Travere Therapeutics Inc
TVTXHealthcare|Biotechnology|USA
$56.60
-1.88 (-3.22%)
Financials
Financial Snapshot
Market Cap
$5.26B
Enterprise Value
$-63.0M
Revenue (TTM)
$536.2M
Net Income (TTM)
$-21.4M
Cash & Equivalents
—
Net Cash/Share
$-2.08
Free Cash Flow (TTM)
$-28.9M
Operating CF (TTM)
$39.6M
Debt/Equity
3.32
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $255.9M | $300.6M | $471.5M | $398.5M | $361.6M | $552.9M | $450.2M | $566.9M | $370.7M | $322.8M | $264.7M | |
| Operating Cash Flow | $-3.4M | $7.4M | $-25.0M | $-58.2M | $-42.7M | $-14.8M | $-186.3M | $-280.0M | $-237.5M | $37.8M | $39.6M | |
| Free Cash Flow | $-15.4M | $-6.6M | $-44.7M | $-73.8M | $-162.6M | $-38.9M | $-214.7M | $-321.6M | $-338.7M | $-20.4M | $-28.9M | |
| Capital Expenditure | $-11.9M | $-14.0M | $-19.7M | $-15.6M | $-119.8M | $-24.2M | $-28.4M | $-41.6M | $-101.2M | $-58.2M | $-68.6M | |
| Financing Cash Flow | $-3.8M | $5.4M | $231.9M | $-2.1M | $127.7M | $231.7M | $117.6M | $218.8M | $139.4M | $-33.5M | $-33.0M |
R&D Spending
R&D (TTM)
$216.2M
R&D Intensity
40.3%
R&D Growth YoY
+5.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133.6M | $154.9M | $164.2M | $175.3M | $198.3M | $131.8M | $109.5M | $145.2M | $233.2M | $490.7M | $536.2M | |
| R&D Expense | $70.8M | $78.2M | $123.8M | $141.0M | $131.8M | $201.2M | $227.3M | $245.0M | $282.7M | $206.0M | $216.2M | |
| R&D % of Revenue | 53.0% | 50.5% | 75.3% | 80.4% | 66.4% | 152.6% | 207.7% | 168.7% | 121.2% | 42.0% | 40.3% | |
| SG&A | $97.2M | $104.0M | $103.7M | $129.0M | $135.8M | $126.3M | $197.5M | $265.5M | $264.1M | $337.2M | $344.6M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $133.6M | $154.9M | $164.2M | $175.3M | $198.3M | $131.8M | $109.5M | $145.2M | $233.2M | $490.7M | $536.2M | |
| Cost of Goods Sold | $4.6M | $3.6M | $5.5M | $5.2M | $6.1M | $3.8M | $4.4M | $11.4M | $7.7M | $10.3M | $32.4M | |
| Gross Profit | $129.0M | $151.3M | $158.7M | $170.1M | $192.2M | $128.0M | $105.0M | $133.8M | $225.4M | $480.4M | $503.8M | |
| R&D | $70.8M | $78.2M | $123.8M | $141.0M | $131.8M | $201.2M | $227.3M | $245.0M | $282.7M | $206.0M | $216.2M | |
| SG&A | $97.2M | $104.0M | $103.7M | $129.0M | $135.8M | $126.3M | $197.5M | $265.5M | $264.1M | $337.2M | $344.6M | |
| Operating Income | $-38.9M | $-30.8M | $-68.7M | $-99.8M | $-75.4M | $-199.4M | $-319.8M | $-376.7M | $-321.4M | $-62.8M | $-57.1M | |
| Interest Expense | $-4.7M | $-4.4M | $-9.8M | $-18.8M | $-19.1M | $-19.7M | $-11.0M | $-11.3M | $-11.2M | $-10.7M | $-10.2M | |
| Pretax Income | $-57.6M | $-58.4M | $-101.9M | $-146.4M | $-188.8M | $-216.9M | $-331.2M | $-376.1M | $-320.5M | $-49.3M | $-44.8M | |
| Net Income | $-47.9M | $-59.7M | $-102.7M | $-146.4M | $-169.4M | $-180.1M | $-278.5M | $-111.4M | $-321.5M | $-25.5M | $-21.4M | |
| EPS (Diluted) | -1.29 | -1.54 | -2.54 | -3.46 | -3.56 | -3.01 | -4.37 | -1.50 | -4.08 | -0.29 | -0.23 | |
| EBITDA | $-36.7M | $-36.1M | $-73.4M | $-107.2M | $-145.2M | $-184.5M | $-299.4M | $-326.2M | $-265.8M | $22.2M | $38.5M | |
| Shares Out. (M) | 38.29 | 38.77 | 40.43 | 42.34 | 47.54 | 59.83 | 63.76 | 74.27 | 78.89 | 89.21 | 91.87 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.0M | $99.4M | $102.9M | $62.4M | $84.8M | $165.8M | $61.7M | $58.2M | $58.5M | $93.0M | $78.4M | |
| Marketable Securities | $214.9M | $201.2M | $368.7M | $336.1M | $276.8M | $387.1M | $388.6M | $508.7M | $312.2M | $229.8M | $186.3M | |
| Total Current Assets | $332.4M | $325.8M | $495.7M | $429.1M | $410.4M | $582.8M | $486.4M | $616.8M | $416.7M | $437.6M | $392.7M | |
| Total Assets | $525.3M | $520.3M | $709.2M | $604.8M | $607.4M | $776.6M | $672.6M | $788.9M | $594.1M | $605.2M | $555.2M | |
| Total Current Liabilities | $83.3M | $85.7M | $104.6M | $95.4M | $92.7M | $124.1M | $142.2M | $177.9M | $200.8M | $159.9M | $125.4M | |
| Long-Term Debt | $44.4M | $45.1M | $195.1M | $204.9M | $215.3M | $226.6M | $375.5M | $377.3M | $310.3M | $311.7M | $312.1M | |
| Total Liabilities | $217.5M | $227.2M | $390.9M | $383.6M | $396.2M | $474.5M | $629.7M | $588.1M | $535.0M | $490.4M | $456.5M | |
| Stockholders' Equity | $307.8M | $293.1M | $318.3M | $221.2M | $211.2M | $302.1M | $42.9M | $200.8M | $59.1M | $114.8M | $98.7M | |
| Retained Earnings | $-113.1M | $-177.7M | $-270.0M | $-416.4M | $-585.9M | $-766.0M | $-1.01B | $-1.13B | $-1.45B | $-1.47B | $-1.51B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-3.4M | $7.4M | $-25.0M | $-58.2M | $-42.7M | $-14.8M | $-186.3M | $-280.0M | $-237.5M | $37.8M | $39.6M | |
| Capital Expenditure | $-11.9M | $-14.0M | $-19.7M | $-15.6M | $-119.8M | $-24.2M | $-28.4M | $-41.6M | $-101.2M | $-58.2M | $-68.6M | |
| Free Cash Flow | $-15.4M | $-6.6M | $-44.7M | $-73.8M | $-162.6M | $-38.9M | $-214.7M | $-321.6M | $-338.7M | $-20.4M | $-28.9M | |
| Investing Cash Flow | $10.4M | $45.6M | $-203.3M | $19.9M | $-61.3M | $-137.6M | $-32.6M | $55.8M | $99.3M | $27.9M | $8.2M | |
| Financing Cash Flow | $-3.8M | $5.4M | $231.9M | $-2.1M | $127.7M | $231.7M | $117.6M | $218.8M | $139.4M | $-33.5M | $-33.0M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $131.5M | $224.9M | $19.5M | $191.2M | $134.7M | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $276.0M | $0.00 | $0.00 | $0.00 | $316.3M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $-40.2M | $0.00 | $0.00 | $0.00 | $-211.3M | $0.00 | $0.00 | $-68.9M | $0.00 | |
| Stock Based Comp. | $29.1M | $26.9M | $19.8M | $21.1M | $23.6M | $29.6M | $38.1M | $44.2M | $36.9M | $44.9M | $49.5M | |
| Net Change in Cash | $3.2M | $58.4M | $3.5M | $-40.4M | $22.3M | $81.0M | $-104.1M | $-3.5M | $359.0K | $34.5M | $16.5M |
Dilution Tracker
Shares outstanding grew 53.5% over 5 years — significant dilution
Shares Outstanding
92M
5-Year Share Growth
+53.5%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 38.29 | 38.77 | 40.43 | 42.34 | 47.54 | 59.83 | 63.76 | 74.27 | 78.89 | 89.21 | 91.87 | |
| YoY Change % | — | 1.3% | 4.3% | 4.7% | 12.3% | 25.9% | 6.6% | 16.5% | 6.2% | 13.1% | 3.0% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $131.5M | $224.9M | $19.5M | $191.2M | $134.7M | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $29.1M | $26.9M | $19.8M | $21.1M | $23.6M | $29.6M | $38.1M | $44.2M | $36.9M | $44.9M | $49.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 96.6% | 97.7% | 96.6% | 97.0% | 96.9% | 97.1% | 96.0% | 92.1% | 96.7% | 97.9% | 94.0% | |
| Operating Margin % | -29.1% | -19.9% | -41.8% | -56.9% | -38.0% | -151.3% | -292.2% | -259.4% | -137.8% | -12.8% | -10.6% | |
| Net Margin % | -35.9% | -38.6% | -62.5% | -83.5% | -85.4% | -136.6% | -254.4% | -76.7% | -137.9% | -5.2% | -4.0% | |
| EBITDA Margin % | -27.5% | -23.3% | -44.7% | -61.1% | -73.2% | -139.9% | -273.5% | -224.6% | -114.0% | 4.5% | 7.2% | |
| FCF Margin % | -11.5% | -4.3% | -27.2% | -42.1% | -82.0% | -29.5% | -196.1% | -221.4% | -145.3% | -4.2% | -5.4% | |
| ROE % | -15.8% | -19.9% | -33.6% | -54.3% | -78.4% | -70.2% | -161.5% | -91.4% | -247.4% | -29.4% | -30.4% | |
| ROA % | -9.2% | -11.4% | -16.7% | -22.3% | -28.0% | -26.0% | -38.4% | -15.2% | -46.5% | -4.3% | -3.8% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / 15.23 / 20.38
Industry Med.27.41
P/S9.90
Historical2.58 / 5.89 / 17.22
Industry Med.9.51
P/B53.00
Historical1.50 / 3.79 / 76.82
Industry Med.2.93
EV/EBITDA138.21
Historical-183.48 / -6.53 / 160.88
Industry Med.13.14
EV/Revenue9.93
Historical1.52 / 4.87 / 16.06
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Median P/S Value
$34.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 5.43 | 5.27 | 5.57 | 3.43 | 6.53 | 14.09 | 12.25 | 4.60 | 5.89 | 6.95 | 9.90 | |
| PB Ratio | 2.33 | 2.83 | 2.94 | 2.77 | 6.74 | 6.42 | 31.53 | 3.37 | 25.77 | 30.25 | 53.00 | |
| EV/EBITDA | -13.79 | -15.89 | -9.30 | -3.90 | -9.00 | -8.94 | -4.37 | -1.58 | -5.85 | 156.63 | 138.21 | |
| EV/Revenue | 3.79 | 3.71 | 4.16 | 2.39 | 6.59 | 12.51 | 11.96 | 3.55 | 6.67 | 7.09 | 9.93 |
Analyst Estimates & Quality
Altman Z-Score
4.45
Safe
Piotroski F-Score
6
Moderate
Beneish M-Score
-1.91
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $697.8M | $968.9M | $1,183.4M |
| Net Income | $11.3M | $170.8M | $297.1M |
| EPS | 0.26 | 2.30 | 2.75 |
| Book Value per Share | 1.83 | 3.96 | 0.00 |
| Operating Cash Flow per Share | 1.03 | 3.60 | 0.00 |
| Operating CF | $94.17M | $330.73M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| FILSPARI | $322.0M |
| License and collaboration revenue | $80.3M |
| Tiopronin products | $88.5M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $490.7M |