Travere Therapeutics, Inc. (NASDAQ: TVTX) today reported its fourth
quarter and full year 2020 financial results and provided a
corporate update.
- The Company recently reported that
the ongoing pivotal Phase 3 DUPLEX Study of sparsentan in focal
segmental glomerulosclerosis (FSGS) achieved its pre-specified
interim FSGS partial remission of proteinuria endpoint (FPRE) after
36 weeks of treatment
- The Phase 3 PROTECT Study of
sparsentan in IgA nephropathy (IgAN) remains on-track to report
topline data from the 36-week proteinuria analysis in the third
quarter of 2021
- Completed acquisition of TVT-058
(previously OT-58), an investigational human enzyme replacement
therapy with disease modifying potential in Phase 1/2 development
for the treatment of classical homocystinuria (HCU)
- Net product sales for the fourth
quarter of 2020 were $51.0 million, compared to $46.7 million for
the same period in 2019
- Net product sales for the full year
2020 were $198.3 million, compared to $175.3 million for the full
year 2019
- Cash, cash equivalents and
marketable securities, as of December 31, 2020, totaled $361.6
million; an additional approximately $189 million in net proceeds
received in February 2021 from common stock offering
“In 2020, our organization executed on all of our key objectives
despite the challenges of the ongoing pandemic. This resulted in
achieving enrollment milestones in our pivotal studies of
sparsentan in FSGS and IgAN at or ahead of schedule, diversifying
our pipeline with the addition of TVT-058 and serving more patients
than ever before with our approved products,” said Eric Dube,
Ph.D., chief executive officer of Travere Therapeutics. “Led by the
interim readouts from our Phase 3 studies of sparsentan, we expect
2021 to be a pivotal year for Travere. We were very pleased to
begin the year with the DUPLEX Study in FSGS achieving its
pre-specified interim proteinuria endpoint. Reaching this clinical
milestone positions us to engage with regulators in pursuit of
submissions for accelerated approval as we continue efforts to
prepare our organization for the future commercialization of
sparsentan, if approved. We are also looking forward to the interim
proteinuria assessment from the PROTECT Study in IgAN during the
third quarter, which could potentially position us to ultimately
deliver sparsentan as a new treatment standard in both FSGS and
IgAN.”
Fourth Quarter and Full Year 2020
Financial Results
Net product sales for the fourth quarter of 2020
were $51.0 million, compared to $46.7 million for the same period
in 2019. For the full year 2020, net product sales were $198.3
million, compared to $175.3 million for the same period in 2019.
The increase in net product sales is attributable to organic growth
across the Company’s commercial products. In 2021, the Company
anticipates mid-single-digit percentage growth in net product sales
compared to 2020.
Research and development (R&D) expenses for
the fourth quarter of 2020 were $38.4 million, compared to $36.4
million for the same period in 2019. For the full year 2020,
R&D expenses were $131.8 million, compared to $141.0 million
for the same period in 2019. The difference is largely attributable
to the discontinuation of the fosmetpantotenate development program
during the fourth quarter of 2019. On a non-GAAP adjusted basis,
R&D expenses were $35.7 million for the fourth quarter of 2020,
compared to $34.5 million for the same period in 2019.
Selling, general and administrative (SG&A)
expenses for the fourth quarter of 2020 were $35.7 million,
compared to $27.5 million for the same period in 2019. For the full
year 2020, SG&A expenses were $135.8 million, compared to
$129.0 million for the same period in 2019. The difference is
largely attributable to increased headcount as a result of the
Company’s operational growth, and professional fees. On a non-GAAP
adjusted basis, SG&A expenses were $25.5 million for the fourth
quarter of 2020, compared to $19.6 million for the same period in
2019.
The Company incurred a $97.1 million IPR&D
expense during the fourth quarter of 2020 as a result of its
acquisition of the TVT-058 development program in November of
2020.
Total other expense, net, for the fourth quarter
of 2020 was $3.5 million, compared to $2.1 million for the same
period in 2019. The difference is largely attributable to a
reduction in interest income.
Net loss for the fourth quarter of 2020 was
$121.6 million, or $2.37 per basic share, compared to a net loss of
$30.3 million, or $0.70 per basic share for the same period in
2019. For the full year 2020, net loss was $169.4 million, compared
to $146.4 million for the same period in 2019. On a non-GAAP
adjusted basis, net loss for the fourth quarter of 2020 was $112.9
million, or $2.20 per basic share, compared to a net loss of $11.2
million, or $0.26 per basic share for the same period in 2019.
As of December 31, 2020, the Company had cash,
cash equivalents and marketable securities of $361.6 million. In
February 2021, the Company completed a common stock offering with
net proceeds of approximately $189 million.
Program Updates
Sparsentan
- In February 2021, the Company
announced that the ongoing pivotal Phase 3 DUPLEX Study of
sparsentan in FSGS achieved its pre-specified interim FPRE endpoint
with statistical significance. FPRE is a clinically meaningful
endpoint defined as urine protein-to-creatinine ratio (UP/C) ≤1.5
g/g and a >40 percent reduction in UP/C from baseline. After 36
weeks of treatment, 42.0 percent of patients receiving sparsentan
achieved FPRE, compared to 26.0 percent of irbesartan-treated
patients (p=0.0094). Preliminary results from the interim analysis
suggest that to date in the study, sparsentan has been generally
well-tolerated and has shown a comparable safety profile to
irbesartan. Based on the data from the interim analysis, the
Company will continue its engagement with regulators in the first
half of 2021 to discuss the ongoing study and submission of an NDA
under the Subpart H accelerated approval pathway in the U.S., as
well as an application for CMA consideration in Europe, with the
available data set. The DUPLEX Study is fully enrolled and is
scheduled to continue as planned on a blinded basis to assess the
confirmatory estimated glomerular filtration rate (eGFR) endpoint
after 108 weeks of treatment. Topline results from the confirmatory
endpoint are expected in the first half of 2023.
- The PROTECT Study, a global,
randomized, multicenter, double-blind, parallel-arm,
active-controlled pivotal Phase 3 clinical trial evaluating the
safety and efficacy of sparsentan in approximately 380 patients
with IgAN remains on track to complete enrollment in 2021. The
PROTECT Study protocol provides for an unblinded analysis of at
least 280 patients to be performed after 36 weeks of treatment to
evaluate the primary efficacy endpoint – the change in proteinuria
(urine protein-to-creatinine ratio) at Week 36 from baseline.
Successful achievement of the proteinuria endpoint is expected to
support submission of an NDA under the Subpart H accelerated
approval pathway in the U.S., as well as an application for CMA
consideration in Europe. Secondary efficacy endpoints include the
rate of change in eGFR following the initiation of randomized
treatment over 58-week and 110-week periods, as well as the rate of
change in eGFR over 52-week and 104-week periods following the
first six weeks of randomized treatment in approximately 380
patients. Topline efficacy data from the 36-week interim
proteinuria endpoint analysis are anticipated in the third quarter
of 2021.
- In the first quarter of 2021, the
U.S. Food and Drug Administration (FDA) and the European Commission
granted orphan designation to sparsentan for the treatment of
IgAN.
TVT-058
- In November 2020, the Company
completed its acquisition of Orphan Technologies Limited and its
TVT-058 clinical development program. TVT-058 is a novel
investigational human enzyme replacement therapy advancing in
clinical development for the treatment of classical HCU. The
Company anticipates preliminary data from the ongoing Phase 1/2
study in 2021 and is monitoring the potential impact of the
evolving COVID-19 pandemic on this timing. If ultimately approved,
TVT-058 has the potential to become the first disease modifying
therapy for people living with HCU.
Conference Call Information
Travere Therapeutics will host a conference call
and webcast today, Monday, March 1, 2021 at 4:30 p.m. ET to discuss
company updates as well as fourth quarter and full year 2020
financial results. To participate in the conference call, dial
+1-855-219-9219 (U.S.) or +1-315-625-6891 (International),
confirmation code 3397951 shortly before 4:30 p.m. ET. The webcast
can be accessed at travere.com, in the Events and Presentations
section of the Investors & Media page, and will be archived for
at least 30 days. A replay of the call will be available from 7:30
p.m. ET, March 1, 2021 to 7:30 p.m. ET, March 8, 2021. The replay
number is +1 (855) 859-2056 (U.S.) or +1 (404) 537-3406
(International), confirmation code 3397951.
Use of Non-GAAP Financial Measures
To supplement Travere’s financial results and
guidance presented in accordance with U.S. generally accepted
accounting principles (GAAP), the Company uses certain non-GAAP
adjusted financial measures in this press release and the
accompanying tables. The Company believes that these non-GAAP
financial measures are helpful in understanding its past financial
performance and potential future results. They are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures and should be read in conjunction with the consolidated
financial statements prepared in accordance with GAAP. Travere’s
management regularly uses these supplemental non-GAAP financial
measures internally to understand, manage and evaluate its business
and make operating decisions. In addition, Travere believes that
the use of these non-GAAP measures enhances the ability of
investors to compare its results from period to period and allows
for greater transparency with respect to key financial metrics the
Company uses in making operating decisions.
Investors should note that these non-GAAP
financial measures are not prepared under any comprehensive set of
accounting rules or principles and do not reflect all of the
amounts associated with the Company’s results of operations as
determined in accordance with GAAP. Investors should also note that
these non-GAAP financial measures have no standardized meaning
prescribed by GAAP and, therefore, have limits in their usefulness
to investors. In addition, from time to time in the future the
Company may exclude other items, or cease to exclude items that it
has historically excluded, for purposes of its non-GAAP financial
measures; because of the non-standardized definitions, the non-GAAP
financial measures as used by the Company in this press release and
the accompanying tables may be calculated differently from, and
therefore may not be directly comparable to, similarly titled
measures used by the Company’s competitors and other companies.
As used in this press release, (i) the
historical non-GAAP net income (loss) measures exclude from GAAP
net income (loss), as applicable, stock-based compensation expense,
amortization and depreciation expense, revaluation of acquisition
related contingent consideration and income tax; (ii) the
historical non-GAAP SG&A expense measures exclude from GAAP
SG&A expenses, as applicable, stock-based compensation expense,
and amortization and depreciation expense; (iii) the historical
non-GAAP R&D expense measures exclude from GAAP R&D
expenses, as applicable, stock-based compensation expense, and
depreciation and amortization expense.
About Travere Therapeutics
At Travere Therapeutics we are in rare for life.
We are a biopharmaceutical company that comes together every day to
help patients, families and caregivers of all backgrounds as they
navigate life with a rare disease. On this path, we know the need
for treatment options is urgent – that is why our global team works
with the rare disease community to identify, develop and deliver
life-changing therapies. In pursuit of this mission, we
continuously seek to understand the diverse perspectives of rare
patients and to courageously forge new paths to make a difference
in their lives and provide hope – today and tomorrow. For more
information, visit travere.com
Forward-Looking Statements
This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995. Without limiting the foregoing,
these statements are often identified by the words "may", "might",
"believes", "thinks", "anticipates", "plans", "expects", "intends"
or similar expressions. In addition, expressions of our strategies,
intentions or plans are also forward-looking statements. Such
forward-looking statements include, but are not limited to,
references to the Company’s plans for regulatory submissions for
sparsentan under the Subpart H accelerated approval pathway in the
U.S. and CMA consideration in Europe; the Company’s current
expectations around the timeline for continuing its engagement with
regulators; expectations regarding anticipated accelerated approval
regulatory submissions for sparsentan in FSGS based on the
available data set from the DUPLEX interim analysis; the potential
for the Company to ultimately deliver sparsentan as a new treatment
standard in both FSGS and IgAN; the Company’s current expectations
around timelines for top-line data from the proteinuria endpoint in
the PROTECT study and the confirmatory endpoint in the DUPLEX
Study; the Company’s current expectations around timelines for
preliminary data from the ongoing Phase 1/2 study of OT-58 in HCU;
the potential for OT-58 to become the first disease modifying
therapy for people living with HCU; and the Company’s expectations
regarding 2021 growth of the Company’s net product sales compared
to 2020. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. No forward-looking statement can be
guaranteed. Among the factors that could cause actual results to
differ materially from those indicated in the forward-looking
statements are risks and uncertainties associated with the
regulatory review and approval process, including the Subpart H
accelerated approval pathway in the United States and the
conditional marketing authorization (CMA) pathway in the Europe
Union, including the risk that the FDA or EMA could disagree with
the Company’s planned submission of an NDA under Subpart H for
accelerated approval, or a Marketing Approval Application (“MAA”)
under the CMA pathway, based on the existing data, as well as risks
and uncertainties associated with the Company’s business and
finances in general, success of its commercial products as well as
risks and uncertainties associated with the Company's preclinical
and clinical stage pipeline. Specifically, the Company faces risks
associated with market acceptance of its commercial products
including efficacy, safety, price, reimbursement and benefit over
competing therapies. The risks and uncertainties the Company faces
with respect to its preclinical and clinical stage pipeline include
risk that the Company's clinical candidates will not be found to be
safe or effective and that current clinical trials will not proceed
as planned. Specifically, the Company faces the risk that the Phase
3 DUPLEX Study of sparsentan in FSGS will not demonstrate that
sparsentan is safe or effective or serve as a basis for accelerated
approval of sparsentan as planned; risk that the Phase 3 PROTECT
Study of sparsentan in IgAN will not demonstrate that sparsentan is
safe or effective or serve as the basis for accelerated approval of
sparsentan as planned; and risk that sparsentan will not be
approved for efficacy, safety, regulatory or other reasons, and for
each of the Company’s programs, risk associated with enrollment of
clinical trials for rare diseases and risk that ongoing or planned
clinical trials may not succeed or may be delayed for safety,
regulatory or other reasons. There is no guarantee that the FDA
will accept for filing the Company’s planned NDA for sparsentan for
FSGS under the Subpart H approval pathway, that the FDA will grant
accelerated approval of sparsentan for FSGS or that sparsentan will
be approved at all. The Company faces risk that it will be unable
to raise additional funding that may be required to complete
development of any or all of its product candidates; risk relating
to the Company's dependence on contractors for clinical drug supply
and commercial manufacturing; uncertainties relating to patent
protection and exclusivity periods and intellectual property rights
of third parties; risks associated with regulatory interactions;
risks and uncertainties relating to competitive products, including
potential generic competition with certain of the Company’s
products, and technological changes that may limit demand for the
Company's products. The Company faces additional risks associated
with the potential impacts the COVID-19 pandemic may have on its
business, including, but not limited to (i) the Company’s ability
to continue its ongoing development activities and clinical trials,
(ii) the timing of such clinical trials and the release of data
from those trials, (iii) the Company’s and its suppliers’ ability
to successfully manufacture its commercial products and product
candidates, and (iv) the market for and sales of its commercial
products. You are cautioned not to place undue reliance on these
forward-looking statements as there are important factors that
could cause actual results to differ materially from those in
forward-looking statements, many of which are beyond our control.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events, or otherwise. Investors are referred to the full
discussion of risks and uncertainties as included in the Company's
most recent Form 10-K, Form 10-Q and other filings with the
Securities and Exchange Commission.
TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
(in thousands, except share amounts) |
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
84,772 |
|
|
$ |
62,436 |
|
Available-for-sale debt
securities, at fair value (amortized cost $276,111, allowance for
credit losses of $0 as of December 31, 2020; amortized cost
$335,206, allowance for credit losses of $0 as of December 31,
2019) |
|
276,817 |
|
|
336,088 |
|
Accounts receivable, net |
|
15,925 |
|
|
18,048 |
|
Inventory, net |
|
7,608 |
|
|
6,082 |
|
Prepaid expenses and other
current assets |
|
8,143 |
|
|
5,015 |
|
Tax receivable |
|
17,142 |
|
|
1,395 |
|
Total current
assets |
|
410,407 |
|
|
429,064 |
|
|
|
|
|
|
Property and equipment,
net |
|
9,418 |
|
|
2,891 |
|
Other assets |
|
33,489 |
|
|
14,709 |
|
Intangible assets, net |
|
153,189 |
|
|
157,200 |
|
Goodwill |
|
936 |
|
|
936 |
|
Total
assets |
|
$ |
607,439 |
|
|
$ |
604,800 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
|
$ |
12,133 |
|
|
$ |
26,614 |
|
Accrued expenses |
|
56,793 |
|
|
51,745 |
|
Other current liabilities |
|
6,334 |
|
|
8,590 |
|
Business combination-related
contingent consideration |
|
17,400 |
|
|
8,500 |
|
Total current
liabilities |
|
92,660 |
|
|
95,449 |
|
Convertible debt |
|
215,339 |
|
|
204,861 |
|
Other non-current
liabilities |
|
40,527 |
|
|
20,894 |
|
Business combination-related
contingent consideration, less current portion |
|
47,700 |
|
|
62,400 |
|
Total
liabilities |
|
396,226 |
|
|
383,604 |
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
Preferred stock $0.0001 par
value; 20,000,000 shares authorized; 0 issued and outstanding as of
December 31, 2020 and 2019, respectively |
|
— |
|
|
— |
|
Common stock $0.0001 par
value; 100,000,000 shares authorized; 52,248,431 and 43,088,921
issued and outstanding as of December 31, 2020 and 2019,
respectively |
|
5 |
|
|
4 |
|
Additional paid-in
capital |
|
797,985 |
|
|
636,910 |
|
Accumulated deficit |
|
(585,875 |
) |
|
(416,444 |
) |
Accumulated other
comprehensive (loss) income |
|
(902 |
) |
|
726 |
|
Total stockholders'
equity |
|
211,213 |
|
|
221,196 |
|
Total liabilities and
stockholders' equity |
|
$ |
607,439 |
|
|
$ |
604,800 |
|
|
|
|
|
|
|
|
|
|
Note: Certain adjustments /
reclassifications have been made to prior periods to conform to
current year presentation.
TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENT OF OPERATIONS |
(in thousands, except share and per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
(unaudited) |
|
|
|
|
Net product sales: |
|
|
|
|
|
|
|
Thiola/Thiola EC |
$ |
28,311 |
|
|
$ |
26,246 |
|
|
$ |
108,883 |
|
|
$ |
95,638 |
|
Bile acid products |
22,672 |
|
|
20,442 |
|
|
89,438 |
|
|
79,700 |
|
Total net product sales |
50,983 |
|
|
46,688 |
|
|
198,321 |
|
|
175,338 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Cost of goods sold |
2,073 |
|
|
1,725 |
|
|
6,126 |
|
|
5,234 |
|
Research and development |
38,385 |
|
|
36,366 |
|
|
131,773 |
|
|
140,963 |
|
Selling, general and administrative |
35,738 |
|
|
27,533 |
|
|
135,799 |
|
|
128,951 |
|
Change in fair value of contingent consideration |
(3,794 |
) |
|
9,231 |
|
|
3,655 |
|
|
15,051 |
|
Impairment of L-UDCA IPR&D intangible asset |
— |
|
|
— |
|
|
— |
|
|
25,500 |
|
Write off of L-UDCA contingent consideration |
— |
|
|
— |
|
|
— |
|
|
(18,000 |
) |
Acquired IPR&D expense |
97,131 |
|
|
— |
|
|
97,131 |
|
|
— |
|
Impairment of long-term investment |
— |
|
|
— |
|
|
— |
|
|
15,000 |
|
Total operating expenses |
169,533 |
|
|
74,855 |
|
|
374,484 |
|
|
312,699 |
|
|
|
|
|
|
|
|
|
Operating loss |
(118,550 |
) |
|
(28,167 |
) |
|
(176,163 |
) |
|
(137,361 |
) |
|
|
|
|
|
|
|
|
Other Income (expense),
net: |
|
|
|
|
|
|
|
Other income (expense), net |
631 |
|
|
359 |
|
|
1,420 |
|
|
(314 |
) |
Interest income |
588 |
|
|
2,180 |
|
|
5,003 |
|
|
10,055 |
|
Interest expense |
(4,762 |
) |
|
(4,599 |
) |
|
(19,050 |
) |
|
(18,828 |
) |
Total other expense, net |
(3,543 |
) |
|
(2,060 |
) |
|
(12,627 |
) |
|
(9,087 |
) |
|
|
|
|
|
|
|
|
Loss before benefit
(provision) for income taxes |
(122,093 |
) |
|
(30,227 |
) |
|
(188,790 |
) |
|
(146,448 |
) |
|
|
|
|
|
|
|
|
Income tax benefit
(provision) |
471 |
|
|
(32 |
) |
|
19,359 |
|
|
21 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(121,622 |
) |
|
$ |
(30,259 |
) |
|
$ |
(169,431 |
) |
|
$ |
(146,427 |
) |
|
|
|
|
|
|
|
|
Net earnings (loss) per common
share, basic |
$ |
(2.37 |
) |
|
$ |
(0.70 |
) |
|
$ |
(3.56 |
) |
|
$ |
(3.46 |
) |
Net earnings (loss) per common
share, diluted |
$ |
(2.37 |
) |
|
$ |
(0.70 |
) |
|
$ |
(3.56 |
) |
|
$ |
(3.46 |
) |
Weighted average common shares
outstanding, basic |
51,264,029 |
|
|
43,023,479 |
|
|
47,539,631 |
|
|
42,339,961 |
|
Weighted average common shares
outstanding, diluted |
51,264,029 |
|
|
43,023,479 |
|
|
47,539,631 |
|
|
42,339,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain adjustments /
reclassifications have been made to prior periods to conform to
current year presentation.
TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES |
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED
INFORMATION |
(in thousands, except share and per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
GAAP operating loss |
$ |
(118,550 |
) |
|
$ |
(28,167 |
) |
|
$ |
(176,163 |
) |
|
$ |
(137,361 |
) |
|
|
|
|
|
|
|
|
R&D operating expense |
(38,385 |
) |
|
(36,366 |
) |
|
(131,773 |
) |
|
(140,963 |
) |
|
|
|
|
|
|
|
|
Stock compensation |
2,399 |
|
|
1,609 |
|
|
9,367 |
|
|
6,910 |
|
Amortization &
depreciation |
293 |
|
|
292 |
|
|
1,163 |
|
|
1,159 |
|
Subtotal non-GAAP items |
2,692 |
|
|
1,901 |
|
|
10,530 |
|
|
8,069 |
|
Non-GAAP R&D expense |
(35,693 |
) |
|
(34,465 |
) |
|
(121,243 |
) |
|
(132,894 |
) |
|
|
|
|
|
|
|
|
SG&A operating
expense |
(35,738 |
) |
|
(27,533 |
) |
|
(135,799 |
) |
|
(128,951 |
) |
|
|
|
|
|
|
|
|
Stock compensation |
3,953 |
|
|
2,888 |
|
|
14,247 |
|
|
14,195 |
|
Amortization &
depreciation |
6,295 |
|
|
4,998 |
|
|
23,371 |
|
|
19,249 |
|
Subtotal non-GAAP items |
10,248 |
|
|
7,886 |
|
|
37,618 |
|
|
33,444 |
|
Non-GAAP SG&A expense |
(25,490 |
) |
|
(19,647 |
) |
|
(98,181 |
) |
|
(95,507 |
) |
|
|
|
|
|
|
|
|
Change in fair value of
contingent consideration |
(3,794 |
) |
|
9,231 |
|
|
3,655 |
|
|
15,051 |
|
Subtotal non-GAAP items |
9,146 |
|
|
19,018 |
|
|
51,803 |
|
|
56,564 |
|
Non-GAAP operating
loss |
$ |
(109,404 |
) |
|
$ |
(9,149 |
) |
|
$ |
(124,360 |
) |
|
$ |
(80,797 |
) |
|
|
|
|
|
|
|
|
GAAP net
loss |
$ |
(121,622 |
) |
|
$ |
(30,259 |
) |
|
$ |
(169,431 |
) |
|
$ |
(146,427 |
) |
Non-GAAP operating loss adjustments |
9,146 |
|
|
19,018 |
|
|
51,803 |
|
|
56,564 |
|
Income tax provision |
(471 |
) |
|
32 |
|
|
(19,359 |
) |
|
(21 |
) |
Non-GAAP net
loss |
$ |
(112,947 |
) |
|
$ |
(11,209 |
) |
|
$ |
(136,987 |
) |
|
$ |
(89,884 |
) |
|
|
|
|
|
|
|
|
Per share
data: |
|
|
|
|
|
|
|
Net earnings per common share,
basic |
$ |
(2.20 |
) |
|
$ |
(0.26 |
) |
|
$ |
(2.88 |
) |
|
$ |
(2.12 |
) |
Weighted average common shares
outstanding, basic |
51,264,029 |
|
|
43,023,479 |
|
|
47,539,631 |
|
|
42,339,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Certain adjustments /
reclassifications have been made to prior periods to conform to
current year presentation.
Contact:Chris Cline, CFASenior Vice President,
Investor Relations & Corporate
Communications888-969-7879IR@travere.com
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