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Travere Therapeutics (Nasdaq: TVTX) grows FILSPARI sales to $141.1M

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Travere Therapeutics reported second quarter 2026 results driven by FILSPARI demand in IgA nephropathy and FSGS. U.S. net product sales rose to $161.4 million from $94.8 million, including FILSPARI sales of $141.1 million, and 2,012 new patient start forms. A recognized inducement expense of $40.0 million related to 2029 convertible note repurchases contributed to a GAAP net loss of $34.8 million or $0.37 per share; non-GAAP net loss was $9.0 million or $0.10 per share. Cash, cash equivalents, and marketable securities totaled $489.2 million as of June 30, 2026, after issuing $525 million of 0.5% convertible notes due 2032 and repurchasing approximately $221 million of 2.25% notes due 2029.

Travere advanced its rare kidney disease portfolio. FILSPARI received U.S. approval in April 2026 to reduce proteinuria in FSGS patients without nephrotic syndrome, with a U.S. addressable population above 30,000 and a U.S. patent allowance expected to extend IgA nephropathy method-of-use coverage into October 2037. The pivotal Phase 3 HARMONY Study of pegtibatinase in classical homocystinuria continues enrolling, with topline data expected in 2H 2027. The company also closed an exclusive licensing and collaboration agreement for civorebrutinib, paying $112.5 million upfront for rights outside Greater China and certain Asian countries, and plans to study it across multiple immune-mediated kidney diseases.

Positive

  • U.S. net product sales in Q2 2026 increased to $161.4 million from $94.8 million a year earlier, led by FILSPARI net sales of $141.1 million and 2,012 new patient start forms, showing strong commercial uptake of the lead product.
  • Travere ended June 30, 2026 with $489.2 million in cash, cash equivalents, and marketable securities, providing substantial liquidity to fund the pegtibatinase Phase 3 HARMONY Study and the newly in-licensed civorebrutinib program.

Negative

  • Despite revenue growth, GAAP net loss for Q2 2026 widened to $34.8 million ($0.37 per share) from $12.8 million ($0.14 per share) in Q2 2025, and stockholders’ equity declined to $24.5 million from $114.8 million at December 31, 2025.
  • Travere incurred a $40.0 million inducement expense tied to 2029 convertible note repurchases and increased convertible debt outstanding to $602.8 million, adding financial leverage alongside ongoing net losses.

Filing Explained

As of June 30, issued common shares were 94,174,767 versus 90,922,868, while reported liquidity predates the July 112.5 million dollar payment.

This August 4 Form 8-K furnishes Travere’s second-quarter results and corporate update; its balance sheet shows 94.17 million common shares issued and outstanding at June 30, 2026, versus 90.92 million at December 31, 2025, so existing holders’ percentage ownership is lower absent offsetting changes.

The filing does not identify the cause of that share-count change, and it does not state that additional shares were sold in this filing; the disclosed state is issued and outstanding shares already reflected on the balance sheet.

The reported $489.2 million of cash, cash equivalents, and marketable securities is measured at June 30, 2026 and therefore predates the $112.5 million upfront cash payment made in July for the civorebrutinib transaction; no post-payment liquidity balance is provided.

The next quarterly balance sheet is the specified resolution point for the company’s liquidity after that July payment and for any further change in common shares outstanding.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
U.S. net product sales Q2 2026 $161.4 million Quarter ended June 30, 2026, compared with $94.8 million in Q2 2025
FILSPARI U.S. net product sales Q2 2026 $141.1 million Second quarter 2026 FILSPARI net product sales, 96% year-over-year growth
GAAP net loss Q2 2026 $34.8 million; $0.37 per basic share Net loss for the quarter ended June 30, 2026
Non-GAAP net loss Q2 2026 $9.0 million; $0.10 per basic share Non-GAAP adjusted net loss for the quarter ended June 30, 2026
Cash, cash equivalents, and marketable securities $489.2 million Balance as of June 30, 2026
Upfront payment for civorebrutinib license $112.5 million Cash payment to Everest Medicines in July 2026 at transaction closing
Convertible notes issued May 2026 $525 million, 0.5% due 2032 New convertible notes issuance with partial repurchase of 2029 notes
New patient start forms (PSFs) Q2 2026 2,012 PSFs PSFs received in the second quarter of 2026 for FILSPARI
non-GAAP financial
"On a non-GAAP adjusted basis, net loss for the second quarter of 2026 was $9.0 million"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
convertible notes financial
"525 million of 0.5% convertible notes due 2032 were issued and approximately $221 million"
Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.
Focal Segmental Glomerulosclerosis (FSGS) medical
"approved FILSPARI to reduce proteinuria in adult and pediatric patients aged 8 years and older with FSGS"
A disease in which parts of the kidney’s tiny filters become scarred and stop working properly, causing protein to leak into the urine and progressively reducing kidney function. Think of it as a coffee filter developing holes and clogs: the filter can’t keep the liquid clean, which can lead to costly treatment or dialysis if it worsens. Investors watch it because the condition drives demand for diagnostics, drugs, and procedures, influences clinical trial activity and regulatory outcomes, and can affect healthcare spending and company revenues in the nephrology and biotech sectors.
REMS medical
"FILSPARI is available only through a restricted program called the FILSPARI REMS"
Risk Evaluation and Mitigation Strategies (REMS) are safety programs required by regulators for certain medications to make sure their benefits outweigh known dangers; they can include extra training, special certifications for prescribers, restricted distribution channels, patient monitoring, or paperwork. For investors, REMS act like a safety checkpoint that can slow or limit a drug’s sales, raise costs, complicate manufacturing and distribution, and affect revenue forecasts and legal risk, so they matter for a product’s market potential and timeline.
homocystinuria (HCU) medical
"The HARMONY Study is expected to enroll approximately 70 patients aged 12 to 65 with classical HCU"
Bruton’s tyrosine kinase (BTK) inhibitor medical
"civorebrutinib is an investigational, potential best-in-class oral, covalent reversible Bruton’s tyrosine kinase (BTK) inhibitor"
A Bruton’s tyrosine kinase (BTK) inhibitor is a type of drug that blocks a specific protein (BTK) involved in signals that help certain white blood cells grow and survive. For investors, these drugs matter because they can treat blood cancers and inflammatory diseases; successful BTK inhibitors can drive drug sales, affect regulatory risk, and change a company’s valuation much like a new, more efficient tool can reshape demand in an industry.
U.S. net product sales $161.4 million Increased from $94.8 million in the same quarter of 2025
FILSPARI U.S. net product sales $141.1 million Increased from $71.9 million in the same quarter of 2025
GAAP net loss $34.8 million; $0.37 per basic share Wider than $12.8 million; $0.14 per basic share in Q2 2025
Non-GAAP net (loss) income $9.0 million loss; $0.10 per basic share Compared with $11.9 million income; $0.13 per basic share in Q2 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Travere Therapeutics (TVTX) perform financially in Q2 2026?
Travere generated total revenue of 169,584 (in thousands of dollars) in Q2 2026 and reported a GAAP net loss of $34.8 million, or $0.37 per basic share, compared with a $12.8 million net loss, or $0.14 per share, in Q2 2025.

What drove Travere Therapeutics (TVTX) revenue growth in the quarter ended June 30, 2026?
Growth was led by FILSPARI. U.S. net product sales rose to $161.4 million from $94.8 million, including FILSPARI net sales of $141.1 million, representing 96% year-over-year growth and 2,012 new patient start forms across IgA nephropathy and FSGS.

What is Travere Therapeutics’ (TVTX) cash and debt position as of June 30, 2026?
As of June 30, 2026, Travere held $489.2 million in cash, cash equivalents, and marketable securities. During May 2026 it issued $525 million of 0.5% convertible notes due 2032 and repurchased about $221 million of 2.25% notes due 2029, leaving convertible debt of $602.8 million.

What are the key pipeline milestones highlighted by Travere Therapeutics (TVTX)?
Travere expects topline Phase 3 HARMONY data for pegtibatinase in classical HCU in 2H 2027, SPARX transplant data presentations in 2027, and plans to initiate the SPARLIGHT Phase 4 FSGS study in 2H 2026, while advancing civorebrutinib across multiple immune-mediated kidney diseases.

What is the pegtibatinase HARMONY Study described by Travere Therapeutics (TVTX)?
HARMONY is a pivotal Phase 3 trial in classical HCU, enrolling about 70 patients aged 12–65 with plasma total homocysteine ≥50 µM. The primary endpoint is change from baseline in plasma total homocysteine over weeks 6–12 versus placebo, with durability through week 24 as a key secondary endpoint.

What are the terms of Travere Therapeutics’ (TVTX) civorebrutinib licensing deal?
In July 2026, Travere closed an exclusive licensing and collaboration agreement with Everest Medicines for civorebrutinib, paying an upfront $112.5 million cash payment for rights in the U.S. and global markets excluding Greater China and certain East and Southeast Asian countries.
0001438533false00014385332026-08-042026-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
___________________________
Current Report
Pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2026
___________________________
TRAVERE THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
___________________________

Delaware
001-36257
27-4842691
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification No.)
3611 Valley Centre Drive, Suite 300
San Diego, CA 92130
(Address of Principal Executive Offices, including Zip Code)

(888) 969-7879
(Registrant’s Telephone Number, including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.0001 per share
TVTX
The Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02    Results of Operations and Financial Condition.
On August 4, 2026, Travere Therapeutics, Inc. (the “Company”) issued a press release announcing, among other things, its financial results for the quarter ended June 30, 2026. A copy of the press release and accompanying information is attached as Exhibit 99.1 to this current report.

The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02, and Exhibit 99.1 attached hereto, shall not be incorporated by reference into any registration statement or other document filed with the Securities and Exchange Commission, whether filed before or after the date hereof regardless of any general incorporation language in any such filing, unless the registrant expressly sets forth in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No.Description
99.1
Press release of Travere Therapeutics, Inc. dated August 4, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
TRAVERE THERAPEUTICS, INC.
Dated: August 4, 2026
By:/s/ Eric Dube
Name:Eric Dube
Title:Chief Executive Officer



Exhibit 99.1
image.jpg

Contact:
Investors:Media:
888-969-7879888-969-7879
IR@travere.commediarelations@travere.com

Travere Therapeutics Reports Second Quarter 2026 Financial Results
Strong FSGS launch and continued IgAN growth drive robust FILSPARI demand; 2,012 new PSFs received during the second quarter
U.S. net product sales of FILSPARI grew 96% year-over-year to $141 million
Enrollment of pegtibatinase Phase 3 HARMONY Study in HCU continues; Topline data expected in 2H 2027
In-licensing of civorebrutinib expands long-term growth opportunities in multiple immune-mediated rare kidney diseases

SAN DIEGO, August 4, 2026 – Travere Therapeutics, Inc. (Nasdaq: TVTX) today reported its second quarter 2026 financial results and provided a corporate update.
“With an exceptional second quarter, Travere has entered a new chapter of near- and long-term growth,” said Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics. “Our performance reflects the strength of the company we are building and the disciplined execution of our teams as we continue to deliver on our strategy. During the quarter, we made meaningful progress across each of our strategic growth pillars, driving continued commercial momentum for FILSPARI, including a promising early launch in FSGS and continued strength in IgA nephropathy, as well as advancing our pegtibatinase program toward its pivotal Phase 3 readout and expanding our rare kidney disease pipeline through the addition of civorebrutinib. Together, these strengthen the durability of our growth profile, diversify our pipeline and reinforce our commitment to delivering meaningful new therapies for people living with rare diseases.”
Financial Results for the Quarter Ended June 30, 2026
U.S. net product sales for the second quarter of 2026 were $161.4 million, compared to $94.8 million for the same period in 2025. U.S. net product sales for the six months ended June 30, 2026, were $285.8 million, compared to $170.7 million for the same period in 2025.
•U.S. net product sales of FILSPARI totaled $141.1 million in the second quarter of 2026, representing 96% growth year-over-year. U.S. net product sales of FILSPARI for the six months ended June 30, 2026, were $246.2 million, representing 93% growth year-over-year.
•The first months of the FSGS launch and continued growth in IgAN resulted in 2,012 new patient start forms (PSFs) received during the second quarter of 2026.
Research and development (R&D) expenses for the second quarter of 2026 were $60.3 million, compared to $49.4 million for the same period in 2025. For the six months ended June 30, 2026, R&D expenses were $117.4 million, compared to $96.3 million for the same period in 2025. The increase is primarily attributable to advancement of the Phase 3 HARMONY Study and manufacturing of pegtibatinase for classical HCU.
•On a non-GAAP adjusted basis, R&D expenses were $53.4 million for the second quarter of 2026 and $105.0 million for the six months ended June 30, 2026, compared to $45.4 million and $87.5 for the same periods in 2025, respectively.
Selling, general, and administrative (SG&A) expenses for the second quarter of 2026 were $96.1 million, compared to $62.6 million for the same period in 2025. For the six months ended June 30, 2026, SG&A expenses were $176.4 million, compared to $123.0 million for the same period in 2025. The difference is largely attributable to commercial investments supporting the recent launch of FILSPARI in FSGS, as well as ongoing commercialization efforts in IgAN.
•On a non-GAAP adjusted basis, SG&A expenses were $80.8 million for the second quarter of 2026 and $150.1 million for the six months ended June 30, 2026, compared to $55.5 million and $108.8 for the same periods in 2025, respectively.
Total other expense, net for the second quarter of 2026 was $39.0 million, compared to $0.1 million for the same period in 2025. Total other expense, net for the six months ended June 30, 2026, was $38.8 million, compared to total other income, net of $1.4 million for the same period in 2025. The difference is largely attributable to a recognized inducement expense of $40.0 million related to 2029 convertible note repurchases completed in the second quarter of 2026.
Net loss for the second quarter of 2026 was $34.8 million, or $0.37 per basic share, compared to $12.8 million, or $0.14 per basic share for the same period in 2025. For the six months ended June 30, 2026, net loss was $71.9 million, compared to $54.0 million for the same period in 2025.
1

•On a non-GAAP adjusted basis, net loss for the second quarter of 2026 was $9.0 million, or $0.10 per basic share, compared to a net income of $11.9 million, or $0.13 per basic share for the same period in 2025. For the six months ended June 30, 2026, non-GAAP net loss was $4.8 million, compared to $5.0 million for the same period in 2025.
As of June 30, 2026, the Company had cash, cash equivalents, and marketable securities of $489.2 million. This includes net cash proceeds of approximately $158 million from the Company’s convertible note transactions in May 2026, in which $525 million of 0.5% convertible notes due 2032 were issued and approximately $221 million of the Company's $316 million 2.25% convertible notes due 2029 were repurchased. In July 2026, the Company made a $112.5 million upfront cash payment to Everest Medicines following the closing of the civorebrutinib in-licensing transaction.
Program Updates
FILSPARI® (sparsentan) – IgA Nephropathy (IgAN)
•The SPARX Study evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS has completed enrollment, with data presentations anticipated in 2027.
•In May 2026, the United States Patent and Trademark Office (USPTO) issued a Notice of Allowance for U.S. Patent Application No. 19/253,088, titled “Biphenyl Sulfonamide Compounds for the Treatment of Kidney Diseases or Disorders,” directed to certain methods of using FILSPARI in IgA nephropathy. Upon issuance, the patent is expected to provide U.S. patent coverage for certain methods of using sparsentan in IgA nephropathy into October 2037.
•In June 2026, the Company’s partner, Chugai Pharmaceutical, submitted a New Drug Application for sparsentan in Japan. Travere remains eligible to receive milestone payments related to the sparsentan regulatory process and net sales achievements in licensed territories, as well as tiered royalties.
FILSPARI® (sparsentan) – Focal Segmental Glomerulosclerosis (FSGS)
•In April 2026, the U.S. Food and Drug Administration (FDA) approved FILSPARI to reduce proteinuria in adult and pediatric patients aged 8 years and older with FSGS without nephrotic syndrome. FILSPARI is the first and only FDA-approved medicine for FSGS, with an estimated addressable population in the U.S. of more than 30,000 patients without nephrotic syndrome.
•At the 63rd European Renal Association (ERA) 2026 Congress, Travere presented long-term results from the ongoing Phase 3 DUPLEX Study open-label extension (OLE). Patients who initiated FILSPARI in the double-blind period and remained on therapy in the OLE maintained durable reductions in proteinuria, resulting in further achievement of clinically meaningful low proteinuria thresholds over time. Patients who transitioned from active control maximum labeled dose irbesartan to FILSPARI at the start of the OLE experienced rapid and sustained reductions in proteinuria similar to those who initiated FILSPARI at the beginning of the double-blind period.
•In 2H 2026, the Company plans to initiate a Phase 4, open-label, single-arm, multi-center study to further evaluate the efficacy and safety of FILSPARI in adult and pediatric patients of African ancestry with FSGS and at high risk of disease progression (SPARLIGHT).
Pegtibatinase (TVT-058) – Classical Homocystinuria (HCU)
•The Company is continuing to enroll new patients in the pivotal Phase 3 HARMONY Study, with topline data anticipated in 2H 2027.
•The HARMONY Study is expected to enroll approximately 70 patients aged 12 to 65 with plasma total homocysteine (tHcy) levels ≥50 µM. The primary endpoint is change from baseline in plasma tHcy levels, averaged across weeks 6 through 12, in patients receiving pegtibatinase compared with those receiving placebo, with durability of response through Week 24 as a key secondary endpoint.
•Pegtibatinase has the potential to become the first and only disease-modifying therapy for people living with HCU.
Civorebrutinib (EVER001) – Primary Membranous Nephropathy (pMN) and Other Renal Indications
•In July 2026, the Company closed an exclusive licensing and collaboration agreement with Everest Medicines for civorebrutinib (also known as EVER001), an investigational, potential best-in-class oral, covalent reversible Bruton’s tyrosine kinase (BTK) inhibitor, obtaining rights in the U.S. and global markets excluding Greater China and certain countries in East and Southeast Asia.
•Civorebrutinib has the potential to serve as a pipeline-in-a-product across multiple immune-mediated kidney diseases. Travere plans to investigate civorebrutinib in pMN, immune-mediated FSGS and minimal change disease (MCD), with the potential for additional indications. These diseases share immune-mediated mechanisms that can lead to glomerular damage, resulting in proteinuria and impaired kidney function that may ultimately require dialysis or transplant. Civorebrutinib may also broaden future treatment approaches in FSGS, where both nephroprotective and targeted immune control approaches may play important roles.
•Civorebrutinib represents a strategic and complementary addition to Travere’s rare kidney disease portfolio.

Conference Call Information
Travere Therapeutics will host a conference call and webcast today, August 4, 2026, at 4:30 p.m. ET to discuss company updates and second quarter 2026 financial results. To participate in the conference call, dial +1 (800) 715-9871 (U.S.) or +1 (646) 307-1963 (International), conference ID 7357374 shortly before 4:30 p.m. ET. The webcast can be accessed on the Investor page of Travere’s website at ir.travere.com/events-and-presentations. Following the live webcast, an archived version of the call will be available for 30 days on the Company’s website.
2

Use of Non-GAAP Financial Measures
To supplement Travere’s financial results and guidance presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP adjusted financial measures in this press release and the accompanying tables. The Company believes that these non-GAAP financial measures are helpful in understanding its past financial performance and potential future results. They are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with the consolidated financial statements prepared in accordance with GAAP. Travere’s management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate its business and make operating decisions. In addition, Travere believes that the use of these non-GAAP measures enhances the ability of investors to compare its results from period to period and allows for greater transparency with respect to key financial metrics the Company uses in making operating decisions.
Investors should note that these non-GAAP financial measures are not prepared under any comprehensive set of accounting rules or principles and do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP. Investors should also note that these non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future the Company may exclude other items, or cease to exclude items that it has historically excluded, for purposes of its non-GAAP financial measures; because of the non-standardized definitions, the non-GAAP financial measures as used by the Company in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by the Company’s competitors and other companies.
As used in this press release, (i) the historical non-GAAP net income (loss) measures exclude from GAAP net income (loss), as applicable, stock-based compensation expense, amortization and depreciation expense, and income tax; (ii) the historical non-GAAP SG&A expense measures exclude from GAAP SG&A expenses, as applicable, stock-based compensation expense, and amortization and depreciation expense; (iii) the historical non-GAAP R&D expense measures exclude from GAAP R&D expenses, as applicable, stock-based compensation expense, and amortization and depreciation expense; (iv) royalty expense excludes amortization of capitalized royalties and milestone payments associated with intangible assets accounted for under the cost accumulation model. Under the cost accumulation model, the Company records royalties based on the net sales for the period and milestones when earned from licensing agreements as an increase in the cost basis of the intangible asset. These capitalized amounts are subsequently amortized over the remaining useful life of the intangible asset.
About Travere Therapeutics
At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow. For more information, visit travere.com.
FILSPARI® (sparsentan) U.S. Indication
FILSPARI® (sparsentan) is indicated:
•To slow kidney function decline in adults with primary immunoglobulin A nephropathy (IgAN) who are at risk for disease progression.
•To reduce proteinuria in adult and pediatric patients aged 8 years and older with focal segmental glomerulosclerosis (FSGS) without nephrotic syndrome.
IMPORTANT SAFETY INFORMATION
BOXED WARNING: HEPATOTOXICITY AND EMBRYO-FETAL TOXICITY
Because of the risk of hepatotoxicity, FILSPARI is available only through a restricted program called the FILSPARI REMS. Under the FILSPARI REMS, prescribers, patients and pharmacies must enroll in the program.
Hepatotoxicity
Some Endothelin Receptor Antagonists (ERAs) have caused elevations of aminotransferases, hepatotoxicity, and liver failure. In clinical studies, elevations in aminotransferases (ALT or AST) of at least 3-times the Upper Limit of Normal (ULN) have been observed in up to 3.5% of FILSPARI-treated patients, including cases confirmed with rechallenge.
Measure transaminases and bilirubin before initiating treatment and then every 3 months during treatment. Interrupt treatment and closely monitor patients who develop aminotransferase elevations more than 3x ULN.
FILSPARI should generally be avoided in patients with elevated aminotransferases (>3x ULN) at baseline because monitoring for hepatotoxicity may be more difficult and these patients may be at increased risk for serious hepatotoxicity.
Embryo-Fetal Toxicity
FILSPARI is contraindicated for use during pregnancy because it may cause fetal harm if used by pregnant patients. Therefore, in patients who can become pregnant, exclude pregnancy prior to initiation of FILSPARI. Advise use of effective contraception before the initiation of treatment, during treatment, and for two weeks after discontinuation of treatment with FILSPARI. When pregnancy is detected, discontinue FILSPARI as soon as possible.
Contraindications
FILSPARI is contraindicated in patients who are pregnant. Do not coadminister FILSPARI with angiotensin receptor blockers (ARBs), ERAs, or aliskiren.
3

Warnings and Precautions
•Hepatotoxicity: Elevations in ALT or AST of at least 3-fold ULN have been observed in up to 3.5% of FILSPARI-treated patients, including cases confirmed with rechallenge. While no concurrent elevations in bilirubin >2-times ULN or cases of liver failure were observed in FILSPARI-treated patients in clinical trials, some ERAs have caused elevations of aminotransferases, hepatotoxicity, and liver failure. To reduce the risk of potential serious hepatotoxicity, measure serum aminotransferase levels and total bilirubin prior to initiation of treatment and then every 3 months during treatment.
Advise patients with symptoms suggesting hepatotoxicity (nausea, vomiting, right upper quadrant pain, fatigue, anorexia, jaundice, dark urine, fever, or itching) to immediately stop treatment with FILSPARI and seek medical attention. If aminotransferase levels are abnormal at any time during treatment, interrupt FILSPARI and monitor as recommended.
Consider re-initiation of FILSPARI only when hepatic enzyme levels and bilirubin return to pretreatment values and only in patients who have not experienced clinical symptoms of hepatotoxicity. Avoid initiation of FILSPARI in patients with elevated aminotransferases (>3x ULN) because monitoring hepatotoxicity in these patients may be more difficult and these patients may be at increased risk for serious hepatotoxicity.
•FILSPARI REMS: Due to the risk of hepatotoxicity, FILSPARI is available only through a restricted program called the FILSPARI REMS. Prescribers, patients, and pharmacies must be enrolled in the REMS program and comply with all requirements (www.filsparirems.com).
•Embryo-Fetal Toxicity: Based on data from animal reproduction studies, FILSPARI may cause fetal harm when administered to a pregnant patient and is contraindicated during pregnancy. The available human data for ERAs do not establish the presence or absence of fetal harm related to the use of FILSPARI. Counsel patients who can become pregnant of the potential risk to a fetus. Exclude pregnancy before initiating treatment with FILSPARI. Advise patients who can become pregnant to use effective contraception prior to initiation of treatment, during treatment, and for two weeks after discontinuation of treatment with FILSPARI. Advise pre-pubertal females and/or their guardian(s) of the fetal risk and the need to use effective contraception once they reach reproductive potential. When pregnancy is detected, discontinue FILSPARI as soon as possible.
•Hypotension: Hypotension has been observed in patients treated with ARBs and ERAs and was observed in FILSPARI clinical studies. There was a greater incidence of hypotension-associated adverse events, some serious, including dizziness, in patients treated with FILSPARI compared to irbesartan. In patients at risk for hypotension, consider eliminating or adjusting other antihypertensive medications and maintaining appropriate volume status. If hypotension develops, despite elimination or reduction of other antihypertensive medications, consider a dose reduction or dose interruption of FILSPARI. A transient hypotensive response is not a contraindication to further dosing of FILSPARI, which can be given once blood pressure has stabilized.
•Acute Kidney Injury: Monitor kidney function periodically. Drugs that inhibit the renin-angiotensin system (RAS) can cause kidney injury. Patients whose kidney function may depend in part on the activity of the RAS (e.g., patients with renal artery stenosis, chronic kidney disease, severe congestive heart failure, or volume depletion) may be at particular risk of developing acute kidney injury on FILSPARI. Consider withholding or discontinuing therapy in patients who develop a clinically significant decrease in kidney function while on FILSPARI.
•Hyperkalemia: Monitor serum potassium periodically and treat appropriately. Patients with advanced kidney disease, taking concomitant potassium-increasing drugs (e.g., potassium supplements, potassium-sparing diuretics), or using potassium-containing salt substitutes are at increased risk for developing hyperkalemia. Dosage reduction or discontinuation of FILSPARI may be required.
•Fluid Retention: Fluid retention may occur with ERAs and has been observed in clinical studies with FILSPARI. FILSPARI has not been evaluated in patients with heart failure. If clinically significant fluid retention develops, evaluate the patient to determine the cause and the potential need to initiate or modify the dose of diuretic treatment then consider modifying the dose of FILSPARI.
Adverse Reactions
•IgAN patients receiving FILSPARI: The most common adverse reactions (≥5%) are hyperkalemia, hypotension (including orthostatic hypotension), peripheral edema, dizziness, anemia, and acute kidney injury.
•FSGS patients receiving FILSPARI: The most common adverse reactions (≥5%) are peripheral edema, hypotension (including orthostatic hypotension), hyperkalemia, dizziness, and anemia.
Drug Interactions
•Renin-Angiotensin System (RAS) Inhibitors and ERAs: Do not coadminister FILSPARI with ARBs, ERAs, or aliskiren due to increased risks of hypotension, syncope, hyperkalemia, and changes in renal function (including acute renal failure).
•Strong and Moderate CYP3A Inhibitors: Avoid concomitant use of FILSPARI with strong CYP3A inhibitors. If a strong CYP3A inhibitor cannot be avoided, interrupt FILSPARI treatment. When resuming treatment with FILSPARI, consider dose titration. Monitor blood pressure, serum potassium, edema, and kidney function regularly when used concomitantly with moderate CYP3A inhibitors. Concomitant use with a strong CYP3A inhibitor increases sparsentan exposure which may increase the risk of FILSPARI adverse reactions.
•Strong CYP3A Inducers: Avoid concomitant use with a strong CYP3A inducer. Concomitant use with a strong CYP3A inducer decreases sparsentan exposure which may reduce FILSPARI efficacy.
•Non-Steroidal Anti-Inflammatory Agents (NSAIDs), Including Selective Cyclooxygenase-2 (COX-2) Inhibitors: Monitor for signs of worsening renal function with concomitant use with NSAIDs (including selective COX-2 inhibitors). In patients with volume depletion (including those on diuretic therapy) or with impaired kidney function, concomitant use of NSAIDs (including selective COX-2 inhibitors) with drugs that antagonize the angiotensin II receptor may result in deterioration of kidney function, including possible kidney failure. These effects are usually reversible.
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•CYP2B6, 2C9, and 2C19 Substrates: Monitor for efficacy of concurrently administered CYP2B6, 2C9, and 2C19 substrates and consider dosage adjustment in accordance with the Prescribing Information. Sparsentan is a weak inducer of CYP2B6 and 2C9, and a moderate inducer of 2C19. Sparsentan decreases exposure of these substrates, which may reduce efficacy related to these substrates.
•P-gp Substrates: Monitor for adverse reactions and consider dose reduction of P-gp substrates with narrow therapeutic indices when co-administered with FILSPARI. FILSPARI is a weak P-gp inhibitor and may increase plasma concentrations of P-gp substrate drugs.
•Agents Increasing Serum Potassium: Monitor serum potassium frequently in patients treated with FILSPARI and other agents that increase serum potassium. Concomitant use of FILSPARI with potassium-sparing diuretics, potassium supplements, potassium-containing salt substitutes, or other drugs that raise serum potassium levels may result in hyperkalemia.
Please see the full Prescribing Information, including BOXED WARNING, for additional Important Safety Information.

Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, these statements are often identified by the words “on-track,” “positioned,” “look forward to,” “will,” “would,” “may,” “might,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “potential,” or similar expressions. In addition, expressions of strategies, intentions or plans are also forward-looking statements. Such forward-looking statements include, but are not limited to, references to: continued progress with FILSPARI in IgAN and in the commercial launch of FILSPARI in FSGS; statements and expectations regarding near- and long-term growth potential and the commercial opportunity for the Company’s products and products in development; statements and expectations regarding civorebrutinib as a potential best-in-class, pipeline-in-a-product for multiple rare kidney diseases; statements and expectations regarding the Company’s pivotal Phase 3 HARMONY Study, including expectations regarding enrollment and data, and the timing and outcome thereof; statements regarding the potential for pegtibatinase to become the first and only disease-modifying therapy for people living with HCU; statements and expectations regarding the other clinical studies and data described herein; statements and expectations regarding patent issuance and coverage; statements and expectations regarding potential milestone and royalty payments and the potential achievement and timing thereof; statements and expectations regarding the activities of the Company’s partners and collaborators; statements related to the estimated sizes of patient populations; and statements regarding financial metrics and expectations related thereto. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to the Company’s business and finances in general, the success of its commercial products, risks and uncertainties associated with its preclinical and clinical stage pipeline, risks and uncertainties associated with the regulatory review and approval process, risks and uncertainties associated with enrollment of clinical trials for rare diseases, and risks that ongoing or planned clinical trials may not succeed or may be delayed for safety, regulatory or other reasons. Specifically, the Company faces risks associated with the commercial launch of FILSPARI in FSGS and the ongoing commercialization in IgAN, the timing and potential outcome of its and its partners’ clinical studies, market acceptance of its commercial products including efficacy, safety, price, reimbursement, and benefit over competing therapies, risks related to the challenges of manufacturing scale-up, risks associated with the successful development and execution of commercial strategies for such products, including FILSPARI, and risks and uncertainties related to the current administration, including but not limited to risks and uncertainties related to tariffs and the funding, staffing and prioritization of resources at government agencies including the FDA. The Company also faces the risk that it will be unable to raise additional funding that may be required to complete development of any or all of its product candidates, including as a result of macroeconomic conditions; risks relating to the Company’s dependence on contractors for clinical drug supply and commercial manufacturing; uncertainties relating to patent protection and exclusivity periods and intellectual property rights of third parties; risks associated with regulatory interactions; and risks and uncertainties relating to competitive products, including current and potential future generic competition with certain of the Company’s products, including potential ANDA filings or patent challenges, and technological changes that may limit demand for the Company’s products. The Company also faces additional risks associated with global and macroeconomic conditions, including health epidemics and pandemics, including risks related to potential disruptions to clinical trials, commercialization activity, supply chain, and manufacturing operations. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Investors are referred to the full discussion of risks and uncertainties, including under the heading “Risk Factors”, as included in the Company’s most recent Form 10-K, Form 10-Q and other filings with the Securities and Exchange Commission.
5

TRAVERE THERAPEUTICS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
June 30, 2026December 31, 2025
Assets
(unaudited)
Current assets:
Cash and cash equivalents$117,735 $93,035 
Marketable debt securities, at fair value371,442 229,761 
Accounts receivable, net80,636 80,134 
Inventory7,835 5,875 
Prepaid expenses and other current assets37,493 28,760 
Total current assets
615,141 437,565 
Long-term inventory32,214 30,280 
Property and equipment, net3,231 4,022 
Operating lease right of use assets8,745 10,576 
Intangible assets, net131,518 113,868 
Other assets8,511 8,880 
Total assets
$799,360 $605,191 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$7,495 $24,800 
Accrued expenses136,267 126,035 
Operating lease liabilities, current portion6,163 5,875 
Other current liabilities2,100 3,194 
Total current liabilities
152,025 159,904 
Convertible debt602,781 311,724 
Operating lease liabilities, less current portion7,961 11,134 
Other non-current liabilities12,071 7,601 
Total liabilities
774,838 490,363 
Stockholders' Equity:
Preferred stock $0.0001 par value; 20,000,000 shares authorized; 0 issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Common stock $0.0001 par value; 200,000,000 shares authorized; 94,174,767 and 90,922,868 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
9 9 
Additional paid-in capital1,570,242 1,588,721 
Accumulated deficit(1,544,612)(1,472,713)
Accumulated other comprehensive loss(1,117)(1,189)
Total stockholders' equity 24,522 114,828 
Total liabilities and stockholders' equity
$799,360 $605,191 
Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.
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TRAVERE THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net product sales:
FILSPARI$141,078 $71,887 $246,230 $127,768 
Tiopronin products20,274 22,955 39,614 42,934 
Total net product sales161,352 94,842 285,844 170,702 
License and collaboration revenue8,232 19,607 10,938 25,478 
Total revenue169,584 114,449 296,782 196,180 
Operating expenses:
Cost of goods sold2,174 1,521 4,123 6,201 
Research and development60,283 49,362 117,377 96,251 
Selling, general and administrative96,112 62,581 176,366 122,995 
Royalty expense7,061 13,635 31,877 26,060 
Total operating expenses165,630 127,099 329,743 251,507 
Operating income (loss)
3,954 (12,650)(32,961)(55,327)
Other (expense) income, net:
Interest income3,356 3,287 5,939 7,083 
Interest expense(2,134)(2,846)(4,434)(5,702)
Other (expense) income, net
(169)(526)(259)24 
Inducement expense
(40,008)— (40,008)— 
Total other (expense) income, net
(38,955)(85)(38,762)1,405 
Loss from continuing operations before income tax
(35,001)(12,735)(71,723)(53,922)
Income tax benefit (provision) on continuing operations
204 (20)324 (59)
Loss from continuing operations, net of tax
(34,797)(12,755)(71,399)(53,981)
Loss from discontinued operations, net of tax— — (500)— 
Net loss
$(34,797)$(12,755)$(71,899)$(53,981)
Per share data:
Net loss per common share
$(0.37)$(0.14)$(0.78)$(0.61)
Weighted average common shares outstanding
93,479,416 88,945,624 92,678,588 88,652,428 
Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.

7

TRAVERE THERAPEUTICS, INC.
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
(in thousands, except share and per share data)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
GAAP operating income (loss)$3,954 $(12,650)$(32,961)$(55,327)
R&D operating expense(60,283)(49,362)(117,377)(96,251)
Stock compensation6,873 3,990 12,431 8,716 
Non-GAAP R&D expense(53,410)(45,372)(104,946)(87,535)
SG&A operating expense(96,112)(62,581)(176,366)(122,995)
Stock compensation14,915 6,659 25,503 13,425 
Depreciation395 381 791 758 
  Subtotal non-GAAP items15,310 7,040 26,294 14,183 
Non-GAAP SG&A expense(80,802)(55,541)(150,072)(108,812)
Royalty expense(7,061)(13,635)(31,877)(26,060)
Amortization3,839 13,635 28,655 26,060 
Non-GAAP royalty expense(3,222)— (3,222)— 
  Subtotal non-GAAP items26,022 24,665 67,380 48,959 
Non-GAAP operating income (loss)$29,976 $12,015 $34,419 $(6,368)
GAAP net loss$(34,797)$(12,755)$(71,899)$(53,981)
Non-GAAP operating adjustments26,022 24,665 67,380 48,959 
Income tax (benefit) provision(204)20 (324)59 
Non-GAAP net (loss) income$(8,979)$11,930 $(4,843)$(4,963)
Per share data:
Net (loss) income per common share$(0.10)$0.13 $(0.05)$(0.06)
Weighted average common shares outstanding
93,479,416 88,945,624 92,678,588 88,652,428 
Note: Certain adjustments / reclassifications have been made to prior periods to conform to current year presentation.
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