Travere Therapeutics, Inc.

Listed Company

TVTXCIK 0001438533NasdaqLarge AcceleratedPharmaceutical PreparationsCaliforniaFY ends Dec 31

Period

FY 2025

Revenue

$490.73M

Net Income

$-25.55M

Total Assets

$605.19M

Equity

$114.83M

Shares Out

92.24M

Op. Cash Flow

$37.78M

Business

Travere Therapeutics, Inc. is a biopharmaceutical company developing and commercializing therapies for rare kidney and metabolic diseases. Its main products and programs include the approved oral dual endothelin-angiotensin receptor antagonist FILSPARI (sparsentan), the investigational enzyme replacement pegtibatinase for homocystinuria, and marketed tiopronin formulations (Thiola/Thiola EC), alongside research and licensing activities. The company organizes operations across commercialized products, clinical-stage programs, preclinical collaborations, and licensing/royalty arrangements. It sells and supports products primarily in the United States and, via partners, in Europe, the UK, Switzerland and select Asian territories through specialty pharmacies and direct-to-patient channels.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	491	233	145	109	132
Cost of goods sold	10	8	11	4	4
Research and development	206	217	245	227	201
Selling, general and administrative	337	264	266	198	126
In-process research and development	0	65	0	0	—
Restructuring	0	2	11	0	0
Total operating expenses	554	557	533	429	331
Operating loss	−63	−324	−388	−320	−199
Interest income	13	18	22	6	2
Interest expense	−11	−11	−11	−11	—
Other income (expense), net	12	−3	2	974,000	231,000
Total other income, net	14	3	12	−11	−17
Loss from continuing operations before income tax provision	−49	−321	−376	−331	−217
Income tax provision on continuing operations	−988,000	−120,000	−223,000	−313,000	−409,000
Loss from continuing operations, net of tax	−50	−321	−376	−331	−217
Income (loss) from discontinued operations, net of tax	25	−915,000	265	53	37
Net loss	−26	−322	−111	−278	−180
Net loss from continuing operations, basic (in dollars per share)	−0.57	−4.07	−5.07	−5.2	−3.63
Net loss from continuing operations, diluted (in dollars per share)	−0.57	−4.07	−5.07	−5.2	−3.63
Net income (loss) from discontinued operations, basic (in dollars per share)	0.28	−0.01	3.57	0.83	0.62
Net income (loss) from discontinued operations, diluted (in dollars per share)	0.28	−0.01	3.57	0.83	0.62
Net loss per common share, basic (in dollars per share)	−0.29	−4.08	−1.5	−4.37	−3.01
Net loss per common share, diluted (in dollars per share)	−0.29	−4.08	−1.5	−4.37	−3.01
Weighted average common shares outstanding, basic (in shares)	89	79	74	64	60
Weighted average common shares outstanding, diluted (in shares)	89	79	74	64	60
Unrealized gain (loss) on defined benefit pension plan	219,000	328,000	−374,000	−368,000	0
Foreign currency translation (loss) gain	−945,000	1	−2	507,000	2
Unrealized (loss) gain on marketable debt securities	−383,000	−374,000	4	−2	−1
Comprehensive loss	−27	−320	−110	−281	−180

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	93	59	58	62	166
Marketable debt securities, at fair value	230	312	509	389	387
Accounts receivable, net	80	27	21	17	16
Inventory	6	6	—	—	—
Prepaid expenses and other current assets	29	13	19	12	7
Total current assets	438	417	617	486	583
Long-term inventory	30	36	31	0	—
Property and equipment, net	4	5	7	9	11
Operating lease right-of-use assets	11	14	18	21	23
Intangible assets, net	114	104	104	97	148
Other assets	9	18	11	11	11
Total assets	605	594	789	673	777
Accounts payable	25	24	42	17	15
Accrued expenses	126	86	119	96	75
Convertible debt, current portion	0	69	0	—	—
Operating lease liabilities, current portion	6	5	5	4	4
Other current liabilities	3	17	5	6	6
Total current liabilities	160	201	178	142	124
Convertible debt, less current portion	312	310	377	376	227
Operating lease liabilities, less current portion	11	17	23	28	31
Other non-current liabilities	8	7	10	9	12
Total liabilities	490	535	588	630	475
Commitments and Contingencies (See Note 11)	—	—	—	—	—
Preferred stock $0.0001 par value; 20,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock $0.0001 par value; 200,000,000 shares authorized; 90,922,868 and 87,452,835 issued and outstanding as of December 31, 2025 and 2024, respectively	9,000	9,000	7,000	6,000	6,000
Additional paid-in capital	1,589	1,506	1,328	1,060	1,069
Accumulated deficit	−1,473	−1,447	−1,126	−1,014	−766
Accumulated other comprehensive loss	−1	−80,000	−1	−3	−562,000
Total stockholders' equity	115	59	201	43	302
Total liabilities and stockholders' equity	605	594	789	673	777

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	61	44	39	21	13
Share based compensation	45	37	44	38	30
Loss on allowance for inventory	684,000	3	3	1	498,000
Amortization of debt discount and issuance costs	2	2	2	2	11
Amortization of discounts on investments	−4	−5	−7	−700,000	2
Other	−1	8	−4	1	4
Accounts receivable	−28	−6	−11	−1	853,000
Inventory	5	−4	−39	−1	117,000
Income taxes	849,000	−41,000	−35,000	−374,000	17
Prepaid expenses and other current and non-current assets	−8	−3	−5	−5	−1
Change in lease assets and liabilities, net	−622,000	−949,000	−986,000	−984,000	6
Accounts payable	−85,000	−18	25	2	2
Accrued expenses	29	−31	22	22	17
Deferred revenue, current and non-current	−3	−6	−16	−13	38
Other current and non-current liabilities	−10	6	−418,000	−2	1
Net cash provided by (used in) operating activities - continuing operations	38	−230	−325	−261	−76
Net cash (used in) provided by operating activities - discontinued operations	0	−7	45	75	61
Net cash provided by (used) in operating activities	38	−237	−280	−186	−15
Proceeds from the sale and maturity of marketable debt securities	324	326	335	382	434
Purchase of marketable debt securities	−237	−126	−444	−385	−547
Purchase of intangible assets	−58	−36	−42	−28	−19
Payment of milestone	0	−65	0	0	—
Other	−404,000	−40,000	−668,000	−791,000	0
Net cash provided by (used in) investing activities - continuing operations	28	99	−152	−33	−138
Net cash provided by investing activities - discontinued operations	0	0	207	0	0
Net cash provided by investing activities	28	99	56	−33	−138
Payment of guaranteed minimum royalty	−2	−2	−2	−2	−2
Repayment of 2025 convertible senior notes	−69	0	0	−211	0
Proceeds from the issuance of common stock, net of issuance costs	0	135	191	0	189
Proceeds from the issuance of pre-funded warrants, net of issuance costs	0	0	25	0	0
Proceeds from exercise of stock options	35	4	3	5	13
Proceeds from the issuances under the employee stock purchase plan	3	2	3	3	2
Net cash (used in) provided by financing activities - continuing operations	−33	139	220	120	238
Net cash used in financing activities - discontinued operations	0	0	−1	−2	−6
Net cash (used in) provided by financing activities	−33	139	219	118	232
Effect of exchange rate changes on cash	2	−913,000	2	−3	2
Net increase (decrease) in cash and cash equivalents	35	359,000	−4	−104	81
Operating cash flows used for operating leases	7	6	6	6	2
Cash paid for interest	9	9	9	10	7
Accrued royalty in excess of minimum payable to the sellers of Thiola	14	15	16	16	19

Filings

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