Travere Therapeutics, Inc. (TVTX): Business Model Canvas [Dec-2025 Updated]

You're digging into Travere Therapeutics, Inc. (TVTX)'s engine room to see how they're funding that specialized rare disease focus, and honestly, the Q3 2025 numbers tell a clear story: $\mathbf{\$164.9}$ million in total revenue, driven by $\mathbf{\$90.9}$ million from U.S. FILSPARI sales, but that growth is being heavily funded by $\mathbf{\$86.5}$ million in SG&A and $\mathbf{\$51.9}$ million in R&D that same quarter. As someone who's seen this playbook before, the key risk is watching if the upcoming FSGS filing and pipeline progress can justify this high-burn commercial buildout while they still hold about $\mathbf{\$319.5}$ million in cash. That's the whole game right now. Let's break down the nine blocks of their Business Model Canvas to see exactly where the cash is going and where the next big payoff is hiding.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Key Partnerships

CSL Vifor for ex-U.S. commercialization of FILSPARI in IgAN

CSL Vifor holds exclusive commercialization rights for FILSPARI in Europe, Australia, and New Zealand, plus certain other countries.

• Initial upfront payment received by Travere Therapeutics: $55.0 million.
• Total potential milestone value: up to $845.0 million, including up to $135.0 million in regulatory/market access milestones and up to $655.0 million in sales-based milestones.
• Royalty structure: Tiered double-digit royalties up to 40 percent of annual net sales in licensed territories.
• Market access milestone recognized in Q3 2025: $40.0 million, received in October 2025.
• Prior milestone payment: $17.5 million received in Q2 2025 upon UK standard approval.
• FILSPARI launched in Germany, Austria, Switzerland, Luxembourg, and the UK.

Renalys Pharma/Chugai Pharmaceutical for sparsentan rights in Japan and Asia

Chugai Pharmaceutical entered an agreement to acquire Renalys Pharma in October 2025, gaining exclusive rights for sparsentan in Japan, South Korea, and Taiwan.

Travere Therapeutics recognized $9.3 million in non-cash license revenue related to the Renalys partnership in Q3 2025. Topline results from the Japan Phase III IgAN trial are expected in Q4 2025.

Contract Research Organizations (CROs) for clinical trial execution

Clinical trial execution relies on CRO partnerships to support global and regional studies.

• The Phase 3 PROTECT Study for IgAN enrolled 404 patients.
• Renalys completed enrollment in its registrational Phase III clinical trial for IgAN in Japan.

Specialty pharmacies for restricted drug distribution (REMS program)

FILSPARI access is managed through the FILSPARI REMS, requiring enrollment of prescribers, patients, and pharmacies.

• New Patient Start Forms (PSFs) received in Q3 2025: 731.
• Liver monitoring frequency reduced to every three months for the duration of treatment following FDA approval in August 2025.
• The embryo-fetal toxicity (EFT) monitoring requirement was removed from the REMS in August 2025.
• Prior liver monitoring schedule required measurement monthly for the first 12 months.

Academic and clinical research institutions for rare disease studies

Research institutions validate treatment standards and inform clinical practice.

• The Kidney Disease Improving Global Outcomes (KDIGO) 2025 clinical practice guideline for IgAN was presented in September 2025.
• The KDIGO 2025 update defines proteinuria remission as <0.5 g/day, ideally <0.3 g/day.
• FILSPARI is highlighted as a potential first-line therapy in these guidelines.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Key Activities

You're looking at the core engine driving Travere Therapeutics, Inc. right now-it's all about maximizing the commercial footprint of FILSPARI while pushing the pipeline forward. The key activities are tightly focused on execution in the rare kidney disease space, balancing current revenue generation with future indication expansion.

Commercialization and sales growth of FILSPARI in the U.S.

The primary activity here is driving adoption of FILSPARI for IgA nephropathy (IgAN) in the U.S. market. The momentum has been strong, reflecting its positioning as a foundational, non-immunosuppressive therapy. You can see the acceleration clearly in the reported net product sales figures for 2025.

The commercial team's efforts are translating directly into revenue growth, which is essential for funding the rest of the organization. The company is also managing international expansion through its partners, with CSL Vifor commercially launching FILSPARI in Germany, Austria, Switzerland, Luxembourg, and the UK.

Here's a look at the top-line commercial performance for the year through the third quarter:

The activity of securing new patients is also tracked closely. For instance, in the third quarter of 2025, Travere Therapeutics received 731 new patient start forms (PSFs), showing continued uptake among prescribers.

Research and Development (R&D) for pipeline candidates like pegtibatinase

R&D is a critical, ongoing activity, though expenses show a slight moderation as some large trials mature. The focus is split between advancing the pipeline and supporting post-approval data generation for FILSPARI. For pegtibatinase, which targets classical HCU (homocystinuria), the activity involves making steady progress toward restarting enrollment in its pivotal study. Top-line data for pegtibatinase was previously anticipated in 2026.

Here's how the R&D spending trended through the first three quarters of 2025:

The decrease in R&D expenses for the first six months of 2025, at $96.3 million compared to $103.8 million for the same period in 2024, is largely attributed to lower costs associated with the development of pegtibatinase and decreased expense for sparsentan development as the PROTECT and DUPLEX trials advanced.

Regulatory submissions, including the sNDA for FILSPARI in FSGS

A major key activity was the submission of the supplemental New Drug Application (sNDA) seeking traditional approval for FILSPARI in focal segmental glomerulosclerosis (FSGS). This submission was based on data from the Phase 3 DUPLEX and Phase 2 DUET studies.

• The sNDA was submitted to the U.S. Food and Drug Administration (FDA) on March 17, 2025.
• FSGS is estimated to affect more than 40,000 adults and children in the United States.
• The Prescription Drug User Fee Act (PDUFA) date for the FDA to make a decision on the FSGS sNDA is set for January 13, 2026.

The DUPLEX study, noted as the largest interventional study to date in FSGS and the only one against a maximally dosed active comparator, showed FILSPARI delivered clinically meaningful benefit at 108 weeks with significant proteinuria reduction.

Manufacturing and supply chain management for rare disease drugs

Managing the supply chain for a commercial rare disease drug like FILSPARI is a constant activity, involving coordination with contract manufacturing organizations. Travere Therapeutics acknowledges risks associated with potential disruptions to commercialization activity, supply chain, and manufacturing operations. The successful commercial launch in Europe by CSL Vifor is a direct result of effective supply chain management and partnership execution.

The company also has international development activities tied to supply and regulatory timelines. Specifically, Travere's partner, Renalys Pharma, Inc., expects topline results from its registrational Phase 3 clinical trial of sparsentan for IgAN in Japan in the fourth quarter of 2025.

Managing the FILSPARI REMS program and patient access

Managing the Risk Evaluation and Mitigation Strategy (REMS) for FILSPARI is a crucial activity to ensure patient safety while minimizing administrative burden that could impede access. The company successfully executed a significant REMS modification in 2025.

The FDA approved the REMS modification in August 2025, with a PDUFA target action date for this modification being August 28, 2025. This streamlined process simplifies access for both physicians and patients:

• Removed the embryo-fetal toxicity REMS monitoring requirement.
• Reduced the frequency of liver monitoring REMS from monthly to every three months for the duration of treatment.

This streamlining is expected to support broader access to FILSPARI. The REMS requires prescribers, patients, and pharmacies to enroll and comply with all requirements at www.filsparirems.com.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Key Resources

You're building a rare disease business on the back of a newly launched, breakthrough therapy, so your Key Resources are heavily weighted toward that product and the specialized infrastructure to support it. Honestly, the product itself is the most critical asset right now.

FILSPARI® (sparsentan) as the foundational IgAN therapy is central. This is the asset that drives revenue and market positioning. The clinical data supporting it is a resource in itself; for instance, the PROTECT trial enrolled more patients than all prior Renin-Angiotensin System Inhibitor (RASi) trials combined, which is a significant differentiator. The market recognition is solidifying, too; the final 2025 Kidney Disease Improving Global Outcomes (KDIGO) clinical guidelines now include FILSPARI for earlier, first-line use to optimize nephroprotection in IgA Nephropathy (IgAN).

The commercial engine supporting FILSPARI is a key resource, evidenced by the spending and uptake. Selling, general, and administrative (SG&A) expenses for the third quarter of 2025 hit $86.5 million, up from $65.6 million in the third quarter of 2024, reflecting the increased investment in commercialization following full approval. The market response shows in the numbers:

The company's financial foundation is another vital resource, though it's being deployed quickly to support growth and future launches. As of June 30, 2025, Travere Therapeutics, Inc. held cash, cash equivalents, and marketable securities of approximately $319.5 million. By September 30, 2025, this figure stood at $254.5 million, reflecting the repayment of approximately $68.9 million of principal and accrued interest on its remaining 2025 convertible notes.

Intellectual property and market exclusivity provide the necessary moat around these assets. FILSPARI is positioned as the only fully approved kidney-targeted therapy ready to replace the historical standard of care in IgAN. Furthermore, the company is preparing for a potential second major indication, as the sNDA for Focal Segmental Glomerulosclerosis (FSGS) has a Prescription Drug User Fee Act (PDUFA) target action date of January 13, 2026, meaning FILSPARI could become the only FDA-approved medicine indicated for FSGS if approved.

The specialized teams are the human capital that executes the strategy. You need people who understand the nephrology community deeply to drive adoption and prepare for the next launch. The investment in these teams is clear from the operating expenses, which are tied to preparing for the potential FSGS launch in January 2026, alongside the ongoing IgAN commercialization efforts.

The core intangible assets supporting the pipeline include:

• FILSPARI's existing full approval for IgAN in the U.S..
• Orphan drug designation status for pipeline candidates in Classical Homocystinuria (HCU) and Cystinuria, alongside FSGS.
• The potential for standard marketing authorization conversion in Europe, which triggered a $17.5 million milestone payment from CSL Vifor in Q2 2025.
• A $40.0 million market access milestone received in October 2025 from CSL Vifor.

Finance: draft 13-week cash view by Friday.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Value Propositions

You're looking at the core value Travere Therapeutics, Inc. delivers across its rare disease portfolio. It's all about providing first-in-class or best-in-class options where the need is urgent, which is a powerful proposition in the rare disease space.

FILSPARI: First Non-Immunosuppressive Therapy to Slow Kidney Function Decline in IgAN

FILSPARI (sparsentan) is positioned as a foundational therapy for IgA nephropathy (IgAN). It's the only non-immunosuppressive treatment to date that demonstrated a statistically significant benefit on kidney function accrual over two years when compared head-to-head against irbesartan. The U.S. Food and Drug Administration (FDA) granted full approval in September 2024 for slowing kidney function decline in adults with primary IgAN at risk of progression. This is supported by the evolving standard of care; the October 2025 KDIGO clinical guidelines recommend FILSPARI for earlier, first-line use, aiming for proteinuria under 0.5 g/day or ideally complete remission (under 0.3 g/day). The commercial traction is clear: U.S. net product sales for FILSPARI hit $90.9 million in 3Q 2025, representing a 155% growth year-over-year for that quarter. Furthermore, the label support is improving, with the FDA approving a REMS modification in August 2025 that reduced liver monitoring frequency to every three months and removed the embryo-fetal toxicity monitoring requirement.

Treatment for Severe Homozygous Cystinuria with Thiola® and Thiola EC®

For cystinuria, Travere Therapeutics, Inc. offers Thiola and Thiola EC (tiopronin tablets), addressing a disorder where the average patient produces a stone every one to two years and undergoes seven surgeries by middle age. Cystine stones specifically carry the highest 5-year recurrence rate of any stone type at 83%. The incidence of cystinuria is roughly 1 in every 7,000 people worldwide. Thiola EC is specifically indicated for select adult and pediatric patients weighing at least 44 pounds (20 kg) who do not respond to high fluid intake and dietary adjustments alone. The overall cystinuria market across the top 7 major markets (US, EU4, UK, and Japan) was valued at USD 84.9 Million in 2024.

Addressing High Unmet Need in Rare Kidney Diseases like IgAN and FSGS

The value proposition is amplified by the sheer scale of the unmet need across the rare kidney disease landscape Travere Therapeutics, Inc. targets. You can see the potential market size across the key indications below. This focus positions the company to address a critical need in the $10 billion+ rare disease market where options have historically been limited.

Providing a Dedicated Patient Support Program (Travere TotalCare®)

Travere Therapeutics, Inc. supports patient access and adherence through its dedicated infrastructure. The Travere TotalCare® Program is in place to help patients navigate their treatment journey. This support is crucial, especially given the complexity of rare disease management and the initial REMS requirements for FILSPARI.

• Welcome to the Travere TotalCare® Program.
• Program facilitates document upload for patient support services.
• Supports patients navigating treatment with FILSPARI.

Potential for FILSPARI to be the First FDA-Approved Medicine for FSGS

The potential expansion of FILSPARI into FSGS represents a significant value driver. The supplemental New Drug Application (sNDA) for traditional approval in FSGS was accepted by the FDA, setting a Prescription Drug User Fee Act (PDUFA) target action date of January 13, 2026. If this is granted, FILSPARI would become the first and only FDA-approved medicine indicated for FSGS, a condition affecting over 40,000 patients in the U.S. alone. Clinical data from the Phase 3 DUPLEX Study showed that FILSPARI-treated patients were more likely to reach proteinuria levels under 0.7 g/g compared to the active comparator, irbesartan, a threshold that correlates with reduced kidney failure risk in FSGS.

The company's financial position reflects this focus on commercial execution and regulatory advancement. For the nine months ended September 30, 2025, Travere Therapeutics, Inc. reported total revenue of $164.9 million, which included a $40.0 million market access milestone payment from CSL Vifor received in October 2025. As of September 30, 2025, proforma cash, cash equivalents, and marketable securities totaled $295 million.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Customer Relationships

You're looking at how Travere Therapeutics, Inc. manages its relationships with the specialized community it serves, which is heavily centered around the commercial launch and ongoing support for FILSPARI (sparsentan) in IgA nephropathy (IgAN).

High-touch support via Travere TotalCare® Hub for patient access and adherence

The support structure is designed to shepherd patients through the initial steps of therapy. The company tracks patient uptake through New Patient Start Forms (PSFs) and net product sales, which gives you a clear picture of commercial momentum as of late 2025.

Here's a look at the recent patient flow and revenue:

The total addressable patient population in the U.S. for IgAN is estimated at >70,000 patients. The company is definitely focused on converting that potential into realized patient relationships.

Direct engagement with nephrology specialists and rare disease centers

Travere Therapeutics, Inc. maintains a high level of direct engagement with the treating community through key medical congresses. This is how they reinforce the clinical profile of FILSPARI with the specialists who manage rare kidney diseases.

• Participated in the World Congress of Nephrology (WCN) 2025 to engage with global nephrology leaders.
• Attended the National Kidney Foundation (NKF) Spring Clinical Meetings (April 10-13, 2025) to engage with renal healthcare professionals.
• Presented late-breaking data at the American Society of Nephrology (ASN) Kidney Week 2025 (November 6-9) in Houston, TX, presenting 11 abstracts.

Medical Science Liaisons (MSLs) are positioned to answer questions and provide scientific support to these professionals.

Educational outreach to prescribers on updated KDIGO guidelines

The release of the updated guidelines provides a strong foundation for educational outreach, positioning FILSPARI within the recommended treatment paradigm. The Kidney Disease Improving Global Outcomes (KDIGO) 2025 Clinical Practice Guideline for the Management of IgA Nephropathy and IgA Vasculitis was published on September 18, 2025.

The new guidelines establish specific treatment goals that support the drug's profile:

• Define remission of proteinuria as <0.5 g/day, or ideally at <0.3 g/day.
• Recommend a treatment approach that includes therapies targeting IgAN-induced nephron loss, where FILSPARI, as the only Dual Endothelin Angiotensin Receptor Antagonist (DEARA), may be an appropriate first-line approach.

This guidance is a significant event, as the draft guidelines from August 2024 already recommended FILSPARI as a foundational kidney-targeted therapy.

Restricted distribution and monitoring via the FILSPARI REMS program

Due to risks of hepatotoxicity and embryo-fetal toxicity, FILSPARI is only available through the restricted FILSPARI REMS program, requiring enrollment of prescribers, patients, and pharmacies.

The relationship management here involves strict compliance monitoring, though the requirements were recently streamlined:

• In August 2025, the U.S. FDA approved a REMS modification.
• The update removed the embryo-fetal toxicity REMS monitoring requirement.
• The frequency of liver function monitoring was reduced from monthly to every three months from the onset of treatment.

The safety data supporting this change showed that elevations in aminotransferases (ALT or AST) of at least 3-times the Upper Limit of Normal (ULN) were observed in up to 3.5% of FILSPARI-treated patients in clinical studies.

Finance: review Q4 2025 SG&A spend related to commercial execution by end of next week.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Channels

You're looking at how Travere Therapeutics, Inc. gets its therapies, specifically FILSPARI, to the right people. The channel strategy is clearly split between a direct U.S. push and leveraging strong international partners.

Direct U.S. sales force targeting nephrologists and kidney specialists

The core of the U.S. channel is a dedicated sales force driving adoption among specialists. This team is focused on positioning FILSPARI as a foundational therapy, especially following the September 2025 KDIGO guideline inclusion for earlier use. The commercial engine is showing results; for the third quarter of 2025, Travere Therapeutics, Inc. reported U.S. net product sales of $113.2 million. This required significant investment, reflected in Selling, General, and Administrative (SG&A) expenses reaching $86.5 million for that same quarter. The uptake is measured by new patient start forms (PSFs), with 731 new PSFs received in Q3 2025 alone. The addressable market for IgA Nephropathy (IgAN) in the U.S. is estimated to be over 70,000 patients.

The effectiveness of this channel can be summarized with these key performance indicators for the U.S. commercial effort:

Global commercial partners (CSL Vifor) for ex-U.S. market access

For markets outside the U.S., Travere Therapeutics, Inc. relies on CSL Vifor. This partnership grants CSL Vifor exclusive commercialization rights in Europe, Australia, and New Zealand. FILSPARI is already launched in several key European markets, including Germany, Austria, Switzerland, Luxembourg, and the UK. The channel success here is marked by financial milestones; Travere Therapeutics, Inc. received a $40.0 million market access milestone payment from CSL Vifor in October 2025. CSL Vifor is a global entity with over 29,000+ employees worldwide.

Specialty pharmacies for prescription fulfillment and distribution

Because FILSPARI is subject to a REMS (Restricted Distribution Drug) program due to safety monitoring requirements, distribution is inherently controlled. This means that prescribers, patients, and pharmacies must all enroll in the program to ensure proper handling and patient management. The REMS structure dictates which pharmacies can dispense the drug, effectively creating a limited or exclusive channel by necessity, even if the exact number of participating specialty pharmacies isn't public. Following an FDA action in August 2025, the liver monitoring frequency was set to every three months for the duration of treatment.

Clinical trial sites for pipeline development and patient recruitment

The channel for future products involves clinical trial sites. Travere Therapeutics, Inc. is actively engaging with the FDA to restart enrollment in the pivotal Phase 3 HARMONY study for pegtibatinase in 2026. For current pipeline development, the company is enrolling patients in several studies, which utilize a network of clinical sites:

• Natural History Study of Homocystinuria Caused by Cystathionine Beta-synthase Deficiency.
• Sparsentan Treatment in Pediatrics with Proteinuric Glomerular Diseases (EPPIK).
• Sparsentan in Posttransplant Immunoglobulin A Nephropathy or Focal Segmental Glomerulosclerosis (SPARX).

Also, the company's partner in Japan, Renalys Pharma, Inc., expected topline results from its Phase 3 trial in the fourth quarter of 2025. Renalys Pharma, Inc. was expected to be acquired by Chugai Pharmaceutical Co., Ltd. in Q4 2025.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Customer Segments

Adults with primary IgA Nephropathy (IgAN) at risk of disease progression

Adults and pediatric patients with severe homozygous cystinuria

Thiola EC U.S. product sales for the third quarter of 2025 were $22.3 million.

Thiola (tiopronin) generated $23 million in sales for the second quarter of 2025.

The disorder occurs in approximately 1 in 7,000-10,000 people in the United States.

• More than 80 percent of people with cystinuria develop their first stone by age 20.
• More than 25 percent will develop cystine stones by age 10.

Nephrology specialists and rare disease treatment centers

The commercial focus on these specialists is reflected in Travere Therapeutics, Inc.'s operating expenses.

Payers and government health programs covering rare disease therapies

The inclusion of FILSPARI in updated guidelines signals payer acceptance and reimbursement focus.

• FILSPARI is mentioned in the Kidney Disease: Improving Global Outcomes (KDIGO) 2025 clinical practice guideline for the management of IgA Nephropathy.
• The guideline recommends treatment with FILSPARI as an appropriate first-line approach to manage IgAN-induced nephron loss.

Total revenue for the third quarter of 2025 was $164.9 million.

This total included a $40.0 million market access milestone from CSL Vifor received in October 2025.

Net income for the third quarter of 2025 was $25.7 million.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Cost Structure

You're looking at where Travere Therapeutics, Inc. is putting its capital to work right now, which is heavily weighted toward commercial execution and pipeline advancement. The cost structure reflects a company transitioning from clinical focus to a commercial-stage entity, especially with FILSPARI on the market.

The Selling, General, and Administrative (SG&A) line item shows a significant ramp-up, which is expected when scaling a commercial footprint. For the third quarter of 2025, SG&A expenses hit $86.5 million. That's a big jump from the $65.6 million reported in the third quarter of 2024. Honestly, this increase is the clearest signal of commercial investment.

Research and Development (R&D) remains a substantial cost center, though it saw a slight year-over-year increase for the quarter. R&D expenses for Q3 2025 were $51.9 million, up from $51.7 million in Q3 2024. You can see the shift in focus when you look at the nine-month figures, where R&D spending actually decreased slightly year-over-year, suggesting some late-stage trial costs are winding down.

Here's a quick look at the operating expense comparison for the first nine months of 2025:

The primary driver for the increased SG&A is the commercialization investment for FILSPARI. This includes supporting the ongoing commercial efforts for FILSPARI in IgA nephropathy (IgAN) following its full approval, plus preparations for a potential launch in focal segmental glomerulosclerosis (FSGS). The Prescription Drug User Fee Act (PDUFA) decision for the FSGS indication is set for January 13, 2026, so that preparation costs are definitely hitting the current expense run rate.

Manufacturing and inventory costs are tied directly to the commercial success of FILSPARI. U.S. net product sales for FILSPARI grew 155% in Q3 2025, indicating increasing cost of goods sold to support that demand. For context, Q2 2025 net product sales were $94.8 million, and Q1 2025 net product sales were $75.9 million.

Clinical trial costs are being managed as key sparsentan studies, like DUPLEX, advance toward completion, which contributed to the slight decrease in year-to-date R&D spend. However, R&D spending is still significant due to the pipeline. Specifically, you need to watch the pegtibatinase program for classical homocystinuria (HCU); the company remains on track to restart enrollment in the Phase 3 HARMONY Study in 2026, which will ramp up those associated clinical operation costs again.

Key cost components driving the current structure include:

• Increased investment in the U.S. commercial team supporting FILSPARI in IgAN.
• Pre-launch activities and infrastructure build-out for the potential FSGS indication.
• Amortization expense related to FILSPARI royalties factored into SG&A.
• Costs associated with the development of pegtibatinase as the company prepares for the 2026 study restart.

As of September 30, 2025, the company held approximately $254.5 million in cash, cash equivalents, and marketable securities to fund these operating expenses.

Travere Therapeutics, Inc. (TVTX) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Travere Therapeutics, Inc.'s revenue streams as of late 2025. Here's the quick math on what's coming in, focusing strictly on the reported figures.

Product sales form a core part of the revenue picture, with the flagship product showing strong recent performance, while legacy products continue to contribute.

Beyond direct product sales, Travere Therapeutics, Inc. recognizes revenue from strategic agreements and milestones. These non-product sources provided significant boosts in the third quarter of 2025.

• Milestone payments from CSL Vifor recognized in Q3 2025: $40.0 million for a market access milestone.
• Licensing and collaboration revenue recognized in Q3 2025: $9.3 million, specifically non-cash revenue related to Renalys.

When you aggregate these components for the third quarter of 2025, the total revenue picture becomes clear.

Total revenue for Travere Therapeutics, Inc. for Q3 2025 was reported at $164.9 million.

Finance: draft comparison of Q3 2025 product sales versus Q3 2025 total revenue by Friday.