Travere spent the latest three months restarting enrollment in the HARMONY Study and adding manufacturing work for pegtibatinase. Revenue rose to $169.6 million from $114.4 million a year earlier, a 48.2% increase.
Operating income turned positive at $4.0 million, but net loss widened to $34.8 million from $12.8 million.
Part of the revenue comparison is unusually lumpy. Travere says the prior-year period included a $17.5 million regulatory milestone from CSL Vifor, while the latest period included a $5.0 million milestone from Chugai. Total revenue still rose sharply, but license and collaboration revenue itself declined.
"License and collaboration revenue The decrease in license and collaboration revenue for the three months ended June 30, 2026 compared to 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."
Travere 10-Q, August 4, 2026
In plain English, the headline growth number contains a smaller contribution from licensing than the comparable period did. The filing does not provide enough detail here to say which operating line supplied the rest of the increase.
The cost base is also moving with the pipeline. Travere disclosed that external service-provider costs rose by $5.2 million for the three months, largely because HARMONY enrollment restarted and manufacturing costs increased. Royalty expense fell by $6.6 million because the Thiola intangible asset reached the end of its useful life. Operating income was $4.0 million.
"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."
Travere 10-Q, August 4, 2026
The balance sheet adds another wrinkle. Cash stood at $117.7 million, up from $75.2 million, but accounts receivable climbed to $80.6 million from $38.7 million. Travere does not disclose the cause of that receivables increase in the supplied filing receipts, so the cash balance and the collection question need to be kept separate.
Diluted shares also rose 5.1%, and stock compensation more than doubled to $21.8 million. Those figures do not explain the deeper net loss on their own, but they show why revenue growth, operating profitability, and per-share earnings are not interchangeable measures here.
One durable commercial exposure sits underneath the sparsentan business: Ligand is entitled to an escalating royalty on FILSPARI sales.
"Pursuant to the Ligand License Agreement, we are obligated to pay to Ligand an escalating annual royalty between 15% and 17% of net sales of FILSPARI and any other products containing sparsentan or related compounds, which will impact our potential future profit from the commercialization of FILSPARI in the United States and other parts of the world where it is approved or may be approved in the future."
Travere 10-Q, August 4, 2026
Operating income alone does not capture product economics because the company has disclosed this royalty obligation.
Travere’s latest 10-Q shows revenue growth alongside a deeper net loss.