Jula Inrig
About Jula Inrig
Jula Inrig, M.D., is Travere Therapeutics’ Chief Medical Officer, serving since January 1, 2022; she is board certified in nephrology and internal medicine, with prior leadership as Global Head of the Renal Center of Excellence at IQVIA, and faculty roles at UC Irvine and adjunct at Duke School of Medicine . Her compensation targets a 50% bonus to base salary with equity-heavy incentives tied to clinical, regulatory, and sales milestones, and she is covered by severance and change-in-control protections typical for NEOs . Company performance context: 2024 net product sales were ~$226.7M vs. ~$127.5M in 2023, and Pay-Versus-Performance disclosure shows 2024 TSR value of $122.68 for a fixed $100 initial investment; company-selected financial measure was net product sales for 2024 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Travere Therapeutics | Chief Medical Officer | Jan 2022 – present | Oversight of clinical programs and milestones contributing to corporate objectives and 2024 bonus outcomes . |
| IQVIA | Global Head, Renal Center of Excellence | Sep 2017 – Dec 2021 | Led design/execution strategy of trials leading to FDA and EC approvals in ADPKD and diabetic kidney disease . |
| IQVIA | Medical Director; Senior Medical Director | Aug 2012 – Mar 2015; Apr 2015 – Dec 2021 | Executed numerous global trials, including pivotal Phase 3 in FSGS, IgAN, and lupus nephritis . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Kidney Health Initiative (public–private partnership with FDA) | Board Director | Mar 2013 – Jan 2018 | Worked to improve therapy development in kidney disease . |
| University of California, Irvine | Faculty (Medicine) | Not disclosed | Faculty appointment; board certified nephrology/internal medicine . |
| Duke University School of Medicine | Adjunct (Medicine) | Not disclosed | Adjunct appointment; Masters of Health Science completed at Duke . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Actual Bonus Paid ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 522,083 | 50% | 367,500 | 13,378 (includes $1,700 group term life, $11,500 401(k) match, $178 service awards/logowear) | 1,681,277 |
| 2023 | 486,250 | 50% | 240,100 | 13,642 | 2,001,539 |
| 2022 | 445,000 | 50% | 233,625 | 12,304 | 2,866,793 |
| 2022 sign-on bonus | — | — | 125,000 | — | — |
Performance Compensation
Annual Cash Incentive (STIP) – 2024
| Metric | Target | Actual | Payout | Notes |
|---|---|---|---|---|
| Corporate objectives (operational & strategic) | 100% | Achieved at 140% level | Inrig payout = 70% of salary ($367,500) | Objectives included net product sales (~$226.7M vs. ~$127.5M 2023), pipeline milestones (FILSPARI sNDA, FSGS submission), financing ($134.7M net equity raise), manufacturing scale-up progress . |
Long-Term Equity Awards (2024 grants)
| Instrument | Grant | Vesting | Performance Link | Key Terms |
|---|---|---|---|---|
| Stock Options | 91,000 @ $8.93 (exp. 1/31/2034) | 25% at 1-year; remaining 75% monthly over next 3 years | Time-based | Annual grant cadence; options priced at close of grant date . |
| RSUs | 25,000 | 25% at 1-year; remaining three quarters in equal annual installments over next 3 years | Time-based | Market value disclosure based on $17.42 closing price at 12/31/2024 . |
| PSUs | 8,500 target | No vesting before 12 months; vest upon clinical/regulatory/sales milestones; potential up to +50% additional shares on accelerated timelines; expire after 4 years if not achieved | Performance-based | Milestones span clinical, regulatory and/or commercial . |
2024 Grants – Fair Value
| Award Type | Grant-date Fair Value ($) |
|---|---|
| Options (91,000) | 479,161 |
| RSUs (25,000) | 223,250 |
| PSUs (8,500) | 75,905 |
Vested in 2024
| Award Type | Shares Vested | Value Realized |
|---|---|---|
| RSUs/PSUs | 16,812 | $160,031 |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Total beneficial ownership | 151,486 shares; ownership flagged “*” for less than 1% of outstanding (88,757,341 shares as of 3/3/2025) . |
| Stock ownership guidelines | Executives (other than CEO) must hold company equity equal to at least 1x annual base salary within five years from April 2022 or appointment; all executive officers, including CEO, have met guidelines . |
| Clawback policy | Implemented; compliant with Dodd-Frank SEC rules . |
| Pledging/hedging | Not disclosed in retrieved sections; no pledging flagged in ownership table . |
Outstanding Equity Awards (as of 12/31/2024)
| Instrument | Grant Date | Exercisable | Unexercisable | Strike | Expiration | RSUs Unvested | PSUs Unearned | Notes |
|---|---|---|---|---|---|---|---|---|
| Options | 1/31/2024 | — | 91,000 | $8.93 | 1/31/2034 | — | — | New annual grant; monthly vest after 1-year cliff . |
| PSUs | 1/31/2024 | — | — | — | — | — | 8,500 | Vest on milestones; no vest <12 months . |
| RSUs | 1/31/2024 | — | — | — | — | 25,000 | — | 25% at 1-year, then annual . |
| Options | 1/31/2023 | 26,114 | 28,386 | $22.40 | 1/31/2033 | — | — | Standard vest . |
| RSUs | 1/31/2023 | — | — | — | — | 15,188 | — | Annual vest . |
| PSUs | 1/31/2022 | — | — | — | — | — | 8,000 | Milestone-based . |
| Options (new hire) | 1/1/2022 | 58,333 | 21,667 | $30.60 | 1/1/2032 | — | — | New hire; quarterly vest after cliff . |
| RSUs | 1/1/2022 | — | — | — | — | 10,000 | — | Annual vest; value calc at $17.42 . |
Employment Terms
| Provision | Base Case Termination (without cause/constructive) | Change-in-Control (double-trigger: within 3 months prior to or 12 months after) |
|---|---|---|
| Cash severance | 1.0x base salary + target bonus, paid over 12 months | 1.5x base salary + target bonus, lump sum |
| COBRA | Up to 12 months | Up to 18 months |
| Equity acceleration | Acceleration equal to 12 months of service post-separation (i.e., next 12 months’ scheduled vesting) | Full acceleration of all outstanding stock awards |
| Bonus target | 50% of base salary (current setting) | 50% applies to severance calculations |
| At-will | Yes | — |
Potential Payments – Amounts (as of 12/31/2024)
| Scenario | Severance ($) | Accrued Comp ($) | Stock Awards ($) | Medical ($) | Total ($) |
|---|---|---|---|---|---|
| Termination (no CIC) | 787,500 | 47,048 | 941,800 | 28,692 | 1,805,040 |
| Change-in-Control | 1,181,250 | 47,048 | 1,934,295 | 43,038 | 3,205,631 |
| Disability | 525,000 (base) | 262,500 (bonus) | 941,800 | 28,692 | 1,805,040 |
| Death | — | 47,048 | — | — | 309,548 (includes 100% target bonus $262,500) |
Company Performance Context (financials)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 109,460,000* | 145,238,000 | 233,175,000 |
| EBITDA ($) | -299,094,000* | -338,214,000* | -212,629,000* |
| Net Income - (IS) ($) | -278,482,000 | -111,399,000 | -321,545,000 |
Values marked with * retrieved from S&P Global.
Compensation Structure Analysis
- Equity-heavy mix with options, RSUs, and PSUs; 2024 awards include options (91,000), RSUs (25,000) and PSUs (8,500), reinforcing long-term alignment and milestone execution .
- PSUs emphasize clinical/regulatory/sales milestones with 12-month minimum vesting and up to +50% incremental shares for accelerated timelines, expiring after 4 years if not achieved—tight linkage to value-creation milestones and retention .
- STIP payout for 2024 reflects outperformance on corporate goals (140% achievement), with Inrig paid 70% of salary, aligning cash outcomes to operational execution rather than purely financial metrics .
- Stock ownership guideline compliance (≥1x salary within five years) and clawback policy reduce misalignment risk; no pledging flagged .
Vesting Schedules and Potential Insider Selling Pressure
- Near-term RSU vest: 2024 grant vests 25% on 1/31/2025 and annually thereafter; 2023 RSUs continue annual vesting; potential calendar-driven sales to cover taxes may occur around vest dates .
- Options: 2024 grant begins monthly vesting after 1-year cliff (from 1/31/2025), creating ongoing monthly incremental vest through 1/31/2028—monitor Form 4s around cliff/date and subsequent months .
- PSUs: vest contingent on milestones, with no vesting before 12 months; additional shares possible on accelerated timelines; awards expire after 4 years absent performance—selling pressure is milestone-driven rather than calendar-driven .
Equity Ownership & Award Detail (granular award terms)
| Award | Strike/Value Basis | Schedule |
|---|---|---|
| Options (1/31/2024) | $8.93; expires 1/31/2034 | 25% at 1 year; monthly thereafter for 3 years . |
| RSUs (1/31/2024) | Market value referenced at $17.42 for disclosure | 25% at 1 year; annual thereafter . |
| PSUs (1/31/2024) | Market value referenced at $17.42; target 8,500 | Milestone vest; no vest <12 months; potential +50% shares on acceleration; 4-year expiry . |
| Options (1/31/2023) | $22.40; expires 1/31/2033 | Standard cliff then monthly . |
| Options (1/1/2022 new hire) | $30.60; expires 1/1/2032 | Cliff then equal quarterly increments over 3 years . |
Risk Indicators & Red Flags
- Change-in-control double-trigger severance (1.5x salary+bonus cash and full equity acceleration) is shareholder-standard but creates meaningful payout leverage; monitor transaction scenarios .
- Equity award modification history for PSUs exists at company level (not specific to Inrig) due to divestiture of bile acid portfolio; highlights committee discretion in exceptional circumstances .
- No option exercises in 2024 by Inrig; RSU/PSU vesting occurred—limited realized gains despite vesting .
Say-on-Pay & Peer Group
- The company uses NASDAQ Biotechnology Index for TSR benchmarking in Pay-Versus-Performance disclosure .
- CEO pay ratio 17:1 for 2024 (PEO vs. median employee); NEO composition lists include Inrig for relevant years .
Expertise & Qualifications
- Education: B.A. (California State University, Sacramento); M.D. (Loma Linda University); internal medicine residency and nephrology fellowship at Duke; Masters of Health Science at Duke; >50 peer-reviewed publications/editorials; memberships in medical societies .
Work History & Career Trajectory
- IQVIA: Medical Director (2012–2015); Senior Medical Director (2015–2021); Global Head of Renal CoE (2017–2021), with regulatory approval outcomes in kidney indications .
- Academic: Faculty at UC Irvine; adjunct at Duke School of Medicine .
- Travere: CMO since Jan 2022 .
Investment Implications
- Alignment: Strong equity orientation (options, RSUs, PSUs) and compliance with ownership guidelines support alignment; clawback policy reduces tail risk from restatements .
- Retention and payout leverage: Double-trigger CIC (1.5x cash, full acceleration) and calendar-based RSU/option vesting create predictable vest windows; PSUs tie upside to regulatory/commercial milestones, potentially adding 50% shares on accelerated achievements—these are key trading windows and catalysts to monitor .
- Execution signals: 2024 STIP payout grounded in operational outperformance (net product sales growth, regulatory filings, financing, pipeline progress), indicating execution confidence; milestone-linked PSUs imply medium-term retention tied to clinical/regulatory outcomes .
- Financial backdrop: Revenues grew through 2024 while net losses persisted and EBITDA remained negative; cash/equity compensation is justified by milestone intensity, but selling pressure may cluster around vest dates and milestone events—monitor Form 4s near 1/31 annually and around expected FDA timelines .