Travere Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 19, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. 5
POWER OF ATTORNEY
Know all persons by these presents, that each person whose signature appears below constitutes and appoints Eric Dube and Christopher Cline, and each of them, as his attorneys-in-fact and agents, each with power of substitution in any and all capacities, to sign any amendments to this annual report on Form 10-K, and to file the same with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that the attorney-in-fact or his substitute or substitutes may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:
| Signature | Title | Date |
|---|---|---|
| /s/ Eric Dube | Chief Executive Officer and Director (Principal Executive Officer) | |
| Eric Dube | February 19, 2026 | |
| /s/ Christopher Cline | Chief Financial Officer (Principal Financial Officer) | |
| Christopher Cline | February 19, 2026 | |
| /s/ Sandra Calvin | Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) | |
| Sandra Calvin | February 19, 2026 | |
| /s/ Roy D. Baynes | Director | |
| Roy D. Baynes | February 19, 2026 | |
| /s/ Suzanne Bruhn | Director | |
| Suzanne Bruhn | February 19, 2026 | |
| /s/ Timothy Coughlin | Director | |
| Timothy Coughlin | February 19, 2026 | |
| /s/ Gary Lyons | Chair of the Board | |
| Gary Lyons | February 19, 2026 | |
| /s/ Jeffrey A. Meckler | Director | |
| Jeffrey A. Meckler | February 19, 2026 | |
| /s/ John A. Orwin | Director | |
| John A. Orwin | February 19, 2026 | |
| /s/ Sandra E. Poole | Director | |
| Sandra E. Poole | February 19, 2026 | |
| /s/ Ron Squarer | Director | |
| Ron Squarer | February 19, 2026 | |
| /s/ Ruth Williams-Brinkley | Director | |
| Ruth Williams-Brinkley | February 19, 2026 |
INDEX TO FINANCIAL STATEMENTS
| Page | |
| Report of Independent Registered Public Accounting Firm (Ernst & Young LLP, San Diego, California, PCAOB ID: 42) | F-2 |
|---|---|
| Financial Statements | |
| Consolidated Balance Sheets at December 31, 2025 and 2024 | F-4 |
| Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025, 2024 and 2023 | F-5 |
| Consolidated Statements of Stockholders' Equity for the years ended December 31, 2025, 2024 and 2023 | F-6 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | F-7 |
| Notes to Consolidated Financial Statements | F-9 |
Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of Travere Therapeutics, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Travere Therapeutics, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 19, 2026 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Government rebate deductions from revenue
| Description of the Matter | As described in Note 3 to the consolidated financial statements under the caption “Deductions from Revenue”, the Company calculates the rebates for Filspari that it will be obligated to provide to government programs and deducts these estimated amounts from its gross product sales at the time the revenues are recognized. Allowances for government rebates and discounts are established based on an estimated allocation of payers and the government-mandated discounts applicable to government-funded programs. Where appropriate, these allowances take into consideration the Company’s historical experience, current statutory requirements, and specific known market events and trends. Estimated government rebates are included in accrued expenses on the consolidated balance sheet.Auditing the Filspari government rebate deductions from revenue was complex and required significant auditor judgment because the related accruals were dependent on certain subjective assumptions. Such subjective assumptions included estimated allocations of payers and estimated government-mandated discounts applicable to government-funded programs, each of which are adjusted for the Company’s historical experience, current statutory requirements, and specific known market events and trends, where appropriate. |
| How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over the Company’s Filspari government rebate deductions from revenue process. This included testing controls over management’s review of the significant assumptions described above and other inputs into the estimation of government rebates, including the accuracy of data used in the calculation. To test the Filspari government rebate deductions from revenue, our audit procedures included, among others, understanding and evaluating the significant assumptions and underlying data used in management’s calculations. Our testing of significant assumptions included a lookback analysis to evaluate the historical accuracy of management’s estimates by comparing actual activity to previous estimates and performing sensitivity analyses over the subjective assumptions to evaluate the completeness of the reserves. As a part of our procedures, we evaluated the reasonableness of the Company’s assumptions considering recent sales trends and regulatory factors related to Filspari government rebates. |
/s/Ernst & Young LLP
We have served as the Company’s auditor since 2023.
San Diego, California
February 19, 2026
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.