Travere Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Travere Therapeutics filed its Q1 2024 10-Q report on May 6, 2024, detailing financial performance and corporate information.</b>

AI Summary

Travere Therapeutics, Inc. (TVTX) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Travere Therapeutics reported financial results for the quarter ended March 31, 2024. The company's fiscal year ends on December 31. The filing is a 10-Q, indicating a quarterly report. The company was formerly known as Retrophin, Inc. and Desert Gateway, Inc. The filing was made on May 6, 2024.

Why It Matters

For investors and stakeholders tracking Travere Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Travere Therapeutics, crucial for understanding its current operational and financial health. The inclusion of historical company names and the fiscal year-end date offers context for long-term investors and analysts tracking the company's evolution.

Risk Assessment

Risk Level: — Travere Therapeutics, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a low level of immediate risk from this document alone.

Analyst Insight

Monitor future filings for updates on product development, clinical trial progress, and revenue generation, which are key drivers for Travere Therapeutics.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Quarterly report)
• 2024-05-06 — Filing Date (10-Q filing)
• 1231 — Fiscal Year End (Annual reporting cycle)

Key Players & Entities

• Travere Therapeutics, Inc. (company) — Filer name
• Retrophin, Inc. (company) — Former company name
• Desert Gateway, Inc. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date

FAQ

Industry Context

Travere Therapeutics operates in the pharmaceutical preparations industry, focusing on developing and commercializing therapies for rare diseases.

Regulatory Implications

As a publicly traded company, Travere Therapeutics is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review any Management's Discussion and Analysis (MD&A) section for insights into business trends and outlook.
3. Check for any updates on clinical trials or regulatory milestones mentioned in the filing.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 10-K annual report.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share TVTX The Nasdaq Global Market

Filing Documents

• tvtx-20240331.htm (10-Q) — 1487KB
• tvtx-03312024x10qxex101.htm (EX-10.1) — 16KB
• tvtx-03312024x10qxex311.htm (EX-31.1) — 12KB
• tvtx-03312024x10qxex312.htm (EX-31.2) — 12KB
• tvtx-03312024x10qxex321.htm (EX-32.1) — 9KB
• tvtx-03312024x10qxex322.htm (EX-32.2) — 9KB
• image_0.jpg (GRAPHIC) — 47KB
• tvtx-20240331_g1.jpg (GRAPHIC) — 170KB
• 0001438533-24-000020.txt (&nbsp;) — 9026KB
• tvtx-20240331.xsd (EX-101.SCH) — 62KB
• tvtx-20240331_cal.xml (EX-101.CAL) — 102KB
• tvtx-20240331_def.xml (EX-101.DEF) — 377KB
• tvtx-20240331_lab.xml (EX-101.LAB) — 737KB
• tvtx-20240331_pre.xml (EX-101.PRE) — 569KB
• tvtx-20240331_htm.xml (XML) — 1101KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 Unaudited Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 5 Unaudited Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 6 Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to Unaudited Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 3. Defaults Upon Senior Securities 66 Item 4. Mine Safety Disclosures 66 Item 5. Other Information 66 Item 6. Exhibits 68 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains forward-looking statements regarding our business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not deemed to represent an all-inclusive means of identifying forward-looking statements as denoted in this report. Additionally, statements concerning future matters are forward-looking statements. Although forward-looking statements in this report reflect the good faith judgment of our management, such statements can only be based on facts and factors currently known by us. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, without limitation, those specifically addressed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and in this Quarterly Report on Form 10-Q. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially av

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TRAVERE THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) March 31, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 43,251 $ 58,176 Marketable debt securities, at fair value 397,793 508,675 Accounts receivable, net 22,731 21,179 Inventory 4,532 9,410 Prepaid expenses and other current assets 12,769 19,335 Total current assets 481,076 616,775 Long-term inventory 37,774 31,494 Property and equipment, net 6,943 7,479 Operating lease right of use assets 17,271 18,061 Intangible assets, net 101,182 104,443 Other assets 19,301 10,661 Total assets $ 663,547 $ 788,913 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 16,725 $ 41,675 Accrued expenses 139,580 118,991 Deferred revenue, current portion 6,460 7,096 Operating lease liabilities, current portion 5,036 4,909 Other current liabilities 5,428 5,237 Total current liabilities 173,229 177,908 Convertible debt 377,693 377,263 Deferred revenue, less current portion 888 1,835 Operating lease liabilities, less current portion 21,287 22,612 Other non-current liabilities 16,379 8,485 Total liabilities 589,476 588,103 Commitments and Contingencies (See Note 13) Stockholders' Equity: Preferred stock $ 0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common stock $ 0.0001 par value; 200,000,000 shares authorized; 76,108,829 , and 75,367,117 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 8 7 Additional paid-in capital 1,337,638 1,327,881 Accumulated deficit ( 1,261,683 ) ( 1,125,622 ) Accumulated other comprehensive loss ( 1,892 ) ( 1,456 ) Total stockholders' equity 74,071 200,810 Total liabilities and stockholders' equity $ 663,547 $ 788,913 The accompanying notes are an integral part of these consolidated financia

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View this 10-Q filing on SEC EDGAR