second quarter 2026
Filed Aug 4, 2026Strong FSGS launch and continued IgAN growth drive robust FILSPARI demand; 2,012 new PSFs received during the second quarter
FILSPARI sales grew 96% year-over-year to $141.1 million, total revenue rose to $169.6 million, and non-GAAP operating income was $30.0 million. GAAP net loss widened because of a $40.0 million inducement expense related to convertible-note repurchases, while commercial and R&D spending increased to support FSGS launch activity and pegtibatinase development.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $ 169,584 (in thousands) | – | – |
| Total net product salesGAAP | $ 161,352 (in thousands) | – | – |
| License and collaboration revenueGAAP | $ 8,232 (in thousands) | – | – |
| Cost of goods soldGAAP | $ 2,174 (in thousands) | – | – |
| Research and development expenseGAAP | $ 60,283 (in thousands) | – | – |
| Non-GAAP R&D expensenon-GAAP | $ (53,410) (in thousands) | – | – |
| Selling, general and administrative expenseGAAP | $ 96,112 (in thousands) | – | – |
| Non-GAAP SG&A expensenon-GAAP | $ (80,802) (in thousands) | – | – |
| Royalty expenseGAAP | $ 7,061 (in thousands) | – | – |
| Non-GAAP royalty expensenon-GAAP | $ (3,222) (in thousands) | – | – |
| Total operating expensesGAAP | $ 165,630 (in thousands) | – | – |
| Operating income (loss)GAAP | $ 3,954 (in thousands) | – | – |
| Non-GAAP operating income (loss)non-GAAP | $ 29,976 (in thousands) | – | – |
| Interest incomeGAAP | $ 3,356 (in thousands) | – | – |
| Interest expenseGAAP | $ (2,134) (in thousands) | – | – |
| Inducement expenseGAAP | $ (40,008) (in thousands) | – | – |
| Total other (expense) income, netGAAP | $ (38,955) (in thousands) | – | – |
| Net lossGAAP | $ (34,797) (in thousands) | – | – |
| Net loss per common shareGAAP | $ (0.37) | – | – |
| Non-GAAP net (loss) incomenon-GAAP | $ (8,979) (in thousands) | – | – |
| Non-GAAP net (loss) income per common sharenon-GAAP | $ (0.10) | – | – |
| Total revenue, six months ended June 30GAAP | $ 296,782 (in thousands) | – | – |
| Total net product sales, six months ended June 30GAAP | $ 285,844 (in thousands) | – | – |
| Operating income (loss), six months ended June 30GAAP | $ (32,961) (in thousands) | – | – |
| Non-GAAP operating income (loss), six months ended June 30non-GAAP | $ 34,419 (in thousands) | – | – |
| Net loss, six months ended June 30GAAP | $ (71,899) (in thousands) | – | – |
| Non-GAAP net (loss) income, six months ended June 30non-GAAP | $ (4,843) (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| FILSPARIThe first months of the FSGS launch and continued growth in IgAN resulted in 2,012 new patient start forms (PSFs) received during the second quarter of 2026. | $ 141,078 (in thousands) | – | 96% growth year-over-year |
| Tiopronin productsNo segment driver was provided. | $ 20,274 (in thousands) | – | – |
2H 2026 and 2H 2027 outlook
- NoteIn 2H 2026, the Company plans to initiate a Phase 4, open-label, single-arm, multi-center study to further evaluate the efficacy and safety of FILSPARI in adult and pediatric patients of African ancestry with FSGS and at high risk of disease progression (SPARLIGHT).
- NoteThe Company is continuing to enroll new patients in the pivotal Phase 3 HARMONY Study, with topline data anticipated in 2H 2027.
- NoteThe SPARX Study evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS has completed enrollment, with data presentations anticipated in 2027.
Capital returns
- In May 2026, $525 million of 0.5% convertible notes due 2032 were issued.
- Approximately $221 million of the Company's $316 million 2.25% convertible notes due 2029 were repurchased.
- In July 2026, the Company made a $112.5 million upfront cash payment to Everest Medicines following the closing of the civorebrutinib in-licensing transaction.
What drove it
- U.S. net product sales of FILSPARI totaled $141.1 million in the second quarter of 2026, representing 96% growth year-over-year.
- The first months of the FSGS launch and continued growth in IgAN resulted in 2,012 new patient start forms received during the second quarter of 2026.
- R&D expense increased primarily due to advancement of the Phase 3 HARMONY Study and manufacturing of pegtibatinase for classical HCU.
- SG&A expense increased largely due to commercial investments supporting the recent launch of FILSPARI in FSGS and ongoing commercialization efforts in IgAN.
- In July 2026, Travere closed an exclusive licensing and collaboration agreement with Everest Medicines for civorebrutinib.
Concerns
- GAAP net loss was $34.8 million, compared to $12.8 million for the same period in 2025.
- Total other expense, net was $39.0 million, largely attributable to a recognized inducement expense of $40.0 million related to 2029 convertible note repurchases completed in the second quarter of 2026.
- FILSPARI is available only through the restricted FILSPARI REMS because of the risk of hepatotoxicity.
- Elevations in ALT or AST of at least 3-times the Upper Limit of Normal have been observed in up to 3.5% of FILSPARI-treated patients.
- The Company faces risks associated with the commercial launch of FILSPARI in FSGS, ongoing commercialization in IgAN, clinical-trial enrollment, regulatory review, manufacturing scale-up, reimbursement, and competitive products.
What to watch
- Topline data from the pivotal Phase 3 HARMONY Study are anticipated in 2H 2027.
- Travere plans to initiate the SPARLIGHT Phase 4 study in 2H 2026.
- Data presentations from the completed-enrollment SPARX Study are anticipated in 2027.
- Chugai Pharmaceutical submitted a New Drug Application for sparsentan in Japan in June 2026; Travere remains eligible for regulatory and net-sales milestones and tiered royalties.
- The USPTO issued a Notice of Allowance in May 2026 for a FILSPARI IgA nephropathy patent application that, upon issuance, is expected to provide coverage into October 2037.
- The commercial adoption trajectory of FILSPARI in FSGS and continued growth in IgAN.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $489.2 million as of June 30, 2026.
- Cash and cash equivalents were $ 117,735 (in thousands) as of June 30, 2026, compared to $ 93,035 (in thousands) as of December 31, 2025.
- Marketable debt securities, at fair value were $ 371,442 (in thousands) as of June 30, 2026, compared to $ 229,761 (in thousands) as of December 31, 2025.
- Convertible debt was $ 602,781 (in thousands) as of June 30, 2026, compared to $ 311,724 (in thousands) as of December 31, 2025.
- Total assets were $ 799,360 (in thousands) as of June 30, 2026, compared to $ 605,191 (in thousands) as of December 31, 2025.
- Total liabilities were $ 774,838 (in thousands) as of June 30, 2026, compared to $ 490,363 (in thousands) as of December 31, 2025.
- Total stockholders' equity was $ 24,522 (in thousands) as of June 30, 2026, compared to $ 114,828 (in thousands) as of December 31, 2025.
Analysis
Travere reported strong commercial momentum in the second quarter of 2026. Total revenue was $ 169,584 (in thousands), compared with $ 114,449 (in thousands) in the prior-year period, while total net product sales were $ 161,352 (in thousands), compared with $ 94,842 (in thousands). FILSPARI was the principal contributor, with sales of $ 141,078 (in thousands) and stated growth of 96% year-over-year. The company linked demand to the first months of its FSGS launch and continued IgAN growth, which produced 2,012 new PSFs during the quarter.
The earnings profile reflected substantial commercial and pipeline investment. GAAP R&D expense rose to $ 60,283 (in thousands) from $ 49,362 (in thousands), primarily because of Phase 3 HARMONY advancement and pegtibatinase manufacturing. GAAP SG&A expense rose to $ 96,112 (in thousands) from $ 62,581 (in thousands), driven largely by FSGS launch investments and continuing IgAN commercialization. Despite those investments, GAAP operating income was $ 3,954 (in thousands), compared with an operating loss of $ (12,650) (in thousands), and non-GAAP operating income was $ 29,976 (in thousands), compared with $ 12,015 (in thousands).
GAAP net loss was $ (34,797) (in thousands), compared with $ (12,755) (in thousands). The principal item below operating income was a $ (40,008) (in thousands) inducement expense associated with second-quarter repurchases of 2029 convertible notes. Excluding the company's defined non-GAAP operating adjustments and income tax, non-GAAP net loss was $ (8,979) (in thousands), compared with non-GAAP net income of $ 11,930 (in thousands). The company issued $525 million of 0.5% convertible notes due 2032 and repurchased approximately $221 million of its 2.25% convertible notes due 2029, generating approximately $158 million of net cash proceeds from the convertible-note transactions in May 2026.
Liquidity included $489.2 million of cash, cash equivalents, and marketable securities as of June 30, 2026. Convertible debt was $ 602,781 (in thousands), and total stockholders' equity was $ 24,522 (in thousands). After quarter-end, Travere paid $112.5 million upfront to Everest Medicines upon closing the civorebrutinib in-licensing transaction. That transaction adds an investigational BTK inhibitor for potential development in pMN, immune-mediated FSGS and MCD, expanding the pipeline alongside FILSPARI and pegtibatinase.
The forward operating milestones are clinical rather than financial. Travere continues to enroll the Phase 3 HARMONY Study, with topline data anticipated in 2H 2027, plans to begin the SPARLIGHT Phase 4 study in 2H 2026, and expects SPARX data presentations in 2027. Commercial execution for FILSPARI remains central, while the filing also highlights REMS requirements and hepatotoxicity, embryo-fetal toxicity, hypotension, acute kidney injury, hyperkalemia and fluid-retention risks for FILSPARI.
Management, verbatim
With an exceptional second quarter, Travere has entered a new chapter of near- and long-term growth.
Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics
Our performance reflects the strength of the company we are building and the disciplined execution of our teams as we continue to deliver on our strategy.
Eric Dube, Ph.D., president and chief executive officer of Travere Therapeutics
Not in the filing
stated, not guessed- Financial revenue guidance
- Gross margin
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Cash flow from operations
- Free cash flow
- Diluted EPS
- Dividend information
- Common-share repurchase information
- Sequential quarter comparisons for reported financial metrics
- Prior-quarter financial figures for reported financial metrics
- Explicit percentage changes for total revenue, total net product sales, Tiopronin products, license and collaboration revenue, operating expenses, operating income, net loss, and EPS
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.