Recent News
On November 6–9, 2025 Travere presented late-breaking analyses from the Phase 3 DUPLEX study at ASN Kidney Week, highlighting correlations between proteinuria reduction with FILSPARI (sparsentan) and modeled reductions in five-year kidney-failure risk for FSGS patients.
On December 11, 2025 the company disclosed inducement equity grants for new hires under Nasdaq Rule 5635(c)(4), totaling 20,300 RSUs that vest over four years.
Technical Analysis
ADX at 35.15 indicates a strong trend environment; the directional system shows bearish pressure with DI- at 33.07 and increasing while DI+ at 15.63 and decreasing, implying downside dominance despite trend strength.
MACD stands negative at -1.57 and is decreasing, with the MACD below its signal line (-0.53), signaling continuing bearish momentum in the oscillator hierarchy.
MRO reads -2.21 and is decreasing; the negative value suggests the price sits below the internal target, indicating potential upward pressure toward that target, though the small absolute value implies only modest potential.
RSI at 50.28 and decreasing points to eroding short-term upside momentum from a neutral midpoint, leaving limited immediate conviction for an oversold reversal.
Shorter-term averages sit above the last close: the 12-day EMA trend declines (12-day EMA $31.20) and the 26-day EMA $33.15; the close at $28.25 trades below the 20-day ($33.05) and 50-day ($34.79) averages but remains above the 200-day average ($23.42), indicating short-term weakness within a longer-term base.
Bollinger bands place the one‑sigma lower band at $28.12 and the two‑sigma lower at $23.19; the close near the one‑sigma lower band suggests compressed volatility with room for mean reversion or continuation depending on momentum persistence.
Fundamental Analysis
Total revenue reached $114,449,000 with revenue growth at 40.03% and YoY revenue growth of 29.98%, reflecting robust top-line expansion driven by FILSPARI sales. Gross margin sits at 98.67%, underscoring high product-level profitability.
Net income for the period records a loss of $12,755,000 and operating margin at -11.05%, with an EBIT of -$9,889,000 (EBIT margin -8.64%). EBIT margin compares with the industry peer range (IPRWA): low -51.2344, mean -0.75349, median 0.23755, high 3.38783; the company’s margin sits above the peer low while below the peer median and high.
Cash and short-term investments total $319,537,000 and cash equals $75,154,000; the cash ratio stands at 168.59% and current ratio at 200.26%, supporting near-term liquidity needs given total current liabilities of $189,540,000.
Leverage remains elevated: total debt $399,573,000 with debt-to-assets 71.96% and debt-to-equity 12.20, indicating a capital structure weighted to debt. Interest coverage registers negative at -3.47, reflecting operating losses relative to interest expense.
Profitability metrics show negative returns: return on equity -38.95% and return on assets -2.31%, while research and development expense of $49,362,000 demonstrates continued pipeline investment.
Market multiples present a mixed signal: price-to-book at 45.93 sits well above the industry peer mean (5.26546) and median (6.29484), indicating a high market valuation relative to book value; enterprise value ratio 13.84 and an enterprise multiple of 383.81 reflect elevated market pricing versus reported enterprise metrics. Forward EPS sits at -$0.305 with forward PE negative; WMDST classifies the current valuation as under-valued.
Earnings per share reported $0.59 versus an estimate of -$0.08, an EPS difference of $0.67 and an EPS surprise ratio of 837.50%, reflecting a material beat relative to consensus estimates; treat the surprise as a one-time reporting delta within the broader profitability profile.
Brief valuation conclusion: WMDST values the stock as under-valued based on cash reserves, accelerating revenue growth and exceptionally high gross margins, offset by elevated leverage, negative operating returns, and lofty market multiples that imply high growth expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-10-30 |
| NEXT REPORT DATE: | 2026-01-29 |
| CASH FLOW | Begin Period Cash Flow | $ 61.9 M |
| Operating Cash Flow | $ 5.0 M | |
| Capital Expenditures | $ -12.32 M | |
| Change In Working Capital | $ -5.64 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 13.3 M | |
| End Period Cash Flow | $ 75.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 114.4 M | |
| Forward Revenue | $ 61.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.5 M | |
| Depreciation | $ 14.0 M | |
| Depreciation and Amortization | $ 14.0 M | |
| Research and Development | $ 49.4 M | |
| Total Operating Expenses | $ 127.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 112.9 M | |
| EBITDA | $ 4.1 M | |
| EBIT | $ -9.89 M | |
| Operating Income | $ -12.65 M | |
| Interest Income | $ 3.3 M | |
| Interest Expense | $ 2.8 M | |
| Net Interest Income | $ 441.0 K | |
| Income Before Tax | $ -12.73 M | |
| Tax Provision | $ 20.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -12.76 M | |
| Net Income From Continuing Operations | $ -12.76 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.08 | |
| EPS Actual | $ 0.59 | |
| EPS Difference | $ 0.67 | |
| EPS Surprise | 837.5 % | |
| Forward EPS | $ -0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 555.3 M | |
| Intangible Assets | $ 105.7 M | |
| Net Tangible Assets | $ -72.91 M | |
| Total Current Assets | $ 379.6 M | |
| Cash and Short-Term Investments | $ 319.5 M | |
| Cash | $ 75.2 M | |
| Net Receivables | $ 38.7 M | |
| Inventory | $ 4.1 M | |
| Long-Term Investments | $ 53.2 M | |
| LIABILITIES | ||
| Accounts Payable | $ 19.1 M | |
| Short-Term Debt | $ 68.8 M | |
| Total Current Liabilities | $ 189.5 M | |
| Net Debt | $ 304.7 M | |
| Total Debt | $ 399.6 M | |
| Total Liabilities | $ 522.6 M | |
| EQUITY | ||
| Total Equity | $ 32.7 M | |
| Retained Earnings | $ -1.50 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 0.37 | |
| Shares Outstanding | 89.102 M | |
| Revenue Per-Share | $ 1.28 | |
| VALUATION | Market Capitalization | $ 1.5 B |
| Enterprise Value | $ 1.6 B | |
| Enterprise Multiple | 383.811 | |
| Enterprise Multiple QoQ | -678.054 % | |
| Enterprise Multiple YoY | -6790.198 % | |
| Enterprise Multiple IPRWA | TVTX: 383.811 high: 47.216 median: 10.943 mean: 5.382 low: -68.907 |
|
| EV/R | 13.84 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 16.958 | |
| Asset To Liability | 1.063 | |
| Debt To Capital | 0.924 | |
| Debt To Assets | 0.72 | |
| Debt To Assets QoQ | -1.392 % | |
| Debt To Assets YoY | 3739.648 % | |
| Debt To Assets IPRWA | high: 0.995 TVTX: 0.72 mean: 0.172 median: 0.065 low: 0.0 |
|
| Debt To Equity | 12.202 | |
| Debt To Equity QoQ | 0.0 % | |
| Debt To Equity YoY | 1689.858 % | |
| Debt To Equity IPRWA | TVTX: 12.202 high: 1.577 mean: 0.202 median: 0.036 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 45.927 | |
| Price To Book QoQ | -6.762 % | |
| Price To Book YoY | 8.893 % | |
| Price To Book IPRWA | TVTX: 45.927 high: 16.592 median: 6.295 mean: 5.265 low: -10.064 |
|
| Price To Earnings (P/E) | -115.549 | |
| Price To Earnings QoQ | 198.242 % | |
| Price To Earnings YoY | 1158.457 % | |
| Price To Earnings IPRWA | high: 46.94 mean: -9.81 median: -12.502 low: -73.374 TVTX: -115.549 |
|
| PE/G Ratio | 4.391 | |
| Price To Sales (P/S) | 13.141 | |
| Price To Sales QoQ | -33.57 % | |
| Price To Sales YoY | 11.318 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.298 median: 19.711 TVTX: 13.141 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -54.571 | |
| Forward PE/G | 2.074 | |
| Forward P/S | 24.67 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1.854 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.207 | |
| Asset Turnover Ratio QoQ | 44.952 % | |
| Asset Turnover Ratio YoY | 132.671 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 TVTX: 0.207 mean: 0.115 median: 0.113 low: -0.001 |
|
| Receivables Turnover | 3.131 | |
| Receivables Turnover Ratio QoQ | 17.805 % | |
| Receivables Turnover Ratio YoY | 36.549 % | |
| Receivables Turnover Ratio IPRWA | high: 7.487 TVTX: 3.131 median: 1.422 mean: 1.406 low: 0.012 |
|
| Inventory Turnover | 0.379 | |
| Inventory Turnover Ratio QoQ | -58.943 % | |
| Inventory Turnover Ratio YoY | -3.329 % | |
| Inventory Turnover Ratio IPRWA | high: 2.946 mean: 0.606 median: 0.434 TVTX: 0.379 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 29.141 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -229.125 | |
| Cash Conversion Cycle Days QoQ | -52.259 % | |
| Cash Conversion Cycle Days YoY | -75.436 % | |
| Cash Conversion Cycle Days IPRWA | high: 1258.184 median: 205.05 mean: 202.693 TVTX: -229.125 low: -1350.846 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.602 | |
| CapEx To Revenue | -0.108 | |
| CapEx To Depreciation | -0.879 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 343.8 M | |
| Net Invested Capital | $ 412.6 M | |
| Invested Capital | $ 412.6 M | |
| Net Tangible Assets | $ -72.91 M | |
| Net Working Capital | $ 190.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.686 | |
| Current Ratio | 2.003 | |
| Current Ratio QoQ | -2.349 % | |
| Current Ratio YoY | -34.184 % | |
| Current Ratio IPRWA | high: 25.128 mean: 3.497 TVTX: 2.003 median: 1.991 low: 0.021 |
|
| Quick Ratio | 1.981 | |
| Quick Ratio QoQ | -2.375 % | |
| Quick Ratio YoY | -33.821 % | |
| Quick Ratio IPRWA | high: 14.041 mean: 2.97 median: 2.158 TVTX: 1.981 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 96.819 | |
| Cost Of Debt | 0.562 % | |
| Interest Coverage Ratio | -3.475 | |
| Interest Coverage Ratio QoQ | -74.101 % | |
| Interest Coverage Ratio YoY | -85.493 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.412 median: 2.742 TVTX: -3.475 low: -1465.352 |
|
| Operating Cash Flow Ratio | 0.003 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 336.488 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.186 % | |
| Revenue Growth | 40.03 % | |
| Revenue Growth QoQ | 331.079 % | |
| Revenue Growth YoY | 29.98 % | |
| Revenue Growth IPRWA | high: 303.4 % TVTX: 40.03 % mean: 20.577 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | -26.316 % | |
| Earnings Growth QoQ | -26.112 % | |
| Earnings Growth YoY | -45.51 % | |
| Earnings Growth IPRWA | high: 175.0 % median: 11.33 % mean: 2.409 % TVTX: -26.316 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | 98.671 % | |
| Gross Margin QoQ | 4.663 % | |
| Gross Margin YoY | 2.577 % | |
| Gross Margin IPRWA | high: 100.0 % TVTX: 98.671 % median: 80.103 % mean: 77.803 % low: -77.751 % |
|
| EBIT Margin | -8.641 % | |
| EBIT Margin QoQ | -81.575 % | |
| EBIT Margin YoY | -92.998 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % TVTX: -8.641 % mean: -75.349 % low: -5123.44 % |
|
| Return On Sales (ROS) | -11.053 % | |
| Return On Sales QoQ | -76.431 % | |
| Return On Sales YoY | -91.043 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % TVTX: -11.053 % mean: -79.158 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -7.34 M | |
| Free Cash Flow Yield | -0.488 % | |
| Free Cash Flow Yield QoQ | -85.385 % | |
| Free Cash Flow Yield YoY | -97.341 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.343 % TVTX: -0.488 % low: -74.318 % |
|
| Free Cash Growth | -86.406 % | |
| Free Cash Growth QoQ | -549.867 % | |
| Free Cash Growth YoY | 1216.563 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.256 % mean: 3.943 % TVTX: -86.406 % low: -183.577 % |
|
| Free Cash To Net Income | 0.575 | |
| Cash Flow Margin | 0.46 % | |
| Cash Flow To Earnings | -0.041 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -2.31 % | |
| Return On Assets QoQ | -67.979 % | |
| Return On Assets YoY | -80.074 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.405 % TVTX: -2.31 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -2.704 % | |
| Return On Equity (ROE) | -0.39 | |
| Return On Equity QoQ | -68.989 % | |
| Return On Equity YoY | -91.621 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.008 TVTX: -0.39 low: -1.572 |
|
| DuPont ROE | -38.905 % | |
| Return On Invested Capital (ROIC) | -1.893 % | |
| Return On Invested Capital QoQ | -66.069 % | |
| Return On Invested Capital YoY | -111.306 % | |
| Return On Invested Capital IPRWA | high: 57.22 % median: 3.175 % mean: 1.532 % TVTX: -1.893 % low: -71.959 % |
|