Travere Therapeutics Reports 82% Increase in Net Product Sales, Net Loss Narrows in Latest Quarter

Travere Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on therapies for rare kidney and metabolic diseases, experienced a notable increase in net product sales, which reached $61.0 million for the three months ended September 30, 2024, compared to $33.9 million for the same period in 2023. For the nine months, net product sales totaled $153.2 million, up from $87.6 million year-over-year. This growth is primarily attributed to the commercial success of FILSPARI® (sparsentan), which received full FDA approval on September 5, 2024, and had a full nine months of sales following its launch in February 2023.

Total revenue for the third quarter of 2024 was $62.9 million, an increase from $37.1 million in the same quarter of 2023. However, the company reported a net loss of $54.8 million for the third quarter, a significant improvement from a net loss of $150.7 million in the prior year. For the nine months ended September 30, 2024, the net loss was $261.3 million, compared to a loss of $21.2 million in the same period in 2023. The accumulated deficit increased to $1.39 billion as of September 30, 2024, from $1.13 billion at the end of 2023.

The company’s total assets decreased to $504.4 million from $788.9 million at the end of 2023, largely due to a reduction in cash and cash equivalents, which fell to $36.4 million from $58.2 million. Marketable debt securities also saw a decline, totaling $241.0 million compared to $508.7 million previously. Current liabilities increased to $190.0 million from $177.9 million.

Strategically, Travere completed the sale of its bile acid product portfolio to Mirum Pharmaceuticals in August 2023 for an upfront payment of $210 million, with potential additional payments based on sales milestones. The company also initiated a restructuring plan in December 2023, resulting in a workforce reduction of approximately 20%, expected to save about $25 million annually. Restructuring costs recognized to date amount to $12.4 million.

In terms of research and development, the company is advancing its pipeline, including ongoing clinical trials for pegtibatinase, which has received multiple FDA designations. However, enrollment in the pivotal Phase 3 HARMONY Study for pegtibatinase was paused in September 2024 to address manufacturing scale-up issues.

Overall, while Travere Therapeutics has shown growth in product sales and improved operational efficiency, it continues to face challenges related to profitability, cash reserves, and ongoing clinical development.