Thu, Aug 1, 8:46 PM (88 days ago)
Travere Therapeutics, Inc. reported its financial results for the quarter ended June 30, 2024. Key highlights include a significant increase in net product sales to $52.2 million, driven by the successful launch of FILSPARI (sparsentan) for IgA nephropathy (IgAN). However, the company reported a net loss of $70.4 million for the quarter, reflecting ongoing investments in research and development (R&D) and commercialization efforts. Operating expenses totaled $121.8 million, with R&D expenses decreasing to $54.3 million, mainly due to reduced costs associated with the development of sparsentan. Selling, general, and administrative expenses were $64.8 million, reflecting the costs related to the commercialization of FILSPARI. Travere's cash and cash equivalents stood at $32.3 million, with marketable debt securities valued at $293.1 million. The company anticipates that its current cash reserves, along with expected revenues, will be sufficient to fund operations beyond the next 12 months. Looking forward, Travere is focused on the continued commercialization of FILSPARI and advancing its pipeline, including pegtibatinase for homocystinuria. The company is also managing the integration of its recent workforce reduction to align resources with strategic priorities.