89422GAA5 Filings — Travere Therapeutics, Inc. - FilingSpy
89422GAA5
Travere Therapeutics, Inc.
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A biopharmaceutical company focused on developing and commercializing therapies for rare kidney and metabolic diseases. Its lead product, FILSPARI (sparsentan), is FDA-approved to slow kidney function decline in adults with a rare kidney disease called primary IgA nephropathy, and the company also sells Thiola and Thiola EC for the kidney stone condition cystinuria. Its pipeline includes pegtibatinase, an investigational enzyme replacement therapy for the rare metabolic disorder classical HCU.
Travere posted Q2 2026 operating income of $4.0M, its second quarterly operating profit, on revenue of $169.6M.
Travere returned to quarterly , earning $4.0M in Q2 2026 after a loss a year earlier. rose 48% to $169.6M and held at 98.7% as FILSPARI net product sales climbed 96% to $141.1M following its FSGS approval, while a $40.0M note- expense and higher SG&A weighed on the result. The company is operating at near-breakeven with $489.1M in cash and securities funding beyond 12 months.
Key takeaways
was $4.0M versus a loss of $12.6M a year earlier and $36.9M the prior quarter, the second quarterly in the reported record after Q3 2025.
FILSPARI net product sales rose 96% to $141.1M, driving total up 48% to $169.6M and 33% from Q1, with the increase tied to IgAN growth and the April 2026 FSGS approval.
SG&A expenses rose 54% to $96.1M on commercial investment for the FILSPARI FSGS launch and expanded field force, and R&D rose 22% to $60.3M as Phase 3 HARMONY Study enrollment restarted.
Section summaries
Management's Discussion and Analysis
FILSPARI revenue more than doubled YoY to $141M in Q2 2026, driven by IgAN growth and the April 2026 FSGS approval.
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Total grew 48% to $169.6M in Q2 2026, primarily from FILSPARI net product sales rising 96% to $141.1M.
License and collaboration fell 58% to $8.2M, mainly due to a $17.5M CSL Vifor milestone recognized in Q2 2025.
A $40.0M was recorded for partial of 2.25% due 2029, a one-off cash item outside operations.
License and collaboration fell 58% to $8.2M, mainly because Q2 2025 included a $17.5M CSL Vifor milestone, removing that comparison from this quarter.
Cash and equivalents plus totaled $489.1M at quarter-end, which management expects to fund operations beyond 12 months.
What changed
The FY 2025 filing flagged the April 13, 2026 PDUFA date for the FILSPARI FSGS sNDA; the Q2 filing shows the approval was received in April 2026 and drove to $141.1M.
Q1 2026 flagged Q2 FILSPARI sales against the $105.2M Q1 base to confirm FSGS-launch uptake; Q2 rose to $141.1M, a 34% sequential increase.
Q1 2026 flagged R&D as HARMONY enrollment scales; R&D rose to $60.3M from $57.1M, consistent with the restarted pause.
Q1 2026 flagged tiopronin sales after intangible ended March 31, 2026; the Q2 table shows no separate tiopronin line, and the risk section notes generic erosion continues.
The FY 2025 report showed Q4 of $129.7M down 21% sequentially from Q3; Q2 2026 at $169.6M reversed that decline and set a new quarterly high.
What to watch
Q3 2026 FILSPARI net product sales against the $141.1M Q2 base to confirm FSGS-launch demand holds.
Next-quarter R&D expense as Phase 3 HARMONY Study enrollment scales after the restarted pause.
Cash and securities balance against ~$620M total indebtedness as the $40.0M note reduces 2029 Notes.
Q3 2026 tiopronin sales to measure the remaining Thiola EC franchise after ended.
R&D expenses increased 22% to $60.3M, largely from restarting enrollment in the pegtibatinase Phase 3 HARMONY Study.
SG&A expenses surged 54% to $96.1M, reflecting commercial investments for the FILSPARI FSGS launch and expanded field force.
A $40.0M was recorded for the partial of 2.25% due 2029.
Cash and equivalents plus marketable securities totaled $489.1M at quarter-end, with management expecting this to fund operations beyond 12 months.
Quantitative and Qualitative Disclosures About Market Risk
Interest rate risk on $489.2M in short-term investments is the primary exposure; a 100 bps rise would reduce fair value by ~$3.1M.
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Cash equivalents and marketable debt securities totaled $489.2 million as of June 30, 2026, invested in money market funds, U.S. agency debt, municipals, corporates, and commercial paper.
A hypothetical 100-basis-point increase in interest rates would have an estimated $3.1 million negative impact on the of the investment portfolio.
Credit risk is mitigated by an investment policy that limits holdings to primarily investment-grade instruments and restricts maturities and concentration by asset class and issuer.
The company does not hedge its foreign currency exchange rate risk arising from vendor contracts denominated in foreign currencies.
Inflationary pressures have increased labor costs and third-party service fees but have not altered the company's current outlook or business objectives.
The information required by this Item is incorporated herein by reference to the Notes to the Unaudited Consolidated Financial Statements--Note 13 Commitments and Contingencies: Legal Proceedings in Part I, Item 1, of this Quarterly Report on Form 10-Q. 37 Table of Contents
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The information required by this Item is incorporated herein by reference to the Notes to the Unaudited Consolidated Financial Statements--Note 13 Commitments and Contingencies: Legal Proceedings in Part I, Item 1, of this Quarterly Report on Form 10-Q.
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Table of Contents
Commercialization of FILSPARI in IgAN and FSGS, manufacturing reliance, and evolving competition and pricing pressures are the most material risks.
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Near-term success depends almost entirely on U.S. commercialization of FILSPARI for IgAN and the newly approved FSGS indication, with market acceptance uncertain given no prior non-immunosuppressive IgAN treatment or any approved FSGS therapy.
A voluntary enrollment pause in the pivotal Phase 3 HARMONY Study for pegtibatinase occurred due to manufacturing scale-up issues; although restarted, the timeline and success are not guaranteed.
The company is dependent on sole-source third-party manufacturers for FILSPARI and Thiola, and a key sparsentan supplier was added to a U.S. government list that could restrict future sourcing under the BIOSECURE Act.
Generic competition has already eroded Thiola and Thiola EC revenues, and additional generic entrants, along with potential future generic FILSPARI, could materially impact sales.
Evolving U.S. and international drug pricing reforms, including Most-Favored Nation executive orders and the Medicare Drug Price Negotiation Program, could significantly reduce product and profitability.
The company has substantial indebtedness of approximately $620 million, and its ability to service or the 2029 and 2032 Notes depends on generating sufficient cash flow or securing additional financing.