Christopher Cline
About Christopher Cline
Christopher Cline, age 41, is Chief Financial Officer of Travere Therapeutics (TVTX) and a CFA charterholder with a finance degree from Xavier University’s Williams College of Business. He joined Travere in 2014, leading investor relations and corporate communications, and was appointed CFO effective September 1, 2022 . 2024 was an execution year for Travere: FILSPARI® (sparsentan) received full FDA approval for IgAN and net product sales rose to approximately $226.7M from $127.5M in 2023, driven by FILSPARI performance and launch execution . Multi-year fundamentals indicate revenue growth and improving EBITDA losses; see table below (S&P Global for cells marked with an asterisk).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Travere Therapeutics | Senior Vice President, Investor Relations & Corporate Communications | Not disclosed (joined 2014) | Built IR and communications infrastructure; led investor engagement |
| Travere Therapeutics | Chief Financial Officer | Appointed Sept 1, 2022 | Finance strategy, planning and analysis leadership |
| Elan Corporation, plc | Global Investor Relations group member | Not disclosed | Capital markets engagement for biopharma portfolio |
| Phase Forward | Financial Planning & Analysis | Not disclosed | FP&A support for healthcare technology operations |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Elan Corporation, plc | Investor Relations | Not disclosed | Advanced investor messaging for late-stage assets |
| Phase Forward | FP&A | Not disclosed | Supported budgeting and financial analysis processes |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $470,000 | $500,000 (6.38% YoY) |
| Target Bonus % of Salary | 50% | 50% |
| Actual Bonus % of Salary | — | 70% |
| Bonus Paid ($) | — | $350,000 |
| All Other Compensation ($) | — | $12,607 (Life insurance $1,107; 401(k) match $11,500) |
| Stock Ownership Guideline | 1x salary (RSUs count; options excluded) | Status: Met |
Performance Compensation
2024 Annual Bonus Plan – Metrics and Outcome
| Metric Category | Weighting | Target | Actual Performance | Payout | Vesting |
|---|---|---|---|---|---|
| Revenues & cash management (FILSPARI revenue goals; cash/budget discipline) | Not formally weighted | Not disclosed | Company goals achieved at 140% level | $350,000 (70% of salary) | Cash award; must be employed at payment |
| Pipeline progression (IgAN full approval; regulatory milestones) | Not formally weighted | Not disclosed | IgAN full FDA approval; FILSPARI performance | Included in the 140% outcome | Cash award |
| Pipeline diversification | Not formally weighted | Not disclosed | Progress toward FSGS pathway; sNDA submitted Mar 2025 | Included in the 140% outcome | Cash award |
| Culture (values, D&I/belonging, compliance, quality) | Not formally weighted | Not disclosed | Ongoing culture and compliance initiatives | Included in the 140% outcome | Cash award |
2024 Long-Term Equity Awards – Grant Detail
| Type | Grant Date | Shares | Strike Price | Vesting | Performance Conditions | Expiration |
|---|---|---|---|---|---|---|
| Stock Options | 1/31/2024 | 65,000 | $8.93 | 25% at 1-year, then monthly over 3 years | n/a | 1/31/2034 |
| RSUs | 1/31/2024 | 25,000 | n/a | Annually over 4 years | n/a | n/a |
| PSUs | 1/31/2024 | 8,500 (target) | n/a | No vesting before 12 months | Vest upon achieving specified clinical/regulatory/sales milestones; up to +50% shares for accelerated timelines; expire at 4 years if milestones not met | 4 years from grant (if not achieved) |
Equity Ownership & Alignment
Beneficial Ownership (as of March 3, 2025)
| Item | Amount | % Ownership |
|---|---|---|
| Total beneficial ownership (C. Cline) | 242,036 shares | <1% (*) |
Footnote indicates near-term vesting/exercisability: includes 207,186 options and 125 RSUs that have vested or will vest within 60 days of March 3, 2025 (i.e., by May 2, 2025), creating potential near-term selling pressure .
Outstanding Equity Awards (as of Dec 31, 2024)
Options
| Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration |
|---|---|---|---|---|
| 1/31/2024 | — | 65,000 | $8.93 | 1/31/2034 |
| 1/31/2023 | 26,114 | 28,386 | $22.40 | 1/31/2033 |
| 9/1/2022 | 27,000 | 21,000 | $28.06 | 9/1/2032 |
| 4/10/2022 | 3,333 | 1,667 | $28.55 | 4/10/2032 |
| 1/31/2022 | 12,760 | 4,740 | $27.50 | 1/31/2032 |
| 1/21/2021 | 15,911 | 339 | $26.88 | 1/21/2031 |
| 1/31/2020 | 12,500 | — | $15.46 | 1/31/2030 |
| 5/9/2019 | 10,000 | — | $17.96 | 5/9/2029 |
| 5/10/2018 | 12,500 | — | $25.25 | 5/10/2028 |
| 5/17/2017 | 20,000 | — | $17.44 | 5/17/2027 |
| 5/19/2016 | 20,000 | — | $16.23 | 5/19/2026 |
| 7/1/2015 | 15,000 | — | $32.49 | 7/1/2025 |
Stock Awards (RSUs and PSUs)
| Grant Date | RSUs Unvested (#) | Market Value ($) | PSUs Unearned (#) | Market/Payout Value ($) |
|---|---|---|---|---|
| 1/31/2024 | 25,000 | $435,500 | 8,500 | $148,070 |
| 1/31/2023 | 15,188 | $264,575 | — | — |
| 9/1/2022 | 2,500 | $43,550 | 9,840 | $171,413 |
| 4/10/2022 | 250 | $4,355 | — | — |
| 1/31/2022 | 4,375 | $76,213 | 37,848 | $659,312 |
Ownership Alignment Policies
- Insider Trading Policy prohibits short sales, options (puts/calls), hedging transactions (e.g., collars, equity swaps), and other speculative trading; no pledging language captured; no pledged shares disclosed for Cline .
- Executive stock ownership guidelines: 1x salary within five years (RSUs count, options excluded); all executives met guidelines .
Employment Terms
| Provision | Terms |
|---|---|
| CFO Appointment | Effective September 1, 2022; executive since August 2022; joined Travere in 2014 |
| Target Bonus | 50% of base salary (CFO) |
| Severance (without cause or constructive termination) | Cash equal to 1x annual base salary + annual target bonus paid over 12 months; up to 12 months COBRA; equity vesting accelerated to equal 12 months of additional service |
| Change-in-Control (double trigger) | Cash equal to 1.5x annual base salary + annual target bonus (lump sum); up to 18 months COBRA; full acceleration of all outstanding stock awards |
| Clawback | Dodd-Frank/NYSE/Nasdaq-compliant incentive compensation recoupment policy applies to awards |
| Equity Plan Guardrails | No single-trigger mandatory vesting on change-in-control; no repricing without stockholder approval; 12-month minimum vesting (5% carve-out); director compensation caps |
Company Voting and Governance Signals
| Proposal (May 15, 2025 Annual Meeting) | Votes For | Votes Against | Abstentions | Broker Non-Votes |
|---|---|---|---|---|
| Say-on-Pay (advisory) | 71,929,269 | 2,677,694 | 48,048 | 4,400,125 |
| Amended 2018 Equity Incentive Plan | 71,802,001 | 2,812,989 | 40,020 | 4,400,125 |
- Prior year’s say-on-pay (2024) received ~95% support, indicating strong stockholder acceptance of pay design .
Company Financial Context (for pay-for-performance)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $109,460,000* | $145,238,000 | $233,175,000 |
| EBITDA ($) | -$299,094,000* | -$338,214,000* | -$212,629,000* |
Values with an asterisk were retrieved from S&P Global.
Investment Implications
- Compensation alignment: Cline’s 2024 bonus and equity grants were tied to corporate outcomes—FILSPARI’s full approval, revenue growth, and regulatory progress—supporting pay-for-performance; annual bonus outcomes were based on 140% corporate goal achievement, while PSUs require milestone attainment with no vesting before 12 months .
- Retention vs selling pressure: Near-term vesting/exercisability of 207,186 options and 125 RSUs within 60 days of March 3, 2025 could create incremental insider selling pressure; option and RSU schedules stagger vesting over 4 years, supporting retention .
- Governance and dilution: Equity plan amendments (additional 4,000,000 shares) and a 2024 burn rate of 4.65% reflect broad-based equity use and potential future dilution; plan includes guardrails (no repricing, 12-month minimum vesting, no single-trigger CIC vesting) mitigating shareholder risk .
- Risk controls: Anti-hedging policy and clawback provisions reduce misalignment and misconduct risk; no pledging or related-party red flags disclosed for Cline .