Travere Therapeutics(TVTX) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenue for Q1 2025 was $81.732 million, a 97$41.374 million in Q1 2024[19]. - Net product sales reached $75.861 million, up 90$39.984 million in the same period last year[19]. - Operating loss for Q1 2025 was $42.674 million, compared to a loss of$139.237 million in Q1 2024, indicating a significant improvement[19]. - The company reported a net loss of $41.226 million for Q1 2025, a decrease from a net loss of$136.061 million in Q1 2024[19]. - For the three months ended March 31, 2025, the net loss from continuing operations was $41,226 thousand, a decrease from a net loss of$135,958 thousand in the same period of 2024, representing a 70.7% improvement[25]. - For the three months ended March 31, 2025, the company reported a net loss of $41.2 million, or$(0.47) per share, compared to a net loss of $136.1 million, or$(1.76) per share for the same period in 2024[131]. - Revenue for the three months ended March 31, 2025, was $81.7 million, a significant increase from$41.4 million in the same period of 2024[149]. Cash and Assets - Cash and cash equivalents increased to $61.897 million as of March 31, 2025, up from$58.535 million at the end of 2024[16]. - Total assets decreased to $548.799 million as of March 31, 2025, down from$594.125 million at the end of 2024[16]. - Total liabilities were $515.976 million as of March 31, 2025, compared to$535.048 million at the end of 2024, reflecting a reduction in liabilities[16]. - As of March 31, 2025, the company had cash equivalents and marketable debt securities totaling approximately $322.2 million[233]. - The company’s inventory decreased from$41.9 million as of December 31, 2024, to $38.0 million as of March 31, 2025[141]. - Accounts receivable increased to$34.4 million as of March 31, 2025, up from $27.1 million as of December 31, 2024[142]. Expenses - Research and development expenses for Q1 2025 were$46.889 million, slightly down from $49.420 million in Q1 2024[19]. - Selling, general and administrative expenses increased to$72.838 million in Q1 2025, compared to $64.223 million in Q1 2024[19]. - The company recognized a total of$13.8 million in restructuring costs as of December 31, 2024, primarily related to one-time termination benefits[65]. - Total share-based compensation for continuing operations was $11.5 million for the three months ended March 31, 2025, compared to$9.8 million for the same period in 2024[140]. Product Development and Regulatory Approvals - FILSPARI® received full FDA approval on September 5, 2024, for slowing kidney function decline in adults with primary IgAN, following positive long-term results from the PROTECT Study[29][30]. - The company completed a Type C meeting with the FDA in February 2025 and submitted an sNDA for FILSPARI for the treatment of FSGS, supported by results from the Phase 3 DUPLEX Study[34]. - Renalys Pharma initiated an open label registration study of sparsentan in Japan in the second quarter of 2024, with full enrollment achieved by January 2025[32]. - Pegtibatinase is currently in a voluntary enrollment pause in the Phase 3 HARMONY Study to address manufacturing scale-up issues, with ongoing support for currently enrolled patients[37]. - The company focuses on expanding its product pipeline through licenses and acquisitions to address serious unmet medical needs in rare diseases[28]. Sales and Revenue Recognition - The company sells its products primarily in the United States, which represents over 98% of net product sales[70]. - Revenue from product sales is recognized upon delivery, with payment terms generally within 30 days from shipment[71]. - FILSPARI sales reached $55.881 million in Q1 2025, compared to$19.834 million in Q1 2024, reflecting a significant growth[78]. - The company recognized $5.9 million in license and collaboration revenue for Q1 2025, up from$1.4 million in Q1 2024[80]. Debt and Financing - The Company completed a repurchase of $207.1 million of 2025 Notes for a total of$213.8 million, resulting in a $7.6 million loss on extinguishment of debt[123]. - The 2025 Notes bear an annual interest rate of 2.50$68.9 million as of March 31, 2025[123]. - The Company received net proceeds of $306.4 million from the issuance of the 2029 Notes after deducting$9.9 million in commissions and offering expenses[114]. - The effective interest rate on the 2029 Notes is 2.74%[116]. - The initial conversion rate for the 2029 Notes is 31.3740 shares per $1,000 principal amount, equating to an initial conversion price of approximately$31.87 per share[115]. - The Company incurred approximately $9.9 million in debt issuance costs related to the 2029 Notes, which are being amortized over the expected life of the notes[116]. - The total interest expense recognized for the three months ended March 31, 2025, was$2.9 million, compared to $2.8 million for the same period in 2024[126]. Marketable Securities and Investments - As of March 31, 2025, the company's marketable debt securities totaled$260.345 million, down from $312.166 million as of December 31, 2024[90]. - Unrealized losses on available-for-sale marketable debt securities as of March 31, 2025, totaled$19, with a fair value of $81.960 million[92]. Contingent Liabilities and Agreements - The company has contingent cash payments of up to$427.0 million related to the acquisition of Orphan Technologies Limited, based on certain development and commercialization milestones[133]. - The Renalys License Agreement allows the company to receive up to $120 million in milestone payments and tiered royalties on net sales in specified Asian countries[82].