TVTX Stock — Travere Therapeutics Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$49.60

Market cap

$4,761.2M

Cash

$471.8M

Enterprise value

$4,289.4M

Balance sheet

Cash	$471.8M
Debt	$0.0M
Net cash	$471.8M
Enterprise value	$4,289.4M
Basic shares	96.0M shares
Fully diluted shares	112.5M shares
Fully diluted market cap	$5,580.6M
Cash per share	$4.92
Quarterly burn	+$58.1M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

94.3M

Pre-funded warrants

0.0M

Options

7.9M

RSUs

—

Warrants

—

Converts

9.9M

Conv preferred

0.0M

ESPP reserve

0.4M

FDSO

112.5M

Cap table as of 2026-07-30.

Price history

Loading TVTX daily closes…

Loading price history…

Next catalyst

Sparsentan · Apr 23 - Jun 4 in 6 mo · Phase 2 · Focal Segmental Glomerulosclerosis; Minimal Change Disease; Immunoglobulin A Nephropathy

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Apr 23 - Jun 4 in 6 mo	Sparsentan	Phase 2	Focal Segmental Glomerulosclerosis; Minimal Change Disease; Immunoglobulin A Nephropathy	—
Aug 12 - Sep 23 in 9 mo	Pegtibatinase	Phase 2	Homocystinuria	—
Sep 12 - Oct 24 in 10 mo	Pegtibatinase	Phase 3	Homocystinuria	2H 2027 Est. Sep 30, 2027 · half midpoint
Sep 12 - Oct 24 in 47 mo	Pegtibatinase	Phase 3	Homocystinuria	2H 2027 Est. Sep 30, 2027 · half midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

FILSPARI

Approved · Active Modality: dual endothelin angiotensin receptor antagonist (DEARA)

Aliases sparsentan

Target ETA/AT1

Partnerships Ligand: worldwide sublicense to develop/manufacture/commercialize sparsentan (2012). CSL Vifor: license and collaboration (Sep 2021); CSL Vifor responsible for commercialization in licensed territories; EC conditional MA Apr 2024. Chugai (via Renalys, merged): exclusive license (Jan 2024)

Indications

Primary IgA nephropathy (IgAN) at risk of disease progression (Approved)
Focal segmental glomerulosclerosis (FSGS) without nephrotic syndrome (adults and pediatric 8+) (Approved)

Status note FDA accelerated approval Feb 2023 and full approval Sep 2024 for IgAN (to slow kidney function decline); full traditional approval Apr 13, 2026 for FSGS (to reduce proteinuria). Available under a REMS for liver monitoring.

pegtibatinase

Phase 3 · Active Modality: investigational human enzyme replacement therapy

Target CBS

Indications

Classical homocystinuria (HCU) (Phase 3)

Status note Granted Rare Pediatric Disease, Fast Track and Breakthrough Therapy designations by the FDA plus orphan designations. In Sep 2024 the company announced a voluntary pause of enrollment in the pivotal Phase 3 HARMONY study because the desired drug substance profile was not achieved in the initial scale-up process; no discontinuation disclosed.

Thiola

Approved · Active

Aliases tiopronin

Target Cystine (thiol-disulfide exchange)

Partnerships Mission Pharmacal (Mission): exclusive, royalty-bearing license (2014) to market, sell and commercialize Thiola in the US and Canada

Indications

Cystinuria (prevention of cystine kidney stones) (Approved)

Status note Marketed licensed product; not a company-developed pipeline candidate.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Sparsentan
Lead indication	Proteinuria
Lead phase	Phase 4
Active trials	6
Collaborator trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06247085	Phase 3	Recruiting	Sponsor	TVTX	—	Homocystinuria	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT06431893	Phase 3	Enrolling by invitation	Sponsor	TVTX	—	Homocystinuria	2H 2027 Est. Sep 30, 2027 · half midpoint
NCT03762850	Phase 3	Active, not recruiting	Sponsor	TVTX	—	Immunoglobulin A Nephropathy	—
NCT05003986	Phase 2	Recruiting	Sponsor	TVTX	—	Focal Segmental Glomerulosclerosis; Minimal Change Disease; Immunoglobulin A Nephropathy	—
NCT03406611	Phase 2	Recruiting	Sponsor	TVTX	—	Homocystinuria	—
NCT07219121	Not disclosed	Active, not recruiting	Sponsor	TVTX	—	Proteinuria; Immunoglobulin A (IgA) Nephropathy; Focal Segmental Glomerulosclerosis	—
NCT04663204	Phase 2	Recruiting	Collaborator	University of Leicester	—	Immunoglobulin A Nephropathy; Kidney Diseases; Glomerulonephritis, IGA	—
NCT05630612	Phase 2	Active, not recruiting	Collaborator	University of Edinburgh	—	ANCA Associated Vasculitis; Cardiovascular Diseases; Kidney Diseases	—
NCT07224776	Phase 1	Recruiting	Collaborator	Brigham and Women's Hospital	—	Proteinuric Renal Disease; Proteinuric Kidney Disease; Proteinuria	—
NCT05368038	Not disclosed	Enrolling by invitation	Collaborator	Albert Einstein College of Medicine	SNY, TAK	Acid Sphingomyelinase Deficiency; Ceroid Lipofuscinosis, Neuronal, 2; Cerebrotendinous Xanthomatosis	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 4 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 10 active trials for Travere Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
OrbiMed Advisors	5,253,000	+5,253,000	0.38%	2026-08-14
Perceptive Advisors	3,752,574	-389,977	3.31%	2026-08-14
ADAR1 Capital Management	10,000	+10,000	0.05%	2026-08-14
RA Capital Management	0	-746,841	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

TVTX — Travere Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

TVTX — Travere Therapeutics Inc.