Travere Therapeutics, Inc.
TVTX evidence brief
What we can confirm
- BioSniper Score:
- 4.6 / 10
- Market Cap:
- $6.14B
- Lead Asset:
- FILSPARI (BLA Filed)
What it means
What to watch
Prepared research question
What matters most for TVTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TVTX
Travere Therapeutics is a biopharmaceutical company focused on developing and commercializing therapies for rare kidney and metabolic diseases, with an approved product (FILSPARI/sparsentan) for IgA nephropathy and late-stage programs for FSGS and homocystinuria.
Key risk: FSGS sNDA approval risk
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 24 clinical trials · 1 catalyst for Travere Therapeutics, Inc..
Similar companies
Travere Therapeutics is a biopharmaceutical company focused on developing and commercializing therapies for rare kidney and metabolic diseases, with an approved product (FILSPARI/sparsentan) for IgA nephropathy and late-stage programs for FSGS and homocystinuria.
- FILSPARI (sparsentan) received full FDA approval for IgA nephropathy in September 2024, based on confirmatory PROTECT Study results showing slowed kidney function decline [sec_mda · as of 2026-08-04].
- An sNDA for FILSPARI for focal segmental glomerulosclerosis (FSGS) was submitted in March 2025 and accepted for review in May 2025 [sec · filed 2026-04-06].
- Phase 3 HARMONY Study for pegtibatinase in homocystinuria (HCU) restarted enrollment in Q1 2026 after a voluntary pause for manufacturing scale-up; topline data expected in H2 2027 [sec_mda · as of 2026-08-04].
- Cash and cash equivalents were $117.7M as of June 30, 2026, with total revenue of $169.6M and a net loss of $34.8M for the period [latest reported financials].
- The company holds convertible debt of $602.8M and marketable debt securities of $371.4M as of June 30, 2026 [sec_mda · as of 2026-08-04].
What works
- FILSPARI is already approved and generating revenue, with a full approval for IgAN and a potential FSGS approval under review, providing a commercial foundation [sec_mda · as of 2026-08-04].
- The company has a diversified pipeline addressing rare kidney and metabolic diseases with high unmet need, including a Phase 3 program for HCU [sec_mda · as of 2026-08-04].
- Cash and equivalents of $117.7M plus $371.4M in marketable debt securities provide substantial liquidity to fund operations and pipeline development [sec_mda · as of 2026-08-04].
What to weigh
- The company reported a net loss of $34.8M for the period ending June 30, 2026, indicating ongoing operating losses [latest reported financials].
- The Phase 3 HARMONY Study for pegtibatinase experienced a voluntary enrollment pause due to manufacturing scale-up issues, delaying the program [sec_mda · as of 2026-08-04].
- The FSGS sNDA is still under FDA review, and there is no guarantee of approval; the company faces risks associated with regulatory review and market acceptance [sec · filed 2026-04-14].
- Shareholders' equity is only $24.5M against $602.8M in convertible debt, reflecting a highly leveraged balance sheet [latest reported financials].
From the filings
Quoted directly from source documents.
FILSPARI received full FDA approval for IgAN in September 2024.
“On September 5, 2024, the FDA granted full approval of FILSPARI® (sparsentan) to slow kidney function decline in adults with primary Immunoglobulin A nephropathy”
SEC MD&A · August 4, 2026
sNDA for FSGS was submitted in March 2025 and accepted in May 2025.
“In March 2025 we submitted an sNDA to the FDA seeking traditional approval of FILSPARI for the treatment of FSGS, which was accepted for review by the FDA in May 2025.”
SEC filings · April 6, 2026
Phase 3 HARMONY Study enrollment restarted in Q1 2026 after a voluntary pause.
“the Company restarted enrollment activities in the first quarter of 2026 and dosed the first new patient following study restart in April 2026”
SEC MD&A · August 4, 2026
Catalyst timeline
- 2031-09-05 · Patent_Expiry · SPARSENTAN — The patent for sparsentan (NDA216403) is set to expire, which could open the door for generic competition.
Risks & what to watch (4)›
Key risks
- FSGS sNDA approval risk — The FDA may not approve the FSGS sNDA; regulatory review outcomes are uncertain [sec · filed 2026-04-14].
- Manufacturing scale-up challenges — The HCU program paused enrollment due to manufacturing issues, indicating potential for further delays [sec_mda · as of 2026-08-04].
- High leverage and net losses — Net loss of $34.8M and low equity ($24.5M) relative to convertible debt ($602.8M) raise financial sustainability concerns [latest reported financials].
- Commercial adoption uncertainty — Market acceptance of FILSPARI depends on efficacy, safety, price, and competition, which are not guaranteed [sec · filed 2026-04-14].
What to watch
- FDA decision on the FILSPARI sNDA for FSGS, expected after the May 2025 acceptance [sec · filed 2026-04-06].
- Topline data from the Phase 3 HARMONY Study for pegtibatinase, anticipated in the second half of 2027 [sec_mda · as of 2026-08-04].
- Revenue growth trajectory of FILSPARI in the IgAN market and its impact on net income [latest reported financials].
- Ability to manage convertible debt and maintain liquidity as cash runway is consumed [sec_mda · as of 2026-08-04].
Sources: Catalysts · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 31.60 · 0% dilution
Lead: Approved
3 candidates
1 upcoming, next in ~1787d
0 buys · 23 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
261
Total value held
$2.96B
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 11,419,586 | $339.2M |
| fmr llc | 10,967,967 | $325.9M |
| blackrock, inc. | 7,792,033 | $231.5M |
| state street corp | 4,959,988 | $147.4M |
| armistice capital, llc | 4,897,417 | $145.5M |
| perceptive advisors llc | 4,142,551 | $123.1M |
| vanguard capital management llc | 4,045,812 | $120.2M |
| nomura asset management international inc. | 3,270,513 | $97.2M |
| geode capital management, llc | 2,369,559 | $70.4M |
| renaissance technologies llc | 1,966,779 | $58.4M |
Showing top 10 of 261 institutional holders of Travere Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 20.0%
- Days to cover
- 5.4
- Shares short
- 14,216,705
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TVTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for Travere Therapeutics, Inc.?
Travere Therapeutics is a biopharmaceutical company focused on developing and commercializing therapies for rare kidney and metabolic diseases, with an approved product (FILSPARI/sparsentan) for IgA nephropathy and late-stage programs for FSGS and homocystinuria.
What is Travere Therapeutics, Inc.'s lead drug candidate?
Travere Therapeutics, Inc.'s most advanced tracked candidate is FILSPARI (BLA Filed) for Focal segmental glomerulosclerosis (FSGS).
What is Travere Therapeutics, Inc.'s next catalyst?
Travere Therapeutics, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA216403" — expected September 5, 2031.
Who is the CEO of Travere Therapeutics, Inc.?
Dr. Eric M. Dube Ph.D. is the chief executive officer of Travere Therapeutics, Inc. (TVTX).
Where is Travere Therapeutics, Inc. headquartered?
Travere Therapeutics, Inc. (TVTX) is headquartered in San Diego, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.