Travere Therapeutics, Inc.

Previous wording

In April 2024, we and our partner CSL Vifor announced that the European Commission had granted conditional marketing authorization (“CMA”) for FILSPARI (sparsentan) for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g), and in April 2025, we and CSL Vifor announced that the European Commission had converted the CMA into a standard marketing authorization (“MA”) for FILSPARI for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g). The MA was granted for all member states of the European Union, as well as in Iceland, Liechtenstein and Norway. As a result of the standard MA approval, we received a regulatory milestone payment of $17.5 million in May 2025 under the terms of the License Agreement. FILSPARI became commercially available in Europe under the CMA in August 2024, with an initial launch in Germany and Austria. In October 2024, we and CSL Vifor announced that Swissmedic has granted temporary marketing authorization for FILSPARI for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g). In April 2025, the Medicines and Healthcare products Regulatory Agency ("MHRA") in the UK converted its conditional approval of FILSPARI in IgAN to standard approval. In the fourth quarter of 2025, we received a $40.0 million market access milestone payment from CSL Vifor.

Current wording

In April 2024, we and our partner CSL Vifor announced that the European Commission had granted conditional marketing authorization (“CMA”) for FILSPARI (sparsentan) for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g), and in April 2025, we and CSL Vifor announced that the European Commission had converted the CMA into a standard marketing authorization (“MA”) for FILSPARI for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g). The MA was granted for all member states of the European Union, as well as in Iceland, Liechtenstein and Norway. As a result of the standard MA approval, we received a regulatory milestone payment of $17.5 million in May 2025 under the terms of the CSL Vifor License Agreement. FILSPARI became commercially available in Europe under the CMA in August 2024, with an initial launch in Germany and Austria. In October 2024, we and CSL Vifor announced that Swissmedic has granted temporary marketing authorization for FILSPARI for the treatment of adults with primary IgAN with a urine protein excretion ≥1.0 g/day (or urine protein-to-creatinine ratio ≥0.75 g/g). In April 2025, the Medicines and Healthcare products Regulatory Agency ("MHRA") in the UK converted its conditional approval of FILSPARI in IgAN to standard approval. In the fourth quarter of 2025, we received a $40.0 million market access milestone payment from CSL Vifor.

Previous wording

Civorebrutinib is an investigational oral, covalent reversible Bruton’s tyrosine kinase (“BTK”) inhibitor designed to provide differentiated efficacy, safety and convenience for patients with rare, immune-mediated kidney diseases, including primary membranous nephropathy (“PMN”), with planned evaluation in FSGS, minimal change disease (“MCD”) and potentially additional indications. BTK is a key mediator of B-cell receptor signaling and plays an important role in B-cell activation, maturation, proliferation, and differentiation into antibody-producing cells.

Current wording

Civorebrutinib is an investigational oral, covalent reversible Bruton’s tyrosine kinase (“BTK”) inhibitor designed to provide differentiated efficacy, safety and convenience for patients with rare, immune-mediated kidney diseases, with planned evaluation in primary membranous nephropathy (“PMN”), FSGS, minimal change disease (“MCD”) and potentially additional indications. BTK is a key mediator of B-cell receptor signaling and plays an important role in B-cell activation, maturation, proliferation, and differentiation into antibody-producing cells.

Previous wording

We and Everest will collaborate on global clinical development, including sharing development costs for global clinical trials. Except for certain global development activities, we are responsible for development and commercialization of civorebrutinib in the Territory, while Everest retains responsibility for its territory.

Current wording

We and Everest are collaborating on global clinical development, including sharing development costs for global clinical trials. Except for certain global development activities, we are responsible for development and commercialization of civorebrutinib in the Territory, while Everest retains responsibility for its territory.

Previous wording

Under the Everest Agreement, we paid Everest an upfront payment of $112.5 million in July 2026 and Everest is eligible to receive up to approximately $1.03 billion in additional development, regulatory and commercial milestone payments, as well as tiered royalties on net sales of civorebrutinib products in the Territory.

Current wording

Under the Everest Agreement, we paid Everest an upfront payment of $112.5 million in July 2026 and Everest is eligible to receive up to approximately $1.0 billion in additional development, regulatory and commercial milestone payments, as well as tiered royalties ranging from high single-digit to double-digit percentages on net sales of civorebrutinib products in the Territory.

Previous wording

Results of operations for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025

Current wording

Results of operations for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025

Previous wording

The increase in total net product sales for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025 was primarily due to growth in sales of FILSPARI.

Current wording

The increase in total net product sales for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 was primarily due to growth in sales of FILSPARI.

Previous wording

The decrease in license and collaboration revenue for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was primarily due to recognition of a $17.5 million regulatory milestone associated with the CSL Vifor License Agreement during the three months ended June 30, 2025, offset by recognition of a $5.0 million regulatory milestone associated with the Chugai License Agreement during the three months ended June 30, 2026. The decrease in license and collaboration revenue for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 was primarily due to recognition of a $17.5 million regulatory milestone associated with the CSL Vifor License Agreement and the sale of $3.8 million in active pharmaceutical ingredients ("API") during the three months ended June 30, 2025, offset by recognition of a $5.0 million regulatory milestone associated with the Chugai License Agreement during the six months ended June 30, 2026.

Current wording

The decrease in license and collaboration revenue for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 was primarily due to recognition of a $40.0 million market access milestone associated with the CSL Vifor License Agreement and license revenue of $9.3 million recognized upon the relinquishment of the Buyout Right in the Chugai License Agreement during the three months ended September 30, 2025. The decrease in license and collaboration revenue for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 was primarily due to recognition of $57.5 million in milestones associated with the CSL Vifor License Agreement, license revenue of $9.3 million recognized upon the relinquishment of the Buyout Right in the Chugai License Agreement and the sale of $3.8 million in active pharmaceutical ingredients ("APIs") during the nine months ended September 30, 2025, offset by recognition of a $5.0 million regulatory milestone associated with the Chugai License Agreement during the nine months ended September 30, 2026.

Previous wording

Prior to the February 2023 FDA accelerated approval of FILSPARI (sparsentan) in IgAN, we expensed the production of APIs purchased to support the commercial launch of FILSPARI, in research and development expenses. For the three and six months ended June 30, 2025 sales of FILSPARI primarily consisted of zero-cost inventories, and therefore cost of goods sold did not increase proportionally to the increase in product sales. We began capitalizing inventory costs associated with FILSPARI following the February 2023 accelerated approval.

Current wording

Prior to the February 2023 FDA accelerated approval of FILSPARI (sparsentan) in IgAN, we expensed the production of APIs purchased to support the commercial launch of FILSPARI, in research and development expenses. For the three and nine months ended September 30, 2025 sales of FILSPARI primarily consisted of zero-cost inventories, and therefore cost of goods sold did not increase proportionally to the increase in product sales. We began capitalizing inventory costs associated with FILSPARI following the February 2023 accelerated approval.

Previous wording

For the six months ended June 30, 2026 compared to the six months ended June 30, 2025, our cost of goods sold - license and collaboration decreased by $3.4 million, due to the sale of API in 2025.

Current wording

For the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, our cost of goods sold - license and collaboration decreased by $3.7 million, due to the sale of API in 2025.

Previous wording

For the three and six months ended June 30, 2026 compared to 2025, our research and development expenses increased by $10.9 million and $21.1 million, respectively. External service provider costs increased by $5.2 million and $11.0 million, respectively, for the three and six months ended June 30, 2026 compared to 2025, largely driven by an increase in costs associated with pegtibatinase due to restarting enrollment activities for the HARMONY Study in 2026, as well as additional manufacturing costs, offset by a decrease in costs associated with the development of sparsentan as our Phase 3 programs advanced towards completion. The increase in internal personnel costs of $5.7 million and $10.2 million, respectively, for the three and six months ended June 30, 2026 compared to 2025, is due to an increase in headcount.

Current wording

For the three and nine months ended September 30, 2026 compared to 2025, our research and development expenses increased by $18.4 million and $39.5 million, respectively. External service provider costs increased by $11.6 million and $22.6 million, respectively, for the three and nine months ended September 30, 2026 compared to 2025, primarily driven by an increase in costs associated with pegtibatinase due to restarting enrollment activities for the HARMONY Study in 2026, as well as additional manufacturing costs, offset by a decrease in costs associated with the development of sparsentan as our Phase 3 programs advanced towards completion. The increase in internal personnel costs of $6.8 million and $16.9 million, respectively, for the three and nine months ended September 30, 2026 compared to 2025, is primarily due to an increase in headcount to support additional pipeline development.

Previous wording

For the three and six months ended June 30, 2026 compared to 2025, our selling, general and administrative expenses increased by $33.5 million and $53.4 million, respectively, primarily as a result of an increase in commercial investments to support FILSPARI in IgAN and commercial investments for the launch of FSGS, including an expansion of our field force to support both indications.

Current wording

For the three and nine months ended September 30, 2026 compared to 2025, our selling, general and administrative expenses increased by $27.4 million and $80.7 million, respectively, primarily as a result of an increase in commercial investments to support FILSPARI in IgAN and the ongoing launch of FSGS, including an expansion of our field force to support both indications.

Previous wording

For the three months ended June 30, 2026 compared to 2025, our royalty expense decreased by $6.6 million due to the Thiola intangible asset reaching the end of its useful life on March 31, 2026. For the six months ended June 30, 2026 compared to 2025, royalty expense increased by $5.8 million, primarily due to elevated amortization of the Thiola intangible asset in the first quarter of 2026 as it reached the end of its useful life on March 31, 2026.

Current wording

For the three months ended September 30, 2026 compared to 2025, our royalty expense decreased by $7.4 million due to the Thiola intangible asset reaching the end of its estimated useful life on March 31, 2026. For the nine months ended September 30, 2026 compared to 2025, royalty expense decreased by $1.6 million, primarily due to elevated amortization of the Thiola intangible asset in the first quarter of 2026 as it reached the end of its estimated useful life on March 31, 2026, with no further amortization after this date as royalties are expensed in the period incurred.

Previous wording

The change in our total other (expense) income, net for the three and six months ended June 30, 2026 as compared to the three and six months ended June 30, 2025 is primarily due to the $40.0 million inducement expense related to the partial repurchase of the 2.25% Convertible Senior Notes due 2029 (“2029 Notes”).

Current wording

The change in our total other income (expense), net for the nine months ended September 30, 2026 compared to 2025 primarily reflects a $40.0 million inducement expense related to the partial repurchase of the 2.25% Convertible Senior Notes due 2029 (“2029 Notes”) during the nine months ended September 30, 2026. This expense was partially offset by a decrease in interest expense following the September 2025 maturity of our 2.50% Convertible Senior Notes due 2025, the partial repurchase of the 2029 Notes and issuance of 0.50% Convertible Senior Notes due 2032 (“2032 Notes”) at a lower interest rate.

Previous wording

We believe that our available cash and short-term investments as of the date of this filing, together with anticipated cash generated from operations, will be sufficient to fund our anticipated level of operations beyond the next 12 months from the date of this filing. We expect that our operating results will vary from quarter-to-quarter and year-to-year depending upon various factors including revenues, selling, general and administrative expenses, and research and development expenses, particularly with respect to our clinical and preclinical development activities. Our ability to fund our operations in subsequent years will depend upon certain factors which are beyond our control and may require us to obtain additional debt or equity capital or refinance all or a portion of our debt, including the 2029 Notes and 0.50% Convertible Senior Notes due 2032 (“2032 Notes”), on or before maturity. Though we generate revenues from product sales, we may incur significant operating losses over the next several years. Our ability to achieve profitable operations in the future will depend in large part upon completing development of products in our pipeline, obtaining regulatory approvals for these products and bringing these products to market, along with potential in-licensing of additional products approved by the FDA and manufacturing and selling these products.

Current wording

We believe that our available cash and short-term investments as of the date of this filing, together with anticipated cash generated from operations, will be sufficient to fund our anticipated level of operations beyond the next 12 months from the date of this filing. We expect that our operating results will vary from quarter-to-quarter and year-to-year depending upon various factors including revenues, selling, general and administrative expenses, and research and development expenses, particularly with respect to our clinical and preclinical development activities. Our ability to fund our operations in subsequent years will depend upon certain factors which are beyond our control and may require us to obtain additional debt or equity capital or refinance all or a portion of our debt, including the 2029 Notes and 2032 Notes, on or before maturity. Though we generate revenues from product sales, we may incur significant operating losses over the next several years. Our ability to achieve profitable operations in the future will depend in large part upon completing development of products in our pipeline, obtaining regulatory approvals for these products and bringing these products to market, along with potential in-licensing of additional products approved by the FDA and manufacturing and selling these products.

Previous wording

As of June 30, 2026, we had cash and cash equivalents of $117.7 million and available-for-sale marketable debt securities of $371.4 million. In July 2026, we paid Everest an upfront payment of $112.5 million pursuant to the terms of the Everest Agreement. Substantial sources of funds over the past year, as summarized further below, include net proceeds of $158.4 million from the issuance of 2032 Notes after giving effect to the partial repurchase of 2029 Notes, milestone payments from CSL Vifor totaling $40.0 million, a milestone payment of $25.0 million from Mirum and $10.2 million from the sale of Renalys stock to Chugai.

Current wording

As of September 30, 2026, we had cash and cash equivalents of $123.5 million and available-for-sale marketable debt securities of $348.3 million. Substantial sources of funds over the past year, as summarized further below, include net proceeds of $158.4 million from the issuance of 2032 Notes after giving effect to the partial repurchase of 2029 Notes, a milestone payment of $25.0 million from Mirum and $10.2 million from the sale of Renalys stock to Chugai.

Previous wording

In July 2023, we entered into the Purchase Agreement with Mirum, pursuant to which Mirum agreed to purchase substantially all of the assets primarily related to our business of development, manufacture and commercialization of the Products, which comprised our bile acid business. Upon the Closing of the transaction in August 2023, we received an upfront cash payment of $210.0 million. Pursuant to the Purchase Agreement, we are eligible to receive up to $235.0 million upon the achievement of certain milestones based on specified amounts of annual net sales (tiered from $125.0 million to $500.0 million) of the Products. Mirum achieved the first such milestone based on its annual net sales in 2025, and we received a milestone payment of $25.0 million in April 2026, as a result of such achievement.

Current wording

In July 2023, we entered into the Purchase Agreement with Mirum, pursuant to which Mirum agreed to purchase substantially all of the assets primarily related to our business of development, manufacture and commercialization of the Products, which comprised our bile acid business. Upon the Closing of the transaction in August 2023, we received an upfront cash payment of $210.0 million. Pursuant to the Purchase Agreement, we are eligible to receive up to $235.0 million upon the achievement of certain milestones based on specified amounts of annual net sales (tiered from $125.0 million to $500.0 million) of the Products. Mirum achieved the first such milestone based on its annual net sales in 2025, and we received a payment of $25.0 million in April 2026, as a result of such achievement. Mirum achieved an additional milestone based on its annual net sales in 2026, resulting in the recognition of $10.0 million in milestone revenue. We expect to receive payment in the second quarter of 2027.

Previous wording

As of June 30, 2026, we have future minimum rental commitments totaling $15.2 million arising from our operating lease and sublease income totaling $2.8 million. These commitments represent the aggregate base rent through August 2028.

Current wording

As of September 30, 2026, we have future minimum rental commitments totaling $13.5 million arising from our operating lease and sublease income totaling $2.5 million. These commitments represent the aggregate base rent through August 2028.

Previous wording

On March 11, 2022, we completed a registered underwritten public offering of $316.3 million aggregate principal amount of our 2029 Notes. We issued the 2029 Notes under an indenture, dated as of September 10, 2018, as supplemented by the second supplemental indenture, dated as of March 11, 2022 (collectively, the “2029 Indenture”). The 2029 Notes will mature on March 1, 2029, unless earlier repurchased, redeemed, or converted. The 2029 Notes are senior unsecured obligations of ours and bear interest at an annual rate of 2.25%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2022. On May 11, 2026, coinciding with the issuance of the 2032 Notes, we completed our repurchase of $221.4 million aggregate principal amount of 2029 Notes for cash. After giving effect to the repurchase, the total remaining principal amount outstanding under the 2029 Notes as of June 30, 2026 was $94.9 million. The 2029 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by us.

Current wording

On March 11, 2022, we completed a registered underwritten public offering of $316.3 million aggregate principal amount of our 2029 Notes. We issued the 2029 Notes under an indenture, dated as of September 10, 2018, as supplemented by the second supplemental indenture, dated as of March 11, 2022 (collectively, the “2029 Indenture”). The 2029 Notes will mature on March 1, 2029, unless earlier repurchased, redeemed, or converted. The 2029 Notes are senior unsecured obligations of ours and bear interest at an annual rate of 2.25%, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2022. On May 11, 2026, coinciding with the issuance of the 2032 Notes, we completed our repurchase of $221.4 million aggregate principal amount of 2029 Notes for cash. After giving effect to the repurchase, the total remaining principal amount outstanding under the 2029 Notes was $94.9 million. The 2029 Notes do not contain any financial or operating covenants or any restrictions on the payment of dividends, the issuance of other indebtedness or the issuance or repurchase of securities by us.

Previous wording

Cash provided by operating activities for the six months ended June 30, 2026 was $17.7 million compared to cash used of $37.2 million for the six months ended June 30, 2025. The change was due to a $115.1 million increase in total net product sales, offset by an increase in operational expenses and the timing of payments from normal operations.

Current wording

Cash provided by operating activities from continuing operations for the nine months ended September 30, 2026 was $92.4 million compared to cash used of $22.9 million for the nine months ended September 30, 2025. The change was due to a $222.2 million increase in total net product sales, offset by an increase in operational expenses and the timing of payments from normal operations.

Previous wording

Cash used in investing activities for the six months ended June 30, 2026 was $184.7 million compared to cash provided by of $46.1 million for the six months ended June 30, 2025. The change resulted primarily from the investment of the net proceeds of the 2032 Notes and partial repurchase of the 2029 Notes, as well as timing differences in investment purchases, sales and maturities, and the fluctuation of our portfolio mix between cash equivalents and short-term investment holdings and an increase in intangible asset purchases.

Current wording

Cash used in investing activities for the nine months ended September 30, 2026 was $304.4 million compared to cash provided of $132.7 million for the nine months ended September 30, 2025. The change resulted primarily from the investment of the net proceeds of the 2032 Notes and partial repurchase of the 2029 Notes, acquisition of $113.1 million IPR&D from Everest, as well as timing differences in investment purchases, sales and maturities, and the fluctuation of our portfolio mix between cash equivalents and short-term investment holdings and an increase in intangible asset purchases.

Previous wording

Cash provided by financing activities from continuing operations for the six months ended June 30, 2026 was $191.7 million compared to cash provided by of $5.2 million for the six months ended June 30, 2025. The change was primarily due to net proceeds of $158.4 million from the issuance of the 2032 Notes and the partial repurchase of the 2029 Notes and an increase in proceeds from the exercise of stock options during the six months ended June 30, 2026.

Current wording

Cash provided by financing activities for the nine months ended September 30, 2026 was $219.0 million compared to cash used of $60.1 million for the nine months ended September 30, 2025. The change was primarily due to net proceeds of $158.4 million from the issuance of the 2032 Notes and the partial repurchase of the 2029 Notes and an increase in proceeds from the exercise of stock options during the nine months ended September 30, 2026.