Travere Therapeutics Announces Q1 2026 Financial Results
Travere Therapeutics, Inc. reported a strong start to 2026, marked by significant commercial growth, regulatory milestones, and continued advancement across its pipeline programs. The company’s first-quarter performance reflects increasing demand for its lead therapy, FILSPARI (sparsentan), alongside meaningful progress in expanding its clinical and commercial footprint.
The quarter was highlighted by record adoption of FILSPARI in IgA nephropathy (IgAN), with 993 new patient start forms (PSFs) recorded in the United States. This surge in patient uptake underscores growing physician confidence and broader utilization of the therapy in clinical practice. Correspondingly, U.S. net product sales of FILSPARI reached $105.2 million during the quarter, representing an impressive 88% year-over-year increase compared to the same period in 2025.
A major regulatory milestone further strengthened Travere’s position during the quarter. In April 2026, the U.S. Food and Drug Administration approved FILSPARI for the treatment of focal segmental glomerulosclerosis (FSGS) in both adult and pediatric patients aged eight years and older who do not present with nephrotic syndrome. This approval significantly expands the addressable patient population for FILSPARI in the United States to more than 100,000 individuals across IgAN and FSGS indications. Notably, the company reported rapid initial adoption in FSGS, with patient start forms received immediately following approval and reimbursed treatments initiated within the first week.
Travere’s leadership described the beginning of 2026 as transformative, citing the dual impact of regulatory success and commercial momentum. The company believes FILSPARI is now positioned as a foundational therapy across multiple kidney disease indications, creating a substantial long-term growth opportunity.
From a financial perspective, Travere reported total U.S. net product sales of $124.5 million for the first quarter of 2026, up from $75.9 million in the same quarter of 2025. This growth was primarily driven by the continued expansion of FILSPARI sales in IgAN. The company’s financial results also reflect increased investment across research, development, and commercialization activities.
Research and development (R&D) expenses rose to $57.1 million during the quarter, compared to $46.9 million in the prior-year period. This increase was largely attributed to the restart of the Phase 3 HARMONY study evaluating pegtibatinase for classical homocystinuria (HCU). On a non-GAAP adjusted basis, R&D expenses were $51.5 million, up from $42.2 million in the first quarter of 2025.
Selling, general, and administrative (SG&A) expenses also increased, reaching $80.3 million compared to $60.4 million in the same period last year. The rise in SG&A spending reflects investments in preparing for the commercial launch of FILSPARI in FSGS, as well as continued support for its IgAN commercialization efforts. Adjusted SG&A expenses were reported at $69.3 million, compared to $53.3 million in the prior year.
Despite higher operating expenses, Travere improved its bottom-line performance. The company reported a net loss of $37.1 million, or $0.40 per basic share, compared to a net loss of $41.2 million, or $0.47 per basic share, in the first quarter of 2025. On a non-GAAP basis, Travere achieved net income of $4.1 million, or $0.05 per basic share, marking a significant improvement from a net loss of $16.9 million in the prior-year quarter.
As of March 31, 2026, the company maintained a solid liquidity position, with $264.7 million in cash, cash equivalents, and marketable securities. This figure does not include a $25 million milestone payment received from Mirum Pharmaceuticals in April 2026, which had been recognized in 2025.
Beyond financial performance, Travere continued to make progress across its clinical pipeline and lifecycle management initiatives. In IgAN, the company remains focused on expanding the clinical evidence base and exploring combination treatment strategies. Data on the use of FILSPARI alongside SGLT2 inhibitors is expected to be presented at the National Kidney Foundation Spring Clinical Meeting in May 2026. Additionally, the SPARX study, which is evaluating FILSPARI in post-transplant patients with recurrent IgAN or FSGS, is on track to complete enrollment in the second quarter of the year.
International expansion efforts are also underway. Travere’s partner, Chugai Pharmaceutical, is expected to submit a New Drug Application for sparsentan in Japan during 2026. The company remains eligible for milestone payments tied to regulatory progress and sales performance in licensed territories, along with tiered royalty revenues.
In FSGS, FILSPARI represents a significant advancement as the first and only FDA-approved therapy for this condition. The approved indication focuses on patients without nephrotic syndrome, a group estimated to include more than 30,000 individuals in the United States. The company is also continuing to generate clinical data to support broader use, including results from the Phase 3 DUPLEX study, which will be presented at the NKF meeting. These data include outcomes from patients who transitioned from irbesartan to FILSPARI in an open-label extension phase.
Travere’s pipeline development efforts are led by pegtibatinase (TVT-058), an investigational therapy for classical homocystinuria. During the first quarter, the company restarted enrollment in the pivotal Phase 3 HARMONY study. This trial aims to enroll approximately 70 patients aged 12 to 65 with elevated plasma total homocysteine levels. The primary endpoint focuses on changes in homocysteine levels over a defined treatment period, with durability of response assessed as a key secondary measure.
In April 2026, Travere dosed the first new patient following the study restart, marking an important step forward for the program. The company expects to report topline data from the HARMONY study in the second half of 2027. If successful, pegtibatinase has the potential to become the first disease-modifying therapy for individuals living with HCU, addressing a significant unmet medical need.
Overall, Travere Therapeutics’ first-quarter results reflect a company in transition from a development-focused organization to a commercially driven growth enterprise. The combination of strong FILSPARI adoption, expanded regulatory approvals, and continued pipeline advancement positions the company for sustained momentum in the years ahead.
With increasing patient reach, ongoing clinical innovation, and a solid financial foundation, Travere appears well-positioned to capitalize on its expanding therapeutic portfolio while delivering long-term value for patients and stakeholders alike.
About Travere Therapeutics
At Travere Therapeutics, we are in rare for life. We are a biopharmaceutical company that comes together every day to help patients, families and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent – that is why our global team works with the rare disease community to identify, develop and deliver life-changing therapies. In pursuit of this mission, we continuously seek to understand the diverse perspectives of rare patients and to courageously forge new paths to make a difference in their lives and provide hope – today and tomorrow.
