Travere Therapeutics (TVTX) CMO exercises options and sells 22,485 shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Travere Therapeutics Chief Medical Officer Jula Inrig reported a combination of equity award activity and stock sales. On May 4, 2026, she exercised 20,000 employee stock options with a $22.40 exercise price and sold 20,000 shares of common stock at $45.00 per share, alongside the vesting and conversion of 4,250 performance-based restricted stock units (PSUs) into common stock.
On May 5 and 6, 2026, she sold additional blocks of 2,174 and 311 shares at $46.65 and $43.95 per share. Footnotes state that certain sales, including tax “sell to cover” transactions, were conducted under a pre-arranged Rule 10b5-1 trading plan rather than as fully discretionary trades. Following these transactions, Inrig directly holds 113,238 shares of common stock, plus 34,500 stock options and 8,500 PSUs subject to future vesting conditions.
Positive
- None.
Negative
- None.
Insights
Routine option exercises and mostly pre-planned sales with sizable holdings retained.
The filing shows Dr. Inrig exercised 20,000 employee stock options at an exercise price of $22.40 and converted 4,250 performance-based restricted stock units into common shares. She then sold a total of 22,485 shares in several transactions between May 4–6, 2026 at prices from $43.95 to $46.65 per share.
Footnotes explain that key sales were made under a written Rule 10b5-1 trading plan adopted on May 28, 2025, and that some sales were mandated “sell to cover” transactions to fund tax withholding under the company’s equity plans. These mechanics reduce the informational weight of the timing compared with fully discretionary open-market sales.
After the transactions, Dr. Inrig still directly owns 113,238 common shares, along with 34,500 stock options expiring in 2033 and 8,500 PSUs tied to cumulative FILSPARI net revenue performance. The combination of retained equity and pre-planned or tax-driven selling suggests routine portfolio and tax management rather than a large change in her overall exposure.
Insider Trade Summary 10b5-1
Net Seller: 22,485 shares ($1,015,086)
Net Sell
8 txns
Insider
Inrig Jula
Role
CHIEF MEDICAL OFFICER
Sold
22,485 shs ($1.02M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 311 | $43.95 | $14K |
| Sale | Common Stock | 2,174 | $46.65 | $101K |
| Exercise | Employee stock option (right to buy) | 20,000 | $0.00 | -- |
| Grant/Award | Performance-based restricted stock units | 8,500 | $0.00 | -- |
| Exercise | Performance-based restricted stock units | 4,250 | $0.00 | -- |
| Exercise | Common Stock | 20,000 | $22.40 | $448K |
| Sale | Common Stock | 20,000 | $45.00 | $900K |
| Exercise | Common Stock | 4,250 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 113,238 shares (Direct, null);
Employee stock option (right to buy) — 34,500 shares (Direct, null);
Performance-based restricted stock units — 8,500 shares (Direct, null)
Footnotes (1)
- This sale was made pursuant to a written plan adopted on May 28, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. On January 31, 2024, the Reporting Person was granted performance restricted stock units (PSUs) covering 8,500 shares of the Issuer's common stock, to vest upon the satisfaction of certain performance criteria. If any such milestone is achieved on a pre-specified accelerated timeline, up to 50% additional shares attributable to such milestone achievement could vest under these PSU grants, with such additional potential shares to vest at a later date in furtherance of retention objectives. On May 4, 2026, 50% of the PSUs vested upon the Issuer's confirmation following the release of its financial results for the quarter ended March 31, 2026 that a performance criterion related to cumulative FILSPARI net revenue had been achieved, and contingent on continuous service by the Reporting Person, on January 31, 2027 an additional 25% of such PSUs will vest due to the timing of the achievement of such cumulative FILSPARI net revenue performance criterion. Represents the number of shares required to be sold by the Reporting Person to cover the tax withholding obligation in connection with the settlement of vested performance restricted stock units. This sale is mandated by the Issuer's election under its equity incentive plans to require the Reporting Person to fund this tax withholding obligation by completing a "sell to cover" transaction with a brokerage firm designated by the Issuer. This sale does not represent a discretionary trade by the Reporting Person. This sale was made pursuant to a written plan adopted on May 28, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, and includes the sale of shares to cover the tax obligation that occurred upon the vesting of performance restricted stock units. One-fourth of the shares subject to the stock option vested and become exercisable on January 31, 2024, and the remaining shares vest in 36 equal monthly installments thereafter. Each PSU represents a contingent right to receive one share of the Issuer's common stock at target, subject to adjustment based on the achievement of applicable performance conditions.
Key Figures
Shares sold May 4, 2026: 20,000 shares at $45.00
Additional shares sold: 2,174 shares at $46.65; 311 at $43.95
Total shares sold: 22,485 shares
+4 more
7 metrics
Shares sold May 4, 2026
20,000 shares at $45.00
Open-market sale of common stock following option exercise
Additional shares sold
2,174 shares at $46.65; 311 at $43.95
Open-market sales on May 5 and May 6, 2026
Total shares sold
22,485 shares
Aggregate net-sell volume in this Form 4
Options exercised
20,000 shares at $22.40
Employee stock option exercise on May 4, 2026
PSUs converted
4,250 PSUs
Performance-based RSUs converted into common stock
Common shares held
113,238 shares
Direct ownership after reported transactions
Outstanding derivatives
34,500 options; 8,500 PSUs
Equity awards remaining after transactions
Key Terms
Rule 10b5-1, performance restricted stock units, sell to cover, equity incentive plans, +1 more
5 terms
Rule 10b5-1 regulatory
"plan adopted on May 28, 2025, meeting the requirements of Rule 10b5-1(c)"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
performance restricted stock units financial
"the Reporting Person was granted performance restricted stock units (PSUs) covering 8,500 shares"
Performance restricted stock units (PRSUs) are promises to deliver company shares to employees or executives only if the business meets specific performance targets and any time-based holding rules. Think of them as a bonus that converts into stock only after set goals are reached, so investors watch PRSUs for two reasons: they can dilute existing shares if paid out, and they signal how closely management’s pay is tied to company performance.
sell to cover financial
"require the Reporting Person to fund this tax withholding obligation by completing a "sell to cover" transaction"
Sell to cover is when a person who receives company stock through options or awards sells just enough shares immediately to pay required taxes, exercise costs, or fees, keeping the rest. Think of it like cashing part of a bonus to cover the tax bill so you can keep the remainder. For investors, it can create predictable small selling pressure and slightly change the number of shares actually held by insiders without increasing long‑term dilution.
equity incentive plans financial
"mandated by the Issuer's election under its equity incentive plans"
Equity incentive plans are company programs that pay employees, executives, or directors with company stock, stock options, or share units instead of or in addition to cash, aiming to align their interests with shareholders—like giving team members a stake in the house they help build. For investors this matters because such plans can motivate better company performance but also dilute existing ownership and increase reported compensation costs, so they affect future earnings, voting power, and share value.
cumulative FILSPARI net revenue financial
"a performance criterion related to cumulative FILSPARI net revenue had been achieved"
FAQ
What insider transactions did Travere Therapeutics (TVTX) CMO Jula Inrig report?
Jula Inrig reported exercising 20,000 employee stock options and converting 4,250 performance-based restricted stock units into common shares, then selling a total of 22,485 Travere Therapeutics shares between May 4 and May 6, 2026, at prices between $43.95 and $46.65 per share.
Were Jula Inrig’s Travere Therapeutics (TVTX) stock sales discretionary or pre-planned?
Several of Jula Inrig’s reported stock sales were executed under a written Rule 10b5-1 trading plan adopted on May 28, 2025. Footnotes also state that some sales were mandatory “sell to cover” transactions to satisfy tax withholding obligations related to vested performance-based restricted stock units.
What option exercise did Jula Inrig report in the Travere Therapeutics (TVTX) Form 4?
The Form 4 shows Jula Inrig exercised 20,000 employee stock options for Travere Therapeutics common stock at an exercise price of $22.40 per share on May 4, 2026. She then sold 20,000 common shares that same day at $45.00 per share as part of an exercise-and-sell pattern.
What are the terms of the performance-based RSUs reported by Jula Inrig at Travere Therapeutics (TVTX)?
Jula Inrig’s performance-based restricted stock units were granted on January 31, 2024, covering 8,500 shares at target. Vesting depends on meeting cumulative FILSPARI net revenue milestones, with potential additional shares vesting if milestones are reached on an accelerated timeline and continuous service conditions are met.
How much Travere Therapeutics (TVTX) stock did Jula Inrig sell in total in this filing?
Across multiple open-market transactions on May 4, 5, and 6, 2026, Jula Inrig sold a total of 22,485 Travere Therapeutics common shares. These sales included shares from option exercises and shares sold to cover tax withholding obligations tied to vested performance-based restricted stock units.