TVTX

Travere has crossed the line from a story stock to a commercial-stage rare-disease company. FY2025 revenue more than doubled to $491M (+110.5%), driven by FILSPARI (sparsentan), which the FDA granted full approval on September 5, 2024 to slow kidney function decline in adults with primary IgAN, upgrading the February 2023 accelerated approval. FILSPARI is the first and only oral, once-daily non-immunosuppressive therapy for IgAN, with two separate seven-year Orphan Drug Exclusivity grants and an estimated addressable population of more than 70,000 U.S. patients. The launch ramp is showing up in the P&L: the net loss narrowed sharply to -$25.5M (improved 92.1%) from much larger prior-year losses, and operating cash flow turned positive at $37.8M (+115.9%).