Summary of Travere Therapeutics FY Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Date**: December 02, 2025 - **Key Focus**: The company is focused on the ongoing launch of FILSPARI for IgA nephropathy, an SNDA with the FDA for FSGS, and enzyme replacement therapy for classical homocystinuria (HCU) [2][3][4] Core Points and Arguments FILSPARI Launch and Growth - **IgA Nephropathy**: The launch of FILSPARI is seeing strong growth, supported by the nephrology community and recent KDIGO guidelines that emphasize urgency in treating patients to prevent kidney failure [2] - **Patient Reach**: The company has reached a significant number of new patients this year, indicating robust market acceptance [2] FSGS SNDA and Regulatory Process - **SNDA Submission**: An SNDA for FSGS is under review, with a PDUFA date set for January 13, 2026. The process is straightforward, with no mid-cycle or late-cycle meetings planned [3][4] - **Labeling Expectations**: The company anticipates a broad indication for FSGS treatment without specific proteinuria cutoffs, as many patients present with high proteinuria levels [6][9] Market Potential and Patient Population - **Addressable Population**: The estimated addressable population for FSGS is around 30,000 patients, which could expand to 40,000-50,000 if secondary patients are included [10][9] - **Provider and Payer Dynamics**: Nephrologists are eager to prescribe FILSPARI, especially for secondary patients, despite challenges in identifying the etiology of FSGS. Payers may face difficulties in managing secondary populations due to the lack of specific ICD-10 codes [11][12][13] Manufacturing and Enrollment Challenges - **HCU Therapy**: The company faced manufacturing scale-up challenges but is now on track to resume enrollment in the phase three trial for pegtibatinase for HCU next year [3][26] - **Patient Support**: The company emphasizes the importance of patient support services to help patients reach target doses and maintain compliance [16][18] Financial Dynamics - **Revenue Growth**: Revenue from FILSPARI is outpacing patient start forms, attributed to the time required for reimbursement processes post-approval [19][20] - **Future Expectations**: The company expects a more stable dynamic between new patient prescriptions and reimbursements moving forward [21][23] Combination Therapy Considerations - **Combination with BAFF APRIL**: The company is optimistic about the potential for payers to approve FILSPARI in combination with BAFF APRIL therapies, especially for severe patients [24][25] HCU Study Design - **Enrollment Cadence**: The company plans to quickly ramp up enrollment for the HCU trial, having already identified interested patients and providers [26] - **Dietary Protocol**: A sub-study will explore how much protein can be introduced into patients' diets while maintaining control of homocysteine levels, which is a significant concern for patients [27][28] Other Important Points - **Eagerness for Approval**: There is a high level of eagerness among physicians to prescribe FILSPARI for FSGS, indicating a strong unmet need in the market [18] - **Patient-Centric Approach**: The company is focused on addressing patient needs, particularly in terms of dietary flexibility and treatment efficacy [27][28] This summary encapsulates the key points discussed during the conference call, highlighting the company's strategic priorities, market dynamics, and future expectations.

Summary of Travere Therapeutics Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Industry**: Biotech, focusing on rare kidney diseases - **Key Product**: FILSPARI, approved for IgA nephropathy and pending approval for FSGS [2][4] Core Points and Arguments Product Development and Approval - FILSPARI is redefining treatment for IgA nephropathy and is expected to be the first approved therapy for FSGS with a PDUFA date set for January 13, 2026 [2][4] - The FDA has canceled the advisory committee meeting for FSGS, indicating a smooth review process [4][5] - The company has had consistent interactions with the FDA, similar to those experienced during the IgA nephropathy review [8][4] Clinical Data and Efficacy - The two-year trial for FSGS showed a consistent benefit on proteinuria, although it missed the confirmatory endpoint of eGFR [12][13] - A post-hoc analysis indicated that achieving proteinuria levels below 0.7 grams correlates with lower rates of kidney failure, showing an 86% reduction in kidney failure risk [14][15] - The treatment effect of sparsentan versus irbesartan translates into a 24% reduced rate of kidney failure [15] Market Opportunity and Strategy - Travere is seeking a broad indication for FSGS treatment, which could address approximately 30,000 patients in the U.S. [20][21] - The company plans to expand its sales force from 80+ to maximize opportunities in both IgA nephropathy and FSGS [24] - Pricing strategy aims for broad access, leveraging strong health economic analysis for FSGS [28][30] Competitive Landscape - FILSPARI is positioned as a category leader with a differentiated profile and long-term efficacy data [34][35] - The company anticipates competition from biologics but believes that FILSPARI's nephroprotective profile will maintain its market position [40][41] Financial Position - As of Q3, Travere has approximately $300 million in cash, with no immediate capital needs [56] - The company is focused on growth in IgA nephropathy, launching FSGS, and advancing the pegtibatinase program [56] Other Important Content - The company is preparing for potential post-marketing requirements from the FDA but currently does not anticipate any significant issues [23] - There is a strong emphasis on the importance of long-term data for nephrologists, which has positively influenced FILSPARI's uptake [40] - Travere is also interested in business development opportunities but prioritizes the successful launch of FSGS [54]

Core Insights - Armistice Capital sold 2,152,000 shares of Travere Therapeutics, reducing its position by approximately $29.3 million in the third quarter [2][7] - Following the sale, Armistice holds 6.7 million shares valued at $160.7 million, representing 2% of its assets under management (AUM) [3][4] - Travere Therapeutics' stock price increased by 100% over the past year, significantly outperforming the S&P 500, which rose nearly 14% in the same period [4] Company Overview - Travere Therapeutics has a market capitalization of $3.2 billion and reported a revenue of $435.8 million for the trailing twelve months (TTM) [5] - The company incurred a net loss of $88.5 million in the TTM [5] - As of the latest market close, Travere's share price was $35.44 [5] Business Focus - Travere Therapeutics specializes in therapies for rare diseases, with marketed products including Chenodal, Cholbam, and Thiola, and is advancing clinical candidates like Sparsentan and TVT-058 [6][9] - The company targets high unmet medical needs in the biotechnology sector, leveraging clinical expertise and strategic partnerships for growth [9] Recent Performance - Travere Therapeutics reported a strong quarter with total revenue reaching $164.9 million, driven by a 155% year-over-year increase in FILSPARI's U.S. sales [10] - The company achieved a GAAP net income of $25.7 million, a significant turnaround from a $54.8 million loss a year earlier [10] Investment Perspective - Despite the sale of shares, Armistice Capital remains heavily invested in Travere, which still accounts for 5% of its AUM and is its second-largest holding [11] - The sale appears to be a disciplined portfolio management decision following a significant share price rebound rather than a change in investment thesis, especially with an upcoming FDA decision in FSGS [11] - Long-term investors may find Travere appealing due to its accelerating commercial uptake, improving profitability, and upcoming regulatory catalysts [12]

Summary of Travere Therapeutics Conference Call Company Overview - **Company**: Travere Therapeutics (NasdaqGM:TVTX) - **Event**: Conference at TD Cowen's I&I Summit on November 13, 2025 Key Industry and Company Insights Focus on FSGS (Focal Segmental Glomerulosclerosis) - Upcoming PDUFA date is January 13, 2026, for sparsentan in treating FSGS [7] - Recent data presented at ASN Kidney Week showed significant continuity in achieving the 0.7 gram per gram UPCR target across DUPLEX and RADAR studies [3][4] - Achieving the 0.7 proteinuria reduction correlates with a lower rate of kidney failure, with an 85% reduction in risk for patients reaching this target [5][6] - Sparsentan demonstrated a 26% difference in treatment effect compared to irbesartan over two years [6] Regulatory Engagement - Consistent engagement with the FDA, with no unusual issues noted during the SNDA review process [7][14] - Anticipation of a draft label approximately one month before the PDUFA date [7] Pediatric Indication - Requested indication for patients aged eight years and older, with ongoing studies to support safety and efficacy in pediatric patients [21][22] - Potential for expanding the age range through the EPIC study, which includes patients under eight [22] Market Dynamics and Launch Strategy - The addressable patient community for FSGS is about half that of IgAN, but there is greater urgency for treatment [24] - The launch of sparsentan is expected to be faster due to existing payer coverage policies from the IgAN launch and the availability of two-year data [26][27] - Anticipated pricing dynamics suggest a higher cost due to a double dose for adult patients [28][29] Competitive Landscape - Travere Therapeutics is positioned as a first mover in the FSGS space, with expectations that other companies will follow with their own treatments [31] - The company is optimistic about the need for multiple treatment options, particularly for combination therapies [31] Financial Position - As of the third quarter, the company reported $255 million in cash, with pro forma cash of approximately $300 million after a recent milestone [39] - No immediate need for capital, but continued investments are planned for FILSPARI and the FSGS launch [39][40] Future Outlook - Continued growth in revenue is expected, driven by high patient adherence and a stable base of continuing patients [36] - The company is optimistic about the upcoming FSGS approval and the potential for rapid uptake in the market [27][37] Additional Important Points - The company is preparing for a quiet period leading up to the PDUFA date [19] - Discussions regarding the potential full REMS removal are planned post-FSGS approval [37] - The competitive landscape in IgAN is evolving, with a focus on combination therapies to enhance treatment efficacy [34][35]

Core Insights - Travere Therapeutics, Inc. (NASDAQ:TVTX) achieved a record high stock price, driven by strong earnings and positive outlook for the upcoming month [1][3] Financial Performance - The company reported a net income of $25.7 million in Q3, a significant turnaround from a net loss of $54.8 million in the same quarter last year [2] - Total revenues increased by 162% year-on-year, reaching $164.8 million, primarily due to robust sales of its kidney disease treatment, Filspari [3] - Filspari generated $90.9 million in sales in the US, reflecting a 155% growth compared to the previous year [3] Management Commentary - The President and CEO of Travere Therapeutics highlighted the strong commercial performance and the growing acceptance of Filspari as a foundational therapy in IgAN [4] - The company is optimistic about the progress of its supplemental New Drug Application (sNDA) review for FSGS and is preparing for potential FDA approval early next year [5] - Travere is also making strides in restarting the pivotal HARMONY Study of pegtibatinase, positioning itself for long-term growth [5]

Core Insights - Two stocks in the health care sector are showing signs of being overbought, which may concern momentum-focused investors [1][2] Company Performance - **Alphatec Holdings Inc (NASDAQ: ATEC)** reported better-than-expected third-quarter financial results and raised its FY25 sales guidance above estimates, with a stock gain of approximately 12% over the past month and a 52-week high of $17.14. The RSI value is 82.5, indicating overbought conditions, while the stock closed at $16.33 after a 1% decline [7] - **Travere Therapeutics Inc (NASDAQ: TVTX)** also reported better-than-expected third-quarter sales results, with a stock gain of around 24% over the past month and a 52-week high of $30.97. The RSI value is 80.9, also indicating overbought conditions, and the stock closed at $29.65 after a 1.1% decline [7]

Core Insights - Travere Therapeutics reported a revenue of $164.86 million for Q3 2025, marking a year-over-year increase of 162.1% and significantly surpassing the Zacks Consensus Estimate of $103.39 million by 59.45% [1] - The company achieved an EPS of $0.28, a notable improvement from -$0.70 a year ago, resulting in an EPS surprise of 190.32% compared to the consensus estimate of -$0.31 [1] Revenue Breakdown - Revenue from Tiopronin products (Thiola) was $22.25 million, slightly below the estimated $22.64 million, reflecting a year-over-year decrease of 12.3% [4] - Total net product sales reached $113.15 million, exceeding the average estimate of $99.66 million, representing an 85.5% increase year-over-year [4] - Revenue from FILSPARI was $90.9 million, surpassing the estimated $77.02 million, with a year-over-year growth of 155.2% [4] - License and collaboration revenue amounted to $51.71 million, significantly exceeding the average estimate of $4.23 million, indicating a remarkable year-over-year increase of 2625.8% [4] Stock Performance - Travere's shares have returned 20.9% over the past month, outperforming the Zacks S&P 500 composite's 3.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for continued outperformance in the near term [3]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated U.S. net product sales of $113.2 million, with FILSPARI contributing approximately $90.9 million, representing an increase of more than 155% year-over-year [22][23] - Net income for Q3 2025 was $25.7 million, or $0.29 per basic share, compared to a net loss of $54.8 million, or $0.70 per basic share for the same period in 2024 [25] - As of September 30, 2025, cash, cash equivalents, and marketable securities totaled approximately $254.5 million [26] Business Line Data and Key Metrics Changes - FILSPARI's net sales reached approximately $91 million in Q3 2025, driven by consistent demand and engagement among prescribers [16] - The company saw 731 new patient start forms during the quarter, with September recording the highest daily patient start form rate since launch [16][18] - Thiola and Thiola EC contributed $22.3 million in U.S. net product sales [23] Market Data and Key Metrics Changes - The FDA approved a modification to the FILSPARI REMS program, which simplifies care for physicians and patients, reinforcing FILSPARI's long-term safety profile [5][14] - The KDIGO guidelines included FILSPARI as a first-line option for patients at risk of IgA nephropathy progression, validating its role as foundational treatment [9][10] Company Strategy and Development Direction - The company is preparing for a potential FDA approval in FSGS, aiming to launch FILSPARI as the first approved medication for this condition [7][19] - The focus on expanding FILSPARI's global footprint and addressing urgent needs in rare kidney diseases is central to the company's mission [6][28] - The company plans to advance the manufacturing scale-up of pegtibatinase to support the pivotal HARMONY study restart in 2026 [4][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining FILSPARI's growth in IgA nephropathy and executing a successful launch in FSGS if approved [27][28] - The company is well-positioned financially, with no near-term need for additional capital, allowing it to focus on core objectives [26][27] Other Important Information - The company repaid its remaining 2025 convertible notes, strengthening its financial foundation [22] - The recent acquisition of Renalys by Chugai Pharmaceutical is expected to create value and validate FILSPARI's potential globally [22][23] Q&A Session Summary Question: Impact of REMS adjustment and competitive dynamics - Management noted consistent demand since full approval last year, with the REMS modification positively received by the nephrology community, leading to a continuation of new prescribers [31][32][35] Question: Typical baseline proteinuria level at start of prescribing - The company indicated that about 65% of the patient population has proteinuria levels below 1.5 grams per gram, with a trend towards lower levels at initiation [37][39] Question: Communication leading up to FSGS PDUFA date - Management stated that they will enter a quiet period as they approach the PDUFA date and will provide updates on January 13 [47] Question: Awareness of REMS and KDIGO changes among practitioners - The company is actively communicating the REMS modification to physicians, while key opinion leaders are already familiar with the KDIGO guidelines [49][51] Question: Off-label use in FSGS setting - Limited prescribing and use in FSGS have been observed, but the company does not promote this [38] Question: Future R&D expenses and timelines for sparsentan development - Management expects additional investments for pegtibatinase as clinical operations ramp up, with no change in timelines for sparsentan development in Japan and other regions [78]

Core Insights - The company is focused on the successful launch of FILSPARI in IgA nephropathy as its top priority for the year [1] - There have been positive performance results in the first half of the year, with plans for exciting updates in the latter half [1] - The company has modified the liver monitoring REMS and removed the pregnancy testing REMS to simplify patient access [1] - The second priority involves ongoing work with the FDA for potential approval in FSGS [2]

Summary of Travere Therapeutics Conference Call Company Overview - **Company**: Travere Therapeutics - **Focus**: Rare kidney diseases, specifically IgA nephropathy and FSGS (Focal Segmental Glomerulosclerosis) Key Priorities - **FILSPARI Launch**: Continued success in the launch of FILSPARI for IgA nephropathy, with positive performance in the first half of the year and updates to simplify patient access [3][4] - **FDA Approval for FSGS**: Ongoing work with the FDA for potential approval of FILSPARI in FSGS, which is seen as a transformational opportunity for patients lacking approved treatments [3][4] Parasol Initiative - **Overview**: A public-private partnership aimed at defining clinical endpoints for FSGS trials, involving patient advocacy groups and global regulators [6] - **Conclusions**: - eGFR is important but not feasible as a trial endpoint due to variability [7] - Proteinuria reduction can predict kidney failure risk, establishing its importance as a clinical endpoint [9] FDA Interactions - **Advisory Committee Meeting**: Anticipated discussions will focus on clinical data in the context of the Parasol initiative [10][11] - **eGFR Data**: No current focus on eGFR in discussions with the FDA, with emphasis on proteinuria data instead [17] Commercial Strategy for FSGS - **Market Opportunity**: FSGS is expected to be a larger opportunity than IgA nephropathy due to established unmet needs [22][23] - **Prescriber Overlap**: Over 80% of physicians treating IgA nephropathy also treat FSGS patients, facilitating market entry [25] - **Sales Force Expansion**: Incremental expansion of the sales force is planned to ensure competitiveness in both IgA nephropathy and FSGS [26] Pricing Strategy - **Linear Pricing**: Pricing for FSGS will be linear with IgA nephropathy, with a higher dose for sicker patients [29][31] Market Dynamics - **Patient Population**: Approximately 30,000 addressable patients for FSGS at launch, with potential for growth as more patients are diagnosed [32] - **IgA Market Growth**: Strong growth trajectory observed in the IgA market, with a 40% increase in new patient starts post-full approval [36] Competitive Landscape - **Novartis Competition**: Initial positive signals despite competition from Novartis, with FILSPARI maintaining a strong position due to its dual mode of action and established physician relationships [40][41] - **B-cell Modulating Agents**: Upcoming therapies are viewed as complementary rather than direct competition, with a focus on combination therapies [46][48] Future Outlook - **KDIGO Guidelines**: Anticipated publication of updated guidelines will support more aggressive treatment targets and reinforce FILSPARI's position [53] - **Cash Runway**: Sufficient cash runway into 2028, supporting ongoing launches and development programs [59] Additional Insights - **Patient Compliance**: High compliance and persistence rates observed, indicating strong patient support and efficacy of FILSPARI [52] - **Long-term Vision**: Aiming for a future where no patient with IgA nephropathy experiences kidney failure, emphasizing the importance of combination therapies [49]