0001438533-21-000016 | 10-Q | XBRL Viewer

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ACCOUNTS RECEIVABLE	3 Months Ended
ACCOUNTS RECEIVABLE	Mar. 31, 2021
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLEAccounts receivable, net of reserves for prompt pay discounts and expected credit losses, was $13.1 million and $15.9 million at March 31, 2021 and December 31, 2020, respectively. The total reserves for both periods were immaterial.The Company's evaluation and application of ASU No. 2016-13, Financial Instruments - Credit Losses for the current period included an assessment of our aged trade receivables balances and their underlying credit risk characteristics. Our evaluation of past events, current conditions, and reasonable and supportable forecasts about the future resulted in an expectation of immaterial credit losses.

FAIR VALUE MEASUREMENTS - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 148,232	$ 84,772	$ 67,019	$ 62,436
Debt securities, available-for-sale	372,639	276,817
Total	520,871	361,589
Liabilities:
Business combination-related contingent consideration	71,300	65,100
Total	71,300	65,100
Quoted prices in active markets (Level 1)
Assets:
Cash and cash equivalents	73,625	84,772
Debt securities, available-for-sale	0	0
Total	73,625	84,772
Liabilities:
Business combination-related contingent consideration	0	0
Total	0	0
Significant other observable inputs (Level 2)
Assets:
Cash and cash equivalents	74,607	0
Debt securities, available-for-sale	372,639	276,817
Total	447,246	276,817
Liabilities:
Business combination-related contingent consideration	0	0
Total	0	0
Significant unobservable inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Debt securities, available-for-sale	0	0
Total	0	0
Liabilities:
Business combination-related contingent consideration	71,300	65,100
Total	$ 71,300	$ 65,100

LEASES - Future Minimum Rent Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Leases [Abstract]
2021	$ 1,842
2022	6,020
2023	6,200
2024	6,386
2025	6,578
Thereafter	18,535
Total undiscounted future minimum payments	45,561
Lease incentives payable by lessor	(3,247)	$ (7,900)
Present value discount	(10,016)
Total lease liability	32,298	34,500
Unamortized lease incentives, less incentives payable by lessor	(4,050)
Cash payments in excess of straight-line lease expense	(3,210)
Total ROU asset	$ 25,038	$ 34,600

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESFor the three months ended March 31, 2021, we recognized an income tax expense of $0.3 million as compared to an income tax benefit of $19.0 million for the three months ended March 31, 2020. The change is primarily related to provisions of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") concerning net operating loss carrybacks which were effected in 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

CONVERTIBLE NOTES PAYABLE - Schedule of Interest Expense (Details) - Senior Notes - Senior Notes Due 2025 - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Contractual interest expense	$ 1,725	$ 1,725
Amortization of debt discount	2,511	2,326
Amortization of debt issuance costs	225	224
Total interest expense for the 2025 Notes	$ 4,461	$ 4,275

DEBT SECURITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of debt securities	$ 152,400
Purchase of debt securities	$ 248,835	$ 4,988

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses at March 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Government rebates payable	$	7,912	$	10,707
Compensation related costs	9,927		17,912
Accrued royalties and contingent consideration	7,197		7,857
Research and development	12,355		10,166
Selling, general and administrative	4,094		3,944

Miscellaneous accrued	4,982		6,207
Total accrued expenses	$	46,467	$	56,793

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of inventory

Inventory, net of reserves, consisted of the following at March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Raw materials	$	3,435	$	3,219
Finished goods	3,748		4,389
Total inventory	$	7,183	$	7,608

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Financial Instruments and Fair Value

The Company accounts for financial instruments in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The valuation techniques used to measure the fair value of the Company’s debt securities and all other financial instruments, all of which have counter-parties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. Based on the fair value hierarchy, the Company classified debt securities within Level 2.

The Company acquired two businesses, related to the Cholbam and Chenodal products, whose purchase price included potential future payments that are contingent on the achievement of certain milestones and percentages of future net sales derived from the products acquired. The Company recorded contingent consideration liabilities at their fair value on the acquisition date and revalues them at the end of each reporting period. In estimating the fair value of the Company’s contingent consideration, the Company uses a Monte Carlo Simulation. The determination of the contingent consideration liabilities requires significant judgements including the appropriateness of the valuation model and reasonableness of estimates and assumptions included in the

forecasts of future net sales and the discount rates applied to such forecasts. Changes in these estimates and assumptions could have a significant impact on the fair value of the contingent consideration liabilities.

Discount rates used to determine the fair value at March 31, 2021 and December 31, 2020 are as follows:


	Revenue Discount		Payment Discount
	Cholbam	Chenodal
March 31, 2021	7.0%	8.5%	6.00%
December 31, 2020	6.5%	8.5%	7.45%

Based on the fair value hierarchy, the Company classified the fair value measurement of contingent consideration within Level 3 because valuation inputs are based on projected revenues discounted to a present value.

Financial instruments with carrying values approximating fair value include cash and cash equivalents, accounts receivable, and accounts payable, due to their short-term nature. As of March 31, 2021, the fair value of the Company's 2.5% Convertible Senior Notes due 2025 was $281.9 million, which was estimated utilizing market quotations, and are considered Level 2.

The following table presents the Company’s assets and liabilities, measured and recognized at fair value on a recurring basis, classified under the appropriate level of the fair value hierarchy as of March 31, 2021 (in thousands):


	As of March 31, 2021
	Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	148,232	$	73,625	$	74,607	$	—
Debt securities, available-for-sale	372,639		—		372,639		—
Total	$	520,871	$	73,625	$	447,246	$	—
Liabilities:
Business combination-related contingent consideration	$	71,300	$	—	$	—	$	71,300
Total	$	71,300	$	—	$	—	$	71,300


	As of December 31, 2020
	Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	84,772	$	84,772	$	—	$	—
Debt securities, available-for-sale	276,817		—		276,817		—
Total	$	361,589	$	84,772	$	276,817	$	—
Liabilities:
Business combination-related contingent consideration	65,100		—		—		65,100
Total	$	65,100	$	—	$	—	$	65,100

The following table sets forth a summary of changes in the estimated fair value of the Company's Level 3 business combination-related contingent consideration for the three months ended March 31, 2021 (in thousands):


	Fair Value Measurements of Acquisition-Related Contingent Consideration (Level 3)
Balance at January 1, 2021	$	65,100
Changes in the fair value of contingent consideration	8,587

Contractual payments included in accrued liabilities at March 31, 2021	(2,276)
Foreign currency impact	(111)
Balance at March 31, 2021	$	71,300

For the three months ended March 31, 2021, the Company incurred charges of $8.6 million in operating expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss for the change in fair value of the contingent consideration liabilities.

For the three months ended March 31, 2021, the change in fair value of contingent consideration is due to the timing of future payments and changes in market driven discount rates.

For the three months ended March 31, 2020, the Company recognized income of $1.9 million in operating expenses on the Condensed Consolidated Statements of Operations and Comprehensive Loss for the change in fair value of the contingent consideration liabilities. The value changed due to the timing of future payments and changes in market driven discount rates.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of discount rates used in valuation

Discount rates used to determine the fair value at March 31, 2021 and December 31, 2020 are as follows:


	Revenue Discount		Payment Discount
	Cholbam	Chenodal
March 31, 2021	7.0%	8.5%	6.00%
December 31, 2020	6.5%	8.5%	7.45%

Schedule of fair value on a recurring basis


	As of March 31, 2021
	Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	148,232	$	73,625	$	74,607	$	—
Debt securities, available-for-sale	372,639		—		372,639		—
Total	$	520,871	$	73,625	$	447,246	$	—
Liabilities:
Business combination-related contingent consideration	$	71,300	$	—	$	—	$	71,300
Total	$	71,300	$	—	$	—	$	71,300


	As of December 31, 2020
	Total carrying and estimated fair value		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets:
Cash and Cash Equivalents	$	84,772	$	84,772	$	—	$	—
Debt securities, available-for-sale	276,817		—		276,817		—
Total	$	361,589	$	84,772	$	276,817	$	—
Liabilities:
Business combination-related contingent consideration	65,100		—		—		65,100
Total	$	65,100	$	—	$	—	$	65,100

Schedule of summary of changes in estimated acquisition related contingent consideration


	Fair Value Measurements of Acquisition-Related Contingent Consideration (Level 3)
Balance at January 1, 2021	$	65,100
Changes in the fair value of contingent consideration	8,587

Contractual payments included in accrued liabilities at March 31, 2021	(2,276)
Foreign currency impact	(111)
Balance at March 31, 2021	$	71,300

FAIR VALUE MEASUREMENTS - Discount Rates Used (Details)	Mar. 31, 2021	Dec. 31, 2020
Payment Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0600	0.0745
Cholbam \| Revenue Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.070	0.065
Chenodal \| Revenue Discount
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.085	0.085

DEBT SECURITIES

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

DEBT SECURITIES

DEBT SECURITIESThe Company's debt securities as of March 31, 2021 and December 31, 2020 were comprised of available-for-sale corporate and government debt securities. These securities are carried at fair value, with the unrealized gains and losses reported in accumulated other comprehensive income (loss), unless an impairment is determined to be the result of credit-related factors or the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before recovery. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion is included in interest income. Realized gains and losses and declines in value that are determined to be the result of credit losses, if any, on available-for-sale securities are included in other income or expense. Unrealized losses that are determined to be credit-related are also recorded as an allowance against the amortized cost basis. The cost of securities sold is based on the specific identification method. Interest

and dividends on securities classified as available-for-sale are included in interest income. All available-for-sale securities are classified as current assets, even if the maturity when acquired by the Company is greater than one year due to the ability to liquidate within the next 12 months.

During the three months ended March 31, 2021, investment activity for the Company included $152.4 million in maturities and $248.8 million in purchases, all relating to debt based marketable securities.

Debt securities consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Commercial paper	$	158,429	$	135,145
Corporate debt securities	182,388		98,646
Securities of government sponsored entities	31,822		43,026
Total debt securities	$	372,639	$	276,817

The following is a summary of short-term debt securities classified as available-for-sale as of March 31, 2021 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	158,443	$	2	$	(16)	$	158,429
Corporate debt securities	Less than 1	92,166		389		(29)		92,526
Securities of government-sponsored entities	Less than 1	31,821		1		—		31,822
Total maturity less than 1 year		282,430		392		(45)		282,777
Corporate debt securities	1 to 2	89,966		—		(104)		89,862


Total available-for-sale securities		$	372,396	$	392	$	(149)	$	372,639

The following is a summary of short-term debt securities classified as available-for-sale as of December 31, 2020 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	135,161	$	1	$	(17)	$	135,145
Corporate debt securities	Less than 1	92,906		723		—		93,629
Securities of government-sponsored entities	Less than 1	43,031		—		(5)		43,026
Total maturity less than 1 year		271,098		724		(22)		271,800
Corporate debt securities	1 to 2	5,013		4		—		5,017


Total available-for-sale securities		$	276,111	$	728	$	(22)	$	276,817

The primary objective of the Company’s investment portfolio is to preserve capital and liquidity while enhancing overall returns. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.

The Company reviews the available-for-sale debt securities for declines in fair value below the cost basis each quarter. For any security whose fair value is below its amortized cost basis, the Company first evaluates whether it intends to sell the impaired security, or will otherwise be more likely than not required to sell the security before recovery. If either are true, the amortized cost basis of the security is written down to its fair value at the reporting date. If neither circumstance holds true, the Company assesses whether any portion of the unrealized loss is a result of a credit loss. Any amount deemed to be attributable to credit loss is recognized in the income statement, with the amount of the loss limited to the difference between fair value and amortized cost and recorded as an allowance for credit losses. The portion of the unrealized loss related to factors other than credit losses is recognized in other comprehensive income (loss).

The following is a summary of available-for-sale debt securities in an unrealized loss position with no credit losses reported as of March 31, 2021 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	96,435	$	16	$	—	$	—	$	96,435	$	16
Corporate debt securities	117,836		133		—		—		117,836		133
Securities of government-sponsored entities	5,075		—		—		—		5,075		—
Total	$	219,346	$	149	$	—	$	—	$	219,346	$	149

The following is a summary of available-for-sale debt securities in an unrealized loss position with no credit losses reported as of December 31, 2020 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	112,148	$	17	$	—	$	—	$	112,148	$	17
Corporate debt securities	—		—		—		—		—		—
Securities of government-sponsored entities	43,026		5		—		—		43,026		5
Total	$	155,174	$	22	$	—	$	—	$	155,174	$	22

As of March 31, 2021 and December 31, 2020, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company does not believe the unrealized losses incurred during the period are due to credit-related factors. Liquidity issues that arose from economic circumstances surrounding the COVID-19 pandemic have continued to ease and unrealized losses observed in early 2020 have been substantially recovered. The credit ratings of the securities held remain of the highest quality, and while certain securities in the portfolio may be downgraded momentarily, the Federal Reserve has allowed institutions to continue to issue debt where there is need, with the government itself purchasing such securities. Moreover, the Company continues to receive payments of interest and principal as they become due, and our expectation is that those payments will continue to be received timely. Uncertainty surrounding the COVID-19 pandemic, as well as other factors unknown to us at this time, may cause actual results to differ and require adjustments to the Company’s estimates and assumptions in the future.

CONVERTIBLE NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

The composition of the Company’s 2025 Notes are as follows (in thousands):


	March 31, 2021		December 31, 2020
2.50% convertible senior notes due 2025	$	276,000	$	276,000
Unamortized debt discount	(53,873)		(56,384)
Unamortized debt issuance costs	(4,051)		(4,277)
Total 2025 Notes, net of unamortized debt discount and debt issuance costs	$	218,076	$	215,339

The effective interest rate on the liability components of the 2025 Notes for the period from the date of issuance through March 31, 2021 was 7.7%. The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands):


	Three Months Ended March 31,
	2021		2020
Contractual interest expense	$	1,725	$	1,725
Amortization of debt discount	2,511		2,326
Amortization of debt issuance costs	225		224
Total interest expense for the 2025 Notes	$	4,461	$	4,275

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of service based restricted stock activity

The following table summarizes the Company’s service based restricted stock unit activity during the three months ended March 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested December 31, 2020	1,109,942	$	17.84
Granted	690,647	26.90
Vested	(208,310)	16.24
Forfeited/canceled	(23,610)	19.38
Unvested March 31, 2021	1,568,669	$	22.02

Schedule of performance based restricted stock activity

The following table summarizes the Company’s performance based restricted stock unit activity during the three months ended March 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested December 31, 2020	167,500	$	16.48
Granted	—	—
Vested	(75,000)	15.46
Forfeited/canceled	—	—
Unvested March 31, 2021	92,500	$	17.31

Schedule of stock option issuances and balances outstanding

The following table summarizes stock option activity during the three months ended March 31, 2021:


	Shares Underlying Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020	8,242,996	$18.97	6.43	$	71,641
Granted	1,407,307
Exercised	(187,303)
Forfeited/canceled	(50,285)
Outstanding at March 31, 2021	9,412,715	$20.23	6.66	$	52,858

Schedule of share based compensation expenses

The following table sets forth total share-based compensation for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Research and development	$	3,002	$	2,126
Selling, general & administrative	4,692		3,784
Total	$	7,694	$	5,910

DEBT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of marketable securities

Debt securities consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Commercial paper	$	158,429	$	135,145
Corporate debt securities	182,388		98,646
Securities of government sponsored entities	31,822		43,026
Total debt securities	$	372,639	$	276,817

Debt securities available for sale

The following is a summary of short-term debt securities classified as available-for-sale as of March 31, 2021 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	158,443	$	2	$	(16)	$	158,429
Corporate debt securities	Less than 1	92,166		389		(29)		92,526
Securities of government-sponsored entities	Less than 1	31,821		1		—		31,822
Total maturity less than 1 year		282,430		392		(45)		282,777
Corporate debt securities	1 to 2	89,966		—		(104)		89,862


Total available-for-sale securities		$	372,396	$	392	$	(149)	$	372,639

The following is a summary of short-term debt securities classified as available-for-sale as of December 31, 2020 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Commercial paper	Less than 1	$	135,161	$	1	$	(17)	$	135,145
Corporate debt securities	Less than 1	92,906		723		—		93,629
Securities of government-sponsored entities	Less than 1	43,031		—		(5)		43,026
Total maturity less than 1 year		271,098		724		(22)		271,800
Corporate debt securities	1 to 2	5,013		4		—		5,017


Total available-for-sale securities		$	276,111	$	728	$	(22)	$	276,817

Schedule of securities in an unrealized loss position

The following is a summary of available-for-sale debt securities in an unrealized loss position with no credit losses reported as of March 31, 2021 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	96,435	$	16	$	—	$	—	$	96,435	$	16
Corporate debt securities	117,836		133		—		—		117,836		133
Securities of government-sponsored entities	5,075		—		—		—		5,075		—
Total	$	219,346	$	149	$	—	$	—	$	219,346	$	149

The following is a summary of available-for-sale debt securities in an unrealized loss position with no credit losses reported as of December 31, 2020 (in thousands):


	Less Than 12 Months				12 Months or Greater				Total
Description of Securities	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Commercial paper	$	112,148	$	17	$	—	$	—	$	112,148	$	17
Corporate debt securities	—		—		—		—		—		—
Securities of government-sponsored entities	43,026		5		—		—		43,026		5
Total	$	155,174	$	22	$	—	$	—	$	155,174	$	22

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Accounts receivable, net	$ 13,066	$ 15,925

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Product Revenue, Net

Product sales consist of Bile Acid products (Chenodal and Cholbam) and Tiopronin products (Thiola and Thiola EC). The Company sells its products through direct-to-patient distributors worldwide, with more than 99% of the revenue generated in North America.

Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs upon delivery to the customer. The Company receives payments from its product sales based on terms that generally are within 30 days of delivery of product to the patient.

Deductions from Revenue

Revenues from product sales are recorded at the net sales price, which includes provisions resulting from discounts, rebates and co-pay assistance that are offered to customers, health care providers, payors and other indirect customers relating to the Company’s sales of its products. These provisions are based on the amounts earned or to be claimed on the related sales and are classified as a reduction of accounts receivable (if the amount is payable to a customer) or as a current liability (if the amount is payable to a party other than a customer). Where appropriate, these reserves take into consideration the Company’s historical experience, current contractual and statutory requirements and specific known market events and trends. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. If actual results in the future vary from the Company’s provisions, the Company will adjust the provision, which would affect net product revenue and earnings in the period such variances become known. Our historical experience is that such adjustments have been immaterial.

Government Rebates: We calculate the rebates that we will be obligated to provide to government programs and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. Allowances for government rebates and discounts are established based on actual payer information, which is reasonably estimated at the time of delivery, and the government-mandated discounts applicable to government-funded programs. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets.

Commercial Rebates: We calculate the rebates that we incur due to contracts with certain commercial payors and deduct these amounts from our gross product sales at the time the revenues are recognized. Allowances for commercial rebates are established based on actual payer information, which is reasonably estimated at the time of delivery. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets.

Prompt Pay Discounts: We offer discounts to certain customers for prompt payments. We accrue for the calculated prompt pay discount based on the gross amount of each invoice for those customers at the time of sale.

Product Returns: Consistent with industry practice, we offer our customers a limited right to return product purchased directly from the Company, which is principally based upon the product’s expiration date. Generally, shipments are only made upon a patient prescription thus returns are minimal.

Co-pay Assistance: We offer a co-pay assistance program, which is intended to provide financial assistance to qualified commercially insured patients with prescription drug co-payments required by payors. The calculation of the accrual for co-pay assistance is based on an identification of claims and the cost per claim associated with product that has been recognized as revenue.

The following table summarizes net product revenues for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Bile acid products	$	21,964	$	22,281
Tiopronin products	25,443		25,488
Total net product revenue	$	47,407	$	47,769

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

INVENTORY

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORY

Inventory, net of reserves, consisted of the following at March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Raw materials	$	3,435	$	3,219
Finished goods	3,748		4,389
Total inventory	$	7,183	$	7,608

The inventory reserve was $3.5 million and $3.6 million at March 31, 2021 and December 31, 2020, respectively.

EQUITY OFFERINGS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		14 Months Ended
	Feb. 28, 2021	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Feb. 29, 2020
Underwritten Equity Offering
Class of Stock [Line Items]
Shares authorized in sale (in shares)	7,500,000	7,500,000
Sales price per share (in dollars per share)	$ 26.75	$ 15.50
Proceeds from issuance of common stock	$ 189,400	$ 108,700	$ 189,377	$ 0
At-The-Market Offering
Class of Stock [Line Items]
Shares authorized in sale (in shares)			184,186		1,051,992
Proceeds from issuance of common stock			$ 4,878	$ 0
Aggregate offering amount authorized						$ 100,000
Remaining offering amount authorized			$ 71,400		$ 71,400

NET INCOME (LOSS) PER COMMON SHARE - Antidilutive Shares (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	17,979,101	14,807,564
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	1,637,072	945,987
Convertible debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	7,113,402	7,113,402
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation (in shares)	9,228,627	6,748,175

DEBT SECURITIES - Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 372,639	$ 276,817
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	158,429	135,145
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	182,388	98,646
Securities of government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale	$ 31,822	$ 43,026

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 148,232	$ 84,772
Available-for-sale debt securities, at fair value (amortized cost $372,396, allowance for credit losses of $0 as of March 31, 2021; amortized cost $276,111, allowance for credit losses of $0 as of December 31, 2020)	372,639	276,817
Accounts receivable, net	13,066	15,925
Inventory, net	7,183	7,608
Prepaid expenses and other current assets	6,747	8,143
Tax receivable	17,173	17,142
Total current assets	565,040	410,407
Property and equipment, net	11,697	9,418
Other non-current assets	35,030	33,489
Intangible assets, net	151,342	153,189
Goodwill	936	936
Total assets	764,045	607,439
Current liabilities:
Accounts payable	15,008	12,133
Accrued expenses	46,467	56,793
Other current liabilities	7,338	6,334
Business combination-related contingent consideration, current portion	16,200	17,400
Total current liabilities	85,013	92,660
Convertible debt	218,076	215,339
Other non-current liabilities	43,167	40,527
Business combination-related contingent consideration, less current portion	55,100	47,700
Total liabilities	401,356	396,226
Stockholders' Equity:
Preferred stock $0.0001 par value; 20,000,000 shares authorized; 0 issued and outstanding as of March 31, 2021 and December 31, 2020	0	0
Common stock $0.0001 par value; 100,000,000 shares authorized; 60,435,730 and 52,248,431 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	6	5
Additional paid-in capital	1,002,687	797,985
Accumulated deficit	(639,742)	(585,875)
Accumulated other comprehensive loss	(262)	(902)
Total stockholders' equity	362,689	211,213
Total liabilities and stockholders' equity	$ 764,045	$ 607,439

DEBT SECURITIES - Available for Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost basis, current	$ 282,430	$ 271,098
Debt securities available for sale, unrealized gain, current	392	724
Debt securities available for sale unrealized loss, current	(45)	(22)
Debt securities, available-for-sale, current	282,777	271,800
Debt securities, available-for-sale, amortized cost	372,396	276,111
Debt securities, available for sale, unrealized gains	392	728
Debt securities, available-for-sale, unrealized gain (loss)	(149)	(22)
Aggregate Estimated Fair Value	372,639	276,817
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost basis, current	158,443	135,161
Debt securities available for sale, unrealized gain, current	2	1
Debt securities available for sale unrealized loss, current	(16)	(17)
Debt securities, available-for-sale, current	158,429	135,145
Aggregate Estimated Fair Value	158,429	135,145
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost basis, current	92,166	92,906
Debt securities available for sale, unrealized gain, current	389	723
Debt securities available for sale unrealized loss, current	(29)	0
Debt securities, available-for-sale, current	92,526	93,629
Debt securities, available-for-sale, amortized cost basis, noncurrent	89,966	5,013
Debt securities, available for sale unrealized gain, noncurrent	0	4
Debt securities available for sale unrealized gain loss, noncurrent	(104)	0
Debt securities, available-for-sale, noncurrent	89,862	5,017
Aggregate Estimated Fair Value	182,388	98,646
Securities of government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Debt securities, available-for-sale, amortized cost basis, current	31,821	43,031
Debt securities available for sale, unrealized gain, current	1	0
Debt securities available for sale unrealized loss, current	0	(5)
Debt securities, available-for-sale, current	31,822	43,026
Aggregate Estimated Fair Value	$ 31,822	$ 43,026

NET INCOME (LOSS) PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net income (loss) per share is calculated as follows (net loss amounts are stated in thousands):


	Three Months Ended March 31,
	2021					2020
	Shares	Net Loss		Loss per common share		Shares	Net Income		Income per common share
Basic income (loss) per share	56,268,508	$	(53,867)	$	(0.96)	43,122,897	$	808	$	0.02
ESPP						16,636
Restricted Stock						75,044

Stock Options						377,922
Diluted income (loss) per share	56,268,508	$	(53,867)	$	(0.96)	43,592,499	$	808	$	0.02

Schedule of common stock options, convertible debt and restricted stock units anti-dilutive

The following common stock equivalents have been excluded because they were anti-dilutive:


	Three Months Ended March 31,
	2021	2020
Restricted stock	1,637,072	945,987
Convertible debt	7,113,402	7,113,402
Options	9,228,627	6,748,175

Total anti-dilutive shares	17,979,101	14,807,564

CONVERTIBLE NOTES PAYABLE - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 10, 2018 USD ($)	Mar. 31, 2021 USD ($) day $ / shares
Debt Instrument [Line Items]
Fair value of convertible debt		$ 281.9
Senior Notes \| Senior Notes Due 2025
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	$ 276.0	$ 276.0
Interest rate percentage	2.50%	2.50%
Proceeds from issuance of debt	$ 267.2
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Conversion ratio		0.0257739
Conversion price (in dollars per share) \| $ / shares		$ 38.80
Convertible debt, market price (in dollars per share) \| $ / shares		$ 1.021
Debt conversion, liability		$ 198.6
Debt conversion, equity		$ 77.4
Debt instrument term		7 years
Debt issuance costs, net		$ 8.8
Debt instrument, interest rate, effective percentage		7.70%
Debt redeemable upon bankruptcy insolvency		100.00%
Senior Notes \| Convertible Notes Due 2019
Debt Instrument [Line Items]
Interest rate percentage	4.50%
Debt instrument, repurchase amount	$ 23.4
Senior Notes \| Convertible Notes Due 2019 \| Debt Conversion, Scenario One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		30
Debt instrument, convertible, threshold percentage of stock price trigger		130.00%
Senior Notes \| Convertible Notes Due 2019 \| Debt Conversion, Scenario Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days \| day		5
Debt instrument, convertible, threshold consecutive trading days \| day		10
Debt instrument, convertible, threshold percentage of stock price trigger		98.00%

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Government rebates payable	$ 7,912	$ 10,707
Compensation related costs	9,927	17,912
Accrued royalties and contingent consideration	7,197	7,857
Research and development	12,355	10,166
Selling, general and administrative	4,094	3,944
Miscellaneous accrued	4,982	6,207
Total accrued expenses	$ 46,467	$ 56,793

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

SHARE BASED COMPENSATION

SHARE-BASED COMPENSATION

Restricted Stock Units

Service Based Restricted Stock Units

The following table summarizes the Company’s service based restricted stock unit activity during the three months ended March 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested December 31, 2020	1,109,942	$	17.84
Granted	690,647	26.90
Vested	(208,310)	16.24
Forfeited/canceled	(23,610)	19.38
Unvested March 31, 2021	1,568,669	$	22.02

At March 31, 2021, unamortized stock compensation for service based restricted stock units was $30.0 million, with a weighted-average recognition period of 3.0 years.

Performance Based Restricted Stock Units

The following table summarizes the Company’s performance based restricted stock unit activity during the three months ended March 31, 2021:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested December 31, 2020	167,500	$	16.48
Granted	—	—
Vested	(75,000)	15.46
Forfeited/canceled	—	—
Unvested March 31, 2021	92,500	$	17.31

At March 31, 2021, unamortized stock compensation for performance based restricted stock units was $0.3 million, with a weighted-average recognition period of 0.8 years.

Stock Options

The following table summarizes stock option activity during the three months ended March 31, 2021:


	Shares Underlying Options	Weighted Average Exercise Price	Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020	8,242,996	$18.97	6.43	$	71,641
Granted	1,407,307
Exercised	(187,303)
Forfeited/canceled	(50,285)
Outstanding at March 31, 2021	9,412,715	$20.23	6.66	$	52,858

At March 31, 2021, unamortized stock compensation for stock options was $42.4 million, with a weighted-average recognition period of 2.9 years.

At March 31, 2021, outstanding options to purchase 5.9 million shares of common stock were exercisable with a weighted-average exercise price per share of $19.31.

Share-Based Compensation

The following table sets forth total share-based compensation for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Research and development	$	3,002	$	2,126
Selling, general & administrative	4,692		3,784
Total	$	7,694	$	5,910

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Net income (loss)	$ (53,867)	$ 808
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	6,074	5,656
Non-cash interest expense	439	517
Amortization of discounts/premiums on investments, net	177	138
Amortization of debt discount and issuance costs	2,737	2,551
Provision for Inventory	487	420
Share-based compensation	7,694	5,910
ESPP expense	214	0
Change in fair value of contingent consideration	8,587	(1,922)
Payments related to change in fair value of contingent consideration	(1,825)	(6,971)
Unrealized foreign currency transaction gain (loss)	788	0
Other	375	(25)
Changes in operating assets and liabilities:
Accounts receivable	2,851	(61)
Inventory	(63)	(958)
Tax receivable	238	(18,788)
Other current and non-current operating assets	(726)	7,666
Change in lease assets and liabilities, net	3,766	0
Accounts payable and accrued expenses	(4,443)	(16,577)
Other current and non-current operating liabilities	23	(7,519)
Net cash used in operating activities	(26,474)	(29,155)
Cash Flows From Investing Activities:
Purchase of fixed assets	(4,495)	(208)
Cash paid for intangible assets	(4,775)	(4,406)
Proceeds from the sale/maturity of debt securities	152,399	49,153
Purchase of debt securities	(248,835)	(4,988)
Net cash provided by (used in) investing activities	(105,706)	39,551
Cash Flows From Financing Activities:
Payment of acquisition-related contingent consideration	(732)	(5,308)
Payment of guaranteed minimum royalty	(525)	(525)
Proceeds from exercise of stock options	2,755	60
Net cash provided by (used in) financing activities	195,753	(5,773)
Effect of exchange rate changes on cash	(113)	(40)
Net change in cash and cash equivalents	63,460	4,583
Cash and cash equivalents, beginning of year	84,772	62,436
Cash and cash equivalents, end of period	148,232	67,019
At-The-Market Offering
Cash Flows From Financing Activities:
Proceeds from issuance of common stock	4,878	0
Underwritten Equity Offering
Cash Flows From Financing Activities:
Proceeds from issuance of common stock	$ 189,377	$ 0

LEASES - Additional Information (Details) $ in Thousands	3 Months Ended
LEASES - Additional Information (Details) $ in Thousands	Mar. 31, 2021 USD ($) numberOfLeases	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)	Apr. 30, 2019
Leases [Abstract]
Number of operating leases \| numberOfLeases	1
ROU asset	$ 25,038		$ 34,600
Lease liability	32,298		34,500
Lease incentive receivable	3,247		$ 7,900
Operating lease extension term				5 years
Aggregate base rent	49,500
Operating lease expense	$ 1,200	$ 100

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Available-for-sale debt securities, amortized cost	$ 372,396	$ 276,111
Available-for-sale debt securities, allowance for credit losses	$ 0	$ 0
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock shares authorized (in shares)	100,000,000	100,000,000
Common stock shares issued (in shares)	60,435,730	52,248,431
Common stock shares outstanding (in shares)	60,435,730	52,248,431

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 04, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36257
Entity Registrant Name	TRAVERE THERAPEUTICS, INC.
Entity Central Index Key	0001438533
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-4842691
Entity Address, Address Line One	3611 Valley Centre Drive
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	888
Local Phone Number	969-7879
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	TVTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,457,654

INTANGIBLE ASSETS - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets	$ 268,518	$ 264,676
Less: accumulated amortization	(117,176)	(111,487)
Net carrying value	$ 151,342	$ 153,189

LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

LEASES

LEASESAs of March 31, 2021, the Company had one operating lease with Kilroy Realty, L.P. (the "Landlord") for office space located in San Diego, California, which was entered into in April 2019 and subsequently amended in May 2020. Coinciding with our ability to direct the use of the office space, which occurred in phases over 2020, and utilizing a discount rate equal to our borrowing rate, the Company established ROU assets totaling $34.6 million and lease liabilities totaling $34.5 million. The total ROU asset and lease liability at measurement were each offset by lease incentives associated with tenant improvement allowances totaling $7.9 million.

The initial term of the office lease ends in August 2028, and the Landlord has granted the Company an option to extend the term of the lease by a period of 5 years. At this time, it is not reasonably certain that we will extend the term of the lease and therefore the renewal period has been excluded from the aforementioned ROU asset and lease liability measurements. The measurement of the lease term occurs from the February 2021 occupancy date of the office space delivered in September 2020. The aggregate base rent due over the initial term of the lease is approximately $49.5 million.

Following is a schedule of the future minimum rental commitments for our operating leases reconciled to the lease liability and ROU asset as of March 31, 2021 (in thousands):


	March 31, 2021
2021	$	1,842
2022	6,020
2023	6,200
2024	6,386
2025	6,578
Thereafter	18,535
Total undiscounted future minimum payments	45,561
Lease incentives payable by lessor	(3,247)
Present value discount	(10,016)
Total lease liability	32,298
Unamortized lease incentives, less incentives payable by lessor	(4,050)
Cash payments in excess of straight-line lease expense	(3,210)
Total ROU asset	$	25,038

As of March 31, 2021, the ROU asset of $25.0 million was recorded to the Condensed Consolidated Balance Sheets as non-current Other Assets.

As of March 31, 2021, the current and non-current portions of the lease liability were recorded to the Condensed Consolidated Balance Sheets as follows (in thousands):


	March 31, 2021
Other current liabilities	$	1,092
Other non-current liabilities	31,206
Total lease liabilities	$	32,298

For the three months ended March 31, 2021 and 2020, the Company recorded $1.2 million and $0.1 million, respectively, in expense related to operating leases, including amortized tenant improvement allowances.

INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived amortizable intangible assets

The following table sets forth amortizable intangible assets as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Finite-lived intangible assets	$	268,518	$	264,676
Less: accumulated amortization	(117,176)		(111,487)
Net carrying value	$	151,342	$	153,189

Schedule of amortization expense

The following table summarizes amortization expense for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Research and development	$	286	$	289
Selling, general and administrative	5,666		4,885
Total amortization expense	$	5,952	$	5,174

CONVERTIBLE NOTES PAYABLE

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

Convertible Senior Notes Due 2025

On September 10, 2018, the Company completed its registered underwritten public offering of $276.0 million aggregate principal amount of 2.50% Convertible Senior Notes due 2025 ("2025 Notes"), and entered into a base indenture and supplemental indenture agreement ("2025 Indenture") with respect to the 2025 Notes. The 2025 Notes will mature on September 15, 2025 ("Maturity Date”), unless earlier repurchased, redeemed, or converted. The 2025 Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 2.50%, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2019.

The composition of the Company’s 2025 Notes are as follows (in thousands):


	March 31, 2021		December 31, 2020
2.50% convertible senior notes due 2025	$	276,000	$	276,000
Unamortized debt discount	(53,873)		(56,384)
Unamortized debt issuance costs	(4,051)		(4,277)
Total 2025 Notes, net of unamortized debt discount and debt issuance costs	$	218,076	$	215,339

The net proceeds from the issuance of the 2025 Notes were approximately $267.2 million, after deducting commissions and the offering expenses payable by the Company. A portion of the net proceeds from the 2025 Notes was used by the Company to repurchase $23.4 million aggregate principal amount of its then-outstanding 4.5% senior convertible notes due 2019 in privately-negotiated transactions.

Holders may convert their 2025 Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2018 (and only during such calendar quarter), if the last reported sale price per share of the Company’s common stock for each of at least 20 trading days, whether or not consecutive, during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter exceeds 130% of the conversion price on the applicable trading day; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (“measurement period”) if the trading price per $1,000 principal amount of 2025 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of certain corporate events or distributions on the Company’s common stock; (4) if the Company calls the 2025 Notes for redemption; and (5) at any time from, and including, May 15, 2025 until the close of business on the scheduled trading day immediately before the Maturity Date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election, based on the applicable conversion rate.

The initial conversion rate for the 2025 Notes is 25.7739 shares of the Company’s common stock per $1,000 principal amount of 2025 Notes, which represents an initial conversion price of approximately $38.80 per share. If a “make-whole fundamental change” (as defined in the 2025 Indenture) occurs, then the Company will, in certain circumstances, increase the conversion rate for a specified period of time.

The 2025 Notes will be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after September 15, 2022 and, in the case of any partial redemption, on or before the 40th scheduled trading day before the Maturity Date, at a cash redemption price equal to the principal amount of the 2025 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price on each of at least 20 trading days during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice. If a fundamental change (as defined in the 2025 Indenture) occurs, then, subject to certain exceptions, holders may require the Company to repurchase their 2025 Notes at a cash repurchase price equal to the principal amount of the 2025 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.

As of March 31, 2021, the 2025 Notes had a market price of $1,021 per $1,000 or $281.9 million principal amount. In the event of conversion, holders would forgo all future interest payments, any unpaid accrued interest and the possibility of further stock price appreciation. Upon the receipt of conversion requests, the settlement of the 2025 Notes will be paid pursuant to the terms of the 2025 Indenture. In the event that all of the 2025 Notes are converted, the Company would be required to repay the $276.0 million principal amount and any conversion premium in any combination of cash and shares of its common stock at the Company’s option. In addition, calling the 2025 Notes for redemption will constitute a “make-whole fundamental change."

The 2025 Notes are the Company’s general unsecured obligations that rank senior in right of payment to all of its indebtedness that is expressly subordinated in right of payment to the 2025 Notes, and equal in right of payment to the Company’s unsecured indebtedness.

The 2025 Notes are classified on the Company’s Condensed Consolidated Balance Sheets at March 31, 2021 as long-term debt.

Under ASC 470-20, Debt with Conversion and Other Options, an entity must separately account for the liability and equity components of convertible debt instruments (such as the 2025 Notes) that may be settled entirely or partially in cash upon conversion, in a manner that reflects the issuer’s economic interest cost. The liability component of the instrument is valued in a manner that reflects the market interest rate for a similar nonconvertible instrument at the date of issuance. The initial carrying value of the liability component was $198.6 million. The equity component of $77.4 million, representing the conversion option, was determined by deducting the fair value of the liability component from the par value of the 2025 Notes and was recorded in additional paid-in capital on the consolidated balance sheet at the issuance date. That equity component is treated as a discount on the liability component of the 2025 Notes, which is amortized over the seven-year term of the 2025 Notes using the effective interest rate method. The equity component is not re-measured as long as it continues to meet the conditions for equity classification. The Company allocated the total transaction costs of approximately $8.8 million related to the issuance of the 2025 Notes to the liability and equity components of the 2025 Notes based on their relative values. Transaction costs attributable to the liability component are amortized to interest expense over the seven-year term of the 2025 Notes, and transaction costs attributable to the equity component are netted with the equity component in stockholders’ equity.


	Three Months Ended March 31,
	2021		2020
Contractual interest expense	$	1,725	$	1,725
Amortization of debt discount	2,511		2,326
Amortization of debt issuance costs	225		224
Total interest expense for the 2025 Notes	$	4,461	$	4,275

The 2025 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by the Company. The 2025 Indenture contains customary events of default with respect to the 2025 Notes, including that upon certain events of default, 100% of the principal and accrued and unpaid interest on the 2025 Notes will automatically become due and payable.

INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 5,952	$ 5,174
Research and development
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	286	289
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 5,666	$ 4,885

SHARE BASED COMPENSATION - Stock based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,694	$ 5,910
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	3,002	2,126
Selling, general & administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 4,692	$ 3,784

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Summary of net product revenue

The following table summarizes net product revenues for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Bile acid products	$	21,964	$	22,281
Tiopronin products	25,443		25,488
Total net product revenue	$	47,407	$	47,769

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Research Collaboration and Licensing Agreements As part of the Company's research and development efforts, the Company enters into research collaboration and licensing agreements with unrelated companies, scientific collaborators, universities, and consultants. These agreements contain varying terms and provisions which include fees and milestones to be paid by the Company, services to be provided, and ownership rights to certain proprietary technology developed under the agreements. Some of these agreements contain provisions which require the Company to pay royalties, in the event the Company sells or licenses any proprietary products developed under the respective agreements. Legal Proceedings From time to time in the normal course of business, the Company is subject to various legal matters such as threatened or pending claims or litigation. Although the results of claims and litigation cannot be predicted with certainty, the Company does not believe it is a party to any claim or litigation the outcome of which, if determined adversely to it, would individually or in the aggregate be reasonably expected to have a material adverse effect on its results of operations or financial condition.

BASIS OF PRESENTATION AND SIGNIFICANT ACCCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with GAAP. All intercompany accounts and transactions have been eliminated in consolidation.
Revenue Recognition	Revenue RecognitionThe Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect substantially all the consideration it is entitled to in exchange for the goods or services it transfers to the customer. Deductions from Revenue Revenues from product sales are recorded at the net sales price, which includes provisions resulting from discounts, rebates and co-pay assistance that are offered to customers, health care providers, payors and other indirect customers relating to the Company’s sales of its products. These provisions are based on the amounts earned or to be claimed on the related sales and are classified as a reduction of accounts receivable (if the amount is payable to a customer) or as a current liability (if the amount is payable to a party other than a customer). Where appropriate, these reserves take into consideration the Company’s historical experience, current contractual and statutory requirements and specific known market events and trends. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. If actual results in the future vary from the Company’s provisions, the Company will adjust the provision, which would affect net product revenue and earnings in the period such variances become known. Our historical experience is that such adjustments have been immaterial. Government Rebates: We calculate the rebates that we will be obligated to provide to government programs and deduct these estimated amounts from our gross product sales at the time the revenues are recognized. Allowances for government rebates and discounts are established based on actual payer information, which is reasonably estimated at the time of delivery, and the government-mandated discounts applicable to government-funded programs. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets. Commercial Rebates: We calculate the rebates that we incur due to contracts with certain commercial payors and deduct these amounts from our gross product sales at the time the revenues are recognized. Allowances for commercial rebates are established based on actual payer information, which is reasonably estimated at the time of delivery. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets. Prompt Pay Discounts: We offer discounts to certain customers for prompt payments. We accrue for the calculated prompt pay discount based on the gross amount of each invoice for those customers at the time of sale. Product Returns: Consistent with industry practice, we offer our customers a limited right to return product purchased directly from the Company, which is principally based upon the product’s expiration date. Generally, shipments are only made upon a patient prescription thus returns are minimal. Co-pay Assistance: We offer a co-pay assistance program, which is intended to provide financial assistance to qualified commercially insured patients with prescription drug co-payments required by payors. The calculation of the accrual for co-pay assistance is based on an identification of claims and the cost per claim associated with product that has been recognized as revenue.
Research and Development Expense	Research and Development Expenses Research and development expenses are comprised of salaries and bonuses, benefits, non-cash share-based compensation, license fees, costs paid to third-party contractors to perform research, conduct clinical trials and pre/non-clinical trials, develop drug materials, and associated overhead expenses and facilities. We also incur indirect costs that are not allocated to specific programs because such costs benefit multiple development programs and allow us to increase our pharmaceutical development capabilities. These consist of internal shared resources related to the development and maintenance of systems and processes applicable to all of our programs.
Clinical Trial Expenses	Clinical Trial Expenses Our clinical trials are conducted pursuant to contracts with contract research organizations ("CROs") that support conducting and managing clinical trials. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up, initiation activities, enrollment, treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on our estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts we are obligated to pay under our clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), we adjust our accruals accordingly on a prospective basis. Revisions to our contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. We currently have three Phase 3 clinical trials in process that are in varying stages of activity, with ongoing non-clinical support trials. As such, clinical trial expenses will vary depending on all the factors set forth above and may fluctuate significantly from quarter to quarter.
Intangible Assets with Cost Accumulation Model	Intangible Assets with Cost Accumulation Model In 2014, the Company entered into a license agreement with Mission Pharmacal in which the Company obtained the exclusive right to license the trademark of Thiola. The acquisition of the Thiola license qualified as an asset acquisition under the principles of ASC 805 in effect at the time of acquisition. The license agreement requires the Company to make royalty payments based on net sales of Thiola. The liability for royalties in excess of the annual contractual minimum is recognized in the period in which the royalties become probable and estimable, which is typically in the period corresponding with the respective sales. The Company records an offsetting increase to the cost basis of the asset under the cost accumulation model. The additional cost basis is subsequently amortized over the remaining life of the license agreement. Consistent with all prior periods since Thiola was acquired, the Company has not accrued any liability for royalties in excess of the annual contractual minimum at March 31, 2021, as such royalties are not yet probable and estimable.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity's own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the "if-converted" method when calculating diluted earnings per share for convertible instruments. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company's assessment of the impact of the new standard on the Company's financial statements is ongoing.
Marketable Securities	The primary objective of the Company’s investment portfolio is to preserve capital and liquidity while enhancing overall returns. The Company’s investment policy limits interest-bearing security investments to certain types of instruments issued by institutions with primarily investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer.
Fair Value Measurement	Financial Instruments and Fair Value The Company accounts for financial instruments in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. The valuation techniques used to measure the fair value of the Company’s debt securities and all other financial instruments, all of which have counter-parties with high credit ratings, were valued based on quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. Based on the fair value hierarchy, the Company classified debt securities within Level 2. The Company acquired two businesses, related to the Cholbam and Chenodal products, whose purchase price included potential future payments that are contingent on the achievement of certain milestones and percentages of future net sales derived from the products acquired. The Company recorded contingent consideration liabilities at their fair value on the acquisition date and revalues them at the end of each reporting period. In estimating the fair value of the Company’s contingent consideration, the Company uses a Monte Carlo Simulation. The determination of the contingent consideration liabilities requires significant judgements including the appropriateness of the valuation model and reasonableness of estimates and assumptions included in the forecasts of future net sales and the discount rates applied to such forecasts. Changes in these estimates and assumptions could have a significant impact on the fair value of the contingent consideration liabilities.
Income (Loss) Per Share	Basic and diluted net income (loss) per common share is calculated by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, and shares issuable upon conversion of the 2025 Notes, are considered to be common stock equivalents and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net product sales	$ 47,407	$ 47,769
Operating expenses:
Cost of goods sold	1,645	1,370
Research and development	47,946	30,249
Selling, general and administrative	36,778	33,139
Changes in the fair value of contingent consideration	8,587	(1,922)
Total operating expenses	94,956	62,836
Operating loss	(47,549)	(15,067)
Other income (expenses), net:
Other income (expense), net	(1,093)	(190)
Interest income	409	1,976
Interest expense	(5,321)	(4,887)
Total other expense, net	(6,005)	(3,101)
Loss before income taxes	(53,554)	(18,168)
Income tax (expense) benefit	(313)	18,976
Net income (loss)	$ (53,867)	$ 808
Net income (loss) per common share, basic (in dollars per share)	$ (0.96)	$ 0.02
Net income (loss) per common share, diluted (in dollars per share)	$ (0.96)	$ 0.02
Weighted average common shares outstanding, basic (in shares)	56,268,508	43,122,897
Weighted average common shares outstanding, diluted (in shares)	56,268,508	43,592,499
Comprehensive loss:
Net income (loss)	$ (53,867)	$ 808
Foreign currency translation	1,103	191
Unrealized loss on debt securities	(463)	(2,417)
Comprehensive loss	$ (53,227)	$ (1,418)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 313	$ (18,976)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET INCOME (LOSS) PER COMMON SHARE - EPS Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted average common shares outstanding, basic (in shares)	56,268,508	43,122,897
ESPP (in shares)		16,636
Restricted stock (in shares)		75,044
Stock options (in shares)		377,922
Weighted average common shares outstanding, diluted (in shares)	56,268,508	43,592,499
Net income (loss)	$ (53,867)	$ 808
Net income (loss) per common share, basic (in dollars per share)	$ (0.96)	$ 0.02
Net income (loss) per common share, diluted (in dollars per share)	$ (0.96)	$ 0.02

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Statement of Stockholders' Equity [Abstract]
Equity offering, issuance costs	$ 12.2

FAIR VALUE MEASUREMENTS - Acquisition-related Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Changes in the fair value of contingent consideration	$ 8,587	$ (1,922)
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	65,100
Changes in the fair value of contingent consideration	8,587
Contractual payments included in accrued liabilities at March 31, 2021	(2,276)
Foreign currency impact	(111)
Ending balance	$ 71,300

ACQUISITIONS AND DISPOSITIONS (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Business combination-related contingent consideration		$ 71,300	$ 65,100
Orphan Technologies Limited
Business Acquisition [Line Items]
Cash paid for acquisition	$ 90,000
Closing price adjustments	1,200
Liabilities assumed in acquisition	1,800
Acquisition transaction costs	4,200
Business combination-related contingent consideration	$ 427,000

CONVERTIBLE NOTES PAYABLE - Composition of Notes (Details) - Senior Notes - Senior Notes Due 2025 - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Sep. 10, 2018
Debt Instrument [Line Items]
Interest rate percentage	2.50%		2.50%
Long-term debt, gross	$ 276,000	$ 276,000
Unamortized debt discount	(53,873)	(56,384)
Unamortized debt issuance costs	(4,051)	(4,277)
Long-term debt	$ 218,076	$ 215,339

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
ACQUISITIONS AND DISPOSITIONS	Mar. 31, 2021
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisition of Orphan Technologies Limited In November 2020, the Company completed the acquisition of Orphan Technologies Limited (“Orphan”), including Orphan’s rare metabolic disorder drug OT-58, renamed pegtibatinase (TVT-058). The Company acquired Orphan by purchasing all of its outstanding shares. In exchange for the shares, the Company made an upfront cash payment at closing of $90.0 million plus closing adjustments, net liabilities assumed, and transaction expenses of $1.2 million, $1.8 million, and $4.2 million, respectively. Under the Agreement, the Company has also agreed to make contingent cash payments up to an aggregate of $427.0 million based on the achievement of certain development, regulatory and commercialization events as set forth in the Agreement, as well as additional tiered mid-single digit royalty payments based upon future net sales of any pegtibatinase (TVT-058) products in the US and Europe, subject to certain reductions as set forth in the Agreement, and a contingent payment in the event a pediatric rare disease voucher for any pegtibatinase (TVT-058) product is granted. The Company has applied the principles of ASC 805 in determining the proper accounting treatment for the acquisition. Substantially all of the value of the assets acquired is concentrated within pegtibatinase (TVT-058), and as of the acquisition date, the Company does not anticipate any economic benefit to be derived from pegtibatinase (TVT-058) other than the primary indication. Accordingly, the transaction is treated as an asset acquisition with amounts charged to expense for the acquired in-process research and development on the date of acquisition. In accordance with ASC 450, contingent cash payments will be accrued for when it is probable that a liability has been incurred and the amount can be reasonably estimated. As of March 31, 2021, no contingent cash payments have been accrued.

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Organization and Description of Business Travere Therapeutics, Inc. (“we”, “our”, “us”, “Travere” and the “Company”) refers to Travere Therapeutics, Inc., a Delaware corporation, as well as our direct and indirect subsidiaries. Travere is a fully integrated biopharmaceutical company headquartered in San Diego, California focused on identifying, developing and delivering life-changing therapies to people with rare diseases. 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 or rare diseases and that we believe offer attractive growth characteristics. The ongoing novel coronavirus (COVID-19) pandemic has resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders and extended shutdown of certain businesses around the world. While the impact of the COVID-19 pandemic did not have a material adverse effect on our financial position or results of operations for the three months ended March 31, 2021, these governmental actions and the widespread economic disruption arising from the pandemic have the potential to materially impact our business and influence our business decisions. The extent and duration of the pandemic is unknown, and the future effects on our business are uncertain and difficult to predict. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future. Clinical Programs: Sparsentan, also known as RE-021, is an investigational product candidate with a dual mechanism of action, selective endothelin receptor antagonist (“ERA”), with in vitro selectivity toward endothelin receptor type A, and a potent angiotensin receptor blocker (“ARB”). Sparsentan is currently being evaluated in two pivotal Phase 3 clinical studies in the following indications: •Focal segmental glomerulosclerosis ("FSGS") is a rare kidney disease characterized by proteinuria where the glomeruli become progressively scarred. FSGS is a leading cause of end-stage renal disease. •Immunoglobulin A nephropathy ("IgAN") is an immune-complex-mediated glomerulonephritis characterized by hematuria, proteinuria, and variable rates of progressive renal failure. IgAN is the most common primary glomerular disease. Pegtibatinase (TVT-058) is a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria (HCU). Classical HCU is a rare metabolic disorder characterized by elevated levels of plasma homocysteine that can lead to vision, skeletal, circulatory and central nervous system issues. Pegtibatinase (TVT-058) is currently being tested in a Phase 1/2 double blind, randomized, placebo-controlled dose escalation study to assess its safety, tolerability, pharmacokinetics, pharmacodynamics and clinical effects in patients with classical HCU. Pegtibatinase (TVT-058) has been granted Rare Pediatric Disease and Fast Track designations by the FDA, as well as orphan drug designation in the United States and Europe. We acquired pegtibatinase (TVT-058) as part of the November 2020 acquisition of Orphan Technologies Limited. Chenodal (chenodeoxycholic acid or CDCA) is a naturally occurring bile acid that is approved for the treatment of people with radiolucent stones in the gallbladder. CTX is a rare, progressive and underdiagnosed bile acid synthesis disorder affecting many parts of the body. In January 2020, we randomized the first patients in our Phase 3 RESTORE Study to evaluate the effects of Chenodal in adult and pediatric patients with CTX, and the study enrollment remains open. The pivotal study is intended to support an NDA submission for marketing authorization of Chenodal for CTX in the United States. Preclinical Programs: The Company is a participant in two Cooperative Research and Development Agreements ("CRADAs"), which form a multi-stakeholder approach to pool resources with leading experts, and incorporate the patient perspective early in the therapeutic identification and development process. We have partnered with the National Institutes of Health’s National Center for Advancing Translational Sciences ("NCATS") and leading patient advocacy organizations, CDG Care and Alagille Syndrome Alliance, aimed at the identification of potential small molecule therapeutics for NGLY1 deficiency and Alagille syndrome, respectively. There are no treatment options currently approved for these diseases. Approved products: •Chenodal (chenodiol tablets) 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. •Cholbam® (cholic acid capsules) 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. •Thiola® and Thiola EC® (tiopronin tablets) are approved in the United States for the prevention of cystine (kidney) stone formation in patients with severe homozygous cystinuria.

INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

As of March 31, 2021, the net book value of amortizable intangible assets was approximately $151.3 million.

The following table sets forth amortizable intangible assets as of March 31, 2021 and December 31, 2020 (in thousands):


	March 31, 2021		December 31, 2020
Finite-lived intangible assets	$	268,518	$	264,676
Less: accumulated amortization	(117,176)		(111,487)
Net carrying value	$	151,342	$	153,189

The following table summarizes amortization expense for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Research and development	$	286	$	289
Selling, general and administrative	5,666		4,885
Total amortization expense	$	5,952	$	5,174

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2020 10-K filed with the SEC on March 1, 2021. 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 statement 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 December 31, 2020 balance sheet information was derived from the audited financial statements as of that date. A summary of the significant accounting policies applied in the preparation of the accompanying condensed consolidated financial statements follows: Principles of Consolidation The unaudited condensed consolidated financial statements represent the consolidation of the accounts of the Company and its subsidiaries in conformity with GAAP. All intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect substantially all the consideration it is entitled to in exchange for the goods or services it transfers to the customer. See Note 3 for further discussion. Research and Development Expenses Research and development expenses are comprised of salaries and bonuses, benefits, non-cash share-based compensation, license fees, costs paid to third-party contractors to perform research, conduct clinical trials and pre/non-clinical trials, develop drug materials, and associated overhead expenses and facilities. We also incur indirect costs that are not allocated to specific programs because such costs benefit multiple development programs and allow us to increase our pharmaceutical development capabilities. These consist of internal shared resources related to the development and maintenance of systems and processes applicable to all of our programs. Clinical Trial Expenses Our clinical trials are conducted pursuant to contracts with contract research organizations ("CROs") that support conducting and managing clinical trials. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up, initiation activities, enrollment, treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on our estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts we are obligated to pay under our clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), we adjust our accruals accordingly on a prospective basis. Revisions to our contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. We currently have three Phase 3 clinical trials in process that are in varying stages of activity, with ongoing non-clinical support trials. As such, clinical trial expenses will vary depending on all the factors set forth above and may fluctuate significantly from quarter to quarter. Intangible Assets with Cost Accumulation Model In 2014, the Company entered into a license agreement with Mission Pharmacal in which the Company obtained the exclusive right to license the trademark of Thiola. The acquisition of the Thiola license qualified as an asset acquisition under the principles of ASC 805 in effect at the time of acquisition. The license agreement requires the Company to make royalty payments based on net sales of Thiola. The liability for royalties in excess of the annual contractual minimum is recognized in the period in which the royalties become probable and estimable, which is typically in the period corresponding with the respective sales. The Company records an offsetting increase to the cost basis of the asset under the cost accumulation model. The additional cost basis is subsequently amortized over the remaining life of the license agreement. Consistent with all prior periods since Thiola was acquired, the Company has not accrued any liability for royalties in excess of the annual contractual minimum at March 31, 2021, as such royalties are not yet probable and estimable. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The ASU includes amendments to the guidance on convertible instruments and the derivative scope exception for contracts in an entity's own equity and simplifies the accounting for convertible instruments which include beneficial conversion features or cash conversion features by removing certain separation models in Subtopic 470-20. Additionally, the ASU will require entities to use the "if-converted" method when calculating diluted earnings per share for convertible instruments. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. The Company's assessment of the impact of the new standard on the Company's financial statements is ongoing.

SHARE BASED COMPENSATION - Service Based Restricted Stock Activity (Details) - Restricted stock units $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	1,109,942
Granted (in shares) \| shares	690,647
Vested (in shares) \| shares	(208,310)
Forfeited/canceled (in shares) \| shares	(23,610)
Ending balance (in share) \| shares	1,568,669
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 17.84
Granted (in dollars per share) \| $ / shares	26.90
Vested (in dollars per share) \| $ / shares	16.24
Forfeited/canceled (in dollars per share) \| $ / shares	19.38
Ending balance (in dollars per share) \| $ / shares	$ 22.02
Unamortized stock compensation expense \| $	$ 30.0
Weighted-average recognition period (in years)	3 years

DEBT SECURITIES - Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	$ 219,346	$ 155,174
Less Than 12 Months, Unrealized Losses	149	22
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	219,346	155,174
Total, Unrealized Losses	149	22
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	96,435	112,148
Less Than 12 Months, Unrealized Losses	16	17
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	96,435	112,148
Total, Unrealized Losses	16	17
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	117,836	0
Less Than 12 Months, Unrealized Losses	133	0
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	117,836	0
Total, Unrealized Losses	133	0
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less Than 12 Months, Fair Value	5,075	43,026
Less Than 12 Months, Unrealized Losses	0	5
12 Months or Greater, Fair Value	0	0
12 Months or Greater, Unrealized Losses	0	0
Total, Fair Value	5,075	43,026
Total, Unrealized Losses	$ 0	$ 5

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Net book value of amortizable intangible assets	$ 151,342	$ 153,189

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2019		43,088,921
Beginning balance at Dec. 31, 2019	$ 221,196	$ 4	$ 636,910	$ 726	$ (416,444)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	5,714		5,714
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)		64,294
Issuance of common stock under the equity incentive plan and proceeds from exercise	60		60
Unrealized gain (loss) on debt securities	(2,417)			(2,417)
Foreign currency translation adjustments	191			191
ESPP stock purchase and expense	196		196
Net income (loss)	808				808
Ending balance (in shares) at Mar. 31, 2020		43,153,215
Ending balance at Mar. 31, 2020	225,748	$ 4	642,880	(1,500)	(415,636)
Beginning balance (in shares) at Dec. 31, 2020		52,248,431
Beginning balance at Dec. 31, 2020	211,213	$ 5	797,985	(902)	(585,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	7,479		7,479
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)		470,613
Issuance of common stock under the equity incentive plan and proceeds from exercise	2,755		2,755
Equity offering (in shares)		7,716,686
Equity offering, net of issuance costs of $12.2 million	194,255	$ 1	194,254
Unrealized gain (loss) on debt securities	(463)			(463)
Foreign currency translation adjustments	1,103			1,103
ESPP stock purchase and expense	214		214
Net income (loss)	(53,867)				(53,867)
Ending balance (in shares) at Mar. 31, 2021		60,435,730
Ending balance at Mar. 31, 2021	$ 362,689	$ 6	$ 1,002,687	$ (262)	$ (639,742)

INVENTORY (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 3,435	$ 3,219
Finished goods	3,748	4,389
Total inventory	7,183	7,608
Inventory reserve	$ 3,500	$ 3,600

LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of future minimum rent commitments

Following is a schedule of the future minimum rental commitments for our operating leases reconciled to the lease liability and ROU asset as of March 31, 2021 (in thousands):


	March 31, 2021
2021	$	1,842
2022	6,020
2023	6,200
2024	6,386
2025	6,578
Thereafter	18,535
Total undiscounted future minimum payments	45,561
Lease incentives payable by lessor	(3,247)
Present value discount	(10,016)
Total lease liability	32,298
Unamortized lease incentives, less incentives payable by lessor	(4,050)
Cash payments in excess of straight-line lease expense	(3,210)
Total ROU asset	$	25,038

Supplemental balance sheet information

As of March 31, 2021, the current and non-current portions of the lease liability were recorded to the Condensed Consolidated Balance Sheets as follows (in thousands):


	March 31, 2021
Other current liabilities	$	1,092
Other non-current liabilities	31,206
Total lease liabilities	$	32,298

EQUITY OFFERINGS	3 Months Ended
EQUITY OFFERINGS	Mar. 31, 2021
Equity [Abstract]
EQUITY OFFERINGS	EQUITY OFFERINGS Underwritten Public Offering of Common Stock In June 2020, the Company sold an aggregate of 7.5 million shares of its common stock in an underwritten public offering, at a price of $15.50 per share. The net proceeds to the Company from the offering, after deducting the underwriting discounts and offering expenses, were $108.7 million. In February 2021, the Company sold an aggregate of 7.5 million shares of its common stock in an underwritten public offering, at a price of $26.75 per share. The net proceeds to the Company from the offering, after deducting the underwriting discounts and offering expenses, were $189.4 million. At-the-Market Equity Offering In February 2020, the Company entered into an Open Market Sale Agreement ("ATM Agreement") with Jefferies LLC, as agent (“Jefferies”), pursuant to which the Company may offer and sell, from time to time through Jefferies, shares of its common stock having an aggregate offering price of up to $100.0 million. Shares will be sold pursuant to the Company's effective registration statement on Form S-3 (Registration Statement No. 333-227182), as previously filed with the Securities and Exchange Commission. Through March 31, 2021, the Company has sold a total of 1,051,992 shares under the ATM Agreement, 184,186 shares of which settled in 2021 resulting in net proceeds of $4.9 million. As of March 31, 2021, an aggregate of $71.4 million remained eligible for sale under the facility.

SHARE BASED COMPENSATION - Performance Based Restricted Stock Activity (Details) - Performance Shares $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	167,500
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(75,000)
Forfeited/canceled (in shares) \| shares	0
Ending balance (in share) \| shares	92,500
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 16.48
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	15.46
Forfeited/canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 17.31
Unamortized stock compensation expense \| $	$ 0.3
Weighted-average recognition period (in years)	9 months 18 days

SHARE BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Weighted Average Exercise Price
Number of shares exercisable (in shares)	5,900,000
Weighted average exercise price (in dollars per share)	$ 19.31
Stock Options
Shares Underlying Options
Beginning balance (in shares)	8,242,996
Granted (in shares)	1,407,307
Exercised (in shares)	(187,303)
Forfeited/canceled (in shares)	(50,285)
Ending balance (in shares)	9,412,715	8,242,996
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 18.97
Granted (in dollars per share)
Exercised (in dollars per share)
Forfeited/canceled (in dollars per share)
Ending balance (in dollars per share)	$ 20.23	$ 18.97
Weighted average remaining contractual life (years)	6 years 7 months 28 days	6 years 5 months 4 days
Aggregate intrinsic value	$ 52,858	$ 71,641
Unamortized stock compensation expense	$ 42,400
Weighted-average recognition period (in years)	2 years 10 months 24 days

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Leases [Abstract]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssetsNoncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent
Other current liabilities	$ 1,092
Other non-current liabilities	31,206
Total lease liabilities	$ 32,298	$ 34,500

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) business	Mar. 31, 2020 USD ($)	Sep. 10, 2018
Business Acquisition [Line Items]
Number of businesses acquired \| business	2
Fair value of convertible debt	$ 281,900
Changes in the fair value of contingent consideration	$ 8,587	$ (1,922)
Senior Notes \| Senior Notes Due 2025
Business Acquisition [Line Items]
Interest rate percentage	2.50%		2.50%

NET INCOME (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per common share is calculated by dividing net income (loss) applicable to common stockholders by the weighted-average number of common shares outstanding during the period. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, and shares issuable upon conversion of the 2025 Notes, are considered to be common stock equivalents and are only included in the calculation of diluted net income (loss) per share when their effect is dilutive.

Basic and diluted net income (loss) per share is calculated as follows (net loss amounts are stated in thousands):


	Three Months Ended March 31,
	2021					2020
	Shares	Net Loss		Loss per common share		Shares	Net Income		Income per common share
Basic income (loss) per share	56,268,508	$	(53,867)	$	(0.96)	43,122,897	$	808	$	0.02
ESPP						16,636
Restricted Stock						75,044

Stock Options						377,922
Diluted income (loss) per share	56,268,508	$	(53,867)	$	(0.96)	43,592,499	$	808	$	0.02

The following common stock equivalents have been excluded because they were anti-dilutive:


	Three Months Ended March 31,
	2021	2020
Restricted stock	1,637,072	945,987
Convertible debt	7,113,402	7,113,402
Options	9,228,627	6,748,175

Total anti-dilutive shares	17,979,101	14,807,564

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses at March 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	March 31, 2021		December 31, 2020
Government rebates payable	$	7,912	$	10,707
Compensation related costs	9,927		17,912
Accrued royalties and contingent consideration	7,197		7,857
Research and development	12,355		10,166
Selling, general and administrative	4,094		3,944

Miscellaneous accrued	4,982		6,207
Total accrued expenses	$	46,467	$	56,793

REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	3 Months Ended
REVENUE RECOGNITION (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 47,407	$ 47,769
Bile acid products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	21,964	22,281
Tiopronin products
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, excluding assessed tax	$ 25,443	$ 25,488
Geographic Concentration Risk \| Revenue from Contract with Customer \| North America
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	99.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details