Travere Therapeutics, Inc. TVTX
We are a biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare kidney and metabolic diseases. Our approach centers on advancing our innovative pipeline with multiple late-stage clinical programs targeting rare diseases with significant unmet medical needs.
In September 2024, the U.S. Food and Drug Administration ("FDA") granted full approval to our lead development program, FILSPARI (sparsentan), which is indicated to slow kidney function decline in adults with primary Immunoglobulin A nephropathy ("IgAN") who are at risk of disease progression. IgAN is a rare progressive kidney disease and the most common type of primary glomerulonephritis worldwide. FILSPARI had previously been granted accelerated approval for IgAN in February 2023 based on the surrogate marker of proteinuria. Full approval was based on positive long-term confirmatory results from the PROTECT Study demonstrating that FILSPARI significantly slowed kidney function decline over two years compared to irbesartan.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $490.7M | $233.2M | $145.2M | $109.5M | $131.8M | $198.3M | $175.3M | $164.2M | $154.9M | $133.6M |
| Cost of revenue | $10.3M | $7.7M | $11.4M | $4.4M | $3.8M | $6.1M | $5.2M | $5.5M | $3.6M | $4.6M |
| Gross profit | $480.4M | $225.4M | $133.8M | $105.0M | $128.0M | $192.2M | $170.1M | $158.7M | $151.3M | $129.0M |
| R&D | — | — | — | $7.5M | — | — | $141.0M | $123.8M | $78.2M | $70.8M |
| SG&A | $337.2M | $264.1M | $265.5M | $197.5M | $126.3M | $135.8M | $129.0M | $103.7M | $101.3M | $91.9M |
| Total operating expenses | $553.6M | $557.0M | $533.4M | $429.3M | $331.3M | $374.5M | $312.7M | $244.3M | $208.7M | $191.8M |
| Operating income | -$62.8M | -$323.8M | -$388.1M | -$319.8M | -$199.4M | -$176.2M | -$137.4M | -$80.0M | -$53.8M | -$58.2M |
| Interest expense | $10.7M | $11.2M | $11.3M | $11.0M | $19.7M | $19.1M | $18.8M | $9.8M | $4.4M | $4.7M |
| Pre-tax income | -$49.3M | -$320.5M | -$376.1M | -$331.2M | -$216.9M | -$188.8M | -$146.4M | -$101.9M | -$58.4M | -$57.6M |
| Income tax | $988.0K | $120.0K | $223.0K | $313.0K | $409.0K | $19.4M | $21.0K | $811.0K | $1.4M | $9.7M |
| Net income | -$25.5M | -$321.5M | -$111.4M | -$278.5M | -$180.1M | -$169.4M | -$146.4M | -$102.7M | -$59.7M | -$47.9M |
| EPS, basic | -0.29 | -4.08 | -1.50 | -4.37 | -3.01 | -3.56 | -3.46 | -2.54 | -1.54 | -1.29 |
| EPS, diluted | -0.29 | -4.08 | -1.50 | -4.37 | -3.01 | -3.56 | -3.46 | -2.54 | -1.54 | -1.29 |
| Shares, diluted (wtd. avg.) | $89.2M | $78.9M | $74.3M | $63.8M | $59.8M | $47.5M | $42.3M | $40.4M | $38.8M | $38.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $93.0M | $58.5M | $58.2M | $61.7M | $165.8M | $84.8M | $62.4M | $102.9M | $99.4M | $41.0M |
| Short-term investments | $145.4M | — | $248.6M | $285.5M | $262.2M | $271.8M | $209.5M | $208.5M | $123.3M | — |
| Receivables | $80.1M | $27.1M | $21.2M | $16.6M | $15.9M | $15.9M | $18.0M | $12.7M | $13.9M | $18.5M |
| Inventory | $36.2M | $41.9M | $9.4M | $4.5M | $7.3M | $7.6M | $6.1M | $5.6M | $5.4M | $2.8M |
| Total current assets | $437.6M | $416.7M | $616.8M | $486.4M | $582.8M | $410.4M | $429.1M | $495.7M | $325.8M | $332.4M |
| Property, plant and equipment | $4.0M | $5.3M | $7.5M | $9.0M | $11.1M | $9.4M | $2.9M | $3.1M | $3.2M | $2.6M |
| Goodwill | — | $800.0K | $800.0K | $800.0K | $900.0K | $900.0K | $936.0K | $936.0K | $936.0K | $936.0K |
| Other intangibles | $113.9M | $104.0M | $104.4M | $97.1M | $148.4M | $154.1M | $157.2M | $186.7M | $184.8M | $182.0M |
| Total assets | $605.2M | $594.1M | $788.9M | $672.6M | $776.6M | $607.4M | $604.8M | $709.2M | $520.3M | $525.3M |
| Accounts payable | $24.8M | $23.5M | $41.7M | $17.3M | $15.1M | $12.1M | $26.6M | $7.0M | $18.9M | $7.5M |
| Total current liabilities | $159.9M | $200.8M | $177.9M | $142.2M | $124.1M | $92.7M | $95.4M | $104.6M | $85.7M | $83.3M |
| Total liabilities | $490.4M | $535.0M | $588.1M | $629.7M | $474.5M | $396.2M | $383.6M | $390.9M | $227.2M | $217.5M |
| Retained earnings | -$1.47B | -$1.45B | -$1.13B | -$1.01B | -$766.0M | -$585.9M | -$416.4M | -$270.0M | -$177.7M | -$113.1M |
| Total equity | $114.8M | $59.1M | $200.8M | $42.9M | $302.1M | $211.2M | $221.2M | $318.3M | $293.1M | $307.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $37.8M | -$237.5M | -$280.0M | -$186.3M | -$14.8M | -$42.7M | -$58.2M | -$25.0M | $7.4M | -$3.4M |
| Depreciation and amortisation | $60.7M | $43.6M | $38.5M | $20.7M | $12.7M | $24.6M | $20.4M | $18.7M | $17.8M | $16.1M |
| Stock-based compensation | $44.9M | $36.9M | $44.2M | $38.1M | $29.6M | $23.6M | $21.1M | $19.8M | $26.9M | $29.1M |
| Capital expenditure | — | — | $668.0K | $191.0K | $5.1M | $6.8M | $195.0K | $727.0K | $887.0K | $1.4M |
| Investing cash flow | $27.9M | $99.3M | $55.8M | -$32.6M | -$137.6M | -$61.3M | $19.9M | -$203.3M | $45.6M | $10.4M |
| Financing cash flow | -$33.5M | $139.4M | $218.8M | $117.6M | $231.7M | $127.7M | -$2.1M | $231.9M | $5.4M | -$3.8M |
| Buybacks | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001438533-26-000027.
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