$TVTX
Travere Therapeutics, Inc. Stock $tvtx

$tvtx Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000162828016015744 Filed on May 05, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$29.01M	$17.37M
YoY Change	66.98%	61942.86%
Cost Of Revenue	$757.0K	$274.0K
YoY Change	176.28%	30344.44%
Gross Profit	$28.25M	$17.10M
YoY Change	65.23%	62992.25%
Gross Profit Margin	97.39%	98.42%
Selling, General & Admin	$19.13M	$14.86M
YoY Change	28.74%	-1.92%
% of Gross Profit	67.7%	86.88%
Research & Development	$14.67M	$10.35M
YoY Change	41.8%	49.04%
% of Gross Profit	51.93%	60.52%
Depreciation & Amortization	$3.891M	$1.779M
YoY Change	118.72%	1298.73%
% of Gross Profit	13.77%	10.4%
Operating Expenses	$37.25M	$25.48M
YoY Change	46.21%	15.33%
Operating Profit	-$8.241M	-$8.104M
YoY Change	1.69%	-63.27%
Interest Expense	-$163.0K	-$3.798M
YoY Change	-95.71%	-708682.09%
% of Operating Profit
Other Income/Expense, Net	-$14.39M	$7.738M
YoY Change	-285.93%	-114.43%
Pretax Income	$6.146M	-$366.0K
YoY Change	-1779.23%	-99.52%
Income Tax	-$5.070M	-$40.02M
% Of Pretax Income	-82.49%
Net Earnings	$11.22M	$39.66M
YoY Change	-71.72%	-152.36%
Net Earnings / Revenue	38.67%	228.27%
Basic Earnings Per Share	$0.31	$1.46
Diluted Earnings Per Share	-$0.08	$1.32
COMMON SHARES
Basic Shares Outstanding	36.52M shares	27.16M shares
Diluted Shares Outstanding	37.95M shares	30.38M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$222.3M	$126.3M
YoY Change	76.05%	2426.0%
Cash & Equivalents	$23.26M	$120.2M
Short-Term Investments	$199.1M	$6.200M
Other Short-Term Assets	$11.60M	$97.40M
YoY Change	-88.09%	9640.0%
Inventory	$3.230M	$1.700M
Prepaid Expenses
Receivables	$13.40M	$8.200M
Other Receivables	$47.20M	$0.00
Total Short-Term Assets	$297.7M	$233.5M
YoY Change	27.51%	3548.44%
LONG-TERM ASSETS
Property, Plant & Equipment	$417.0K	$600.0K
YoY Change	-30.5%	100.0%
Goodwill	$936.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$1.859M	$11.10M
YoY Change	-83.25%	516.67%
Total Long-Term Assets	$209.4M	$182.5M
YoY Change	14.72%	108.33%
TOTAL ASSETS
Total Short-Term Assets	$297.7M	$233.5M
Total Long-Term Assets	$209.4M	$182.5M
Total Assets	$507.1M	$416.0M
YoY Change	21.9%	342.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.647M	$5.900M
YoY Change	-21.24%	3.51%
Accrued Expenses	$20.39M	$19.30M
YoY Change	5.66%	484.85%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change		-100.0%
Long-Term Debt Due		$1.000M
YoY Change
Total Short-Term Liabilities	$66.62M	$102.2M
YoY Change	-34.82%	-9.88%
LONG-TERM LIABILITIES
Long-Term Debt	$43.90M	$43.40M
YoY Change	1.15%
Other Long-Term Liabilities	$2.889M	$101.8M
YoY Change	-97.16%	665.41%
Total Long-Term Liabilities	$2.889M	$145.2M
YoY Change	-98.01%	991.73%
TOTAL LIABILITIES
Total Short-Term Liabilities	$66.62M	$102.2M
Total Long-Term Liabilities	$2.889M	$145.2M
Total Liabilities	$187.9M	$247.4M
YoY Change	-24.06%	91.19%
SHAREHOLDERS EQUITY
Retained Earnings	-$53.94M
YoY Change
Common Stock	$373.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$319.2M	$168.6M
YoY Change
Total Liabilities & Shareholders Equity	$507.1M	$416.0M
YoY Change	21.9%	342.55%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	$11.22M	$39.66M
YoY Change	-71.72%	-152.36%
Depreciation, Depletion And Amortization	$3.891M	$1.779M
YoY Change	118.72%	1298.73%
Cash From Operating Activities	-$3.570M	-$7.330M
YoY Change	-51.3%	-25.28%
INVESTING ACTIVITIES
Capital Expenditures	$24.00K	$25.00K
YoY Change	-4.0%	-84.95%
Acquisitions	$0.00	$33.43M
YoY Change	-100.0%	14.68%
Other Investing Activities	-$7.160M	-$29.84M
YoY Change	-76.01%	-3.4%
Cash From Investing Activities	-$9.760M	-$29.86M
YoY Change	-67.31%	-4.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$0.00	$149.5M
YoY Change	-100.0%	-495.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-930.0K	139.2M
YoY Change	-100.67%	260.36%
NET CHANGE
Cash From Operating Activities	-3.570M	-7.330M
Cash From Investing Activities	-9.760M	-29.86M
Cash From Financing Activities	-930.0K	139.2M
Net Change In Cash	-14.26M	102.0M
YoY Change	-113.98%	-4533.91%
FREE CASH FLOW
Cash From Operating Activities	-$3.570M	-$7.330M
Capital Expenditures	$24.00K	$25.00K
Free Cash Flow	-$3.594M	-$7.355M
YoY Change	-51.14%	-26.27%

Facts In Submission

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CY2016Q1	us-gaap	Operating Expenses OperatingExpenses	37249000	USD
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CY2016Q1	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	1859000	USD
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CY2015Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	3066000	USD
CY2016Q1	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	2889000	USD
CY2015Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	311000	USD
CY2016Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	210000	USD
CY2015Q1	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	9201000	USD
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CY2015Q1	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	948000	USD
CY2016Q1	us-gaap	Payments To Acquire Intangible Assets PaymentsToAcquireIntangibleAssets	2575000	USD
CY2015Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	25000	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	24000	USD
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CY2016Q1	us-gaap	Prepaid Taxes PrepaidTaxes	8498000	USD
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CY2015Q1	us-gaap	Proceeds From Sale Of Available For Sale Securities ProceedsFromSaleOfAvailableForSaleSecurities	282000	USD
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CY2016Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-53937000	USD
CY2015Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	17372000	USD
CY2016Q1	us-gaap	Sales Revenue Goods Net SalesRevenueGoodsNet	29008000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	428000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	417000	USD
CY2016Q1	us-gaap	Purchase Obligation PurchaseObligation	520000	USD
CY2015Q1	us-gaap	Repayments Of Other Debt RepaymentsOfOtherDebt	500000	USD
CY2016Q1	us-gaap	Repayments Of Other Debt RepaymentsOfOtherDebt	0	USD
CY2015Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	10347000	USD
CY2016Q1	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	14672000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-65153000	USD
CY2015Q1	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	14855000	USD
CY2016Q1	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	19125000	USD
CY2015Q1	us-gaap	Share Based Compensation ShareBasedCompensation	5573000	USD
CY2016Q1	us-gaap	Share Based Compensation ShareBasedCompensation	6793000	USD
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CY2016Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice	13.47
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	299971000	USD
CY2016Q1	us-gaap	Stockholders Equity StockholdersEquity	319232000	USD
CY2015Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	3300000	USD
CY2016Q1	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	6300000	USD
CY2016Q1	us-gaap	Unrecognized Tax Benefits Period Increase Decrease UnrecognizedTaxBenefitsPeriodIncreaseDecrease	3000000	USD
CY2016Q1	us-gaap	Unrecognized Tax Benefits That Would Impact Effective Tax Rate UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate	4800000	USD
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	30380694	shares
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	37947479	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	27157883	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	36520186	shares
CY2016Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:12px;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;color:#4c4c4c;font-style:normal;font-weight:bold;text-decoration:none;">BASIS OF PRESENTATION</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">December 31, 2015</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> (the “2015 10-K”) filed with the Securities and Exchange Commission (the “SEC”) on February 26, 2016, and amended on March 2, 2016. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information, the instructions for Form 10-Q and the rules and regulations of the SEC. Accordingly, since they are interim statements, the accompanying condensed consolidated financial statements do not include all of the information and notes required by GAAP for annual financial statements, but reflect all adjustments consisting of normal, recurring adjustments, that are necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results that may be expected for any future periods. The </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">December 31, 2015</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> balance sheet information was derived from the audited financial statements as of that date.</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;font-style:italic;"> </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation.</font></div></div>
CY2016Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:12px;font-size:13pt;"><font style="font-family:Arial;font-size:13pt;color:#4c4c4c;font-style:normal;font-weight:bold;text-decoration:none;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;color:#006ebf;font-style:normal;font-weight:bold;text-decoration:none;">Organization and Description of Business</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">In this Quarterly Report on Form 10-Q, unless the context requires otherwise, the terms “we”, “our”, “us”, “Retrophin” and the “Company” refer to Retrophin, Inc., a Delaware corporation, as well as our direct and indirect subsidiaries. We are a fully integrated biopharmaceutical company with approximately </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">130</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> employees headquartered in San Diego, California </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">dedicated to delivering life-changing therapies to people living with rare diseases who have few, if any, treatment options. Our approach centers on our pipeline, featuring clinical-stage assets targeting rare diseases with significant unmet medical needs, including sparsentan for focal segmental glomerulosclerosis (FSGS), a disorder characterized by progressive scarring of the kidney often leading to end-stage renal disease, and RE-024 for pantothenate kinase-associated neurodegeneration (PKAN), a life-threatening neurological disorder that typically begins in early childhood. Research exploring the potential of early-stage assets, including RE-034, in several rare diseases is also underway. Our research and development efforts are supported by revenues from the Company's marketed products, Chenodal</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">®</sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">, Cholbam</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">® </sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">and Thiola</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">®</sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">. </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">In addition 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, catastrophic or rare diseases and that we believe offer attractive growth characteristics.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#666666;font-style:italic;font-weight:bold;text-decoration:none;">Products on the market:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:4px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">Chenodal</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">®</sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> (chenodeoxycholic acid) 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. Chenodal has also been the standard of care for cerebrotendinous xanthomatosis (“CTX”) patients for more than three decades and the Company is currently pursuing adding this indication to the label.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">Cholbam</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">®</sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> (cholic acid) 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.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:4px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:9.5pt;padding-left:24px;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">Thiola</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"><sup style="vertical-align:top;line-height:120%;font-size:pt">®</sup></font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> (tiopronin) is approved in the United States for the prevention of cysteine (kidney) stone formation in patients with cystinuria.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:8px;padding-top:12px;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#666666;font-style:italic;font-weight:bold;text-decoration:none;">Product Candidates:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">Sparsentan</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;font-style:italic;">,</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> also known as RE-021, is an investigational therapeutic agent which acts as both a potent angiotensin receptor blocker (“ARB”), as well as a selective endothelin receptor antagonist (“ERA”), </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">with in vitro selectivity toward endothelin receptor type A</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">. We have secured a license to sparsentan from Ligand Pharmaceuticals, Inc. and Bristol-Myers Squibb Company (who referred to it as DARA). We are developing sparsentan as a treatment for FSGS, which is a leading cause of end-stage renal disease and Nephrotic Syndrome (“NS”). There are no U.S. Food and Drug Administration ("FDA") approved pharmacological treatments for FSGS and the off-label armamentarium is limited to ACE/ARBs, steroids, and immunosuppressant agents, which are effective in only a subset of patients. We estimate that there are at least </font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">40,000</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;"> FSGS patients in the United States. We have completed enrollment for our DUET Phase 2 clinical study of sparsentan for the treatment of FSGS and we anticipate having a top line data read out in the third quarter of 2016. Depending on the robustness of the data obtained in the DUET study, we may be able to support an application for accelerated approval for sparsentan on the basis of proteinuria as a surrogate endpoint. Sparsentan was granted fast track designation by the FDA in June 2015, and orphan drug designation in the U.S. and EU in January and November 2015, respectively.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">We are developing RE-024, a novel small molecule, as a potential treatment for PKAN. PKAN is a genetic neurodegenerative disorder that is typically diagnosed in the first decade of life. Consequences of PKAN include dystonia, dysarthria, rigidity, retinal degeneration, and severe digestive problems. PKAN is estimated to affect 1 to 3 persons per million. There are currently no viable treatment options for patients with PKAN. RE-024 is a phosphopantothenate prodrug therapy that aims to restore levels of this key substrate in PKAN patients. Certain international health regulators have approved the initiation of dosing RE-024 in PKAN patients under physician-initiated studies in accordance with local regulations in their respective countries. The Company filed a Investigational New Drug application ("U.S. IND") for RE-024 with the FDA in the first quarter of 2015 to support the commencement of a Company-sponsored Phase 1 study, which was successfully completed during 2015. RE-024 was granted orphan drug designation by the FDA in May 2015 and was granted fast track designation by the FDA in June 2015. On February 24, 2016, we announced RE-024 was granted orphan drug designation from the European Commission. The Company has begun interacting with the FDA regarding the initiation of a potential registration-enabling efficacy trial in PKAN patients.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;text-align:justify;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">RE-034 is a synthetic hormone analog of the first 24 amino acids of the 39 amino acids contained in adrenocorticotropic hormone ("ACTH") incorporated into a novel formulation developed by the Company. RE-034 exhibits similar physiological actions as endogenous ACTH by binding to all five melanocortin receptors (pan-MCR), resulting in its anti-inflammatory and immunomodulatory effects.  Retrophin has successfully manufactured RE-034 at proof-of-concept scale using a novel formulation process that allows modulation of the release of the active ingredient from the site of administration.</font><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">  The Company intends to continue preclinical development of RE-034 to enable multiple strategic options.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:12px;text-align:justify;font-size:10.5pt;"><font style="font-family:Arial;font-size:10.5pt;color:#666666;font-style:italic;font-weight:bold;text-decoration:none;">Preclinical:</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:Arial Narrow;font-size:10pt;color:#006ebf;font-style:normal;font-weight:bold;text-decoration:none;">NGLY1</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:4px;font-size:9.5pt;"><font style="font-family:Arial Narrow;font-size:9.5pt;color:#000000;">The Company entered into a research collaboration with the Grace Science Foundation and the Warren Family Research Center for Drug Discovery and Development at the University of Notre Dame for the development of a novel therapeutic for patients with NGLY1 deficiency, a rare genetic disorder. NGLY1 deficiency is believed to be caused by a deficiency in an enzyme called N-glycanase-1, which is encoded by the gene NGLY1. The condition is characterized by a variety of symptoms, including global developmental delay, movement disorder, seizures, and ocular abnormalities. Under this collaboration, the Grace Science Foundation will provide support and funding to Retrophin to enable discovery efforts that aim to validate and address a new molecular target that may be relevant to NGLY1 deficiency. The Warren Family Research Center for Drug Discovery and Development at the University of Notre Dame will provide funding and in-kind research support to help Retrophin advance this program.</font></div></div>

Files In Submission

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$TVTX
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2016 Q1 Form 10-Q Financial Statement

#000162828016015744 Filed on May 05, 2016

Income Statement

Balance Sheet

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$TVTX Travere Therapeutics, Inc. Stock $tvtx

2016 Q1 Form 10-Q Financial Statement

#000162828016015744 Filed on May 05, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$TVTX
Travere Therapeutics, Inc. Stock $tvtx