Travere Therapeutics is a rare disease biopharmaceutical company focused on kidney and metabolic diseases. Its primary commercial product is FILSPARI (sparsentan), an oral once-daily dual endothelin angiotensin receptor antagonist (DEARA) for IgA nephropathy (IgAN), a rare progressive kidney disease that causes kidney function to decline over time. FILSPARI received FDA full approval in September 2024 and is the only fully approved, non-immunosuppressive, kidney-targeted therapy for IgAN. Travere targets roughly 70,000 addressable U.S. IgAN patients. Travere also markets Thiola (tiopronin) for cystinuria, a rare genetic kidney stone disease, though that business is declining due to generic competition. In the pipeline, Travere has submitted a supplemental NDA for FILSPARI in focal segmental glomerulosclerosis (FSGS), a rare kidney disease with no currently approved therapy, with a PDUFA date of April 2026. Travere also has pegtibatinase in Phase 3 for classical homocystinuria (HCU), a rare metabolic disorder. Travere sells its products in the U.S. through a specialty sales force targeting nephrologists and distributes through specialty pharmacies. Outside the U.S., Travere has licensed FILSPARI to CSL Vifor for Europe and to Chugai for Japan and other Asian markets, receiving milestones and royalties. Travere pays an escalating royalty of 15–17% of FILSPARI net sales to Ligand and BMS, a meaningful cost. Travere reinvests FILSPARI revenue into its pipeline and has been approaching non-GAAP profitability as FILSPARI scales.