--- title: "Travere Therapeutics (TVTX) news: offering and convertible notes" url: "https://aibio.space/companies/travere-therapeutics/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "TVTX offering, convertible notes and buyback news. Travere Therapeutics news for investors: Travere Therapeutics sells FILSPARI (sparsentan) for IgA…" --- Desk view · Opinion · Updated Oct 22, 2026 ## Travere's FILSPARI growth is real. The CEO change and pipeline add risk Travere has a fast-growing kidney drug with two approved uses and enough cash to fund its plans. The company has also added convertible debt, licensed a new immune-targeted drug, and will change chief executive on December 1. The FSGS launch and the pegtibatinase phase 3 in 2027 are the two events that will decide whether growth lasts beyond FILSPARI in IgA nephropathy. Read the full desk view aibio.space Investor Rank · Opinion **7** /10 Positive view FILSPARI sales nearly doubled with two approved uses, but convertible debt exceeds cash, the CEO leaves December 1 and the pipeline carries more risk. - **Technology**: 2/2 - **Odds**: 1/2 - **Balance sheet**: 1/2 - **Risk**: 1/2 - **Momentum**: 2/2 Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. [How the rank works](https://aibio.space/disclosures/#rank). - **Technology**: **Commercially proven.** FILSPARI sales grew 96% in Q2, and the drug is approved for IgA nephropathy and FSGS. - **Odds**: **Solid core, riskier pipeline.** FILSPARI has two approvals, while pegtibatinase restarted phase 3 in 2026 after a 2024 manufacturing pause. - **Balance sheet**: **Well funded, more debt.** Cash was $489.2 million at June 30 against $619.9 million of convertible note principal. - **Main risk**: **Leadership turnover mid-launch.** The chief executive leaves December 1, as the FSGS launch and the HARMONY trial continue. - **Watch next**: **Third-quarter FILSPARI sales.** The next report should show whether the second-quarter jump holds; Travere has not split FILSPARI sales between IgA nephropathy and FSGS. ## Top news on Travere 1. 2026-05-11 Debt Financing [Travere sells $525 million of 2032 convertible notes to buy back $221 million of 2029 notes](https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/) The 0.50% notes would lift convertible principal to $619.9 million but cut the coupon. Travere said it would spend about $350.9 million to repurchase part of the older debt. 2. 2026-05-05 Debt Financing [Travere proposes $400 million convertible notes offering](https://aibio.space/news/travere-proposes-400-million-convertible-notes-offering/) Travere plans to sell $400 million of convertible senior notes due 2032, with an option for up to $60 million more. It intends to use part of the proceeds to repurchase 2029 notes for cash. ## Dates **December 1, 2026** Bradley L. Campbell becomes president and chief executive officer as Eric Dube steps down [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) **Second half of 2026** Planned start of the SPARLIGHT phase 4 study of FILSPARI in FSGS patients of African ancestry [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) **2027** Data presentations from the SPARX study in post-transplant patients [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) **Second half of 2027** Topline data from the phase 3 HARMONY study of pegtibatinase in classical homocystinuria [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) ## The money $489.2 million in cash, cash equivalents and marketable securities at June 30, 2026, before a $112.5 million upfront payment made to Everest in July. Debt: $525.0 million of 0.50% convertible notes due 2032 and $94.9 million of 2.25% convertible notes due 2029. Travere says cash and operating cash flow should fund operations beyond the next 12 months. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) Q2 2026 U.S. net product sales were $161.4 million, including FILSPARI at $141.1 million (up 96%). First-half U.S. net product sales were $285.8 million. Q2 net loss was $34.8 million, including a $40.0 million inducement expense on convertible note repurchases. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) ## Risks on the record - FILSPARI carries a boxed warning for hepatotoxicity and embryo-fetal toxicity and is available only through a restricted REMS program; third-party manufacturers are currently sole-source suppliers for FILSPARI and Thiola. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) - Chief executive Eric Dube steps down December 1, 2026, in the middle of the FSGS launch; Bradley L. Campbell succeeds him. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) - Convertible debt principal of $619.9 million at June 30, 2026; the 10-Q says Travere may need to refinance the 2029 and 2032 notes before maturity. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) ## Questions investors ask ### What is aibio.space's Investor Rank for Travere Therapeutics? 7 out of 10, our positive view. FILSPARI sales nearly doubled with two approved uses, but convertible debt exceeds cash, the CEO leaves December 1 and the pipeline carries more risk. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. [Source](https://aibio.space/disclosures/#rank) ### What is FILSPARI approved to treat? In the U.S., FILSPARI (sparsentan) is approved to slow kidney function decline in adults with primary IgA nephropathy at risk of progression, and to reduce proteinuria in patients aged 8 and older with focal segmental glomerulosclerosis (FSGS) without nephrotic syndrome. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) ### How large were Travere's second-quarter 2026 sales? Travere reported U.S. net product sales of $161.4 million for the second quarter, of which FILSPARI was $141.1 million, up 96% from a year earlier. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) ### Who is the CEO of Travere Therapeutics? Eric Dube, Ph.D., is president and chief executive officer. He steps down on December 1, 2026, when Bradley L. Campbell, formerly chief executive of Amicus Therapeutics, takes over. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) ### When will pegtibatinase phase 3 data be available? Travere expects topline data from the phase 3 HARMONY study of pegtibatinase in classical homocystinuria in the second half of 2027. Enrollment was paused in September 2024 for manufacturing scale-up and restarted in 2026. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) ### What did Travere pay for civorebrutinib? Travere paid Everest Medicines $112.5 million upfront in July 2026 and could pay about $1.03 billion more in development, regulatory and commercial milestones, plus tiered royalties on net sales in its territory. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000119312526252474/d107618d8k.htm) ### What is the latest Travere Therapeutics (TVTX) stock news? Our latest story on Travere Therapeutics, dated May 11, 2026: "Travere sells $525 million of 2032 convertible notes to buy back $221 million of 2029 notes". The 0.50% notes would lift convertible principal to $619.9 million but cut the coupon. Travere said it would spend about $350.9 million to repurchase part of the older debt. [Source](https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/) ### Does Travere Therapeutics have debt, a term loan or convertible notes? Our latest debt story, dated May 11, 2026: "Travere sells $525 million of 2032 convertible notes to buy back $221 million of 2029 notes". The 0.50% notes would lift convertible principal to $619.9 million but cut the coupon. Travere said it would spend about $350.9 million to repurchase part of the older debt. [Source](https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/) ### How much cash does Travere Therapeutics have? From our story of May 11, 2026: Travere estimated net proceeds at about $508.5 million after underwriting discounts and expenses, per the 8-K. It said it would spend about $350.9 million in cash, including accrued interest, to retire $221.4 million of 2029 note principal, well above the principal being retired. [Source](https://aibio.space/news/travere-sells-525-million-2032-convertible-notes-buy-back-221-million/) ### What is Travere Therapeutics's market cap? We do not publish live share prices. In its annual report, Travere Therapeutics, Inc. put the market value of shares held by non-affiliates (public float) at $1.31 billion as of Jun 30, 2025. Source ### Is Travere Therapeutics a smaller reporting company? SEC records list Travere Therapeutics, Inc.'s filer category as: Large accelerated filer. Source ### Where is Travere Therapeutics headquartered? SEC records list its business address as 3611 VALLEY CENTRE DR, SAN DIEGO, CA, 92130. Source ### When does Travere Therapeutics's fiscal year end? Travere Therapeutics, Inc.'s fiscal year ends on December 31, per SEC records. Source ### What did Travere Therapeutics last file with the SEC? Its most recent filing in our record is an 8-K filed 2026-09-21. All of its filings are on SEC EDGAR. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) ### What was Travere Therapeutics called before? SEC records list these former names: Retrophin, Inc.; Desert Gateway, Inc.. Source ## Legal and investor matters Checked against Travere Therapeutics filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. Note 13 (Legal Proceedings) of the 10-Q filed 2026-08-04, incorporated into Part II, Item 1, states the company does not believe it is a party to any claim or litigation in which an adverse outcome would be reasonably expected to have a material adverse effect on its results of operations or financial condition. It also discloses the open FTC civil investigative demand described above. [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) 1. 2026-09-21 Governance Travere names Bradley Campbell CEO to succeed Eric Dube On 2026-09-21 Travere Therapeutics and Eric Dube agreed on a transition under which Dube steps down as president, chief executive and director effective 2026-12-01. Bradley L. Campbell, formerly chief executive of Amicus Therapeutics, was named successor. Dube stays as an employee until 2027-02-16 or an earlier agreed date. The company disclosed the terms in a Form 8-K. [Travere Form 8-K (Item 5.02)](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) 2. 2026-08-04 Regulatory Travere reports FTC civil investigative demand remains open Travere's 10-Q filed 2026-08-04 says the company completed its response in 2020 to a civil investigative demand from the Federal Trade Commission. The demand related to the marketing, sale, distribution and pricing of its products, including Thiola. The filing says the investigation remains open, that the FTC has not indicated it has additional questions, and that no claim or proceeding has been started. Status: pending [Travere Form 10-Q](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) 3. 2026-06-01 Other Travere licenses Everest's BTK inhibitor civorebrutinib for $112.5 million upfront On 2026-06-01 Travere Therapeutics entered into a license and collaboration agreement with Everest Medicines (Singapore) for civorebrutinib, a BTK inhibitor, outside China and certain East and Southeast Asian countries. Travere owes an upfront payment of $112.5 million and up to about $1.03 billion in milestone payments. The agreement becomes effective after the Hart-Scott-Rodino waiting period expires or ends. [Travere Form 8-K (Item 1.01)](https://www.sec.gov/Archives/edgar/data/1438533/000119312526252474/d107618d8k.htm) 4. 2026-05-11 Financing Travere closes $525 million convertible notes offering due 2032 On 2026-05-11 Travere Therapeutics completed a registered public offering of $525.0 million of 0.50% convertible senior notes due 2032, including $50.0 million sold on exercise of the over-allotment option. The initial conversion price is about $64.90 per share. The company estimated net proceeds of about $508.5 million and planned to use part of them to repurchase about $221.4 million of its 2.25% notes due 2029. [Travere Form 8-K (Items 1.01, 8.01)](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm) 5. 2024-11-07 Financing Travere prices offering of 7,812,500 shares at $16.00 On 2024-11-07 Travere Therapeutics entered into an underwriting agreement with Jefferies and Leerink Partners for a public offering of 7,812,500 common shares at $16.00 per share. The company expected net proceeds of about $117.0 million after underwriting discounts and offering expenses, with closing expected on 2024-11-12. [Travere Form 8-K (Item 8.01)](https://www.sec.gov/Archives/edgar/data/1438533/000119312524254153/d632981d8k.htm) ## Pipeline | Program | Indication | Stage | |---|---|---| | FILSPARI (sparsentan) | IgA nephropathy, adults at risk of progression | Marketed in the U.S.; partner Chugai submitted a Japanese application in June 2026 [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) | | FILSPARI (sparsentan) | FSGS without nephrotic syndrome, patients aged 8 and older | FDA approved April 13, 2026; launched [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000032/tvtx-20260413.htm) | | FILSPARI (sparsentan) | Recurrent IgAN or FSGS after kidney transplant (SPARX) | Enrollment complete; data presentations anticipated 2027 [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) | | Pegtibatinase (TVT-058) | Classical homocystinuria | Phase 3 HARMONY enrolling about 70 patients; topline data 2H 2027 [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/a2026q2_8-kxex991.htm) | | Civorebrutinib (EVER001), oral BTK inhibitor | Primary membranous nephropathy, immune-mediated FSGS, minimal change disease | Phase 1/2 data in primary membranous nephropathy; in-licensed from Everest Medicines [Source](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:TVTX on TradingView](https://www.tradingview.com/symbols/NASDAQ-TVTX/). ## SEC filings and registration - **SEC name**: Travere Therapeutics, Inc. - **CIK**: 1438533 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: TVTX (Nasdaq) - **State or country of incorporation**: CA - **Fiscal year ends**: December 31 - **Filer category**: Large accelerated filer - **Business address**: 3611 VALLEY CENTRE DR, SAN DIEGO, CA, 92130 - **Phone**: 888-969-7879 - **Shares outstanding**: 94,261,082 as of 2026-07-30 (10-Q filed 2026-08-04) - **Former names**: Retrophin, Inc.; Desert Gateway, Inc. ### Recent filings (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000068/tvtx-20260921.htm) filed 2026-09-21 - [10-Q](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000063/tvtx-20260630.htm) filed 2026-08-04 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000062/tvtx-20260804.htm) filed 2026-08-04 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000054/tvtx-20260706.htm) filed 2026-07-09 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000048/tvtx-20260612.htm) filed 2026-06-16 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000119312526252474/d107618d8k.htm) filed 2026-06-02 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000143853326000046/tvtx-20260519.htm) filed 2026-05-21 - [8-K](https://www.sec.gov/Archives/edgar/data/1438533/000119312526217100/d38424d8k.htm) filed 2026-05-11 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001438533), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/travere-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Travere Therapeutics (TVTX) news: offering and convertible notes", 2026-10-31, https://aibio.space/companies/travere-therapeutics/