Travere Therapeutics

What Travere Therapeutics does

Travere Therapeutics (NASDAQ: TVTX) is a San Diego-headquartered biopharmaceutical company focused on developing and commercializing therapies for rare kidney and metabolic diseases. The company commercializes two approved products: FILSPARI (sparsentan), a first-in-class dual endothelin A and angiotensin II type 1 receptor antagonist (DEARA) approved for IgA nephropathy (IgAN) and, as of April 2026, the first and only FDA-approved medicine for focal segmental glomerulosclerosis (FSGS); and Thiola EC/Thiola (tiopronin), a reducing and complexing thiol indicated for prevention of cystine stone formation in severe homozygous cystinuria. The pipeline includes pegtibatinase (TVT-058), a PEGylated recombinant enzyme replacement therapy in Phase 3 for classical homocystinuria (HCU) with FDA Breakthrough Therapy, Rare Pediatric Disease, Fast Track, and Orphan Drug designations, plus the newly in-licensed covalent reversible BTK inhibitor civorebrutinib (EVER001) for multiple rare kidney indications.

Travere generates revenue primarily through direct U.S. sales of FILSPARI and Thiola EC distributed via specialty pharmacies under REMS programs, supported by an over-100-person specialized nephrology field force and comprehensive patient support services (Travere TotalCare and Total Care Hub). FILSPARI delivered $322M in U.S. net product sales in FY2025 (+144% YoY), driving total revenue to $410.5M (+81% YoY) and the company's first non-GAAP net income of $81.1M. International markets are served through licensing partners — CSL Vifor (Europe, Australia, New Zealand, Middle East), Chugai Pharmaceutical (Japan, South Korea, Taiwan), and Renalys Pharma (Japan IgAN development) — generating upfront, milestone, and royalty revenue. The company ended FY2025 with $323M in cash and marketable securities and executed a $475–525M convertible senior notes refinancing in May 2026 to retire existing 2029 convertibles.

Name

Travere Therapeutics

Legal name

Travere Therapeutics, Inc.

Website

https://travere.com

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Rare Disease Pharmaceuticals

NAICS

Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Nephrology & Urology Specialty Pharmaceuticals (HLAIACAH)

akta.pro secondary industries

Nephrology & Urology Pharmaceuticals (HLAIAAAM), Rare Renal & Nephrology Disorder Therapies (HLAIAIAI), Rare Immunology, Autoimmune & Autoinflammatory Therapies (HLAIAIAE)

Keywords

• Rare disease therapeutics
• Kidney disease drugs
• Biopharmaceutical products
• Metabolic disorder treatments
• Nephrology medicines

Headquarters

HQ city

San Diego

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain

Revenue model

1. FILSPARI (sparsentan) Product Sales: Travere generates revenue through direct sales of FILSPARI in the United States. FILSPARI is prescribed for IgA nephropathy and FSGS, with U.S. net product sales reaching $322 million for full year 2025 (144% YoY growth) and $103.3 million in Q4 2025 (108% YoY growth). The drug achieved record demand with 993 new patient start forms in Q1 2026 and 908 new patient start forms in Q4 2025. The company estimates peak sales potential exceeding $3 billion in the U.S. across both approved indications.
2. Thiola EC and Thiola (tiopronin) Product Sales: Thiola EC and Thiola (tiopronin) are marketed for cystinuria, providing recurring prescription revenue from a dedicated patient population requiring lifelong management of cystine kidney stones.
3. Royalties from Licensing Partners: Travere receives royalties from commercial partners including CSL Vifor (for sparsentan in Europe, Australia, New Zealand, and other regions) and Chugai Pharmaceutical (Japan, South Korea, Taiwan). Ligand Pharmaceuticals receives a fixed 9% royalty on worldwide net sales of FILSPARI. H.C. Wainwright estimates potential royalty revenue of $40-45 million for Ligand by 2030 from FILSPARI sales.
4. Milestone Payments from Licensing Agreements: Travere receives upfront payments and milestone payments from licensing and collaboration agreements. The Everest Medicines agreement includes a $112.5 million upfront payment with up to approximately $1.03 billion in additional milestone payments tied to clinical, regulatory, and commercial achievements across up to five indications, plus tiered royalties on net sales.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Travere Therapeutics is a biopharmaceutical company that discovers, develops, and commercializes life-changing therapies for people living with rare kidney and metabolic diseases. The company's commercial portfolio includes FILSPARI (sparsentan), the first and only non-immunosuppressive medicine approved in the U.S. for both IgA nephropathy and focal segmental glomerulosclerosis (FSGS), and Thiola EC / Thiola (tiopronin) for cystinuria. Its late-stage pipeline includes pegtibatinase (TVT-058) for classical homocystinuria and civorebrutinib (EVER001), a BTK inhibitor licensed for autoimmune diseases.

Product overview

Travere Therapeutics is a biopharmaceutical company focused on rare kidney and metabolic diseases, with an approved product portfolio consisting of FILSPARI (sparsentan) for IgA nephropathy and FSGS, and Thiola EC/Thiola (tiopronin) for cystinuria. The company's pipeline includes pegtibatinase for classical homocystinuria. Travere provides patient support services through its Travere TotalCare and Total Care Hub programs, while commercial partnerships with CSL Vifor (Europe/Australia), Chugai (Japan/Korea/Taiwan), and Renalys expand global reach.

Differentiator

Problem solved

Functional benefit

Brands

• FILSPARI: Sparsentan - an endothelin and angiotensin II receptor antagonist approved for IgA nephropathy and FSGS
• Thiola EC/Thiola
• Pegtibatinase
• Total Care Hub
• RKD & Me
• Rare Life

Products and services

• FILSPARI (sparsentan) First and only non-immunosuppressive, once-daily, oral, dual endothelin and angiotensin II receptor antagonist (DEARA) approved in the U.S. for adult patients with IgA nephropathy (IgAN) at risk of rapid disease progression, and for adults and pediatric patients aged 8 years and older weighing more than 30 kg with focal segmental glomerulosclerosis (FSGS).
• Thiola EC and Thiola (tiopronin) Approved therapies used for the treatment of severe homozygous cystinuria in combination with high fluid intake, alkali, and diet modification. Thiola EC is an enteric-coated, delayed-release formulation; Thiola is the original immediate-release formulation. The product is sold through specialty pharmacy channels.
• Pegtibatinase (TVT-058) Investigational PEGylated enzyme replacement therapy designed to lower homocysteine levels in patients with classical homocystinuria (HCU), a rare inherited metabolic disorder characterized by elevated homocysteine in the blood and urine. Currently in Phase 3 development.
• Civorebrutinib (EVER001) Investigational small-molecule Bruton's tyrosine kinase (BTK) inhibitor licensed from EVERSANA for development and commercialization in autoimmune diseases. Targets B-cell signaling pathways implicated in multiple autoimmune conditions.

Quantifiable outcome

• FILSPARI achieved 144% year-over-year sales growth to $322 million in FY2025, with 908 new patient start forms in Q4 2025 and 993 in Q1 2026
• +6 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered minor and core.

• American Kidney FundminorGTM or Marketing Partner · 9 June 2026The American Kidney Fund launched 'FSGS in Focus,' a national education awareness campaign to improve patient and caregiver knowledge of focal segmental glomerulosclerosis, developed with grant support from Travere Therapeutics. The campaign focuses on symptoms, diagnosis through kidney biopsies, treatment options, and outreach to underserved communities.
• Everest MedicinescoreStrategic or Co-development Partner · 2 June 2026Travere entered an exclusive licensing and collaboration agreement with Everest Medicines to develop and commercialize civorebrutinib (EVER001), a potential best-in-class BTK inhibitor for rare kidney diseases, outside China and certain East and Southeast Asian countries. Travere paid $112.5 million upfront with potential milestone payments of up to approximately $1.03 billion tied to clinical, regulatory, and commercial achievements across up to five indications, plus tiered royalties on net sales. The deal includes a ten-year exclusivity clause preventing either party from developing competing BTK products in the field. The collaboration aims to develop treatments for primary membranous nephropathy, FSGS, and minimal change disease.
• Purespring TherapeuticsminorStrategic or Co-development Partner · 29 April 2026Purespring Therapeutics published research in Kidney International Reports identifying pathogenic NPHS2 variants as a significant under-recognized cause of adult-onset FSGS, conducted in collaboration with Bristol Renal at University of Bristol, Genescape, Natera, and Travere Therapeutics. The research will inform the development strategy for Purespring's PS-001 candidate treatment for NPHS2-mediated FSGS.
• Surge to Save Newborns CoalitionminorGTM or Marketing Partner · 5 March 2026Travere Therapeutics is an industry partner supporting the Surge to Save Newborns Coalition, a group of more than 15 rare disease advocacy organizations calling on Congress and the Administration to fund implementation of all Recommended Uniform Screening Panel conditions, which currently identifies treatable conditions in approximately 14,000 babies annually.
• American Kidney FundminorGTM or Marketing Partner · 2 March 2026Travere Therapeutics is a sponsor of the seventh annual Kidney Action Week hosted by the American Kidney Fund from March 2-5, 2026, a free virtual conference bringing together kidney disease patients, health professionals, caregivers, and advocates to discuss kidney disease testing, treatment options, and advancements.
• CSL ViforcoreChannel Partner/ Reseller/ DistributorCSL Vifor holds exclusive commercial rights for sparsentan in Europe, Australia, New Zealand, Bahrain, Brazil, Chile, Israel, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Travere received a $40 million milestone payment from CSL Vifor following European market access achievements.
• Chugai PharmaceuticalcoreChannel Partner/ Reseller/ DistributorChugai Pharmaceutical (Roche's Japanese unit) has exclusive rights to develop and commercialize sparsentan in Japan, South Korea, and Taiwan. Chugai is acquiring Renalys Pharma, a company focused on sparsentan development for IgA nephropathy in Japan, for approximately $98 million.
• NephCure Kidney InternationalcoreGTM or Marketing PartnerTravere works with NephCure Kidney International to increase patient access to disease education, treatment, earlier diagnosis, equitable care, and to strengthen the rare glomerular disease community. NephCure is a key advocacy partner for FSGS patient education and awareness.
• IgA Nephropathy FoundationcoreGTM or Marketing PartnerTravere works with the IgA Nephropathy Foundation to make IgA nephropathy more understood to families affected by it and the public, supporting patient education and advocacy programs.
• HCU Network AmericacoreGTM or Marketing PartnerTravere supports HCU Network America (HCUNA) and HCU Network Australia to elevate the voices of families impacted by homocystinuria, supporting advocacy, education, and awareness programs for classical HCU patients.

Scale indicators10 records

Recent moves5 records

Expansion highlights2 records

Broad incumbents

• Vertex Pharmaceuticals: Vertex is a profitable rare-disease specialist (cystic fibrosis, sickle cell) that has been expanding into rare kidney indications (e.g., APOL1-mediated kidney disease via the Alpine Immune Sciences acquisition). Comparable to Travere as a focused rare-disease commercial biotech.
• BioMarin Pharmaceutical: BioMarin is a multi-product rare disease company with enzyme replacement and specialty therapeutics, comparable to Travere in business model (rare disease, specialty sales force, single-product revenue concentration in some indications).
• AstraZeneca (Alexion): Alexion, now part of AstraZeneca's Rare Disease unit, commercializes complement inhibitors (Soliris/Ultomiris) for complement-mediated kidney diseases (aHUS) and is a leading rare disease franchise. Represents a potential future competitor in immune-mediated nephrology and a benchmark for rare-disease commercial scale.
• Alnylam Pharmaceuticals: Alnylam is a commercial-stage RNAi rare disease company (Onpattro, Amvuttra, Givlaari) with a similar profile of a profitable, multi-product rare-disease platform pursuing orphan indications — closely aligned with Travere's commercial and R&D model.
• Ultragenyx Pharmaceutical: Ultragenyx is a rare metabolic disease company with enzyme and protein replacement therapies (e.g., Crysvita, Dojolvi). Particularly comparable to Travere's pegtibatinase program in classical homocystinuria given shared focus on rare metabolic enzyme deficiencies.
• Apellis Pharmaceuticals: Apellis commercializes Empaveli/Aspaveli (pegcetacoplan) for PNH and geographic atrophy, both rare diseases with specialty distribution and patient support programs analogous to Travere's Travere TotalCare model.

Direct peers

• Novartis: Novartis acquired Chinook Therapeutics in 2023, gaining atrasentan and other IgAN programs that compete with FILSPARI in the same nephrology channel. Novartis is also building a broader rare kidney disease franchise that overlaps with Travere's core nephrology focus.
• Calliditas Therapeutics: Calliditas developed and commercialized Tarpeyo/Nefecon (delayed-release budesonide), the first FDA-approved treatment for IgA nephropathy, making it the most direct U.S. competitor to Travere's FILSPARI in IgAN. Recently acquired by Asahi Kasei.
• Ardelyx: Ardelyx commercializes kidney-focused therapies (Xphozah for hyperphosphatemia, Ibsrela) using a specialty nephrology sales force, making it a comparable nephrology commercial-stage peer even though it does not directly overlap on the same indications as FILSPARI.
• Otsuka Pharmaceutical: Otsuka markets tolvaptan (Jynarque) for autosomal dominant polycystic kidney disease and is a major nephrology-focused player; it also licensed certain regional rights to sparsentan from Travere. The company competes for the same nephrology prescriber audience as Travere.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/travererare
• YouTubeyoutube.com/@travere_rare
• Facebookfacebook.com/TravereRare
• LinkedInlinkedin.com/company/travererare
• Instagraminstagram.com/travererare

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Travere Therapeutics