Per Share -$836.7K -$3.01 -$2.371M
COMMON SHARES
Basic Shares Outstanding 61.23M shares 59.83M shares 51.05M shares
Diluted Shares Outstanding 59.83M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $427.9M $552.9M $356.6M
YoY Change 20.01% 52.9% 31.13%
Cash & Equivalents $165.8M $165.8M $84.77M
Short-Term Investments $262.2M $387.1M $271.8M
Other Short-Term Assets $6.471M $6.471M $8.100M
YoY Change -20.11% -20.11% 26.56%
Inventory $7.313M $7.313M $7.608M
Prepaid Expenses
Receivables $15.90M $15.91M $15.93M
Other Receivables $247.0K $247.0K $17.20M
Total Short-Term Assets $582.8M $582.8M $410.4M
YoY Change 42.01% 42.01% -4.35%
LONG-TERM ASSETS
Property, Plant & Equipment $11.11M $34.30M $9.418M
YoY Change 17.92% -2.27% 225.77%
Goodwill $900.0K $900.0K
YoY Change 0.0% -3.85%
Intangibles $148.4M $154.1M
YoY Change -3.69% -1.96%
Long-Term Investments
YoY Change
Other Assets $11.07M $11.07M $7.814M
YoY Change 41.66% 41.91% -46.88%
Total Long-Term Assets $193.8M $193.8M $197.0M
YoY Change -1.64% -1.62% 12.12%
TOTAL ASSETS
Total Short-Term Assets $582.8M $582.8M $410.4M
Total Long-Term Assets $193.8M $193.8M $197.0M
Total Assets $776.6M $776.6M $607.4M
YoY Change 27.85% 27.86% 0.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.14M $15.14M $12.13M
YoY Change 24.82% 25.16% -54.41%
Accrued Expenses $75.18M $52.25M $56.79M
YoY Change 32.38% 11.16% 9.76%
Deferred Revenue $16.27M $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $124.1M $124.1M $92.66M
YoY Change 33.92% 33.86% -2.92%
LONG-TERM LIABILITIES
Long-Term Debt $226.6M $226.6M $215.3M
YoY Change 5.24% 5.24% 5.08%
Other Long-Term Liabilities $12.28M $123.9M $12.19M
YoY Change 0.7% 40.42% -41.65%
Total Long-Term Liabilities $12.28M $350.4M $12.19M
YoY Change 0.7% 15.46% -41.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $124.1M $124.1M $92.66M
Total Long-Term Liabilities $12.28M $350.4M $12.19M
Total Liabilities $474.5M $474.5M $396.2M
YoY Change 19.76% 19.77% 3.29%
SHAREHOLDERS EQUITY
Retained Earnings -$766.0M -$585.9M
YoY Change 30.74% 40.69%
Common Stock $6.000K $798.0M
YoY Change -100.0% 25.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $302.1M $302.1M $211.2M
YoY Change
Total Liabilities & Shareholders Equity $776.6M $776.6M $607.4M
YoY Change 27.85% 27.86% 0.44%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$51.57M -$180.1M -$121.6M
YoY Change -57.6% 6.29% 301.94%
Depreciation, Depletion And Amortization $6.050M $26.62M $6.630M
YoY Change -8.75% 8.29% 25.33%
Cash From Operating Activities -$26.88M -$14.79M -$13.87M
YoY Change 93.78% -65.39% 208.91%
INVESTING ACTIVITIES
Capital Expenditures -$5.200M $5.101M -$8.600M
YoY Change -39.53% -24.62% 116.08%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $12.57M -$113.5M -$116.9M
YoY Change -110.75% 208.68% -2202.7%
Cash From Investing Activities $7.370M -$137.6M -$125.5M
YoY Change -105.87% 124.41% -8043.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.21M $231.7M 25.04M
YoY Change 32.64% 81.41% 27722.22%
NET CHANGE
Cash From Operating Activities -26.88M -$14.79M -13.87M
Cash From Investing Activities 7.370M -$137.6M -125.5M
Cash From Financing Activities 33.21M $231.7M 25.04M
Net Change In Cash 13.71M $80.98M -114.3M
YoY Change -111.99% 262.56% 3954.61%
FREE CASH FLOW
Cash From Operating Activities -$26.88M -$14.79M -$13.87M
Capital Expenditures -$5.200M $5.101M -$8.600M
Free Cash Flow -$21.68M -$19.89M -$5.270M
YoY Change 311.33% -59.82% 933.33%

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DESCRIPTION OF BUSINESS<div style="margin-bottom:3pt;margin-top:12pt;text-align:justify"><span style="color:#00497f;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:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;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:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;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 twelve months ended December 31, 2021, these governmental actions and similar actions that may be enacted in the future, 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:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10.5pt;font-style:italic;font-weight:700;line-height:120%">Clinical Programs:</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Sparsentan is a novel investigational product candidate and has been granted Orphan Drug Designation for the treatment of focal segmental glomerulosclerois (FSGS) and immunoglobulin A nephropathy (IgAN) in the U.S. and Europe. Sparsentan is currently being evaluated in two pivotal Phase 3 clinical studies in rare kidney diseases.</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">Pegtibatinase (</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;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). Pegtibatinase has been granted Rare Pediatric Disease and Fast Track designations by the FDA, as well as orphan drug designation in the United States and European Union. Pegtibatinase is currently being evaluated in the Phase 1/2 COMPOSE Study to assess its safety, tolerability, pharmacokinetics, pharmacodynamics and clinical effects in patients with classical HCU. The Company</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> acquired pegtibatinase as part of the November 2020 acquisition of Orphan Technologies Limited.</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;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. 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 cerebrotendinous xanthomatosis (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:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10.5pt;font-style:italic;font-weight:700;line-height:120%">Preclinical Programs:</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">We are 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 ("ALGS"), respectively. There are no treatment options currently approved for these diseases.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10.5pt;font-style:italic;font-weight:700;line-height:120%">Approved products:</span></div><div style="margin-bottom:6pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:15.28pt">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:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:15.28pt">Cholbam</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> (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><div style="margin-bottom:6pt;margin-top:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%;padding-left:15.28pt">Thiola</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> and Thiola EC</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:6.17pt;font-weight:400;line-height:120%;position:relative;top:-3.32pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> (tiopronin tablets) are approved in the United States for the prevention of cystine (kidney) stone formation in patients with severe homozygous cystinuria.</span></div>
CY2021 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#00497f;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">In preparing financial statements in conformity with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of expenses during the reporting period. Due to inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in these estimates. On an ongoing basis, the Company evaluates its estimates and assumptions. These estimates and assumptions include revenue recognition, forecasting probability-weighted cash flows based upon estimates of forecasted revenues, clinical and regulatory timelines and discount rates, valuing equity securities in share-based payments, estimating expenses of contracted research organizations, estimating the useful lives of depreciable and amortizable assets, goodwill impairment, estimating the fair value of contingent consideration, estimating of valuation allowances and uncertain tax positions, and estimates associated with the assessment of impairment for long-lived assets.</span></div>
CY2021 rtrx Number Of Phase Three Clinical Trials
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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18.93
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P5Y7M13D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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5488207 shares
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P5Y4M9D
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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46626000 USD
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19.34
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y1M28D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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71063000 USD
CY2021Q4 us-gaap Share Price
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31.04
CY2020Q4 us-gaap Share Price
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rtrx-20211231_g1.gif Edgar Link pending
rtrx-20211231_g2.gif Edgar Link pending
rtrx-20211231_htm.xml Edgar Link completed
rtrx-20211231_lab.xml Edgar Link unprocessable
rtrx-20211231_pre.xml Edgar Link unprocessable
Show.js Edgar Link pending