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Travere Therapeutics

TVTX Rare disease Lead: Approved ★ Read the deep dive → 15 Biotech Distilled articles ↓ 32 filings & releases ↓ Cash $124M (Sep 30, 2026) ↓ 15 verdicts ↓
MetabolicRenal ProteinSmall Molecule

Market cap $4.76B 96.0M shares (10-Q, Oct 28, 2026) × $49.60 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. Campbell PSU grant corporate updateearly 2027Campbell PSU grant corporate update, early 2027, routine
  2. Pegtibatinase HARMONY Ph3 topline2H 2027Pegtibatinase HARMONY Ph3 topline, 2H 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

Capital (as filed)

Cash
$124M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$180M Sep 30, 2026
Long-term investments
$168M Sep 30, 2026
Operating cash flow
$98.2M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$472M cash per the update of Nov 2, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (15)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (15 calls)

Every verdict Biotech Distilled has published on Travere Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-02-06 Watch Travere Therapeutics (TVTX): Scientific Deep Dive for Sparsentan, Pegtibatinase, and Pipeline Products Risk/reward skew is not favorable enough for a high-conviction buy before the April 13 PDUFA date; the FSGS decision is a coin flip and the smart money move is to wait for regulatory clarity.
  2. 2026-02-21 Watch UPDATE: Travere Therapeutics (TVTX) - Commercial Liftoff, CMC Recovery, and Why the Smart Money is Trimming Strong Q4 commercial execution and pegtibatinase restart are positives, but hedge funds are trimming ahead of the April binary event and the FSGS regulatory outcome remains a coin flip.
  3. 2026-04-04 Watch UPDATE: Travere Therapeutics (TVTX) - The C-Suite is Selling 12 Days Before the FDA Verdict CEO and CLO are de-risking personal portfolios 12 days before the PDUFA date, reinforcing the wait-and-see strategy ahead of the binary FSGS regulatory decision.
  4. 2026-04-18 Buy core UPDATE: Travere Therapeutics (TVTX) - The FDA Folds, The Bulls Win, and FILSPARI Gets the FSGS Crown FDA granted full approval for FILSPARI in FSGS, making it the only approved drug for the indication; binary risk is gone and Travere is now a pure commercial execution story with a temporary monopoly in FSGS.
  5. 2026-05-04 Buy core UPDATE: Travere Therapeutics (TVTX) - The Profitability Inflection Arrives Q1 2026 print validates the thesis with 88% YoY FILSPARI growth, record PSFs, FSGS scripts written within a week of approval, and non-GAAP profitability achieved a quarter earlier than modeled.
  6. 2026-05-06 Buy core UPDATE: Travere Therapeutics (TVTX) - The $400M Convert Refi Lands One Day After the Q1 Print The $400M convertible note refinancing is a rational capital structure cleanup that removes the 2029 maturity wall ahead of the HARMONY readout, though pricing terms need to be confirmed before declaring it fully accretive.
  7. 2026-05-08 Buy core UPDATE: Travere Therapeutics (TVTX) - The Convert Math Prints, And It's Better Than I Modeled Convert terms printed at 0.50% coupon and 45% conversion premium — better than modeled on every variable — making the refi genuinely accretive and reinforcing the commercial execution thesis.
  8. 2026-05-27 Buy core UPDATE: Travere Therapeutics (TVTX) - The 2030 Patent Cliff Just Got Pushed to 2037 USPTO Notice of Allowance extends IgAN method-of-use coverage to October 2037, removing the 2030 patent cliff that was the cleanest piece of the bear case and lengthening the commercial runway materially.
  9. 2026-06-02 Buy core UPDATE: Travere Therapeutics (TVTX) - The $112.5M Answer to the "What's the Cash For" Question The $112.5M civorebrutinib in-licensing from Everest Medicines fills the pipeline gap with a strategically clean BTK inhibitor fit, and the 10% sell-off looks like a reflexive reaction rather than a considered read on the franchise value added.
  10. 2026-06-04 Buy core UPDATE: Travere Therapeutics (TVTX) - The DUPLEX Switch-Arm Data Answers the Question That Haunted the FSGS PDUFA DUPLEX OLE switch-arm data shows FILSPARI achieves proteinuria reductions irbesartan cannot, with 5-year safety durability, materially reducing the failed-primary-endpoint overhang that defined the original bear case.
  11. 2026-08-05 Buy core UPDATE: Travere Therapeutics (TVTX) - The Blowout Quarter, and Two Things Buried in the 10-Q Record $141.1M FILSPARI quarter (+96% YoY), 2,012 PSFs, and first GAAP-positive operating quarter validate the thesis, though an FDA untitled letter on promotional claims and a BIOSECURE API supplier designation add new items to the risk ledger.
  12. 2026-09-22 Buy core UPDATE: Travere Therapeutics (TVTX) - The CEO Who Built the FSGS Franchise Is Stepping Down CEO Dube's departure adds a transition discount to an otherwise intact thesis; successor Campbell's rare disease commercialization background matches the job description, and the franchise is past the stage where it depends on one person.
  13. 2026-09-24 Buy core UPDATE: Travere Therapeutics (TVTX) - The FSGS Patent Closes the Loop FSGS Notice of Allowance and confirmed IgAN patent issuance put both FILSPARI indications behind method-of-use coverage to October 2037, retiring the 2030 patent cliff bear leg across the entire commercial franchise.
  14. 2026-10-02 Buy core UPDATE: Travere Therapeutics (TVTX) - The eGFR Slope Comes Back, Post Hoc Post hoc DUPLEX analysis in the FDA-approved FSGS label population shows slower eGFR decline and 75% fewer kidney failures on FILSPARI vs. irbesartan, chipping away at the failed-primary-endpoint overhang though the result is post hoc with small event counts.
  15. 2026-11-03 Buy core UPDATE: Travere Therapeutics (TVTX) - The $200M Quarter, and the 10-Q Rewrites the Risk Ledger FILSPARI cleared $200M (+120% YoY) with a fortified balance sheet and BIOSECURE threat paused by court injunction, though the European '277 patent was revoked in March and flat start forms warrant monitoring.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (32)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

11 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)