Travere Swings to Loss After Civorebrutinib Charge

The Tip Desk · November 3, 2026 · 3 min read

FILSPARI U.S. net product sales reached $200.2 million in the third quarter as year-over-year growth accelerated to 120%.

Travere Therapeutics, Inc. (TVTX), a rare-disease biopharmaceutical company, reported U.S. net product sales of $220.2 million for the third quarter of 2026, up from $161.4 million in the second quarter, with year-over-year growth of 95% after 70% in the prior quarter.

FILSPARI (sparsentan), the company’s commercial product, accounted for $200.2 million of U.S. net product sales, up 120% from a year earlier after 96% growth in the second quarter. President and chief executive officer Eric Dube said the company continued to expand reach in IgA nephropathy and focal segmental glomerulosclerosis and remains early in reaching more than 100,000 addressable patients across those conditions.

New patient start forms received declined to 1,932 in the third quarter from 2,012 in the second quarter. The company said patient demand across IgAN and FSGS reflected FILSPARI’s foundational role in IgAN and early launch momentum in FSGS.

GAAP results reversed. Net loss was $52.3 million, or $0.55 a share, compared with net income of $25.7 million, or $0.29 a share, a year earlier. On a non-GAAP adjusted basis, net loss was $29.6 million, or $0.31 a share, versus non-GAAP net income of $52.8 million, or $0.59 a share.

The swing followed a $113.1 million in-process research and development expense recognized when Travere closed an exclusive licensing and collaboration agreement with Everest Medicines for civorebrutinib. That charge was not present in second-quarter results. Total other income, net, was $1.2 million in the third quarter, compared with $0.8 million a year earlier.

Selling, general, and administrative expenses were $98.4 million, up from $71.0 million a year earlier. The company attributed the difference primarily to commercial investments supporting the recent FILSPARI launch in FSGS and ongoing commercialization in IgAN. Adjusted SG&A was $81.7 million. Research and development expenses were $70.3 million, compared with $51.9 million a year earlier, an increase the company said was primarily attributable to advancement of the Phase 3 HARMONY Study and manufacturing of pegtibatinase for classical homocystinuria. Adjusted R&D was $63.2 million.

Cash, cash equivalents, and marketable securities were $471.8 million as of September 30, 2026.

Pegtibatinase enrollment in the pivotal Phase 3 HARMONY Study continued, with topline results on track for the second half of 2027. The study is expected to enroll approximately 70 patients aged 12 to 65 with plasma total homocysteine levels of 50 µM or higher; the primary endpoint is change from baseline in plasma total homocysteine averaged across weeks 6 through 12 versus placebo, with durability through week 24 as a key secondary endpoint. The company said pegtibatinase has the potential to become the first and only disease-modifying therapy for people living with classical HCU.

Civorebrutinib, an investigational oral BTK inhibitor, is planned for primary membranous nephropathy, immune-mediated FSGS and minimal change disease. Travere said it anticipates submitting a U.S. IND by year-end to enable dosing studies, with subsequent regulatory engagement to support late-stage clinical studies.

In August, the U.S. Patent and Trademark Office granted U.S. Patent No. 12,714,697 covering certain methods of using sparsentan in IgAN into October 2037; the patent has been listed in the FDA’s Orange Book. In September, the USPTO issued a Notice of Allowance for an application covering certain methods of using sparsentan in FSGS, with expected coverage into October 2037 upon issuance.

Bradley L. Campbell will succeed Dube as president and chief executive officer and join the board effective December 1, 2026. Dube will remain employed as executive advisor through February 15, 2027, and be engaged as a consultant afterward to support the transition.