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Mar 31, 2022
Travere Q1 2022 Earnings Report
Reported first quarter financial results.
Key Takeaways
Travere Therapeutics reported total revenue of $48.5 million for Q1 2022, with net product sales of $46.4 million and licensing and collaboration revenue of $2.0 million. The company's net loss was $76.0 million, or $1.20 per basic share. As of March 31, 2022, cash, cash equivalents, and marketable securities totaled $603.4 million.
Submitted New Drug Application (NDA) for sparsentan in IgA nephropathy in March 2022.
Presented results from Phase 1/2 COMPOSE Study of pegtibatinase in classical homocystinuria (HCU) at the Society for Inherited Metabolic Disorders (SIMD) 43rd Annual Meeting.
Refinanced $207 million of 2025 convertible notes through offering of $316 million convertible senior notes due 2029.
Total revenue for the first quarter 2022 was $48.5 million, consisting of $46.4 million in net product sales and $2.0 million in licensing and collaboration revenue.
Forward Guidance
Travere Therapeutics is focused on making sparsentan a new treatment standard for rare kidney disorders and advancing the pegtibatinase program. The company anticipates a potential commercial launch of sparsentan in IgA nephropathy as early as the end of the year.
Positive Outlook
- On track for planned regulatory engagements for FSGS.
- Making significant headway in preparations for the potential commercial launch of sparsentan in IgA nephropathy.
- Continued advancement of pegtibatinase program.
- Strengthening of balance sheet during the quarter.
- Well-positioned for continued execution throughout the balance of 2022.
Challenges Ahead
- 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.
- 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
Historical Earnings Impact
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