0001438533-23-000048 | 10-Q | XBRL Viewer

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Product Sales, Net

Product sales consist of FILSPARI and tiopronin products (Thiola and Thiola EC). The Company sells its products to specialty pharmacies and through direct-to-patient distributors worldwide, with the United States representing over 98% of net product sales.

The Company sells FILSPARI to three direct-to-patient specialty pharmacies. The Company sells its other products to patients and pharmacies, with distribution facilitated through a single direct-to-patient distributor. Revenues from product sales are recognized in satisfaction of a single performance obligation when the customer obtains control of the Company’s product. For FILSPARI, sales are recognized upon delivery of the product to the specialty pharmacies. The Company receives payments from its FILSPARI sales based on terms that are generally 30 days from shipment of the product to the specialty pharmacy. For the Company's other products, product sales are recognized upon delivery to the patient. The Company receives payments from sales of its other products, primarily through third party payers, based on terms that generally are within 30 days of delivery of product to the patient. Contracts do not contain significant financing components based on the typical period of time between performance of services and collection of consideration.

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, payers and other indirect customers relating to the Company’s sales of its products. These provisions are based on the estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale, using the most likely amount method, 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). The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur. 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 estimate, which would affect net product revenue and earnings in the period such variances become known. For the nine months ended September 30, 2023 and 2022, adjustments to net product revenue related to performance obligations satisfied in previous periods, were immaterial.

Government Rebates: The Company calculates the rebates that it will be obligated to provide to government programs and deducts these estimated amounts from its gross product sales at the time the revenues are recognized. Allowances for government rebates and discounts are established based on an estimated allocation of payers 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: The Company calculates the rebates it incurs according to any contracts with certain commercial payers and deducts these amounts from its 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 for applicable products. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets.

Prompt Pay Discounts: The Company offers discounts to certain customers for prompt payments. The Company accrues 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, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product’s expiration date. Historically, returns have been immaterial.

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

The following table summarizes net product sales for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Tiopronin products	$	25,888	$	25,369	$	73,112	$	72,154
FILSPARI	8,044		—		14,509		—
Total net product sales	$	33,932	$	25,369	$	87,621	$	72,154

- 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.

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+ Details

INTANGIBLE ASSETS - Amortizable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-lived intangible assets	$ 195,971	$ 158,783
Less: accumulated amortization	(89,821)	(62,463)
Net carrying value	$ 106,150	$ 96,320

MARKETABLE DEBT SECURITIES - Marketable Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale marketable debt securities	$ 490,399	$ 388,557
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale marketable debt securities	49,243	123,647
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale marketable debt securities	334,281	224,055
Securities of government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Total available-for-sale marketable debt securities	$ 106,875	$ 40,855

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

NET INCOME (LOSS) PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income (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 September 30,
	2023					2022
	Shares	Net Income		Income per common share		Shares	Net Loss		Loss per common share
Basic and diluted loss per share	76,305,603	$	150,735	$	1.97	64,033,759	$	(69,656)	$	(1.09)







	Nine Months Ended September 30,
	2023					2022
	Shares	Net Loss		Loss per common share		Shares	Net Loss		Loss per common share
Basic and diluted loss per share	73,523,620	$	(21,226)	$	(0.29)	63,604,962	$	(212,659)	$	(3.34)

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Convertible debt	11,697,952	11,697,952	11,697,952	10,589,646
Options	10,533,703	10,035,309	10,600,069	10,071,741
Restricted stock	3,504,350	2,310,545	3,482,829	2,090,305

Total anti-dilutive shares	25,736,005	24,043,806	25,780,850	22,751,692

MARKETABLE DEBT SECURITIES

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

MARKETABLE DEBT SECURITIES

The Company's marketable debt securities as of September 30, 2023 and December 31, 2022 were composed of available-for-sale commercial paper and corporate and government debt 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.

Marketable debt securities consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Marketable debt securities:
Commercial paper	$	49,243	$	123,647
Corporate debt securities	334,281		224,055
Securities of government sponsored entities	106,875		40,855
Total available-for-sale marketable debt securities	$	490,399	$	388,557

The following is a summary of short-term marketable debt securities classified as available-for-sale as of September 30, 2023 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	49,306	$	—	$	(63)	$	49,243
Corporate debt securities	Less than 1	110,582		10		(867)		109,725
Securities of government-sponsored entities	Less than 1	54,051		—		(391)		53,660
Total maturity less than 1 year		213,939		10		(1,321)		212,628
Corporate debt securities	1 to 2	225,773		68		(1,285)		224,556
Securities of government-sponsored entities	1 to 2	53,641		—		(426)		53,215
Total maturity 1 to 2 years		279,414		68		(1,711)		277,771
Total available-for-sale marketable debt securities		$	493,353	$	78	$	(3,032)	$	490,399

The following is a summary of short-term marketable debt securities classified as available-for-sale as of December 31, 2022 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	124,301	$	2	$	(656)	$	123,647
Corporate debt securities	Less than 1	155,841		—		(1,355)		154,486
Securities of government-sponsored entities	Less than 1	7,473		—		(80)		7,393
Total maturity less than 1 year		287,615		2		(2,091)		285,526
Corporate debt securities	1 to 2	70,195		33		(659)		69,569
Securities of government-sponsored entities	1 to 2	33,702		6		(246)		33,462
Total maturity 1 to 2 years		103,897		39		(905)		103,031
Total available-for-sale securities		$	391,512	$	41	$	(2,996)	$	388,557

During the nine months ended September 30, 2023, investment activity for the Company included $284.6 million in maturities and $381.3 million in purchases, all relating to debt-based marketable securities. During the nine months ended September 30, 2022, investment activity for the Company included $329.6 million in maturities and $301.1 million in purchases, all relating to debt-based marketable securities. As of September 30, 2023 and December 31, 2022, the accrued interest receivable related to the Company's marketable debt securities was $4.1 million and $1.9 million, respectively, and was recorded in prepaid expenses and other current assets on the Consolidated Balance Sheets.

The Company reviews the available-for-sale marketable 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 marketable debt securities in an unrealized loss position with no credit losses reported as of September 30, 2023 (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	$	49,243	$	63	$	—	$	—	$	49,243	$	63
Corporate debt securities	257,153		1,740		36,977		412		294,130		2,152
Securities of government-sponsored entities	92,405		654		12,470		163		104,875		817
Total	$	398,801	$	2,457	$	49,447	$	575	$	448,248	$	3,032

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses reported as of December 31, 2022 (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	$	117,853	$	656	$	—	$	—	$	117,853	$	656
Corporate debt securities	99,066		1,041		107,964		973		207,030		2,014
Securities of government-sponsored entities	31,402		263		4,456		63		35,858		326
Total	$	248,321	$	1,960	$	112,420	$	1,036	$	360,741	$	2,996

As of September 30, 2023 and December 31, 2022, the amortized cost of the available-for-sale marketable debt securities in an unrealized loss position was $451.3 million and $363.7 million, respectively.

As of September 30, 2023 and December 31, 2022, 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 increase in unrealized losses for the nine months ended September 30, 2023 was primarily due to fluctuations in short-term interest rates. The Company does not believe the unrealized losses incurred during the period are due to credit-related factors. The credit ratings of the securities held remain of the highest quality. 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. 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.

FAIR VALUE MEASUREMENTS - Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 144,244	$ 61,688
Marketable debt securities, available-for-sale	490,399	388,557
Total	634,643	450,245
Quoted prices in active markets (Level 1)
Assets:
Cash and cash equivalents	78,367	61,688
Marketable debt securities, available-for-sale	0	0
Total	78,367	61,688
Significant other observable inputs (Level 2)
Assets:
Cash and cash equivalents	65,877	0
Marketable debt securities, available-for-sale	490,399	388,557
Total	556,276	388,557
Significant unobservable inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Marketable debt securities, available-for-sale	0	0
Total	$ 0	$ 0

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 23, 2023. The accompanying 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 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, 2022 balance sheet information was derived from the audited financial statements as of that date. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation.

A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows:

Principles of Consolidation

The unaudited consolidated financial statements represent the consolidation of the accounts of the Company, its subsidiaries and variable interest entities for which the Company has been determined to be the primary beneficiary, in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated in consolidation. See Note 6 for further discussion of variable interest entities (“VIE”) that the Company consolidates.

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 Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 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 recognizes revenue from 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 and Note 4 for further discussion.

Payments received under collaboration and licensing agreements may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements and royalties on the sale of products. At the inception of arrangements that include milestone payments, the Company uses judgement to evaluate whether the milestones are probable of being achieved and estimates the amount to include in the transaction price utilizing the most likely amount method. If it is probable that a significant revenue reversal will not occur, the estimated amount is included in the transaction price. Milestone payments that are not within the Company or the licensee’s control, such as regulatory approvals, are considered to be constrained due to a high degree of uncertainty and are not included in the transaction price until such uncertainty is resolved. At the end of each reporting period, the Company re-evaluates the probability of achievement of development milestones and any related constraint and adjusts the estimate of the overall transaction price, if necessary. The Company recognizes aggregate sales-based milestones and royalty payments from product sales of which the license is deemed to be the predominant item to which the royalties relate, at the later of when the related sales occur or when the performance obligation to which the sales-based milestone or royalty has been allocated has been satisfied. Revenue from collaboration and licensing agreements may also include sales of inventory, at cost plus a margin, and is recorded in license and collaboration revenue.

The Company utilizes significant judgement to develop estimates of the stand-alone selling price for each distinct performance obligation based upon the relative stand-alone selling price. Variable consideration that relates specifically to the Company’s efforts to satisfy specific performance obligations is allocated entirely to those performance obligations. The stand-alone selling price for license-related performance obligations requires judgement in developing assumptions to project probability-weighted cash flows based upon estimates of forecasted revenues, clinical and regulatory timelines and discount rates. The stand-alone selling price for clinical development performance obligations is based on forecasted expected costs of satisfying a performance obligation plus an appropriate margin.

If the licenses to intellectual property are determined to be distinct from the other performance obligations identified in the arrangement and have stand-alone functionality, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to benefit from the license. For licenses that are not distinct from other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly.

The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. The Company generally utilizes the cost-to-cost method of progress because it best measures the transfer of control to the customer which occurs as the Company incurs costs. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company uses judgment to estimate the total costs expected to complete the clinical development performance obligations, which include subcontractor costs, labor, materials, other direct costs and an allocation of indirect costs. The Company evaluates these cost estimates and the progress each reporting period and adjusts the measure of progress, if necessary.

Cost of goods sold

Cost of goods sold includes the cost of inventory sold, third party manufacturing and supply chain costs, product shipping and handling costs, and provisions for excess and obsolete inventory. Cost of goods sold also includes the cost of goods sold under the Company's license and collaboration agreements, which currently consists of the sale of active pharmaceutical ingredients to the Company's collaboration partner, at cost plus a margin.

The following table summarizes cost of goods sold for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of goods sold - product sales	$	1,289	$	1,114	$	3,842	$	3,552
Cost of goods sold - license and collaboration	—		—		3,044		—
Total cost of goods sold	$	1,289	$	1,114	$	6,886	$	3,552

Capitalization of Inventory Costs

Prior to the regulatory approval of the Company's drug candidates, the Company incurs expenses for the manufacture of drug product supplies to support clinical development that could potentially be available to support the commercial launch of those drugs. The Company capitalizes inventory costs associated with its products after regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Until the date at which regulatory approval has been received, costs related to the production of inventory are recorded as research and development expenses as incurred. Any eventual sale of previously expensed ("zero-cost") inventories may impact future margins, for any periods in which those inventories are sold.

Sales of FILSPARI for the three and nine months ended September 30, 2023 primarily consisted of zero-cost inventories, which favorably impacted gross margin for related sales. Prior to the February 2023 FDA accelerated approval of FILSPARI (sparsentan), the Company recognized approximately $7.5 million in research and development expenses related to the production of active pharmaceutical ingredients to support the commercial launch of FILSPARI. The impact to cost of goods sold from product sales had these costs been included in cost of sales was immaterial for the three and nine months ended September 30, 2023, respectively. The Company expects to continue to benefit from the sale of previously expensed inventories through at least 2024.

Research and Development Expenses

Research and development includes expenses related to sparsentan, pegtibatinase, and the Company's other pipeline programs. The Company expenses all research and development costs as they are incurred. The Company's research and development costs are composed of salaries and bonuses, benefits, share-based compensation, license fees, milestones under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, develop drug materials and delivery devices, manufacture drug product supplies to support clinical development, and associated overhead expenses and facilities costs. The Company charges direct internal and external program costs to the respective development programs. The Company also incurs 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.

Nonrefundable advance payments for goods and services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed, or when it is no longer expected that the goods will be delivered or the services rendered.

Clinical Trial Expenses

The Company records expenses in connection with its clinical trials under contracts with contract research organizations ("CROs") that support conducting and managing clinical trials, as well as contract manufacturing organizations ("CMOs") for the manufacture of drug product supplies to support clinical development. 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, and in the case of CMOs, costs associated with the production of drug product supplied and the procurement of raw materials to be consumed in the manufacturing process.

Expenses related to clinical trials are accrued based on our estimates of the progress of services performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials or the delivery of goods. 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), the Company adjusts its estimates accordingly on a prospective basis. Revisions to the Company's contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

In addition to ongoing non-clinical support trials, the Company currently has one Phase 1/2 clinical trial, two ongoing Phase 3 clinical trials, and is in the process of study start up activities for a third Phase 3 clinical trial. 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, Business Combinations ("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 ("Thiola Intangible"). The additional cost basis is subsequently amortized over the remaining useful life.

In the second quarter of 2023, the Company reduced the estimated useful life of the Thiola Intangible to better reflect the pattern of projected future cash flows, resulting in incremental expense of $7.4 million for the nine months ended September 30, 2023, recorded in selling, general, and administrative. The change in estimated useful life has been accounted for as a change in accounting estimate and the remaining carrying amounts of the Thiola Intangible will be amortized prospectively over the new useful life.

Consistent with all prior periods since Thiola was acquired, the Company has not accrued any liability for future royalties in excess of the annual contractual minimum at September 30, 2023 as such royalties are not yet probable and estimable.

Variable Interest Entity

The Company reviews each investment and collaboration agreement to determine if it has a variable interest in the entity. In assessing whether the Company has a variable interest in the entity as a whole, the Company considers and makes judgements regarding the purpose and design of the entity, the value of the licensed assets to the entity, the value of the entity’s total assets and the significant activities of the entity. If the Company has a variable interest in the entity as a whole, the Company assesses whether or not the Company is a primary beneficiary of that VIE, based on a number of factors, including: (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to the collaboration agreement, and (iii) which party has the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant to the VIE. If the Company determines that it is the primary beneficiary of a VIE at the onset of the collaboration, the collaboration is treated as a business combination and the Company consolidates the financial statements of the VIE into the Company’s consolidated financial statements. On a quarterly basis, the Company evaluates whether it continues to be the primary beneficiary of the consolidated VIE. If the Company determines that it is no longer the primary beneficiary of a consolidated VIE, it deconsolidates the VIE in the period in which the determination is made.

Assets and liabilities recorded as a result of consolidating the financial results of the VIE into the Company’s consolidated balance sheet do not represent additional assets that could be used to satisfy claims against the Company’s general assets or liabilities for which creditors have recourse to the Company’s general assets.

Discontinued Operations

Discontinued operations is presented when there is a disposal of a component or a group of components that in the Company's judgement represents a strategic shift that will have a major effect on the Company's operations and financial results. Results of operations for discontinued operations is aggregated into a single line item in the unaudited Consolidated Statements of Operations for all periods presented. General corporate overhead is not allocated to discontinued operations.

Recently Adopted Accounting Pronouncements

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 in Subtopic 815-40 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 adoption of the new standard impacted the Company's accounting for its Convertible Senior Notes Due 2025 (2025 Notes), discussed in Note 10, which were previously accounted for using the cash conversion model applied under ASC 470-20, Debt with Conversion and Other Options ("ASC 470-20"). The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. The cumulative effect of the accounting change as of January 1, 2022 increased the carrying amount of the 2025 Notes by $44.7 million, reduced additional paid-in capital by $74.9 million, and reduced accumulated deficit by $30.2 million.

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("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.

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	16,879	$	2,397
Work in process	972		—
Finished goods	2,922		2,126
Total inventory	$	20,773	$	4,523

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pre-funded common stock warrants, net of issuance costs	$ 1.6
Underwritten Equity Offering
Issuance costs	$ 12.6
At-The-Market Offering
Issuance costs		$ 0.6

NET INCOME (LOSS) PER COMMON SHARE - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Basic shares outstanding (in shares)	76,305,603	64,033,759	73,523,620	63,604,962
Diluted shares outstanding (in shares)	76,305,603	64,033,759	73,523,620	63,604,962
Net loss basic	$ 150,735	$ (69,656)	$ (21,226)	$ (212,659)
Net loss diluted	$ 150,735	$ (69,656)	$ (21,226)	$ (212,659)
Net income (loss) per common share, basic (in dollars per share)	$ 1.97	$ (1.09)	$ (0.29)	$ (3.34)
Net income (loss) per common share, diluted (in dollars per share)	$ 1.97	$ (1.09)	$ (0.29)	$ (3.34)

- Definition

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

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FAIR VALUE MEASUREMENTS - Additional Information (Details) - Senior Notes - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Senior Notes Due 2025
Business Acquisition [Line Items]
Interest rate percentage	2.50%	2.50%
Fair value of convertible debt	$ 65.4	$ 62.9
Senior Notes Due 2029
Business Acquisition [Line Items]
Interest rate percentage	2.25%	2.25%
Fair value of convertible debt	$ 241.6	$ 283.0

COLLABORATION AND LICENSE AGREEMENTS	9 Months Ended
COLLABORATION AND LICENSE AGREEMENTS	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATION AND LICENSE AGREEMENTS	COLLABORATION AND LICENSE AGREEMENTS On September 15, 2021, the Company entered into a license and collaboration agreement (“License Agreement”) with Vifor (International) Ltd. (“CSL Vifor”), pursuant to which the Company granted an exclusive license to CSL Vifor for the commercialization of sparsentan in Europe, Australia and New Zealand ("Licensed Territories"). CSL Vifor also has first right of negotiation to expand the licensed territories into Canada, China, Brazil and/ or Mexico. Under the terms of the License Agreement, the Company received an upfront payment of $55.0 million and will be eligible for up to $135.0 million in aggregate regulatory and market access related milestone payments and up to $655.0 million in aggregate sales-based milestone payments for a total potential value of up to $845.0 million. The Company is also entitled to receive tiered double-digit royalties of up to 40 percent of annual net sales of sparsentan in the Licensed Territories. Under the License Agreement, CSL Vifor will be responsible for all commercialization activities in the Licensed Territories. The Company remains responsible for the worldwide clinical development of sparsentan through regulatory approval as defined and will retain all rights to sparsentan in the United States and rest of world outside of the Licensed Territories. Development costs for any post regulatory approval development activities, subject to approval by both parties, will be borne by the Company and CSL Vifor as defined, respectively. The License Agreement will remain in effect, unless terminated earlier, until the expiration of all royalty terms for sparsentan in the licensed territories. Each party has the right to terminate the License Agreement for the other party’s uncured material breach, insolvency or if the time required for performance under the License Agreement by the other party is extended due to a force majeure event that continues for six months or more. The Company assessed the License Agreement and determined that it meets both criteria to be considered a collaborative agreement within the Scope of ASC 808, Collaborative Arrangements of active participation by both parties and exposures to significant risks and rewards dependent on the commercial success of the activities. Both parties participate on joint steering and other committees overseeing the collaboration activities. Also, both parties are exposed to significant risks and rewards based on the economic outcomes of regulatory approvals and commercialization of sparsentan. The Company determined the transaction price under the License Agreement totaled $55.0 million, consisting of the fixed non-refundable upfront payment. The variable regulatory and access related milestones were excluded from the transaction price given the substantial uncertainty related to their achievement. Sales-based milestone payments and royalties on net sales were excluded from the transaction price and will be recognized at the later of when the related sales occur or when the performance obligation to which the sales-based milestone or royalty has been allocated have been satisfied. The Company concluded that CSL Vifor represented a customer and applied relevant guidance from ASC 606 to evaluate the accounting under the License Agreement. In accordance with this guidance, the Company concluded that the promise to grant the license is distinct from the promise to provide clinical development services resulting in two performance obligations. As a result, the Company allocated $12.0 million of the transaction price, based on the performance obligations' relative standalone selling prices, to the license, which was recognized in full in 2021. The remaining $43.0 million of the transaction price was allocated to the clinical development activities and recorded as deferred revenue, which will be recognized over the development period based upon the ratio of costs incurred to date to the total estimated costs. For the three months ended September 30, 2023, the Company recognized $3.2 million in license and collaboration revenue for clinical development activities, based upon the ratio of costs incurred to total estimated costs. For the nine months ended September 30, 2023, the Company recognized $12.6 million in license and collaboration revenue, which consisted of $3.3 million from the sale of active pharmaceutical ingredients to CSL Vifor at cost plus a margin, and $9.3 million for clinical development activities, based upon the ratio of costs incurred to total estimated costs. For the three and nine months ended September 30, 2022, the Company recognized $2.7 million and $8.0 million, respectively, in license and collaboration revenue for clinical development activities, based upon the ratio of costs incurred to total estimated costs. Deferred revenue related to the clinical development activities as of September 30, 2023 was $13.5 million. Of this amount, $9.0 million was classified as current as of September 30, 2023, based upon amounts expected to be realized within the next year.

VARIABLE INTEREST ENTITIES	9 Months Ended
VARIABLE INTEREST ENTITIES	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES On March 8, 2022, the Company entered into a Collaboration Agreement with PharmaKrysto Limited (“PharmaKrysto”), a privately held pre-clinical stage company related to PharmaKrysto's early-stage cystinuria discovery program, and concurrently therewith entered into a Stock Purchase Agreement with PharmaKrysto (together, the "Agreements"). Pursuant to the terms of the Agreements, the Company paid PharmaKrysto's shareholders $0.6 million in cash to purchase 5% of the outstanding common shares of PharmaKrysto and $0.4 million to PharmaKrysto as a one-time signing fee. Under the Collaboration Agreement, the Company will fund all research and development expenses for the pre-clinical activities associated with the cystinuria program, which are estimated to be approximately $5.0 million. The Agreements require the Company to purchase an additional 5% of the outstanding common shares for $1.0 million upon the occurrence of a specified pre-clinical milestone, and grant an option to the Company to purchase all of the remaining outstanding shares of PharmaKrysto for $5.0 million upon the occurrence of a subsequent pre-clinical milestone prior to expiration of the option on March 8, 2025. If the Company elects to exercise the option, it would be required to perform commercially reasonable clinical diligence obligations. In addition, it would be required to make cash milestone payments totaling up to an aggregate $16.0 million upon the achievement of certain development and regulatory milestones, plus tiered royalty payments of less than 4% on future net sales of a product, if approved. The Company has the right to terminate the Agreements and return the shares for a nominal price at any time upon 60 days’ notice, subject to survival of contingent obligations, if any. The Company determined that PharmaKrysto is a VIE because it lacks the resources to conduct the cystinuria clinical program and the limitation on the residual returns through the Company's option to purchase the remaining outstanding shares. The Company further concluded that it is the primary beneficiary of the VIE due to the Company's ultimate control over the research and development program, and its obligation, subject to continuation of the collaboration, to fund 100% of research and development costs of the program pursuant to the terms of the Collaboration Agreement. The upfront payments were expensed to research and development and other income (expense), net upon initial consolidation. The consolidated assets and liabilities as of September 30, 2023 and December 31, 2022 were immaterial. The results of operations were not significant for the three and nine months ended September 30, 2023 and 2022. The Company is not required to provide additional funding other than the contractually required amounts disclosed above. The creditors and beneficial holders of PharmaKrysto have no recourse to the general credit or assets of the Company.

SHARE-BASED COMPENSATION - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Aggregate Intrinsic Value (in thousands)
Number of shares exercisable (in shares) \| shares	7,700,000
Weighted average exercise price (in dollars per share) \| $ / shares	$ 20.80
Stock Options
Shares Underlying Options
Beginning balance (in shares) \| shares	9,932,422
Granted (in shares) \| shares	1,157,750
Exercised (in shares) \| shares	(226,663)
Forfeited/canceled (in shares) \| shares	(410,559)
Ending balance (in shares) \| shares	10,452,950	9,932,422
Vested and expected to vest (in shares) \| shares	10,452,950
Weighted Average Exercise Price
Beginning balance (in dollars per share) \| $ / shares	$ 21.56
Granted (in dollars per share) \| $ / shares	21.69
Exercised (in dollars per share) \| $ / shares	14.30
Forfeited/canceled (in dollars per share) \| $ / shares	25.52
Ending balance (in dollars per share) \| $ / shares	21.58	$ 21.56
Vested and expected to vest (in dollars per share) \| $ / shares	$ 21.58
Weighted Average Remaining Contractual Life (years)	5 years 5 months 8 days	5 years 9 months 14 days
Vested and expected to vest	5 years 5 months 8 days
Aggregate Intrinsic Value (in thousands)
Aggregate intrinsic value, beginning balance \| $	$ 24,658
Exercised \| $	1,422
Aggregate intrinsic value, ending balance \| $	0	$ 24,658
Aggregate intrinsic value, vested and expected to vest \| $	0
Unamortized stock compensation expense \| $	$ 29,900
Weighted-average recognition period (in years)	2 years 6 months
Stock Options \| Chief Executive Officer
Aggregate Intrinsic Value (in thousands)
Incremental compensation cost \| $	$ 2,600

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	200,000,000	200,000,000
Common stock, issued (in shares)	75,111,517	64,290,570
Common stock, outstanding (in shares)	75,111,517	64,290,570

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Summary of Net Product Revenue

The following table summarizes net product sales for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Tiopronin products	$	25,888	$	25,369	$	73,112	$	72,154
FILSPARI	8,044		—		14,509		—
Total net product sales	$	33,932	$	25,369	$	87,621	$	72,154

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value on a Recurring Basis

The following table presents the Company’s assets, measured and recognized at fair value on a recurring basis, classified under the appropriate level of the fair value hierarchy as of September 30, 2023 (in thousands):


	As of September 30, 2023
	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	$	144,244	$	78,367	$	65,877	$	—
Marketable debt securities, available-for-sale	490,399		—		490,399		—
Total	$	634,643	$	78,367	$	556,276	$	—


	As of December 31, 2022
	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	$	61,688	$	61,688	$	—	$	—
Marketable debt securities, available-for-sale	388,557		—		388,557		—
Total	$	450,245	$	61,688	$	388,557	$	—

SHARE-BASED COMPENSATION - Service Based Restricted Stock Activity (Details) - Restricted stock units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Number of Restricted Stock Units
Beginning balance (in shares) \| shares	2,343,709
Granted (in shares) \| shares	1,829,792
Vested (in shares) \| shares	(717,494)
Forfeited/canceled (in shares) \| shares	(250,593)
Ending balance (in shares) \| shares	3,205,414
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 24.65
Granted (in dollars per share) \| $ / shares	21.77
Vested (in dollars per share) \| $ / shares	23.48
Forfeited/canceled (in dollars per share) \| $ / shares	23.61
Ending balance (in dollars per share) \| $ / shares	$ 23.35
Unamortized stock compensation expense \| $	$ 59.5
Weighted-average recognition period (in years)	2 years 9 months 18 days

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ (21,226)	$ (212,659)
Net income from discontinued operations	266,511	33,173
Net loss from continuing operations	(287,737)	(245,832)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	29,042	14,407
Share based compensation	36,102	28,846
Amortization of (discounts) premiums on investments	(5,181)	323
Loss on extinguishment of debt	0	7,578
Other	(634)	5,377
Changes in operating assets and liabilities:
Accounts receivable	(3,295)	4,944
Inventory	(17,027)	(1,247)
Prepaid expenses and other current and non-current assets	(4,402)	(2,593)
Change in lease assets and liabilities, net	(738)	(738)
Accounts payable	7,468	(198)
Accrued expenses	(3,903)	16,008
Deferred revenue, current and non-current	(10,200)	(8,898)
Other current and non-current liabilities	(479)	(2,119)
Net cash used in operating activities - continuing operations	(260,984)	(184,142)
Net cash provided by operating activities - discontinued operations	51,436	52,491
Net cash used in operating activities	(209,548)	(131,651)
Cash Flows From Investing Activities:
Proceeds from the sale and maturity of marketable debt securities	284,575	329,612
Purchase of marketable debt securities	(381,294)	(301,104)
Purchase of fixed assets	(643)	(161)
Purchase of intangible assets	(36,086)	(24,199)
Net cash (used in) provided by investing activities - continuing operations	(133,448)	4,148
Net cash provided by investing activities - discontinued operations	206,174	0
Net cash provided by investing activities	72,726	4,148
Cash Flows From Financing Activities:
Payment of guaranteed minimum royalty	(1,575)	(1,575)
Proceeds from issuances of 2029 convertible senior notes	0	316,250
Payment of debt issuance costs	0	(9,882)
Repurchase of 2025 convertible senior notes including premium	0	(211,324)
Proceeds from the issuance of pre-funded warrants, net of issuance costs	24,630	0
Proceeds from exercise of stock options	3,240	4,354
Proceeds from issuances under the employee stock purchase plan	2,258	1,529
Net cash provided by financing activities - continuing operations	219,751	118,897
Net cash used in financing activities - discontinued operations	(1,123)	(1,875)
Net cash provided by financing activities	218,628	117,022
Effect of exchange rate changes on cash	750	(3,935)
Net increase in cash and cash equivalents	82,556	(14,416)
Cash and cash equivalents, beginning of year	61,688	165,753
Cash and cash equivalents, end of period	144,244	151,337
Underwritten Equity Offering
Cash Flows From Financing Activities:
Proceeds from the issuance of common stock, net of issuance costs	191,198	0
At-The-Market Offering
Cash Flows From Financing Activities:
Proceeds from the issuance of common stock, net of issuance costs	$ 0	$ 19,545

INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

Ligand License Agreement

In 2012, the Company entered into an agreement with Ligand Pharmaceuticals, Inc. ("Ligand") for a worldwide sublicense to develop, manufacture and commercialize sparsentan (the “Ligand License Agreement”). As consideration for the license, the Company is required to make substantial payments upon the achievement of certain milestones, totaling up to $114.1 million. In March 2023, the Company capitalized a $23.0 million milestone payment to Ligand (and Bristol-Myers Squibb Company ("BMS")) that was triggered upon the accelerated approval of FILSPARI in February 2023. Pursuant to the Ligand License Agreement, the Company is obligated to pay to Ligand (and BMS) an escalating royalty between 15% and 17% of net sales of sparsentan, with payments due quarterly. The Company began incurring costs associated with such royalties following the February 2023 approval of FILSPARI (sparsentan). For the three and nine months ended September 30, 2023, the Company capitalized $1.1 million and $2.2 million, respectively, to intangible assets for royalties owed on net sales of FILSPARI. The cost of the $23.0 million milestone payment and royalty payments are being amortized to selling, general and administration on a straight-line basis through April 30, 2033.

The following table sets forth amortizable intangible assets as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Finite-lived intangible assets	$	195,971	$	158,783
Less: accumulated amortization	(89,821)		(62,463)
Net carrying value	$	106,150	$	96,320

As of September 30, 2023 and December 31, 2022, the Company had goodwill of $0.8 million.

The following table summarizes amortization expense for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	2,447	$	1,906	$	7,261	$	3,817
Selling, general and administrative	8,461		3,173		20,097		9,008
Total amortization expense	$	10,908	$	5,079	$	27,358	$	12,825

MARKETABLE DEBT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Debt Securities

Marketable debt securities consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Marketable debt securities:
Commercial paper	$	49,243	$	123,647
Corporate debt securities	334,281		224,055
Securities of government sponsored entities	106,875		40,855
Total available-for-sale marketable debt securities	$	490,399	$	388,557

Summary of Short-term Marketable Debt Securities Classified as Available-for-sale

The following is a summary of short-term marketable debt securities classified as available-for-sale as of September 30, 2023 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	49,306	$	—	$	(63)	$	49,243
Corporate debt securities	Less than 1	110,582		10		(867)		109,725
Securities of government-sponsored entities	Less than 1	54,051		—		(391)		53,660
Total maturity less than 1 year		213,939		10		(1,321)		212,628
Corporate debt securities	1 to 2	225,773		68		(1,285)		224,556
Securities of government-sponsored entities	1 to 2	53,641		—		(426)		53,215
Total maturity 1 to 2 years		279,414		68		(1,711)		277,771
Total available-for-sale marketable debt securities		$	493,353	$	78	$	(3,032)	$	490,399

The following is a summary of short-term marketable debt securities classified as available-for-sale as of December 31, 2022 (in thousands):


	Remaining Contractual Maturity (in years)	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Estimated Fair Value
Marketable debt securities:
Commercial paper	Less than 1	$	124,301	$	2	$	(656)	$	123,647
Corporate debt securities	Less than 1	155,841		—		(1,355)		154,486
Securities of government-sponsored entities	Less than 1	7,473		—		(80)		7,393
Total maturity less than 1 year		287,615		2		(2,091)		285,526
Corporate debt securities	1 to 2	70,195		33		(659)		69,569
Securities of government-sponsored entities	1 to 2	33,702		6		(246)		33,462
Total maturity 1 to 2 years		103,897		39		(905)		103,031
Total available-for-sale securities		$	391,512	$	41	$	(2,996)	$	388,557

Summary of Marketable Debt Securities in an Unrealized Loss Position

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses reported as of September 30, 2023 (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	$	49,243	$	63	$	—	$	—	$	49,243	$	63
Corporate debt securities	257,153		1,740		36,977		412		294,130		2,152
Securities of government-sponsored entities	92,405		654		12,470		163		104,875		817
Total	$	398,801	$	2,457	$	49,447	$	575	$	448,248	$	3,032

The following is a summary of available-for-sale marketable debt securities in an unrealized loss position with no credit losses reported as of December 31, 2022 (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	$	117,853	$	656	$	—	$	—	$	117,853	$	656
Corporate debt securities	99,066		1,041		107,964		973		207,030		2,014
Securities of government-sponsored entities	31,402		263		4,456		63		35,858		326
Total	$	248,321	$	1,960	$	112,420	$	1,036	$	360,741	$	2,996

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-3

+ Details

SHARE-BASED COMPENSATION - Performance Based Restricted Stock Activity (Details) - Performance Shares $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares shares
Number of Restricted Stock Units
Beginning balance (in shares) \| shares	157,048
Granted (in shares) \| shares	66,250
Vested (in shares) \| shares	(16,500)
Forfeited/canceled (in shares) \| shares	(31,340)
Ending balance (in shares) \| shares	175,458
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 25.24
Granted (in dollars per share) \| $ / shares	22.40
Vested (in dollars per share) \| $ / shares	15.46
Forfeited/canceled (in dollars per share) \| $ / shares	22.31
Ending balance (in dollars per share) \| $ / shares	$ 25.61
Unamortized stock compensation expense \| $	$ 1.3
Weighted-average recognition period (in years)	8 months 12 days

INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-lived Amortizable Intangible Assets

The following table sets forth amortizable intangible assets as of September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Finite-lived intangible assets	$	195,971	$	158,783
Less: accumulated amortization	(89,821)		(62,463)
Net carrying value	$	106,150	$	96,320

Schedule of Amortization Expense

The following table summarizes amortization expense for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	2,447	$	1,906	$	7,261	$	3,817
Selling, general and administrative	8,461		3,173		20,097		9,008
Total amortization expense	$	10,908	$	5,079	$	27,358	$	12,825

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36257
Entity Registrant Name	TRAVERE THERAPEUTICS, INC.
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		75,145,831
Entity Central Index Key	0001438533
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

ACCOUNTS RECEIVABLE	9 Months Ended
ACCOUNTS RECEIVABLE	Sep. 30, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLEAccounts receivable, net of reserves for prompt pay discounts and expected credit losses, was $14.6 million and $16.6 million at September 30, 2023 and December 31, 2022, respectively. The total reserves for both periods were immaterial.The Company's evaluation and accounting for 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.

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Stock Option Issuances and Balances Outstanding

The following table summarizes stock option activity during the nine months ended September 30, 2023:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	9,932,422	$	21.56	5.79	$	24,658
Granted	1,157,750	21.69		—	—
Exercised	(226,663)	14.30		—	1,422
Forfeited/canceled	(410,559)	25.52		—	—
Outstanding at September 30, 2023	10,452,950	$	21.58	5.44	$	—
Vested and expected to vest at September 30, 2023	10,452,950	$	21.58	5.44	$	—

Schedule of Service Based Restricted Stock Activity

The following table summarizes the Company’s service based restricted stock unit activity during the nine months ended September 30, 2023:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	2,343,709	$	24.65
Granted	1,829,792	21.77
Vested	(717,494)	23.48
Forfeited/canceled	(250,593)	23.61
Unvested at September 30, 2023	3,205,414	$	23.35

Schedule of Performance Based Restricted Stock Activity

The following table summarizes the Company’s performance based restricted stock unit activity during the nine months ended September 30, 2023:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	157,048	$	25.24
Granted	66,250	22.40
Vested	(16,500)	15.46
Forfeited/canceled	(31,340)	22.31
Unvested at September 30, 2023	175,458	$	25.61

Schedule of Share Based Compensation Expenses

The following table sets forth share-based compensation for continuing operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	4,372	$	3,372	$	13,372	$	10,182
Selling, general and administrative	6,949		5,216		22,730		18,664
Total share-based compensation	$	11,321	$	8,588	$	36,102	$	28,846

DIVESTITURES - Results of Discontinued Operations (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income from discontinued operations		$ 239,976	$ 14,407	$ 266,511	$ 33,173
Disposed of by Sale \| Bile Acid Product Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		12,592	25,421	66,198	76,029
Cost of goods sold		381	561	1,899	2,312
Research and development		1,491	2,111	6,161	6,302
Selling, general and administrative		5,723	5,099	17,851	16,852
Change in fair value of contingent consideration		(9,069)	3,180	(473)	17,167
Total operating expenses		(1,474)	10,951	25,438	42,633
Operating income		14,066	14,470	40,760	33,396
Interest expense		(32)	(63)	(191)	(223)
Gain on disposal of discontinued operations, net of tax	$ 225,900	225,942	0	225,942	0
Total other income (expense), net		225,910	(63)	225,751	(223)
Net income from discontinued operations		239,976	14,407	266,511	33,173
Net product sales \| Disposed of by Sale \| Bile Acid Product Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		$ 12,592	$ 25,421	$ 66,198	$ 76,029

NET INCOME (LOSS) PER COMMON SHARE - Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total anti-dilutive shares
Anti-dilutive shares excluded from the calculation (in shares)	25,736,005	24,043,806	25,780,850	22,751,692
Convertible debt
Total anti-dilutive shares
Anti-dilutive shares excluded from the calculation (in shares)	11,697,952	11,697,952	11,697,952	10,589,646
Options
Total anti-dilutive shares
Anti-dilutive shares excluded from the calculation (in shares)	10,533,703	10,035,309	10,600,069	10,071,741
Restricted stock
Total anti-dilutive shares
Anti-dilutive shares excluded from the calculation (in shares)	3,504,350	2,310,545	3,482,829	2,090,305

CONVERTIBLE NOTES PAYABLE

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

CONVERTIBLE NOTES PAYABLE

The composition of the Company’s convertible senior notes are as follows (in thousands):


	September 30, 2023		December 31, 2022
2.25% convertible senior notes due 2029	$	316,250	$	316,250
2.50% convertible senior notes due 2025	68,904		68,904
Unamortized debt issuance costs - 2.25% convertible senior notes due 2029	(7,699)		(8,750)
Unamortized debt issuance costs - 2.50% convertible senior notes due 2025	(622)		(859)
Total convertible senior notes, net of unamortized debt discount and debt issuance costs	$	376,833	$	375,545

Convertible Senior Notes Due 2029

On March 11, 2022, the Company completed a registered underwritten public offering of $316.3 million aggregate principal amount of 2.25% Convertible Senior Notes due 2029 (“2029 Notes”), which includes $41.3 million aggregate principal amount of 2029 Notes sold pursuant to the full exercise of the underwriters’ option to purchase additional 2029 Notes. The Company issued the 2029 Notes under an indenture, dated as of September 10, 2018, as supplemented by the second supplemental indenture, dated as of March 11, 2022 (collectively, the “2029 Indenture”). The 2029 Notes will mature on March 1, 2029, unless earlier repurchased, redeemed, or converted. The 2029 Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 2.25%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2022.

The Company received net proceeds from the issuance of the 2029 Notes of $306.4 million, after deducting commissions and offering expenses of $9.9 million. At September 30, 2023, accrued interest on the 2029 Notes of $0.6 million is included in accrued expenses in the accompanying Consolidated Balance Sheets. The 2029 Notes comprise the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2029 Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables.

Holders may convert their 2029 Notes at their option only in the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2022 (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 (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2029 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 of the Company’s common stock; (4) if the Company calls the 2029 Notes for redemption; and (5) at any time from, and including, December 1, 2028 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 2029 Notes is 31.3740 shares of the Company’s common stock per $1,000 principal amount of 2029 Notes, which represents an initial conversion price of approximately $31.87 per share. If a “make-whole fundamental change” (as defined in the 2029 Indenture) occurs, then the Company will, in certain circumstances, increase the conversion rate for a specified period of time.

The 2029 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 March 2, 2026 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 2029 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 (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (2) the trading day immediately before the date the Company sends such notice. However, the Company may not redeem less than all of the outstanding 2029 Notes unless at least $100.0 million aggregate principal amount of 2029 Notes are outstanding and not called for redemption as of the time the Company sends the related redemption notice. In addition, calling any 2029 Note for redemption will constitute a make-whole fundamental change with respect to that 2029 Note, in which case the conversion rate applicable to the conversion of that 2029 Note will be increased in certain circumstances if it is converted after it is called for redemption. If a fundamental change (as defined in the 2029 Indenture) occurs, then, except as described in the 2029 Indentures, holders may require the Company to repurchase their 2029 Notes at a cash repurchase price equal to the principal amount of the 2029 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. 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 2029 Notes will be paid pursuant to the terms of the 2029 Indenture. In the event that all of the 2029 Notes are converted, the Company would be required to repay the 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 2029 Notes for redemption will constitute a “make-whole fundamental change."

The Company incurred approximately $9.9 million of debt issuance costs relating to the issuance of the 2029 Notes, which were recorded as a reduction to the 2029 Notes on the Consolidated Balance Sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the expected life of the 2029 Notes using the effective interest method. We determined the expected life of the debt is equal to the seven-year term of the 2029 Notes. The effective interest rate on the 2029 Notes is 2.74%.

Convertible Senior Notes Due 2025

On September 10, 2018, the Company completed a 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 (collectively, the "2025 Indenture") with respect to the 2025 Notes. The 2025 Notes will mature on September 15, 2025, 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 net proceeds from the issuance of the 2025 Notes were approximately $267.2 million, after deducting commissions and the offering expenses of $8.8 million payable by the Company. At September 30, 2023, accrued interest of $0.1 million is included in accrued expenses in the accompanying Consolidated Balance Sheets. The 2025 Notes comprise the Company’s senior, unsecured obligations and are (i) equal in right of payment with the Company’s existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2025 Notes; (iii) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables.

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. 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 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 Company incurred approximately $8.8 million of debt issuance costs relating to the issuance of the 2025 Notes, which were recorded as a reduction to the 2025 Notes on the Consolidated Balance Sheets. The debt issuance costs are being amortized and recognized as additional interest expense over the expected life of the 2025 Notes using the effective interest method. The Company determined the expected life of the debt is equal to the seven-year term of the 2025 Notes. The effective interest rate on the 2025 Notes is 2.98%.

On March 11, 2022, the Company completed its repurchase of $207.1 million aggregate principal amount of 2025 Notes for cash, including accrued and unpaid interest, for a total of $213.8 million. This transaction involved a contemporaneous exchange of cash between the Company and holders of the 2025 Notes participating in the issuance of the 2029 Notes. Accordingly, we evaluated the transaction for modification or extinguishment accounting in accordance with ASC 470-50, Debt – Modifications and Extinguishments on a creditor-by creditor basis depending on whether the exchange was determined to have substantially different terms. The repurchase of the 2025 Notes and issuance of the 2029 Notes were deemed to have substantially different terms based on the present value of the cash flows or significant difference between the value of the conversion option immediately prior to and after the exchange. Therefore, the repurchase of the 2025 Notes was accounted for as a debt extinguishment. The Company recorded a $7.6 million loss on extinguishment of debt on its Consolidated Statements of Operations for the nine months ended September 30, 2022, which includes the write-off of related deferred financing costs of $3.4 million. After giving effect to the repurchase, the total remaining principal amount outstanding under the 2025 Notes as of September 30, 2023 was $68.9 million.

The 2025 and 2029 Notes are accounted for in accordance with ASC 470-20, Debt with conversion and Other Options (“ASC 470-20”) and ASC 815-40, Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 815-40, to qualify for equity classification (or nonbifurcation, if embedded) the instrument (or embedded feature) must be both (1) indexed to the issuer’s stock and (2) meet the requirements of equity classification guidance. Based upon the Company’s analysis, it was determined that the 2025 Notes and the 2029 Notes do not contain embedded features requiring recognition as derivatives and bifurcation, and therefore are measured at amortized cost and recorded as liabilities on the Consolidated Balance Sheets.

The 2025 and 2029 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. There were no events of default for the 2025 Notes or 2029 Notes at September 30, 2023.

The 2025 and 2029 Notes are classified on the Company's Consolidated Balance Sheets at September 30, 2023 as long-tern convertible debt.

The following table sets forth total interest expense recognized related to the 2025 and 2029 Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	2,210	$	2,170	$	6,629	$	6,223
Amortization of debt issuance costs	430		428		1,288		1,194
Total interest expense for the 2025 and 2029 Notes	$	2,640	$	2,598	$	7,917	$	7,417

Total interest expense recognized for the three and nine months ended September 30, 2023 was $2.8 million and $8.5 million, respectively. Total interest expense recognized for the three and nine months ended September 30, 2022 was $2.8 million and $8.2 million, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

CONVERTIBLE NOTES PAYABLE - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Mar. 11, 2022 USD ($)	Sep. 10, 2018 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) day $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Debt instrument, repurchase amount Including accrued and unpaid interest	$ 213,800
Loss on extinguishment of debt			$ 0	$ 0	$ 0	$ 7,578
Write off of deferred debt financing costs						3,400
Interest expense recognized			$ 2,800	$ 2,800	$ 8,500	$ 8,200
Senior Notes \| Senior Notes Due 2029
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	316,300
Interest rate percentage			2.25%		2.25%		2.25%
Proceeds from issuance of debt	306,400
Debt issuance costs, net	9,900		$ 9,900		$ 9,900
Accrued interest			$ 600		$ 600
Debt instrument, convertible, threshold percentage of stock price trigger					130.00%
Conversion ratio					0.031374
Conversion price (in dollars per share) \| $ / shares			$ 31.87		$ 31.87
Notes payable			$ 100,000		$ 100,000
Long-term debt, term			7 years		7 years
Effective interest percentage			2.74%		2.74%
Senior Notes \| Senior Notes Due 2029 \| 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 \| Senior Notes Due 2029 \| 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%
Senior Notes \| Senior Notes Due 2029, Issued Pursuant to Underwriters Option
Debt Instrument [Line Items]
Long-term debt, excluding current maturities	41,300
Senior Notes \| Senior Notes Due 2025
Debt Instrument [Line Items]
Long-term debt, excluding current maturities		$ 276,000
Interest rate percentage			2.50%		2.50%		2.50%
Proceeds from issuance of debt		267,200
Debt issuance costs, net		$ 8,800
Accrued interest			$ 100		$ 100
Debt instrument, convertible, threshold percentage of stock price trigger					130.00%
Conversion ratio					0.0257739
Conversion price (in dollars per share) \| $ / shares			$ 38.80		$ 38.80
Long-term debt, term			7 years		7 years
Effective interest percentage			2.98%		2.98%
Debt instrument, repurchase amount	$ 207,100
Long-term debt, excluding current maturities, repaid if converted			$ 68,900		$ 68,900
Senior Notes \| Senior Notes Due 2025 \| 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 \| Senior Notes Due 2025 \| 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%

SHARE-BASED COMPENSATION - Stock based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 11,321	$ 8,588	$ 36,102	$ 28,846
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	4,372	3,372	13,372	10,182
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation	$ 6,949	$ 5,216	$ 22,730	$ 18,664

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

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+ Details

NET INCOME (LOSS) PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

Basic and diluted net income (loss) per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. If there is a net loss from continuing operations, diluted net income (loss) per share is computed in the same manner as basic net income (loss) per share, even if the Company reports net income as a result of discontinued operations.

As discussed in Note 17, as part of its February 2023 underwritten public offering, the Company issued and sold pre-funded warrants to purchase 1.25 million shares of its common stock at a price to the public of $20.9999 per pre-funded warrant. The pre-funded warrants are exercisable immediately and are exercisable for one share of the Company's common stock. The exercise price of each pre-funded warrant is $0.0001 per share of common stock. Since the $0.0001 price per share represents little consideration and is non-substantive in relation to the $20.9999 price per pre-funded warrant and the $21.00 price per share of the common stock offered to the public, and as the warrants are immediately exercisable with no further vesting conditions or contingencies associated with them, the shares underlying the warrants are therefore included in the calculation of basic net loss per common share.

The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, and shares issuable upon conversion of the 2025 Notes and 2029 Notes, are considered to be common stock equivalents and are not included in the calculation of diluted net loss per share because their effect is anti-dilutive.

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


	Three Months Ended September 30,
	2023					2022
	Shares	Net Income		Income per common share		Shares	Net Loss		Loss per common share
Basic and diluted loss per share	76,305,603	$	150,735	$	1.97	64,033,759	$	(69,656)	$	(1.09)







	Nine Months Ended September 30,
	2023					2022
	Shares	Net Loss		Loss per common share		Shares	Net Loss		Loss per common share
Basic and diluted loss per share	73,523,620	$	(21,226)	$	(0.29)	63,604,962	$	(212,659)	$	(3.34)

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Convertible debt	11,697,952	11,697,952	11,697,952	10,589,646
Options	10,533,703	10,035,309	10,600,069	10,071,741
Restricted stock	3,504,350	2,310,545	3,482,829	2,090,305

Total anti-dilutive shares	25,736,005	24,043,806	25,780,850	22,751,692

LEASES (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Future Minimum Rental Commitments

Following is a schedule of the future minimum rental commitments for the Company's operating leases reconciled to the lease liability and ROU asset as of September 30, 2023 (in thousands):


	September 30, 2023
2023 (remaining three months)	$	1,582
2024	6,501
2025	6,673
2026	6,889
2027	7,064
Thereafter	4,781
Total undiscounted future minimum payments	33,490
Present value discount	(4,845)
Total lease liability	28,645
Unamortized lease incentives	(4,837)
Cash payments in excess of straight-line lease expense	(5,002)
Total ROU asset	$	18,806

Schedule of Weighted-average Remaining Lease Term and Discount Rate

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating leases are as follows:


	September 30, 2023		December 31, 2022
Weighted-average remaining lease term in years	4.9		5.7
Weighted-average discount rate	6.48	%	6.48	%

DIVESTITURES

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

DIVESTITURES

Discontinued Operations

Sale of Bile Acid Product Portfolio

On August 31, 2023, the Company closed the sale of its bile acid business to Mirum Pharmaceuticals pursuant to the terms of the Purchase Agreement dated July 16, 2023 between the Company and Mirum. The assets sold consisted of substantially all of the assets primarily related to the Company’s business of development, manufacture (including synthesis, formulation, finishing or packaging) and commercialization of the products, Chenodal and Cholbam (also known as Kolbam). In connection with the Closing, the Company received an upfront cash payment of $210.0 million.

Pursuant to the Purchase Agreement, after the Closing, the Company is eligible to receive up to $235.0 million upon the achievement of certain milestones based on specified amounts of annual net sales (tiered from $125.0 million to $500.0 million) of the Products. The Company will recognize the contingent consideration receivable in earnings when the target annual sales for the milestones are met and the contingency is resolved.

The Company's sale of the bile acid business resulted in a gain, net of tax, of $225.9 million. The net gain consists of net consideration, including the upfront payment and the deduction of investment banker fees owed upon Closing, plus the derecognition of the carrying value of the net liabilities included in the transaction and the immaterial tax due on the sale.

The Company and Mirum have also entered into a transition services agreement ("TSA") pursuant to which the Company has agreed to perform certain services for a period of time following the Closing, with respect to Mirum’s use and operation of the assets purchased in the Purchase Agreement. The TSA is designed to ensure and facilitate an orderly transfer of business operations, and the consideration to be received by the Company primarily consists of cost reimbursement. Amounts recognized for the three and nine months ended September 30, 2023 were immaterial and are included in continuing operations within other income (expense), net. TSA services provided by the Company are not anticipated to last beyond 12 months post-close.

The Company determined that the divestiture represents a strategic shift that will have a major effect on the Company's operations and financial results, and has therefore reflected the bile acid business as a discontinued operation for all periods presented.

Results of discontinued operations are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net product sales	$	12,592	$	25,421	$	66,198	$	76,029
Total revenue	12,592		25,421		66,198		76,029
Operating expenses:
Cost of goods sold	381		561		1,899		2,312
Research and development	1,491		2,111		6,161		6,302
Selling, general and administrative	5,723		5,099		17,851		16,852
Change in fair value of contingent consideration	(9,069)		3,180		(473)		17,167
Total operating expenses	(1,474)		10,951		25,438		42,633
Operating income	14,066		14,470		40,760		33,396
Other income (expenses), net:
Interest expense	(32)		(63)		(191)		(223)
Gain on disposal of discontinued operations, net of tax	225,942		—		225,942		—
Total other income (expense), net	225,910		(63)		225,751		(223)
Net income from discontinued operations	$	239,976	$	14,407	$	266,511	$	33,173

Assets and liabilities of discontinued operations presented in the Consolidated Balance Sheets as of December 31, 2022 include the following (in thousands):


	December 31, 2022
Assets
Current assets:
Inventory	$	2,399
Prepaid expenses and other current assets	591
Total current assets of discontinued operations	2,990
Intangible assets, net	47,965
Other assets	377
Total assets of discontinued operations	$	51,332
Liabilities
Current liabilities:
Business combination-related contingent consideration, current portion	$	7,000
Total current liabilities of discontinued operations	7,000
Business combination-related contingent consideration, less current portion	64,200
Total liabilities of discontinued operations	$	71,200

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 150,735	$ (69,656)	$ (21,226)	$ (212,659)

- Definition

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

+ References

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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

The Company utilizes 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 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 marketable debt securities within Level 2.

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 September 30, 2023, the fair value of the Company's 2.5% Convertible Senior Notes due 2025 was $65.4 million and the fair value of the Company's 2.25% Convertible Senior Notes due 2029 was $241.6 million. As of December 31, 2022, the fair value of the Company's 2.5% Convertible Senior Notes due 2025 was $62.9 million and the fair value of the Company's 2.25% Convertible Senior Notes due 2029 was $283.0 million. The fair values were estimated utilizing market quotations and are considered Level 2.


	As of September 30, 2023
	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	$	144,244	$	78,367	$	65,877	$	—
Marketable debt securities, available-for-sale	490,399		—		490,399		—
Total	$	634,643	$	78,367	$	556,276	$	—


	As of December 31, 2022
	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	$	61,688	$	61,688	$	—	$	—
Marketable debt securities, available-for-sale	388,557		—		388,557		—
Total	$	450,245	$	61,688	$	388,557	$	—

- 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

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2023
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 its subsidiaries. Travere is a fully integrated biopharmaceutical company headquartered in San Diego, California focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases. The Company regularly evaluates and, where appropriate, acts on opportunities to expand its product pipeline through licenses and acquisitions of products in areas that will serve patients with serious unmet medical need and that the Company believes offer attractive growth characteristics. Discontinued Operations - Sale of Bile Acid Product Portfolio On July 16, 2023, Travere entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Mirum Pharmaceuticals, Inc. ("Mirum Pharmaceuticals" or “Mirum”), pursuant to which Mirum agreed to purchase from Travere substantially all of the assets primarily related to Travere’s business of development, manufacture (including synthesis, formulation, finishing or packaging) and commercialization of Chenodal and Cholbam (also known as Kolbam, and together with Chenodal, the “Products”), collectively, the "bile acid business". On August 31, 2023, the Company and Mirum consummated the transactions contemplated by the Purchase Agreement (the “Closing”). In connection with the Closing, Mirum paid Travere an upfront cash payment of $210.0 million. Pursuant to the Purchase Agreement, after the Closing, Travere is eligible to receive up to $235.0 million upon the achievement of certain milestones based on specified amounts of annual net sales (tiered from $125.0 million to $500.0 million) of the Products. The Company has reflected the bile acid business as a discontinued operation in the unaudited Consolidated Financial Statements for all periods presented. See Note 18 for further discussion. Unless otherwise noted, amounts and disclosures throughout the Notes to the unaudited Consolidated Financial Statements relate to the Company's continuing operations. Approved Products: FILSPARI® (sparsentan) On February 17, 2023, the U.S. Food and Drug Administration (the "FDA") granted accelerated approval of FILSPARI® (sparsentan) to reduce proteinuria in adults with primary IgAN at risk of rapid disease progression, generally at UPCR ≥1.5 gram/gram. FILSPARI, a once-daily, oral medication is designed to selectively target two critical pathways (endothelin 1 and angiotensin-II) in the disease progression of IgAN. Thiola® and Thiola EC® (tiopronin tablets) 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. Clinical-Stage Programs: The continued approval of FILSPARI for IgAN may be contingent upon confirmation of a clinical benefit in the Company's Phase 3 clinical trial of sparsentan for the treatment of IgAN (the "PROTECT Study"). Topline results from the two-year confirmatory endpoints in the PROTECT Study were reported in September 2023 and are intended to support traditional approval of FILSPARI. Sparsentan remains a novel investigational product candidate which has been granted Orphan Drug Designation for the treatment of focal segmental glomerulosclerosis (FSGS) in the U.S. and Europe. The double-blind portion of the Phase 3 study of sparsentan for FSGS has recently concluded and, following release of the top-line data from the study which showed that the study did not meet its primary endpoint, the Company is conducting further analyses of the data and is engaging with regulators to explore a potential path forward toward a potential regulatory submission in FSGS. Pegtibatinase (TVT-058) is a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria (HCU). Pegtibatinase has been granted Rare Pediatric Disease, Fast Track and Breakthrough Therapy designations by the FDA, as well as orphan drug designation in the United States and European Union. Pegtibatinase is currently being evaluated in the Phase 1/2 COMPOSE Study to assess its safety, tolerability, pharmacokinetics, pharmacodynamics and clinical effects in patients with classical HCU. In May 2023, the Company announced positive topline results from cohort 6 in the Phase 1/2 COMPOSE Study. The Company is preparing for the potential initiation of a pivotal Phase 3 clinical trial of pegtibatinase in patients with HCU by the end of 2023, subject to communications and feedback from the FDA and associated program assessments. The Company acquired pegtibatinase as part of the November 2020 acquisition of Orphan Technologies Limited. Preclinical Programs: The Company is a participant in a Cooperative Research and Development Agreement ("CRADA"), which forms a multi-stakeholder approach to pool resources with leading experts, and incorporate the patient perspective early in the therapeutic identification and development process. The Company is partnering with the National Institutes of Health’s National Center for Advancing Translational Sciences ("NCATS") and a leading patient advocacy organization, Alagille Syndrome Alliance, aimed at the identification of potential small molecule therapeutics for Alagille syndrome ("ALGS"). There are no treatment options currently approved for ALGS. The Company is party to a collaboration agreement with PharmaKrysto Limited and their early-stage cystinuria discovery program, whereby the Company is responsible for funding all research and development expenses for the pre-clinical activities associated with the cystinuria program.

VARIABLE INTEREST ENTITIES (Details) $ in Millions	Mar. 08, 2022 USD ($)
Collaborative Arrangement \| PharmaKrysto, LTD
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaboration agreement payment	$ 0.4
Research and development expenses, estimated	5.0
Collaborative arrangement, option to purchase additional shares of VIE, amount	1.0
Collaborative arrangement, option to purchase remaining shares of VIE, amount	5.0
Milestone payments contingently due	$ 16.0
Royalty payments, percentage (less than)	4.00%
Agreement termination notice period	60 days
Percentage of research and development to be funded by the company	100.00%
PharmaKrysto, LTD
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Payment to purchase interest in VIE	$ 0.6
Percentage ownership purchased	5.00%
PharmaKrysto, LTD \| Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional ownership interest to be purchased upon achievement of certain milestones	5.00%

BASIS OF PRESENTATION AND SIGNIFICANT ACCCOUNTING POLICIES - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) clinicalTrial	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Research and development	$ 7,500
Number of Phase 1/2 clinical trial in process \| clinicalTrial	1
Number of Phase 3 clinical trials in process \| clinicalTrial	2
Intangible asset impairment	$ 7,400
Reduction in additional paid-in capital	(1,318,861)	$ (1,059,975)
Reduction in accumulated deficit	$ (1,035,449)	$ (1,014,223)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Convertible notes payable			$ 44,700
Reduction in additional paid-in capital			74,900
Reduction in accumulated deficit			$ 30,200

DIVESTITURES (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Results, Assets and Liabilities of Discontinued Operations

Results of discontinued operations are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net product sales	$	12,592	$	25,421	$	66,198	$	76,029
Total revenue	12,592		25,421		66,198		76,029
Operating expenses:
Cost of goods sold	381		561		1,899		2,312
Research and development	1,491		2,111		6,161		6,302
Selling, general and administrative	5,723		5,099		17,851		16,852
Change in fair value of contingent consideration	(9,069)		3,180		(473)		17,167
Total operating expenses	(1,474)		10,951		25,438		42,633
Operating income	14,066		14,470		40,760		33,396
Other income (expenses), net:
Interest expense	(32)		(63)		(191)		(223)
Gain on disposal of discontinued operations, net of tax	225,942		—		225,942		—
Total other income (expense), net	225,910		(63)		225,751		(223)
Net income from discontinued operations	$	239,976	$	14,407	$	266,511	$	33,173

Assets and liabilities of discontinued operations presented in the Consolidated Balance Sheets as of December 31, 2022 include the following (in thousands):


	December 31, 2022
Assets
Current assets:
Inventory	$	2,399
Prepaid expenses and other current assets	591
Total current assets of discontinued operations	2,990
Intangible assets, net	47,965
Other assets	377
Total assets of discontinued operations	$	51,332
Liabilities
Current liabilities:
Business combination-related contingent consideration, current portion	$	7,000
Total current liabilities of discontinued operations	7,000
Business combination-related contingent consideration, less current portion	64,200
Total liabilities of discontinued operations	$	71,200

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

MARKETABLE DEBT SECURITIES - Short-term Marketable Debt Securities Classified as Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Marketable debt securities, available-for-sale, amortized cost basis, current	$ 213,939	$ 287,615
Marketable debt securities, available for sale, unrealized gain, current	10	2
Marketable debt securities, available for sale, unrealized loss, current	(1,321)	(2,091)
Marketable debt securities, available-for-sale, current	212,628	285,526
Marketable debt securities, available-for-sale, amortized cost basis, noncurrent	279,414	103,897
Marketable debt securities, available for sale, unrealized gain, noncurrent	68	39
Marketable debt securities, available for sale, unrealized loss, noncurrent	(1,711)	(905)
Marketable debt securities, available-for-sale, noncurrent	277,771	103,031
Marketable debt securities, available-for-sale, amortized cost	493,353	391,512
Marketable debt securities, available for sale, unrealized gains	78	41
Marketable debt securities, available-for-sale, unrealized loss	(3,032)	(2,996)
Total available-for-sale marketable debt securities	490,399	388,557
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Marketable debt securities, available-for-sale, amortized cost basis, current	49,306	124,301
Marketable debt securities, available for sale, unrealized gain, current	0	2
Marketable debt securities, available for sale, unrealized loss, current	(63)	(656)
Marketable debt securities, available-for-sale, current	49,243	123,647
Total available-for-sale marketable debt securities	49,243	123,647
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Marketable debt securities, available-for-sale, amortized cost basis, current	110,582	155,841
Marketable debt securities, available for sale, unrealized gain, current	10	0
Marketable debt securities, available for sale, unrealized loss, current	(867)	(1,355)
Marketable debt securities, available-for-sale, current	109,725	154,486
Marketable debt securities, available-for-sale, amortized cost basis, noncurrent	225,773	70,195
Marketable debt securities, available for sale, unrealized gain, noncurrent	68	33
Marketable debt securities, available for sale, unrealized loss, noncurrent	(1,285)	(659)
Marketable debt securities, available-for-sale, noncurrent	224,556	69,569
Total available-for-sale marketable debt securities	334,281	224,055
Securities of government sponsored entities
Debt Securities, Available-for-sale [Line Items]
Marketable debt securities, available-for-sale, amortized cost basis, current	54,051	7,473
Marketable debt securities, available for sale, unrealized gain, current	0	0
Marketable debt securities, available for sale, unrealized loss, current	(391)	(80)
Marketable debt securities, available-for-sale, current	53,660	7,393
Marketable debt securities, available-for-sale, amortized cost basis, noncurrent	53,641	33,702
Marketable debt securities, available for sale, unrealized gain, noncurrent	0	6
Marketable debt securities, available for sale, unrealized loss, noncurrent	(426)	(246)
Marketable debt securities, available-for-sale, noncurrent	53,215	33,462
Total available-for-sale marketable debt securities	$ 106,875	$ 40,855

MARKETABLE DEBT SECURITIES - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sale of debt securities	$ 284.6	$ 329.6
Purchase of debt securities	381.3	$ 301.1
Accrued interest receivable	4.1		$ 1.9
Available-for-sale marketable debt securities in an unrealized loss position	$ 451.3		$ 363.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 144,244	$ 61,688
Marketable debt securities, at fair value	490,399	388,557
Accounts receivable, net	14,570	16,646
Inventory	20,773	4,523
Prepaid expenses and other current assets	16,244	12,033
Current assets of discontinued operations	0	2,990
Total current assets	686,230	486,437
Property and equipment, net	7,996	9,049
Operating lease right of use assets	18,806	21,000
Intangible assets, net	106,903	97,073
Other assets	12,915	10,684
Non-current assets of discontinued operations	0	48,342
Total assets	832,850	672,585
Current liabilities:
Accounts payable	24,736	17,290
Accrued expenses	95,712	95,742
Deferred revenue, current portion	8,959	11,976
Operating lease liabilities, current portion	4,782	4,433
Other current liabilities	5,244	5,722
Current liabilities of discontinued operations	0	7,000
Total current liabilities	139,433	142,163
Convertible debt	376,833	375,545
Deferred revenue, less current portion	4,574	10,931
Operating lease liabilities, less current portion	23,863	27,510
Other non-current liabilities	8,381	9,385
Non-current liabilities of discontinued operations	0	64,200
Total liabilities	553,084	629,734
Commitments and Contingencies (See Note 13)
Stockholders' Equity:
Preferred stock $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding as of September 30, 2023 and December 31, 2022	0	0
Common stock $0.0001 par value; 200,000,000 shares authorized; 75,111,517, and 64,290,570 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	7	6
Additional paid-in capital	1,318,861	1,059,975
Accumulated deficit	(1,035,449)	(1,014,223)
Accumulated other comprehensive loss	(3,653)	(2,907)
Total stockholders' equity	279,766	42,851
Total liabilities and stockholders' equity	$ 832,850	$ 672,585

BASIS OF PRESENTATION AND SIGNIFICANT ACCCOUNTING POLICIES - Cost of Goods Sold (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total cost of goods sold	$ 1,289	$ 1,114	$ 6,886	$ 3,552
Cost of goods sold - product sales
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total cost of goods sold	1,289	1,114	3,842	3,552
Cost of goods sold - license and collaboration
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total cost of goods sold	$ 0	$ 0	$ 3,044	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 50
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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+ Details

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

SHARE-BASED COMPENSATION

Stock Options

The following table summarizes stock option activity during the nine months ended September 30, 2023:


	Shares Underlying Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022	9,932,422	$	21.56	5.79	$	24,658
Granted	1,157,750	21.69		—	—
Exercised	(226,663)	14.30		—	1,422
Forfeited/canceled	(410,559)	25.52		—	—
Outstanding at September 30, 2023	10,452,950	$	21.58	5.44	$	—
Vested and expected to vest at September 30, 2023	10,452,950	$	21.58	5.44	$	—

At September 30, 2023, unamortized stock compensation for stock options was $29.9 million, with a remaining weighted-average recognition period of 2.5 years.

At September 30, 2023, outstanding options to purchase 7.7 million shares of common stock were exercisable with a weighted-average exercise price per share of $20.80.

In connection with the retirement of the Company's former Chief Financial Officer, the Board of Directors approved a modification to extend the deadline to exercise each stock option held to the earlier of three months following the last vesting date or the original expiration date of the option, and to continue vesting on the original schedule of any underlying unvested stock options and restricted stock units. The modification resulted in incremental compensation cost of $2.6 million for the nine months ended September 30, 2023.

Restricted Stock Units

Service Based Restricted Stock Units

The following table summarizes the Company’s service based restricted stock unit activity during the nine months ended September 30, 2023:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	2,343,709	$	24.65
Granted	1,829,792	21.77
Vested	(717,494)	23.48
Forfeited/canceled	(250,593)	23.61
Unvested at September 30, 2023	3,205,414	$	23.35

At September 30, 2023, unamortized stock compensation for service based restricted stock units was $59.5 million, with a remaining weighted-average recognition period of 2.8 years.

Performance Based Restricted Stock Units

The following table summarizes the Company’s performance based restricted stock unit activity during the nine months ended September 30, 2023:


	Number of Restricted Stock Units	Weighted Average Grant Date Fair Value
Unvested at December 31, 2022	157,048	$	25.24
Granted	66,250	22.40
Vested	(16,500)	15.46
Forfeited/canceled	(31,340)	22.31
Unvested at September 30, 2023	175,458	$	25.61

At September 30, 2023, unamortized stock compensation for performance based restricted stock units was $1.3 million, with a remaining weighted-average recognition period of 0.7 years.

Share-Based Compensation

Total share-based compensation presented in the unaudited Consolidated Statements of Stockholders' Equity includes both continuing operations and discontinued operations. The following table sets forth share-based compensation for continuing operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Research and development	$	4,372	$	3,372	$	13,372	$	10,182
Selling, general and administrative	6,949		5,216		22,730		18,664
Total share-based compensation	$	11,321	$	8,588	$	36,102	$	28,846

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Compensation related costs	$ 26,844	$ 35,267
Research and development	26,249	26,070
Sales discounts, rebates, and allowances	10,385	13,486
Selling, general and administrative	8,707	8,791
Accrued royalties	8,002	7,755
Miscellaneous accrued expenses	15,525	4,373
Total accrued expenses	$ 95,712	$ 95,742

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Underwritten Equity Offering	At-The-Market Offering	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Common Stock Underwritten Equity Offering	Common Stock At-The-Market Offering	Additional Paid in Capital	Additional Paid in Capital Underwritten Equity Offering	Additional Paid in Capital At-The-Market Offering	Additional Paid in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2021					62,491,498
Beginning balance at Dec. 31, 2021	$ 302,112			$ (44,720)	$ 6			$ 1,068,634			$ (74,945)	$ (562)	$ (765,966)	$ 30,225
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	28,751							28,751
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)					880,237
Issuance of common stock under the equity incentive plan and proceeds from exercise	4,354							4,354
Employee stock purchase program purchase and expense (in shares)					77,175
Employee stock purchase program purchase and expense	2,428							2,428
Issuance of common stock/equity offering, net of issuance costs (in shares)							701,600
Issuance of common stock/equity offering, net of issuance costs			$ 19,545							$ 19,545
Foreign currency translation adjustments	4,083											4,083
Unrealized gain (loss) on marketable debt securities	(3,218)											(3,218)
Net income (loss)	(212,659)												(212,659)
Ending balance (in shares) at Sep. 30, 2022					64,150,510
Ending balance at Sep. 30, 2022	100,676				$ 6			1,048,767				303	(948,400)
Beginning balance (in shares) at Jun. 30, 2022					63,838,050
Beginning balance at Jun. 30, 2022	156,713				$ 6			1,036,533				(1,082)	(878,744)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	8,464							8,464
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)					312,460
Issuance of common stock under the equity incentive plan and proceeds from exercise	3,408							3,408
Employee stock purchase program purchase and expense	362							362
Foreign currency translation adjustments	2,596											2,596
Unrealized gain (loss) on marketable debt securities	(1,211)											(1,211)
Net income (loss)	(69,656)												(69,656)
Ending balance (in shares) at Sep. 30, 2022					64,150,510
Ending balance at Sep. 30, 2022	100,676				$ 6			1,048,767				303	(948,400)
Beginning balance (in shares) at Dec. 31, 2022					64,290,570
Beginning balance at Dec. 31, 2022	42,851				$ 6			1,059,975				(2,907)	(1,014,223)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	36,273							36,273
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)					960,657
Issuance of common stock under the equity incentive plan and proceeds from exercise	3,240							3,240
Employee stock purchase program purchase and expense (in shares)					156,540
Employee stock purchase program purchase and expense	3,545							3,545
Issuance of common stock/equity offering, net of issuance costs (in shares)						9,703,750
Issuance of common stock/equity offering, net of issuance costs		$ 191,199				$ 1			$ 191,198
Issuance of pre-funded common stock warrants, net of issuance costs of $1.6 million	24,630							24,630
Foreign currency translation adjustments	(728)											(728)
Unrealized gain (loss) on marketable debt securities	(18)											(18)
Net income (loss)	(21,226)												(21,226)
Ending balance (in shares) at Sep. 30, 2023					75,111,517
Ending balance at Sep. 30, 2023	279,766				$ 7			1,318,861				(3,653)	(1,035,449)
Beginning balance (in shares) at Jun. 30, 2023					74,971,807
Beginning balance at Jun. 30, 2023	116,485				$ 7			1,306,517				(3,855)	(1,186,184)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share based compensation	11,775							11,775
Issuance of common stock under the equity incentive plan and proceeds from exercise (in shares)					139,710
Issuance of common stock under the equity incentive plan and proceeds from exercise	151							151
Employee stock purchase program purchase and expense	418							418
Foreign currency translation adjustments	8											8
Unrealized gain (loss) on marketable debt securities	194											194
Net income (loss)	150,735												150,735
Ending balance (in shares) at Sep. 30, 2023					75,111,517
Ending balance at Sep. 30, 2023	$ 279,766				$ 7			$ 1,318,861				$ (3,653)	$ (1,035,449)

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments Certain of the Company's contractual arrangements with contract manufacturing organizations ("CMOs") require binding forecasts or commitments to purchase minimum amounts for the manufacture of drug product supply, which may be material to the Company's financial statements. As of September 30, 2023, we have commitments to purchase $22.1 million in active pharmaceutical ingredients, to be delivered in 2023, which is planned to support commercial sales of FILSPARI. 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.

CONVERTIBLE NOTES PAYABLE - Schedule of Interest Expense (Details) - Senior Notes Due 2025 and Senior Notes Due 2029 - Senior Notes - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Contractual interest expense	$ 2,210	$ 2,170	$ 6,629	$ 6,223
Amortization of debt issuance costs	430	428	1,288	1,194
Total interest expense for the 2025 and 2029 Notes	$ 2,640	$ 2,598	$ 7,917	$ 7,417

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

MARKETABLE DEBT SECURITIES - Marketable Debt Securities in an Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	$ 398,801	$ 248,321
Less than 12 months, unrealized losses	2,457	1,960
12 months or greater, fair value	49,447	112,420
12 months or greater, unrealized losses	575	1,036
Total, fair value	448,248	360,741
Total, unrealized losses	3,032	2,996
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	49,243	117,853
Less than 12 months, unrealized losses	63	656
12 months or greater, fair value	0	0
12 months or greater, unrealized losses	0	0
Total, fair value	49,243	117,853
Total, unrealized losses	63	656
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	257,153	99,066
Less than 12 months, unrealized losses	1,740	1,041
12 months or greater, fair value	36,977	107,964
12 months or greater, unrealized losses	412	973
Total, fair value	294,130	207,030
Total, unrealized losses	2,152	2,014
Securities of government-sponsored entities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, fair value	92,405	31,402
Less than 12 months, unrealized losses	654	263
12 months or greater, fair value	12,470	4,456
12 months or greater, unrealized losses	163	63
Total, fair value	104,875	35,858
Total, unrealized losses	$ 817	$ 326

INVENTORY

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

INVENTORY

Inventory consisted of the following at September 30, 2023 and December 31, 2022 (in thousands):


	September 30, 2023		December 31, 2022
Raw materials	$	16,879	$	2,397
Work in process	972		—
Finished goods	2,922		2,126
Total inventory	$	20,773	$	4,523

BASIS OF PRESENTATION AND SIGNIFICANT ACCCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Cost and Goods Sold

The following table summarizes cost of goods sold for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Cost of goods sold - product sales	$	1,289	$	1,114	$	3,842	$	3,552
Cost of goods sold - license and collaboration	—		—		3,044		—
Total cost of goods sold	$	1,289	$	1,114	$	6,886	$	3,552

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable, net	$ 14,570	$ 16,646

INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 10,908	$ 5,079	$ 27,358	$ 12,825
Research and development
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	2,447	1,906	7,261	3,817
Selling, general and administrative
Finite-Lived Intangible Assets [Line Items]
Total amortization expense	$ 8,461	$ 3,173	$ 20,097	$ 9,008

INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Payments to date under terms of agreement			$ 36,086	$ 24,199
Goodwill		$ 800	800		$ 800
Ligand License Agreement
Finite-Lived Intangible Assets [Line Items]
Substantial payments payable upon achievement of milestones		114,100	$ 114,100
Payments to date under terms of agreement	$ 23,000
Ligand License Agreement \| Minimum
Finite-Lived Intangible Assets [Line Items]
Annual royalty percentage			15.00%
Ligand License Agreement \| Maximum
Finite-Lived Intangible Assets [Line Items]
Annual royalty percentage			17.00%
Royalty Agreements
Finite-Lived Intangible Assets [Line Items]
Payments to date under terms of agreement		$ 1,100	$ 2,200

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

ACCRUED EXPENSES

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Compensation related costs	$	26,844	$	35,267
Research and development	26,249		26,070
Sales discounts, rebates, and allowances	10,385		13,486
Selling, general and administrative	8,707		8,791
Accrued royalties	8,002		7,755
Miscellaneous accrued expenses	15,525		4,373
Total accrued expenses	$	95,712	$	95,742

INVENTORY (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 16,879	$ 2,397
Work in process	972	0
Finished goods	2,922	2,126
Total inventory	$ 20,773	$ 4,523

DIVESTITURES - Assets and Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Total current assets of discontinued operations	$ 0	$ 2,990
Current liabilities:
Total current liabilities of discontinued operations	$ 0	7,000
Disposed of by Sale \| Bile Acid Product Portfolio
Current assets:
Inventory		2,399
Prepaid expenses and other current assets		591
Total current assets of discontinued operations		2,990
Intangible assets, net		47,965
Other assets		377
Total assets of discontinued operations		51,332
Current liabilities:
Business combination-related contingent consideration, current portion		7,000
Total current liabilities of discontinued operations		7,000
Business combination-related contingent consideration, less current portion		64,200
Total liabilities of discontinued operations		$ 71,200

DIVESTITURES - Additional Information (Details) - Disposed of by Sale - Bile Acid Product Portfolio - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 210,000
Consideration receivable on sale of business (up to)	235,000
Gain on disposal of discontinued operations, net of tax	225,900	$ 225,942	$ 0	$ 225,942	$ 0
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone thresholds	125,000
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone thresholds	$ 500,000

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 Cumulative Effect, Period of Adoption [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

REVENUE RECOGNITION - Net Product Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Total net product sales	$ 37,095	$ 28,075	$ 100,179	$ 80,121
Net product sales
Disaggregation of Revenue [Line Items]
Total net product sales	33,932	25,369	87,621	72,154
Tiopronin products
Disaggregation of Revenue [Line Items]
Total net product sales	25,888	25,369	73,112	72,154
FILSPARI
Disaggregation of Revenue [Line Items]
Total net product sales	$ 8,044	$ 0	$ 14,509	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe unaudited consolidated financial statements represent the consolidation of the accounts of the Company, its subsidiaries and variable interest entities for which the Company has been determined to be the primary beneficiary, in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). All intercompany accounts and transactions have been eliminated in consolidation.
Revenue Recognition and Deductions from Revenue	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 Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 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 recognizes revenue from 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, payers and other indirect customers relating to the Company’s sales of its products. These provisions are based on the estimates of the amounts earned or to be claimed on the related sales. These amounts are treated as variable consideration, estimated and recognized as a reduction of the transaction price at the time of the sale, using the most likely amount method, 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). The Company includes these estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized for such transactions will not occur. 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 estimate, which would affect net product revenue and earnings in the period such variances become known. For the nine months ended September 30, 2023 and 2022, adjustments to net product revenue related to performance obligations satisfied in previous periods, were immaterial. Government Rebates: The Company calculates the rebates that it will be obligated to provide to government programs and deducts these estimated amounts from its gross product sales at the time the revenues are recognized. Allowances for government rebates and discounts are established based on an estimated allocation of payers 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: The Company calculates the rebates it incurs according to any contracts with certain commercial payers and deducts these amounts from its 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 for applicable products. Rebate discounts are included in other current liabilities in the accompanying consolidated balance sheets. Prompt Pay Discounts: The Company offers discounts to certain customers for prompt payments. The Company accrues 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, the Company offers its customers a limited right to return product purchased directly from the Company, which is principally based upon the product’s expiration date. Historically, returns have been immaterial. Co-pay Assistance: The Company offers a co-pay assistance program, which is intended to provide financial assistance to qualified commercially insured patients with prescription drug co-payments required by payers. The calculation of the accrual for co-pay assistance is based on an estimate of claims and the estimated cost per claim associated with product that has been recognized as revenue.
Collaborative Arrangements	Payments received under collaboration and licensing agreements may include non-refundable fees at the inception of the arrangements, milestone payments for specific achievements and royalties on the sale of products. At the inception of arrangements that include milestone payments, the Company uses judgement to evaluate whether the milestones are probable of being achieved and estimates the amount to include in the transaction price utilizing the most likely amount method. If it is probable that a significant revenue reversal will not occur, the estimated amount is included in the transaction price. Milestone payments that are not within the Company or the licensee’s control, such as regulatory approvals, are considered to be constrained due to a high degree of uncertainty and are not included in the transaction price until such uncertainty is resolved. At the end of each reporting period, the Company re-evaluates the probability of achievement of development milestones and any related constraint and adjusts the estimate of the overall transaction price, if necessary. The Company recognizes aggregate sales-based milestones and royalty payments from product sales of which the license is deemed to be the predominant item to which the royalties relate, at the later of when the related sales occur or when the performance obligation to which the sales-based milestone or royalty has been allocated has been satisfied. Revenue from collaboration and licensing agreements may also include sales of inventory, at cost plus a margin, and is recorded in license and collaboration revenue. The Company utilizes significant judgement to develop estimates of the stand-alone selling price for each distinct performance obligation based upon the relative stand-alone selling price. Variable consideration that relates specifically to the Company’s efforts to satisfy specific performance obligations is allocated entirely to those performance obligations. The stand-alone selling price for license-related performance obligations requires judgement in developing assumptions to project probability-weighted cash flows based upon estimates of forecasted revenues, clinical and regulatory timelines and discount rates. The stand-alone selling price for clinical development performance obligations is based on forecasted expected costs of satisfying a performance obligation plus an appropriate margin. If the licenses to intellectual property are determined to be distinct from the other performance obligations identified in the arrangement and have stand-alone functionality, the Company recognizes revenues from non-refundable, upfront fees allocated to the license when the license is transferred to the licensee and the licensee is able to benefit from the license. For licenses that are not distinct from other promises, the Company applies judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, upfront fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the related revenue recognition accordingly. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. Revenue is recorded proportionally as costs are incurred. The Company generally utilizes the cost-to-cost method of progress because it best measures the transfer of control to the customer which occurs as the Company incurs costs. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. The Company uses judgment to estimate the total costs expected to complete the clinical development performance obligations, which include subcontractor costs, labor, materials, other direct costs and an allocation of indirect costs. The Company evaluates these cost estimates and the progress each reporting period and adjusts the measure of progress, if necessary.
Cost of goods sold	Cost of goods sold Cost of goods sold includes the cost of inventory sold, third party manufacturing and supply chain costs, product shipping and handling costs, and provisions for excess and obsolete inventory. Cost of goods sold also includes the cost of goods sold under the Company's license and collaboration agreements, which currently consists of the sale of active pharmaceutical ingredients to the Company's collaboration partner, at cost plus a margin.
Capitalization of Inventory Costs	Capitalization of Inventory Costs Prior to the regulatory approval of the Company's drug candidates, the Company incurs expenses for the manufacture of drug product supplies to support clinical development that could potentially be available to support the commercial launch of those drugs. The Company capitalizes inventory costs associated with its products after regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized. Until the date at which regulatory approval has been received, costs related to the production of inventory are recorded as research and development expenses as incurred. Any eventual sale of previously expensed ("zero-cost") inventories may impact future margins, for any periods in which those inventories are sold. Sales of FILSPARI for the three and nine months ended September 30, 2023 primarily consisted of zero-cost inventories, which favorably impacted gross margin for related sales. Prior to the February 2023 FDA accelerated approval of FILSPARI (sparsentan), the Company recognized approximately $7.5 million in research and development expenses related to the production of active pharmaceutical ingredients to support the commercial launch of FILSPARI. The impact to cost of goods sold from product sales had these costs been included in cost of sales was immaterial for the three and nine months ended September 30, 2023, respectively. The Company expects to continue to benefit from the sale of previously expensed inventories through at least 2024.
Research and Development Expense	Research and Development Expenses Research and development includes expenses related to sparsentan, pegtibatinase, and the Company's other pipeline programs. The Company expenses all research and development costs as they are incurred. The Company's research and development costs are composed of salaries and bonuses, benefits, share-based compensation, license fees, milestones under license agreements, costs paid to third-party contractors to perform research, conduct clinical trials, develop drug materials and delivery devices, manufacture drug product supplies to support clinical development, and associated overhead expenses and facilities costs. The Company charges direct internal and external program costs to the respective development programs. The Company also incurs 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. Nonrefundable advance payments for goods and services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed, or when it is no longer expected that the goods will be delivered or the services rendered.
Clinical Trial Expenses	Clinical Trial Expenses The Company records expenses in connection with its clinical trials under contracts with contract research organizations ("CROs") that support conducting and managing clinical trials, as well as contract manufacturing organizations ("CMOs") for the manufacture of drug product supplies to support clinical development. 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, and in the case of CMOs, costs associated with the production of drug product supplied and the procurement of raw materials to be consumed in the manufacturing process. Expenses related to clinical trials are accrued based on our estimates of the progress of services performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials or the delivery of goods. 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), the Company adjusts its estimates accordingly on a prospective basis. Revisions to the Company's contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain. In addition to ongoing non-clinical support trials, the Company currently has one Phase 1/2 clinical trial, two ongoing Phase 3 clinical trials, and is in the process of study start up activities for a third Phase 3 clinical trial. 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, Business Combinations ("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 ("Thiola Intangible"). The additional cost basis is subsequently amortized over the remaining useful life. In the second quarter of 2023, the Company reduced the estimated useful life of the Thiola Intangible to better reflect the pattern of projected future cash flows, resulting in incremental expense of $7.4 million for the nine months ended September 30, 2023, recorded in selling, general, and administrative. The change in estimated useful life has been accounted for as a change in accounting estimate and the remaining carrying amounts of the Thiola Intangible will be amortized prospectively over the new useful life. Consistent with all prior periods since Thiola was acquired, the Company has not accrued any liability for future royalties in excess of the annual contractual minimum at September 30, 2023 as such royalties are not yet probable and estimable.
Variable Interest Entity	Variable Interest Entity The Company reviews each investment and collaboration agreement to determine if it has a variable interest in the entity. In assessing whether the Company has a variable interest in the entity as a whole, the Company considers and makes judgements regarding the purpose and design of the entity, the value of the licensed assets to the entity, the value of the entity’s total assets and the significant activities of the entity. If the Company has a variable interest in the entity as a whole, the Company assesses whether or not the Company is a primary beneficiary of that VIE, based on a number of factors, including: (i) which party has the power to direct the activities that most significantly affect the VIE’s economic performance, (ii) the parties’ contractual rights and responsibilities pursuant to the collaboration agreement, and (iii) which party has the obligation to absorb losses of or the right to receive benefits from the VIE that could be significant to the VIE. If the Company determines that it is the primary beneficiary of a VIE at the onset of the collaboration, the collaboration is treated as a business combination and the Company consolidates the financial statements of the VIE into the Company’s consolidated financial statements. On a quarterly basis, the Company evaluates whether it continues to be the primary beneficiary of the consolidated VIE. If the Company determines that it is no longer the primary beneficiary of a consolidated VIE, it deconsolidates the VIE in the period in which the determination is made. Assets and liabilities recorded as a result of consolidating the financial results of the VIE into the Company’s consolidated balance sheet do not represent additional assets that could be used to satisfy claims against the Company’s general assets or liabilities for which creditors have recourse to the Company’s general assets.
Discontinued Operations	Discontinued Operations Discontinued operations is presented when there is a disposal of a component or a group of components that in the Company's judgement represents a strategic shift that will have a major effect on the Company's operations and financial results. Results of operations for discontinued operations is aggregated into a single line item in the unaudited Consolidated Statements of Operations for all periods presented. General corporate overhead is not allocated to discontinued operations.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements 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 in Subtopic 815-40 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 adoption of the new standard impacted the Company's accounting for its Convertible Senior Notes Due 2025 (2025 Notes), discussed in Note 10, which were previously accounted for using the cash conversion model applied under ASC 470-20, Debt with Conversion and Other Options ("ASC 470-20"). The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. The cumulative effect of the accounting change as of January 1, 2022 increased the carrying amount of the 2025 Notes by $44.7 million, reduced additional paid-in capital by $74.9 million, and reduced accumulated deficit by $30.2 million. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("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.
Fair Value Measurements	The Company utilizes 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 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 marketable debt securities within Level 2.
Net Loss Per Common Share	Basic and diluted net income (loss) per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period. If there is a net loss from continuing operations, diluted net income (loss) per share is computed in the same manner as basic net income (loss) per share, even if the Company reports net income as a result of discontinued operations. As discussed in Note 17, as part of its February 2023 underwritten public offering, the Company issued and sold pre-funded warrants to purchase 1.25 million shares of its common stock at a price to the public of $20.9999 per pre-funded warrant. The pre-funded warrants are exercisable immediately and are exercisable for one share of the Company's common stock. The exercise price of each pre-funded warrant is $0.0001 per share of common stock. Since the $0.0001 price per share represents little consideration and is non-substantive in relation to the $20.9999 price per pre-funded warrant and the $21.00 price per share of the common stock offered to the public, and as the warrants are immediately exercisable with no further vesting conditions or contingencies associated with them, the shares underlying the warrants are therefore included in the calculation of basic net loss per common share. The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, and shares issuable upon conversion of the 2025 Notes and 2029 Notes, are considered to be common stock equivalents and are not included in the calculation of diluted net loss per share because their effect is anti-dilutive.

LEASES - Future Minimum Rental Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining three months)	$ 1,582
2024	6,501
2025	6,673
2026	6,889
2027	7,064
Thereafter	4,781
Total undiscounted future minimum payments	33,490
Present value discount	(4,845)
Total lease liability	28,645
Unamortized lease incentives	(4,837)
Cash payments in excess of straight-line lease expense	(5,002)
Total ROU asset	$ 18,806	$ 21,000

ACCRUED EXPENSES (Tables)

9 Months Ended

Sep. 30, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):


	September 30, 2023		December 31, 2022
Compensation related costs	$	26,844	$	35,267
Research and development	26,249		26,070
Sales discounts, rebates, and allowances	10,385		13,486
Selling, general and administrative	8,707		8,791
Accrued royalties	8,002		7,755
Miscellaneous accrued expenses	15,525		4,373
Total accrued expenses	$	95,712	$	95,742

CONVERTIBLE NOTES PAYABLE - Schedule of Carrying Amount of Debt (Details) - Senior Notes - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total convertible senior notes, net of unamortized debt discount and debt issuance costs	$ 376,833	$ 375,545
Senior Notes Due 2029
Debt Instrument [Line Items]
Interest rate percentage	2.25%	2.25%
Convertible senior notes	$ 316,250	$ 316,250
Unamortized debt issuance costs	$ (7,699)	$ (8,750)
Senior Notes Due 2025
Debt Instrument [Line Items]
Interest rate percentage	2.50%	2.50%
Convertible senior notes	$ 68,904	$ 68,904
Unamortized debt issuance costs	$ (622)	$ (859)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

LEASES - Weighted-average Remaining Lease Term and Discount Rate (Details)	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term in years	4 years 10 months 24 days	5 years 8 months 12 days
Weighted-average discount rate	6.48%	6.48%

EQUITY OFFERINGS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	9 Months Ended		12 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Feb. 29, 2020
Class of Stock [Line Items]
Proceeds from the issuance of pre-funded warrants, net of issuance costs		$ 24,630	$ 0
Underwritten Equity Offering
Class of Stock [Line Items]
Shares authorized in sale (in shares)	9,700,000
Sales price per share (in dollars per share)	$ 21.00
Proceeds from the issuance of common stock, net of issuance costs	$ 215,800
Underwritten Equity Offering \| Common Stock
Class of Stock [Line Items]
Prefunded warrants, notice period for modifying limitations	61 days
Pre-funded warrants exercisable for share of common stock (in shares)	1
Underwritten Equity Offering \| Pre Funded Warrant
Class of Stock [Line Items]
Number of securities called by warrants or rights (in shares)	1,250,000
Sales price per share (in dollars per share)	$ 20.9999
Exercise price of each pre-funded warrant (in dollars per share)	$ 0.0001
Proceeds from the issuance of pre-funded warrants, net of issuance costs	$ 24,600
At-The-Market Offering
Class of Stock [Line Items]
Shares authorized in sale (in shares)		0
Proceeds from the issuance of common stock, net of issuance costs				$ 20,100
Aggregate offering amount authorized					$ 100,000
Remaining offering amount authorized		$ 19,500
At-The-Market Offering Under Previous Registration Statement
Class of Stock [Line Items]
Amount sold to date		28,600
At-The-Market Offering Under Current Registration Statement
Class of Stock [Line Items]
Amount sold to date		$ 51,900

REVENUE RECOGNITION - Additional Information (Details)	9 Months Ended
REVENUE RECOGNITION - Additional Information (Details)	Sep. 30, 2023 pharmacy
Disaggregation of Revenue [Line Items]
Number of direct-to-patient pharmacies sold to	3
Revenue, performance obligation, description of timing	For FILSPARI, sales are recognized upon delivery of the product to the specialty pharmacies. The Company receives payments from its FILSPARI sales based on terms that are generally 30 days from shipment of the product to the specialty pharmacy. For the Company's other products, product sales are recognized upon delivery to the patient. The Company receives payments from sales of its other products, primarily through third party payers, based on terms that generally are within 30 days of delivery of product to the patient.
Geographic Concentration Risk \| Revenue Benchmark \| United States
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	98.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EQUITY OFFERINGS	9 Months Ended
EQUITY OFFERINGS	Sep. 30, 2023
Equity [Abstract]
EQUITY OFFERINGS	EQUITY OFFERINGS Underwritten Public Offering of Common Stock In February 2023, the Company sold an aggregate of approximately 9.7 million shares of its common stock and pre-funded warrants to purchase 1.25 million shares of its common stock in an underwritten public offering, at a price to the public of $21.00 per share of common stock and $20.9999 per pre-funded warrant. The pre-funded warrants are exercisable immediately, subject to certain beneficial ownership limitations which can be modified by the respective holders with at least 61 days' notice, and are exercisable for one share of the Company's common stock. The exercise price of each pre-funded warrant is $0.0001 per share of common stock. The net proceeds to the Company from the offering, after deducting the underwriting discounts and offering expenses, were approximately $215.8 million. The pre-funded warrants were classified as a component of permanent stockholders' equity within additional paid-in capital and were recorded at the issuance date using a relative fair value allocation method. The pre-funded warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company's common stock and (vi) meet the equity classification criteria. In addition, such pre-funded warrants do not provide any guarantee of value or return. The Company valued the pre-funded warrants at issuance, concluding that their sale price approximated their fair value, and allocated the aggregate net proceeds from the sale proportionately to the common stock and prefunded warrants, including approximately $24.6 million allocated to the pre-funded warrants and recorded as a component of additional paid-in capital. 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. Of the $100.0 million originally authorized for sale under the ATM Agreement, approximately $28.6 million were sold under the Company’s prior registration statement on Form S-3 (Registration No. 333-227182). An additional $51.9 million were sold under the Company's effective registration statement on Form S-3 (Registration Statement No. 333-259311), which included $20.1 million in the year ended December 31, 2022. The Company did not sell any shares under the ATM Agreement during the nine months ended September 30, 2023. As of September 30, 2023, an aggregate of $19.5 million remained eligible for sale under the ATM Agreement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

COLLABORATION AND LICENSE AGREEMENTS (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 15, 2021 USD ($) performance_obligation	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		$ 37,095	$ 28,075	$ 100,179	$ 80,121
Deferred revenue, current portion		8,959		8,959			$ 11,976
License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue		3,163	$ 2,706	12,558	$ 7,967
Sale of Active Pharmaceutical Ingredient
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				3,300
Clinical Development Activity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue				9,300
Collaborative Arrangement \| Vifor Pharma
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Upfront payment	$ 55,000
Maximum milestone payments	$ 845,000
Percentage of royalty on net sales receives up to	40.00%
Force majeure event period threshold	6 months
Revenue	$ 55,000
Number of performance obligations \| performance_obligation	2
Deferred revenue	$ 43,000	13,500		13,500
Deferred revenue, current portion		$ 9,000		$ 9,000
Collaborative Arrangement \| Vifor Pharma \| Regulatory and Market Access Milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	135,000
Collaborative Arrangement \| Vifor Pharma \| Sales-based Milestone Payments
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum milestone payments	$ 655,000
Collaborative Arrangement \| Vifor Pharma \| License
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue						$ 12,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Total revenue	$ 37,095	$ 28,075	$ 100,179	$ 80,121
Operating expenses:
Cost of goods sold	1,289	1,114	6,886	3,552
Research and development	60,590	57,145	185,244	169,246
Selling, general and administrative	67,801	52,420	201,954	140,434
Total operating expenses	129,680	110,679	394,084	313,232
Operating loss	(92,585)	(82,604)	(293,905)	(233,111)
Other income (expenses), net:
Interest income	5,842	2,101	14,616	3,161
Interest expense	(2,821)	(2,829)	(8,513)	(8,156)
Other income (expense), net	335	(586)	220	102
Loss on extinguishment of debt	0	0	0	(7,578)
Total other income (expense), net	3,356	(1,314)	6,323	(12,471)
Loss from continuing operations before income tax provision	(89,229)	(83,918)	(287,582)	(245,582)
Income tax provision on continuing operations	(12)	(145)	(155)	(250)
Loss from continuing operations, net of tax	(89,241)	(84,063)	(287,737)	(245,832)
Income from discontinued operations, net of tax	239,976	14,407	266,511	33,173
Net income (loss)	$ 150,735	$ (69,656)	$ (21,226)	$ (212,659)
Basic and diluted:
Net loss from continuing operations, basic (in dollars per share)	$ (1.17)	$ (1.31)	$ (3.91)	$ (3.86)
Net loss from continuing operations, diluted (in dollars per share)	(1.17)	(1.31)	(3.91)	(3.86)
Net income from discontinued operations, basic (in dollars per share)	3.14	0.22	3.62	0.52
Net income from discontinued operations, diluted (in dollars per share)	3.14	0.22	3.62	0.52
Net income (loss) per common share, basic (in dollars per share)	1.97	(1.09)	(0.29)	(3.34)
Net income (loss) per common share, diluted (in dollars per share)	$ 1.97	$ (1.09)	$ (0.29)	$ (3.34)
Weighted average common shares outstanding, basic (in shares)	76,305,603	64,033,759	73,523,620	63,604,962
Weighted average common shares outstanding, diluted (in shares)	76,305,603	64,033,759	73,523,620	63,604,962
Comprehensive income (loss):
Net income (loss)	$ 150,735	$ (69,656)	$ (21,226)	$ (212,659)
Foreign currency translation gain (loss)	8	2,596	(728)	4,083
Unrealized gain (loss) on marketable debt securities	194	(1,211)	(18)	(3,218)
Comprehensive income (loss)	150,937	(68,271)	(21,972)	(211,794)
Net product sales
Total revenue	33,932	25,369	87,621	72,154
Operating expenses:
Cost of goods sold	1,289	1,114	3,842	3,552
License and collaboration revenue
Total revenue	3,163	2,706	12,558	7,967
Operating expenses:
Cost of goods sold	$ 0	$ 0	$ 3,044	$ 0

DESCRIPTION OF BUSINESS (Details) - Disposed of by Sale - Bile Acid Product Portfolio $ in Millions	Aug. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business	$ 210.0
Consideration receivable on sale of business (up to)	235.0
Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone thresholds	125.0
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Milestone thresholds	$ 500.0

LEASES

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

LEASES

As of September 30, 2023, the Company had two operating leases, including 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 the Company's ability to direct the use of the office space, which occurred in phases over 2020, and utilizing a discount rate equal to the Company's estimated incremental 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 lease inception, it was not reasonably certain that the Company 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 Company has one operating lease with Esprit Investments Limited for office space located in Dublin, Ireland, which was entered into in October 2022. The initial term of the office lease ends in September 2027. The lease provides the option to extend the term of the lease by a period of 5 years, although at lease inception, it was not reasonably certain that the Company would elect this option and therefore the renewal period was excluded from the initial lease

measurement. The aggregate base rent due over the initial term of the lease is approximately $0.5 million. Utilizing a discount rate equal to the Company's estimated incremental borrowing rate, the Company established an ROU asset and corresponding lease liability of $0.4 million.

Following is a schedule of the future minimum rental commitments for the Company's operating leases reconciled to the lease liability and ROU asset as of September 30, 2023 (in thousands):


	September 30, 2023
2023 (remaining three months)	$	1,582
2024	6,501
2025	6,673
2026	6,889
2027	7,064
Thereafter	4,781
Total undiscounted future minimum payments	33,490
Present value discount	(4,845)
Total lease liability	28,645
Unamortized lease incentives	(4,837)
Cash payments in excess of straight-line lease expense	(5,002)
Total ROU asset	$	18,806

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating leases are as follows:


	September 30, 2023		December 31, 2022
Weighted-average remaining lease term in years	4.9		5.7
Weighted-average discount rate	6.48	%	6.48	%

For the three and nine months ended September 30, 2023, the Company recorded $1.2 million and $3.7 million, respectively, in expense related to operating leases, including amortized tenant improvement allowances. For the three and nine months ended September 30, 2022, the Company recorded $1.2 million and $3.7 million, respectively, in expense related to operating leases, including amortized tenant improvement allowances.

CONVERTIBLE NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The composition of the Company’s convertible senior notes are as follows (in thousands):


	September 30, 2023		December 31, 2022
2.25% convertible senior notes due 2029	$	316,250	$	316,250
2.50% convertible senior notes due 2025	68,904		68,904
Unamortized debt issuance costs - 2.25% convertible senior notes due 2029	(7,699)		(8,750)
Unamortized debt issuance costs - 2.50% convertible senior notes due 2025	(622)		(859)
Total convertible senior notes, net of unamortized debt discount and debt issuance costs	$	376,833	$	375,545

The following table sets forth total interest expense recognized related to the 2025 and 2029 Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Contractual interest expense	$	2,210	$	2,170	$	6,629	$	6,223
Amortization of debt issuance costs	430		428		1,288		1,194
Total interest expense for the 2025 and 2029 Notes	$	2,640	$	2,598	$	7,917	$	7,417

- 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.

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+ Details

NET INCOME (LOSS) PER COMMON SHARE - Additional Information (Details) - Underwritten Equity Offering	Feb. 28, 2023 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Sales price per share (in dollars per share)	$ 21.00
Common Stock
Subsidiary, Sale of Stock [Line Items]
Pre-funded warrants exercisable for share of common stock (in shares) \| shares	1
Pre Funded Warrant
Subsidiary, Sale of Stock [Line Items]
Number of securities called by warrants or rights (in shares) \| shares	1,250,000
Sales price per share (in dollars per share)	$ 20.9999
Exercise price of each pre-funded warrant (in dollars per share)	$ 0.0001

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment	$ 22.1

LEASES - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Additional Information (Details) $ in Thousands	Sep. 30, 2023 USD ($) lease	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) lease	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right of use assets	$ 18,806		$ 18,806		$ 21,000
Lease liability	$ 28,645		$ 28,645
Operating lease extension term	5 years		5 years
Operating lease expense	$ 1,200	$ 1,200	$ 3,700	$ 3,700
Office Lease 2020
Lessee, Lease, Description [Line Items]
Operating lease right of use assets						$ 34,600
Lease liability						34,500
Lease incentive, tenant improvements						$ 7,900
Kilroy Realty, L.P.
Lessee, Lease, Description [Line Items]
Number of operating leases \| lease	2		2
Esprit Investments Limited
Lessee, Lease, Description [Line Items]
Number of operating leases \| lease	1		1
Operating lease right of use assets	$ 400		$ 400
Lease liability	$ 400		$ 400
Operating lease extension term	5 years		5 years
Base rent due over the initial term of the lease			$ 500