Travere Therapeutics Q2 2024 Financial Results Released

Travere Therapeutics, Inc. reported a strong second quarter in 2024, showcasing notable progress and financial results. The company received 521 new patient start forms (PSFs) for FILSPARI® (sparsentan) during the quarter, marking the sixth consecutive quarter of PSF growth. Since its launch, a total of 2,484 PSFs have been received. FILSPARI’s net product sales reached $27.1 million in the second quarter, representing a 37% increase from the previous quarter.

The company is strategically positioned for the upcoming PDUFA target action date on September 5, 2024, for the complete approval of FILSPARI in IgAN (primary immunoglobulin A nephropathy). Travere's total revenue for Q2 2024 was $54.1 million, which includes net product sales amounting to $52.2 million. As of June 30, 2024, Travere had $325.4 million in cash, cash equivalents, and marketable securities.

Eric Dube, Ph.D., president and CEO of Travere Therapeutics, highlighted that the second quarter was the most successful to date for the U.S. launch of FILSPARI. The growth in patient start forms and revenue was driven by more nephrologists adopting FILSPARI as a new standard of care for their patients. These advancements come at a crucial time as the company prepares for full approval in IgAN with the upcoming PDUFA target action date.

Beyond the U.S., Travere is making strides to bring FILSPARI to a global audience. CSL Vifor, the company’s partner, is on track to launch FILSPARI in Europe soon. Additionally, Renalys Pharma recently initiated a registrational trial in Japan to support regulatory submissions there. Travere is also progressing in identifying potential regulatory pathways for sparsentan in FSGS (focal segmental glomerulosclerosis) and advancing the Phase 3 program for pegtibatinase, aimed at delivering the first disease-modifying therapy for classical homocystinuria (HCU).

For the quarter ended June 30, 2024, net product sales were $52.2 million, compared to $29.5 million for the same period in 2023, primarily due to increased sales from the ongoing commercial launch of FILSPARI. Research and development (R&D) expenses were $54.3 million, down from $66.5 million in Q2 2023. This decrease is attributed to restructuring initiatives and a reduction in costs associated with the development of sparsentan. On a non-GAAP adjusted basis, R&D expenses were $50.6 million, compared to $59.5 million in the same period last year.

Selling, general, and administrative (SG&A) expenses for Q2 2024 were $64.8 million, compared to $68.2 million in the same period of 2023. The decrease is primarily driven by restructuring and cost-saving initiatives. On a non-GAAP adjusted basis, SG&A expenses were $48.3 million, compared to $49.7 million in Q2 2023.

Travere reported a net loss including discontinued operations of $70.4 million for the second quarter of 2024, or $0.91 per basic share, compared to a net loss of $85.6 million, or $1.13 per basic share for the same period in 2023. For the six months ended June 30, 2024, the net loss including discontinued operations was $206.5 million, compared to $172.0 million for the same period in 2023. On a non-GAAP adjusted basis, net loss including discontinued operations for Q2 2024 was $50.1 million, or $0.65 per basic share, compared to a net loss of $60.1 million, or $0.79 per basic share for the same period last year.

Travere continues to be well-funded, with cash, cash equivalents, and marketable securities totaling $325.4 million as of June 30, 2024. The company remains focused on delivering innovative therapies for patients with rare diseases, with ongoing efforts in regulatory submissions and clinical trials to expand the global reach and therapeutic impact of its products.

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