Perceptive reports 4.8% Travere Therapeutics (TVTX) holding in 13G/A

Rhea-AI Filing Summary

Perceptive Advisors LLC and affiliated entities report a significant minority stake in Travere Therapeutics, Inc. They beneficially own 4,278,180 shares of common stock, representing 4.8% of the company’s outstanding shares, based on 89,472,327 shares outstanding as of October 27, 2025.

The shares are directly held by Perceptive Life Sciences Master Fund, Ltd., with voting and investment power shared among the Master Fund, Perceptive Advisors, and Joseph Edelman. The group certifies the investment was not made to change or influence control of Travere Therapeutics.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

TRAVERE THERAPEUTICS, INC.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

89422G107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 89422G107

1

Names of Reporting Persons

Perceptive Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,278,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,278,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,278,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 89422G107

1

Names of Reporting Persons

Joseph Edelman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,278,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,278,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,278,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 89422G107

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,278,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,278,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,278,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.8 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TRAVERE THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 3611 Valley Centre Drive, Suite 300, San Diego, CA 92130
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, par value $0.0001 per share (the "Common Stock") of TRAVERE THERAPEUTICS, INC. (the "Issuer") are: Perceptive Advisors LLC ("Perceptive Advisors") Joseph Edelman ("Mr. Edelman") Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company Mr. Edelman is a United States citizen The Master Fund is a Cayman Islands corporation
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 89422G107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 and 11 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 89,472,327 outstanding shares of Common Stock as of October 27, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on October 30, 2025. The Master Fund directly holds 4,278,180 shares of Common Stock. Perceptive Advisors serves as the investment manager to the Master Fund and may be deemed to beneficially own the securities directly held by the Master Fund. Mr. Edelman is the managing member of Perceptive Advisors and may be deemed to beneficially own the securities directly held by the Master Fund.
(b)	Percent of class: Perceptive Advisors: 4.8% Mr. Edelman: 4.8% Master Fund: 4.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 4,278,180 Mr. Edelman: 4,278,180 Master Fund: 4,278,180
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 4,278,180 Mr. Edelman: 4,278,180 Master Fund: 4,278,180
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	02/17/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

FAQ

What ownership stake in Travere Therapeutics (TVTX) does Perceptive report?

Perceptive-related entities report beneficial ownership of 4,278,180 Travere Therapeutics common shares, representing 4.8% of the outstanding stock. This stake is calculated using 89,472,327 shares outstanding as of October 27, 2025, as disclosed in Travere’s most recent quarterly report.

Who are the reporting persons in this Travere Therapeutics (TVTX) Schedule 13G/A?

The reporting persons are Perceptive Advisors LLC, its managing member Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. The Master Fund directly holds the Travere shares, while Perceptive Advisors and Edelman may be deemed to beneficially own them through their roles with the Master Fund.

How many Travere Therapeutics (TVTX) shares does Perceptive’s Master Fund hold?

Perceptive Life Sciences Master Fund, Ltd. directly holds 4,278,180 shares of Travere Therapeutics common stock. Voting and dispositive power over these shares is reported on a shared basis among the Master Fund, Perceptive Advisors LLC, and Joseph Edelman, rather than individually by any single reporting person.

What percentage of Travere Therapeutics (TVTX) does 4,278,180 shares represent?

The 4,278,180 Travere Therapeutics shares represent 4.8% of the company’s common stock. This percentage is based on 89,472,327 shares outstanding as of October 27, 2025, as reported in Travere’s Form 10-Q filed with the Securities and Exchange Commission on October 30, 2025.

Is Perceptive seeking to influence control of Travere Therapeutics (TVTX)?

The reporting persons certify the Travere Therapeutics shares were not acquired and are not held for the purpose of changing or influencing control of the company. They also state the holdings are not in connection with any transaction intended to have that control-changing purpose or effect.

What type of filing is this Travere Therapeutics (TVTX) disclosure from Perceptive?

This disclosure is an Amendment No. 1 to a Schedule 13G filing. Schedule 13G is used by certain investors to report beneficial ownership of more than a specified threshold of a company’s equity securities, typically when the holdings are for passive investment purposes.