Travere Posts $52.3 Million Third-Quarter Loss Despite FILSPARI Sales Surge
Key Facts
Travere Therapeutics reported a net loss of $52.3 million, or $0.55 per basic share, in the third quarter of 2026, compared with net income of $25.7 million, or $0.29 per share, in the same period of 2025. The company attributed a large part of the swing to a $113.1 million in-process research and development expense, recorded upon completion of the licensing and collaboration agreement with Everest Medicines for civorebrutinib. Meanwhile, total revenue grew to $224.6 million from $164.9 million a year earlier. U.S. net product sales were $220.2 million, compared with $113.2 million in the third quarter of 2025. The company's shares closed at $50.39 on October 30, 2026.
FILSPARI was the biggest driver of sales growth, with U.S. net sales of $200.2 million, up 120% year over year. The company said demand across IgAN and FSGS resulted in 1,932 new patient start forms during the quarter. The chief executive said sales reflected continued expansion of patient access in both conditions, adding: "We continued to expand our reach in IgAN and FSGS." The company estimated that the patient population it could target across the two conditions exceeds 100,000 patients, and said it remains at an early stage of reaching them. The commercial product's growth comes alongside the costs of expansion, which increased as demand rose.
On a non-GAAP adjusted basis, Travere posted a net loss of $29.6 million, or $0.31 per basic share, compared with adjusted net income of $52.8 million, or $0.59 per share, in the year-ago quarter. Research and development expenses rose to $70.3 million from $51.9 million. The company said the increase mainly reflected the advancement of the Phase 3 HARMONY study and the manufacturing of pegtibatinase for classic homocystinuria. Selling, general and administrative expenses also rose to $98.4 million from $71.0 million a year earlier. The company linked the increase mainly to commercial investment in FILSPARI for FSGS and continued marketing for IgAN.
U.S. product sales growth extended into the first nine months of 2026, reaching a total of $506.0 million, compared with $283.9 million in the same period of 2025. Cash, cash equivalents and marketable securities totaled $471.8 million on September 30, 2026. These figures come as the company continues to fund research and development activities and commercial expansion, alongside work on its clinical programs. The near-term development agenda is set to include a regulatory step for civorebrutinib, as well as HARMONY study results at a later stage. The company did not provide an estimate in the figures reported here for when losses might turn into profits.
Travere aims to submit a U.S. application to begin clinical trials of civorebrutinib by the end of 2026, enabling dose-finding studies. The company said the Phase 3 HARMONY study, which is testing pegtibatinase, is on track for topline results in the second half of 2027. The study is expected to enroll about 70 patients aged 12 to 65 with classic homocystinuria. In a management change, Bradley L. Campbell will serve as president and chief executive, succeeding Eric Dube, and will join the board effective December 1, 2026. These timelines link the upcoming clinical trials with the company's leadership transition in the months following the results announcement.