Travere Therapeutics, Inc.
TVTX evidence brief
What we can confirm
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 diseases, with its approved product FILSPARI for IgA nephropathy and a pipeline including a supplemental new drug application for FILSPARI in FSGS.
Key risk: Regulatory risk for FSGS
BioSniper Score
Based on 6 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 23 clinical trials · 5 catalysts for Travere Therapeutics, Inc..
Travere Therapeutics is a biopharmaceutical company focused on developing and commercializing therapies for rare kidney diseases, with its approved product FILSPARI for IgA nephropathy and a pipeline including a supplemental new drug application for FILSPARI in FSGS.
- Travere's approved product FILSPARI is commercially launched in the U.S. for IgA nephropathy (IgAN), with a supplemental NDA under FDA review for focal segmental glomerulosclerosis (FSGS) [sec · filed 2025-04-30].
- As of June 30, 2026, the company reported cash and equivalents of $117.7 million, total revenue of $169.6 million, and a net loss of $34.8 million [sec].
- The company has a significant debt load of $602.8 million in convertible debt as of June 30, 2026 [sec_mda · as of 2026-08-04].
- Travere's pipeline includes multiple Phase 3 trials with topline data expected in 2027, 2029, and 2030, covering various indications including STEMI and prediabetes [upcoming catalysts].
- The company faces risks related to regulatory approval for FSGS, clinical trial success, and the need for additional funding to support its pipeline [sec · filed 2025-04-30][sec · filed 2024-09-26].
What works
- FILSPARI is already approved and generating revenue for IgAN, providing a commercial foundation [sec · filed 2025-04-30].
- The company has a robust pipeline with multiple Phase 3 trials, including a long-term extension study for pegtibatinase, indicating ongoing development efforts [upcoming catalysts].
- Travere has secured milestone payments from partners, such as $57.5 million from CSL Vifor, which supplement its financial resources [sec_mda · as of 2026-05-04].
What to weigh
- The company reported a net loss of $34.8 million for the six months ended June 30, 2026, and has an accumulated deficit, reflecting ongoing unprofitability [sec].
- Travere carries $602.8 million in convertible debt as of June 30, 2026, which represents a significant financial obligation [sec_mda · as of 2026-08-04].
- There is no guarantee that the FDA will accept or approve the sNDA for FILSPARI in FSGS, which could limit future revenue growth [sec · filed 2025-04-30].
- The company faces risks that its cash runway may not last as long as anticipated and that it may need additional funding to complete development of its pipeline [sec · filed 2024-09-26].
From the filings
Quoted directly from source documents.
FILSPARI is commercially launched for IgAN and under FDA review for FSGS.
“risks and uncertainties associated with the continued commercial launch of FILSPARI in IgAN. The Company also faces risks and uncertainties related to its sNDA for FILSPARI in FSGS, including the timing and outcome thereof.”
SEC filings · April 30, 2025
Catalyst timeline
- 2027-09-01 · Phase3_Topline — Phase 3 Topline: A Phase 3, Parallel-Group Treatment, Blinded, Randomized, Placebo-Controlled Study To Assess The Eff — Topline data from a Phase 3 study will be reported, which could provide efficacy and safety results for the candidate.
- 2027-12-01 · Phase3_Topline — Phase 3 Topline: The University of Ottawa Dapagliflozin in STEMI Randomized Clinical Trial — Topline data from a Phase 3 trial of dapagliflozin in STEMI will be reported, potentially impacting the pipeline.
- 2029-10-01 · Phase3_Topline — Phase 3 Topline: REVERsal to Normoglycemia by Treating PREDIABETES: The REVERT-PREDIABETES Trial — Topline data from the REVERT-PREDIABETES trial will be reported, which may inform the company's metabolic disease pipeline.
- 2030-08-01 · Phase3_Topline · pegtibatinase — Phase 3 Topline: An Open-Label, Phase 3 Long-Term Extension (LTE) Study To Assess The Safety, Tolerability, And Effic — Topline data from a long-term extension study of pegtibatinase will be reported, providing long-term safety and efficacy data.
- 2031-09-05 · Patent_Expiry · FILSPARI — Patent/Exclusivity Expiry: FILSPARI — Patent exclusivity for FILSPARI is set to expire, which could open the market to generic competition.
Risks & what to watch (4)›
Key risks
- Regulatory risk for FSGS — No guarantee FDA will accept or approve the sNDA for FILSPARI in FSGS, which could limit revenue growth [sec · filed 2025-04-30].
- Clinical trial failure risk — Pipeline candidates may not be found safe or effective, and trials may not proceed as planned [sec · filed 2024-09-26].
- Funding and cash runway risk — Cash runway may not last as long as anticipated; company may need additional funding to complete development [sec · filed 2024-09-26].
- High debt burden — Convertible debt of $602.8 million as of June 30, 2026, creates significant financial obligations [sec_mda · as of 2026-08-04].
What to watch
- FDA decision on the sNDA for FILSPARI in FSGS, which could expand the commercial opportunity [sec · filed 2025-04-30].
- Phase 3 topline data for the REVERT-PREDIABETES trial expected in 2029, which may impact pipeline valuation [upcoming catalysts].
- Patent expiry for FILSPARI in 2031, which could affect long-term revenue exclusivity [upcoming catalysts].
- Quarterly financial reports to monitor revenue growth, net loss trends, and cash runway [sec_mda · as of 2026-08-04].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 31.60 · 0% dilution
Lead: Approved
3 candidates
5 upcoming, next in ~367d
0 buys · 46 sells (180d)
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
264
Total value held
$3.69B
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 22,839,172 | $678.5M |
| fmr llc | 10,967,967 | $325.9M |
| perceptive advisors llc | 8,285,102 | $246.2M |
| vanguard capital management llc | 8,091,624 | $240.4M |
| blackrock, inc. | 7,792,033 | $231.5M |
| state street corp | 4,959,988 | $147.4M |
| armistice capital, llc | 4,897,417 | $145.5M |
| nomura asset management international inc. | 3,270,513 | $97.2M |
| kynam capital management, lp | 2,423,918 | $72.0M |
| geode capital management, llc | 2,369,559 | $70.4M |
Showing top 10 of 264 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 diseases, with its approved product FILSPARI for IgA nephropathy and a pipeline including a supplemental new drug application for FILSPARI in FSGS.
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 Phase3_Topline event — "Phase 3 Topline: A Phase 3, Parallel-Group Treatment, Blinded, Randomized, Placebo-Controlled Study To Assess The Eff" — expected September 1, 2027.
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.