Travere Therapeutics, Inc. · NASDAQ:TVTX
Travere Therapeutics — Q4 2025 Earnings Presentation
42 slides from Travere Therapeutics's earnings presentation, Feb 19, 2026
Slide 1: Travere Therapeutics Corporate Overview
Travere Therapeutics Corporate Overview February 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, including but not limited to statements about: continued progress with the FILSPARI launch in IgAN; statements regarding our products and products in development as potential foundational treatments and/or treatment st
Slide 3: We are in rare for life
We are in rare for life. At Travere Therapeutics, we are a biopharmaceutical company that comes together every day to help patients, families, and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent — that is why our
Slide 4: Travere Has a Vital Role in Rare Kidney and Metabolic Diseases
Travere Has With potential treatment standards in three indications a Vital Role in across rare kidney and metabolic disorders in global markets projected to exceed $10B, we are breaking down Rare Kidney and barriers in treating diseases with historically little Metabolic Diseases innovation Through
Slide 5: Pipeline of Potential First-In-Class Programs Targeting Rare Kidney and Metabolic Diseases
Pipeline of Potential First-in-Class Programs Targeting Rare Kidney and Metabolic Diseases PROGRAM THERAPEUTIC AREA PRECLINICAL PHASE 1 PHASE 2 PHASE 3 APPROVED COMMERCIAL FILSPARI® IgAN (sparsentan)1 Sparsentan2 FSGS Pegtibatinase HCU (TVT-058)3 Thiola EC® and Cystinuria Thiola® (tiopronin) Abbrevi
Slide 6: 2025: Execution That Delivered for Patients and Positioned Travere for Sustainable Growth
2025: Execution That Delivered for Patients and Positioned Travere for Sustainable Growth sNDA for FSGS accepted for Reached record number review, positioning FILSPARI of patients with IgAN; as the first medicine for FSGS, FILSPARI® U.S. net product if approved sales grew by 144% Estimated to be up
Slide 7: Strategic Priorities to Drive Significant Growth Now and in the Future
Strategic Priorities to Drive Significant Growth Now and in the Future Solidify FILSPARI’s foundational position in a growing IgAN market Obtain approval and successfully launch FILSPARI in FSGS Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-m
Slide 8: Continued business development to further diversify pipeline
Solidify FILSPARI’s foundational position in a growing IgAN market Obtain approval and successfully launch FILSPARI in FSGS Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further dive
Slide 9: A Substantial Opportunity to Improve the Lives of Patients Living with IgAN
A Substantial Opportunity to Improve the Lives of Patients Living with IgAN New KDIGO guidelines4 to drive earlier treatment and peak incidence 25-39 age of IgAN1 combination therapy market median time to kidney >70,000 addressable failure in high-risk patients5 ~11 yrs adult patients2 $1B+ potentia
Slide 10: 2025 KDIGO Guidelines: The IgAN Treatment Paradigm is Evolving
2025 KDIGO Guidelines: The IgAN Treatment Paradigm is Evolving Earlier Treatment, Lower Proteinuria Targets and Simultaneous Therapy 1 2 3 Earlier At risk of progressive loss of kidney Treatment diagnosis function requiring treatment goal • Kidney biopsy in all adults • At risk if proteinuria ≥0.5g/
Slide 11: The Shifting IgAN Treatment Paradigm: Two Areas to Target; Two Treatment Categories
The Shifting IgAN Treatment Paradigm: Two Areas to Target; Two Treatment Categories OVERACTIVATION IN THE KIDNEY OVERACTIVATION OF THE IMMUNE SYSTEM Foundational Treatment Immunosuppressant Treatment TARGET THE KIDNEY INJURY TARGET THE IMMUNE SYSTEM RASi Steroids Budesonide ± SGLT2i Complement Other
Slide 12: The Only Non-Immunosuppressive Treatment Proven to Significantly Slow Kidney Function Decline in IgA Nephropathy
The Only Non-Immunosuppressive Treatment Proven to Significantly Slow Kidney Function Decline in IgA Nephropathy Overview of Prescribing Information FILSPARI is indicated to slow kidney function Indication decline in adults with primary IgAN who are at Statement risk for disease progression Dosing a
Slide 13: FILSPARI Positioned as a First-In-Class Foundational Treatment in IgAN with Best-In-Class Features
FILSPARI Positioned as a First-in-Class Foundational Treatment in IgAN with Best-in-Class Features Two-year safety data comparable to maximum-labeled dose irbesartan One pill, once daily administration Superior two-year proteinuria reduction vs active comparator irbesartan stronger foundation for ki
Slide 14: U.S. FILSPARI Performance Reaches All-Time Highs in 4Q25
U.S. FILSPARI Performance Reaches All-Time Highs in 4Q25 ~$103M 908 96% U.S. net FILSPARI sales in 4Q25 New PSFs in 4Q25 U.S. Patients with Pathway to Access 24% growth vs 3Q25; ~108% growth vs 4Q24 Highest quarterly demand since launch Increasing breadth and depth of prescribers FILSPARI is well es
Slide 15: Benchmark Setting Rare Disease Launch Executed by Premier Commercial Infrastructure
Benchmark Setting Rare Disease Launch Executed by Premier Commercial Infrastructure Leading commercial FILSPARI’s launch in IgAN has significantly outperformed infrastructure with track other rare renal launches over the past five years1 record of top launches Quarterly Net Product Sales FILSPARI 10
Slide 16: Strong Patient Start Form Momentum in IgAN with Significant Growth Potential
Strong Patient Start Form Momentum in IgAN with Significant Growth Potential FILSPARI streamlined REMS requirements and updated KDIGO 908 guidelines1 <10% penetration of 745 the addressable IgAN 731 FILSPARI full approval 693 703 market; potential for substantial growth 511 521 505 459 417 430 Evolv
Slide 17: Key Growth Drivers Supporting Continued Execution of Commercial Launch
Key Growth Drivers Supporting Continued Execution of Commercial Launch Broader label allows for greater number of patients to benefit from FILSPARI KDIGO guidelines2 and streamlined REMS monitoring strengthen >70k FILSPARI’s position as a foundational, nephroprotective therapy for IgAN Opportunity t
Slide 18: Treatment with FILSPARI May Potentially Delay Dialysis or Transplant
Treatment with FILSPARI May Potentially Delay Dialysis or Transplant Potential long-term impact of preserved eGFR slope1,2 60 50 Based on extrapolation of eGFR slope data from PROTECT, eGFR (mL/min/1.73 m2) 40 FILSPARI may potentially +4.5 years vs irbesartan FILSPARI delay dialysis or 30 Irbesartan
Slide 19: SPARTAN Study: Rapid and Sustained Impact of FILSPARI as First-Line Treatment in Newly Diagnosed Patients
SPARTAN Study: Rapid and Sustained Impact of FILSPARI as First-Line Treatment in Newly Diagnosed Patients 0 Preliminary clinical findings at 24-weeks in treatment- −20 baseline, geometric mean Change in UPCR from naïve patients on FILSPARI −40 Sparsentan, led to rapid and (SE), % −60 sustained reduc
Slide 20: SPARTAN Study: Urinary Biomarker Analysis Suggests Disease-Modifying Effects of FILSPARI in IgAN
SPARTAN Study: Urinary Biomarker Analysis Suggests Disease-Modifying Effects of FILSPARI in IgAN Treatment with FILSPARI resulted in rapid and sustained reductions in urinary biomarkers of inflammation and fibrosis that reveal anti-inflammatory and anti-fibrotic effects of FILSPARI1 0 BAFF sC5b9 bio
Slide 21: SPARTACUS Study: FILSPARI Added to SGLT2i Resulted in Further Proteinuria Reduction
SPARTACUS Study: FILSPARI Added to SGLT2i Resulted in Further Proteinuria Reduction and Was Generally Well Tolerated Transitioning patients from RASi to FILSPARI resulted in a TEAEs Patients mean reduction in UACR of ~56% at 24 weeks (N=48) Any TEAE, n (%) 30 (63) 10 SPAR related 10 (21) Geometric l
Slide 22: Paving a Path to Global Access for FILSPARI in IgAN with Established Commercial Partners
Paving a Path to Global Access for FILSPARI in IgAN with Established Commercial Partners New Drug Application for >70k addressable patients with sparsentan in Japan is IgAN1 expected in 2026 United States License to Chugai covers Japan, South Korea, and Taiwan Standard approval in Europe and the UK;
Slide 23: Continued business development to further diversify pipeline
Solidify FILSPARI’s foundational position in a growing IgAN market Obtain approval and successfully launch FILSPARI in FSGS Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further dive
Slide 24: FSGS: Significant Patient and Community Burden
FSGS: Significant Patient and Community Burden Symptoms Side effects from of FSGS medications (IST) 7-year Fatigue 5-10 years kidney survival rate median time to for FSGS is lower than | kidney failure for other primary glomerular High blood Significant toxicity 30-60% of diseases1 pressure patients
Slide 25: The DUPLEX Study of Sparsentan is the Largest Active-Controlled Interventional Phase 3 Trial in FSGS to Date
The DUPLEX Study of Sparsentan is the Largest Active- Controlled Interventional Phase 3 Trial in FSGS to Date Evaluate the efficacy • Phase 3, double-blind, active-controlled global trial in patients with biopsy-proven Objective and safety Trial Design FSGS or genetic FSGS, N=371 patients (ages 8 to
Slide 26: PARASOL Project: Broad Expert Alignment on Utility of Proteinuria in FSGS
PARASOL Project: Broad Expert Alignment on Utility of Proteinuria in FSGS FSGS is an important cause Discussion of the findings in A multi-stakeholder group of of kidney failure in patients of an open forum highlighted the rare kidney disease experts all ages and new therapies biological role of pro
Slide 27: In Phase DUPLEX Study, Treatment with FILSPARI Resulted in Rapid and Sustained Reductions in Proteinuria Over Two Years
In Phase 3 DUPLEX Study, Treatment with FILSPARI Resulted in Rapid and Sustained Reductions in Proteinuria Over Two Years Sparsentan (n=184) Irbesartan (n=187) Sparsentan 0 50% reduction in −5 proteinuria −15 From Baseline in UPCR, % LS Mean (95% CI) Change −25 GMR: 0.74 (0.58, 0.93) −35 P=0.012 −45
Slide 28: Sparsentan Demonstrated Significantly Greater Proteinuria Reduction vs Active Comparator
Sparsentan Demonstrated Significantly Greater Proteinuria Reduction vs Active Comparator Across Pre-Specified Measurement Thresholds Patients achieving pre-specified UP/C thresholds1, % Sparsentan (n=184) Irbesartan (n=187) 69.0 ~2.5x 70 greater Proportion of Patients Achieving RR (95% CI): 1.36 com
Slide 29: Sparsentan Demonstrated Consistent Treatment Effect on Interim Primary Proteinuria Endpoint Through End of Study
Sparsentan Demonstrated Consistent Treatment Effect on Interim Primary Proteinuria Endpoint Through End of Study Patients achieving FPRE at any time Patients achieving FPRE at week 108 Patients achieving FPRE at week 36 during the double-blind period (final analysis) Sparsentan Sparsentan Sparsentan
Slide 30: Recent DUPLEX Analysis Further Reinforces PARASOL Findings Supporting Proteinuria as a Predictor of Kidney Failure
Recent DUPLEX Analysis Further Reinforces PARASOL Findings Supporting Proteinuria as a Predictor of Kidney Failure Significantly more patients on FILSPARI achieved Patients who achieved < 0.7 g/g threshold at any time on < 0.7 g/g proteinuria threshold treatment were half as likely to reach kidney f
Slide 31: In DUPLEX, Relative Proteinuria Reduction With FILSPARI Translated to Clinically Meaningful Reduction in Kidney Failure Risk
In DUPLEX, Relative Proteinuria Reduction With FILSPARI vs Active Comparator Translated to Clinically Meaningful Reduction in Kidney Failure Risk Two years of FILSPARI treatment translates into a clinically In DUPLEX, FILSPARI-treated patients had meaningful reduction (24%) in kidney failure risk ov
Slide 32: Patients Achieved Partial and Complete Remission Earlier and More Often with Sparsentan vs Irbesartan
Patients Achieved Partial and Complete Remission Earlier and More Often with Sparsentan vs Irbesartan Probability of achieving FSGS partial remission endpoint and complete remission of proteinuria, % Median time to FSGS partial remission endpoint (Difference, P<.0001†) Median time to CR of proteinur
Slide 33: In DUPLEX, Patients That Achieved Proteinuria Remission Had Markedly Reduced Risk of Progression to Kidney Failure
In DUPLEX, Patients That Achieved Proteinuria Remission Had Markedly Reduced Risk of Progression to Kidney Failure RR, 0.33 30 First data from a (95% CI, 0.11-0.95) randomized clinical trial to validate the observational results from PARASOL, 25 15.9% providing robust support for (27/170) its recomm
Slide 34: Launch Readiness and Anticipated Early Adoption Drivers Support Significant FSGS Opportunity, if Approved
Launch Readiness and Anticipated Early Adoption Drivers Support Significant FSGS Opportunity, if Approved FSGS has a significant unmet need with high No FDA-approved medicines indicated for FSGS urgency to treat Highly severe and fast progressing disease with ~75% of up to30k surveyed nephrologists
Slide 35: Continued business development to further diversify pipeline
Solidify FILSPARI’s foundational position in a growing IgAN market Obtain approval and successfully launch FILSPARI in FSGS Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further dive
Slide 36: HCU Market Represents Significant Unmet Need with Potential for Growth
HCU Market Represents Significant Unmet Need with Potential for Growth with Better Diagnostics, Awareness and Effective Treatment Options Disease education/awareness, enhanced diagnostics and better treatment options are expected to lead to increased patient identification, earlier diagnosis, and be
Slide 37: Pegtibatinase is an Investigational, Modified, Recombinant CBS Human Enzyme Therapy
Pegtibatinase is an Investigational, Modified, Recombinant CBS Human Enzyme Therapy Pegtibatinase is designed to address the underlying genetic cause of HCU Pegtibatinase has been granted multiple Mechanism of action is regulatory designations Methionine expected to have broad for the treatment of e
Slide 38: Treatment with Pegtibatinase in the Phase 1/2 COMPOSE Study Showed Rapid and Sustained tHcy Reduction
Treatment with Pegtibatinase in the Phase 1/2 COMPOSE Study Showed Rapid and Sustained tHcy Reduction Through 12 Weeks of Treatment Summary of relative reduction in geometric mean of total homocysteine from baseline from 67.1% mean relative reduction in total cohorts 1-6 in the Phase 1/2 COMPOSE Stu
Slide 39: Innovative Pegtibatinase Phase Program Designed to Enable a BLA Submission
Innovative Pegtibatinase Phase 3 Program Designed to Enable a BLA Submission Screening 2-week dose Double-blind treatment Safety FU period ≤4 weeks ≤6 weeks titration 24 weeks 4 weeks Primary endpoint • Change from baseline in plasma Randomization (1:1) Pre-treatment DSP Phase 3 (N≈70) Pegtibatinase
Slide 40: On Track to Position Pegtibatinase as the First Potential Disease-Modifying Therapy in HCU
On Track to Position Pegtibatinase as the First Potential Disease-Modifying Therapy in HCU Resumed enrollment activities in the Phase 3 HARMONY Study Further optimized manufacturing process to Activating clinical support clinical program and sites globally commercial launch Leveraging patient Patien
Slide 41: A Strong Financial Foundation to Deliver New Treatment Standards in Rare Disease
A Strong Financial Foundation to Deliver New Treatment Standards in Rare Disease ~$410M ~91M in total U.S. net product basic shares sales in FY25; outstanding as of represents ~81% December 31, 2025; growth year-over-year diluted ~104mm1 ~$323M ~$316M in cash and cash in convertible notes equivalent
Slide 42: Inc .
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