Travere Therapeutics, Inc.TVTX

Travere Therapeutics, Inc. Earnings Per Share Disclosure

10-KFiled Feb 19, 20262 min read
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. In accordance with ASC 260, Earnings per Share, if a company had a discontinued operation, the company uses income from continuing operations, adjusted for preferred dividend and similar adjustments, as its control number to determine whether potential common shares are dilutive.
As discussed in Note 15, 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 were immediately exercisable upon issuance, and were exercised in the third quarter of 2024, resulting in the issuance of 1.25 million shares of the Company's common stock. Due to the nominal exercise price of the pre-funded warrants and the lack of any contingencies to exercise, the shares underlying the pre-funded warrants have been included in the calculation of basic net loss per common share since the date the warrants were issued.
The Company’s potentially dilutive shares, which include outstanding stock options, restricted stock units, performance-based 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 loss per share is calculated as follows (net loss amounts are stated in thousands):
For the year ended December 31,
202520242023
SharesNet (loss) incomeEPSSharesNet lossEPSSharesNet (loss) incomeEPS
Continuing operations89,211,813 $(50,261)$(0.57)78,888,861 $(320,630)$(4.07)74,267,418 $(376,333)$(5.07)
Discontinued operations89,211,813 24,715 0.28 78,888,861 (915)(0.01)74,267,418 264,934 3.57 
Basic and diluted loss per share89,211,813 $(25,546)$(0.29)78,888,861 $(321,545)$(4.08)74,267,418 $(111,399)$(1.50)
For the years ended December 31, 2025, 2024 and 2023, the following weighted-average number of common stock equivalents were excluded because they were anti-dilutive:
For the year ended December 31,
202520242023
Convertible debt11,172,474 11,697,953 11,697,952 
Options9,665,404 10,447,541 10,555,550 
Restricted stock units and performance-based stock units4,437,355 3,780,441 3,417,245 
Total anti-dilutive shares25,275,233 25,925,935 25,670,747 
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Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 21, 2025
2023Feb 20, 2024
2022Feb 23, 2023

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

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