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TVTX

Travere Therapeutics, Inc.

TVTX

Travere Therapeutics, Inc. • NASDAQ
$35.41 ▼ -2.34% (-0.85)
Market Cap $3.17 B
52w High $37.50
52w Low $12.91
Dividend Yield 0%
P/E -34.38
Volume 631.63K
Outstanding Shares 89.47M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $164.859M ▲ $138.343M ▲ $25.706M ▲ 15.593% ▲ $0.29 ▲ $44.253M ▲
Q2-2025 $114.449M ▲ $125.578M ▲ $-12.755M ▲ -11.145% ▲ $-0.14 ▲ $4.127M ▲
Q1-2025 $81.732M ▲ $119.727M ▼ $-41.226M ▲ -50.44% ▲ $-0.47 ▲ $-25.528M ▲
Q4-2024 $74.787M ▲ $132.971M ▲ $-60.264M ▼ -80.581% ▲ $-0.73 ▼ $-45.43M ▼
Q3-2024 $62.898M $117.421M $-54.811M -87.143% $-0.7 $-40.82M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $254.53M ▼ $538.581M ▼ $465.017M ▼ $73.564M ▲
Q2-2025 $319.537M ▼ $555.309M ▲ $522.562M ▲ $32.747M ▼
Q1-2025 $322.242M ▼ $548.799M ▼ $515.976M ▼ $32.823M ▼
Q4-2024 $370.701M ▲ $594.125M ▲ $535.048M ▲ $59.077M ▲
Q3-2024 $277.439M $504.41M $534.864M $-30.454M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $25.706M ▲ $14.317M ▲ $86.591M ▲ $-65.339M ▼ $35.776M ▲ $14.177M ▲
Q2-2025 $-12.755M ▲ $4.983M ▲ $4.85M ▼ $1.475M ▼ $13.257M ▲ $4.748M ▲
Q1-2025 $-41.226M ▲ $-42.194M ▼ $41.29M ▲ $3.718M ▼ $3.362M ▼ $-53.978M ▼
Q4-2024 $-60.268M ▼ $-35.72M ▲ $-80.309M ▼ $139.119M ▲ $22.126M ▲ $-45.281M ▲
Q3-2024 $-54.752M $-42.507M $46.126M $46K $4.118M $-50.699M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$10.00M ▲$20.00M ▲$50.00M ▲
Product
Product
 $0 ▲$80.00M ▲$0 ▼$110.00M ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Travere is still very much in the “build” phase financially. Revenue has been relatively small but fairly stable over the last few years, and recent product launches are only starting to show up in the top line. The company generates healthy gross margins on what it sells, which is typical for specialty biotech, but its research, development, and commercial spending are much larger than its revenue. As a result, operating losses are sizable and have generally grown over time. Net losses have been persistent, with a particularly weak year most recently, showing that profitability is still some distance away and highly dependent on scaling sales of FILSPARI and future products.

Balance Sheet

Balance Sheet The balance sheet shows a company with meaningful assets but thin equity and a notable amount of debt. Over the past few years, total assets have moved up and down rather than following a smooth growth path, reflecting spending, financing decisions, and product transitions. Cash on hand is steady but not abundant relative to ongoing losses, although management commentary suggests they believe they have enough liquidity to fund operations for several more years. Debt sits at a level that matters for a company of this size and, combined with low equity, points to a leveraged profile and accumulated past losses. This structure increases the importance of successfully growing revenue and carefully managing future spending.

Cash Flow

Cash Flow Travere consistently uses cash rather than generating it. Operating cash flow has been negative for several years, with cash burn increasing as the company has ramped up R&D and commercialization efforts. Free cash flow is even more negative once modest capital investments are included. While capital spending itself is not large, the core operations are not yet self-funding, meaning the business relies on its cash reserves and past financing activities to keep going. Until product sales scale meaningfully, cash management, access to capital markets, and potential business development deals remain critical.

Competitive Edge

Competitive Edge Travere’s competitive position is built around a focused strategy in rare kidney and metabolic diseases. FILSPARI gives the company a first-in-class, differentiated therapy in IgA nephropathy, with a dual mechanism that sets it apart from many existing options. Orphan indications, strong clinical data, and patient-support programs add to its moat by deepening relationships with physicians, patients, and payors. However, the company remains relatively small, concentrated in a few niche areas, and heavily dependent on the success of FILSPARI and a limited pipeline. That concentration brings both upside if adoption is strong and risk if competitors, changing standards of care, or reimbursement pressures emerge.

Innovation and R&D

Innovation and R&D Innovation is clearly Travere’s core strength. FILSPARI’s dual-receptor approach for IgA nephropathy showcases meaningful scientific differentiation, and ongoing work to expand it into additional kidney conditions could materially enlarge its impact. The pipeline program pegtibatinase for homocystinuria, if successful, would provide another first-of-its-kind therapy in a rare metabolic disease. The company also shows capability in running complex trials, handling regulatory interactions, and planning global launches and partnerships. The trade-off is that this innovation engine is expensive: R&D spending is a major driver of current losses, and each program carries significant clinical and regulatory uncertainty.

Summary

Travere is a classic high-risk, high-potential biotech story in transition from a development-stage company toward a commercial one. Financially, it has strong product-level economics but a small revenue base and sizable, persistent losses, supported by a leveraged balance sheet and finite cash resources. Strategically, its focus on rare, high-need diseases, first-in-class therapies, and patient support builds a meaningful competitive niche, but also concentrates risk in a handful of key programs. The company’s future path will likely be driven by the commercial ramp of FILSPARI, potential label expansions, regulatory outcomes for its pipeline, and its ability to balance heavy R&D and launch spending with the need to preserve cash and move toward a more sustainable financial footing.

NEWS

November 10, 2025 · 5:00 PM UTC

Travere Therapeutics Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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November 6, 2025 · 11:00 AM UTC

Travere Therapeutics Announces Late-Breaking Data from Phase 3 DUPLEX Study of FILSPARI in FSGS Presented at the American Society of Nephrology (ASN) Kidney Week 2025

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November 4, 2025 · 5:23 PM UTC

Travere Therapeutics to Participate at Upcoming Investor Conferences

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October 30, 2025 · 4:01 PM UTC

Travere Therapeutics Reports Third Quarter 2025 Financial Results

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October 23, 2025 · 4:30 PM UTC

Travere Therapeutics to Report Third Quarter 2025 Financial Results

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