The company faces significant financial pressure with a debt-to-equity ratio of 3.32 and a substantial accumulated deficit of $1.5 billion as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Feb'12 | Feb'09 |
|---|
| Total Current Assets | 392.68M | 437.56M | 416.7M | 616.77M | 486.44M | 582.83M | 410.41M | 429.06M | 495.68M | 325.81M | 332.35M | 301.93M | 37.33M | 7.5M | 33.22K | 3.91K | 4.77K |
| Cash & Short-Term Investments | 264.68M | 322.8M | 370.7M | 566.85M | 450.25M | 552.88M | 361.59M | 398.52M | 471.54M | 300.63M | 255.87M | 229.6M | 27.76M | 6.13M | 11.39K | 3.91K | 4.77K |
| Cash Only | 78.36M | 93.03M | 58.53M | 58.18M | 61.69M | 165.75M | 84.77M | 62.44M | 102.87M | 99.39M | 41M | 37.8M | 18.2M | 6M | 11.39K | 3.91K | 4.77K |
| Short-Term Investments | 186.31M | 229.76M | 312.17M | 508.68M | 388.56M | 387.13M | 276.82M | 336.09M | 368.67M | 201.24M | 214.87M | 191.8M | 9.56M | 132.99K | 0 | 0 | 0 |
| Accounts Receivable | 87.3M | 80.13M | 27.12M | 21.18M | 16.65M | 15.91M | 33.07M | 18.05M | 14.49M | 13.87M | 65.36M | 59.31M | 7.96M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 49.43 | 59.6 | 42.45 | 53.23 | 55.51 | 44.06 | 60.86 | 37.57 | 32.2 | 32.68 | 178.58 | 216.7 | 103.01 | - | - | - | - |
| Inventory | 6.36M | 5.88M | 6.2M | 9.41M | 4.52M | 7.31M | 7.61M | 6.08M | 5.62M | 5.35M | 2.83M | 2.54M | 800.51K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 352.63 | 207.41 | 292.23 | 299.97 | 373.51 | 699.12 | 453.3 | 424.14 | 371.08 | 541.78 | 226.5 | 423.63 | 511.73 | - | - | - | - |
| Other Current Assets | 34.35M | 28.76M | 12.69M | 19.34M | 15.02M | 247K | 0 | 5.01M | 2.31M | 5.95M | 4.83M | 2.38M | 813.36K | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 162.51M | 167.63M | 177.42M | 172.14M | 186.19M | 193.77M | 197.03M | 175.74M | 213.48M | 194.54M | 192.93M | 210.47M | 98.14M | 13M | 2.36M | 0 | 0 |
| Property, Plant & Equipment | 13.29M | 14.6M | 19.63M | 25.54M | 30.05M | 34.3M | 9.42M | 9.89M | 3.15M | 3.23M | 2.59M | 428K | 670.8K | 127.43K | 23.79K | 0 | 0 |
| Fixed Asset Turnover | 35.41x | 33.62x | 11.88x | 5.69x | 3.64x | 3.84x | 21.06x | 17.74x | 52.21x | 47.97x | 51.64x | 233.39x | 42.04x | - | - | - | - |
| Goodwill | 0 | 0 | 753K | 753K | 800K | 900K | 936K | 936K | 936K | 936K | 936K | 936K | 935.93K | 0 | 0 | 0 | 0 |
| Intangible Assets | 110.04M | 113.87M | 103.22M | 103.69M | 96.32M | 147.5M | 153.19M | 157.2M | 186.69M | 184.82M | 182.04M | 161.54M | 94.27M | 12.59M | 2.2M | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15M | -16.81M | -6.42M | 21.25M | -140.81M | -2.6B | 0 | 0 | 0 |
| Other Non-Current Assets | 39.17M | 39.16M | 53.82M | 42.16M | 59.03M | 11.07M | 33.49M | 7.71M | -25M | 5.56M | 7.36M | 2M | 1.93M | 40K | 137.55K | 0 | 0 |
| Total Assets | 555.19M | 605.19M | 594.13M | 788.91M | 672.59M | 776.63M | 607.44M | 604.8M | 709.16M | 520.35M | 525.28M | 512.4M | 135.47M | 20.5M | 2.39M | 3.91K | 4.77K |
| Asset Turnover | 0.95x | 0.81x | 0.39x | 0.18x | 0.16x | 0.17x | 0.33x | 0.29x | 0.23x | 0.30x | 0.25x | 0.19x | 0.21x | - | - | - | - |
| Asset Growth % | 10.56% | 1.86% | -24.69% | 17.3% | -13.4% | 27.85% | 0.44% | -14.72% | 36.29% | -0.94% | 2.51% | 278.24% | 560.87% | 757.24% | 61073.32% | -18.07% | - |
| Total Current Liabilities | 125.44M | 159.9M | 200.75M | 177.91M | 142.16M | 124.09M | 92.66M | 95.45M | 104.62M | 85.67M | 83.26M | 85.8M | 107.54M | 35.21M | 5.8M | 66.99K | 33.86K |
| Accounts Payable | 12.91M | 24.8M | 23.53M | 41.67M | 17.29M | 15.14M | 12.13M | 26.61M | 6.95M | 18.94M | 7.52M | 7.64M | 7.12M | 3.55M | 1.02M | 750 | 750 |
| Days Payables Outstanding | 1.21K | 875.52 | 1.11K | 1.33K | 1.43K | 1.45K | 722.91 | 1.86K | 459.24 | 1.92K | 602.88 | 1.28K | 4.55K | - | - | - | - |
| Short-Term Debt | 6.02M | 5.88M | 68.68M | 0 | 0 | 0 | 0 | 2.61M | 22.46M | 0 | 0 | 0 | 40.49M | 0 | 884.76K | 25K | 4.17K |
| Deferred Revenue (Current) | 0 | 0 | 2.81M | 7.1M | 11.98M | 16.27M | 0 | 0 | 49.7M | 0 | 0 | 0 | 28.88M | 0 | 2.49M | 0 | 0 |
| Other Current Liabilities | 106.51M | 129.23M | 100.32M | 94.32M | 47.99M | 39.59M | 62.26M | 52.18M | 64.76M | 58.98M | 68.3M | 72.2M | 40.21M | 29.27M | 2.87M | 0 | 28.94K |
| Current Ratio | 3.13x | 2.74x | 2.08x | 3.47x | 3.42x | 4.70x | 4.43x | 4.50x | 4.74x | 3.80x | 3.99x | 3.52x | 0.35x | 0.21x | 0.01x | 0.06x | 0.14x |
| Quick Ratio | 3.08x | 2.70x | 2.04x | 3.41x | 3.39x | 4.64x | 4.35x | 4.43x | 4.68x | 3.74x | 3.96x | 3.49x | 0.34x | 0.21x | 0.01x | 0.06x | 0.14x |
| Cash Conversion Cycle | -808.44 | -608.51 | -774.56 | -975.31 | -998.78 | -704.58 | -208.75 | -1.39K | -55.96 | -1.34K | -197.81 | -635.74 | -3.94K | - | - | - | - |
| Total Non-Current Liabilities | 331.02M | 330.46M | 334.3M | 410.19M | 487.57M | 350.43M | 303.57M | 288.15M | 286.29M | 141.54M | 134.25M | 126.63M | 65.18M | 3.6M | 1.91M | 0 | 0 |
| Long-Term Debt | 321.64M | 322.86M | 310.31M | 377.26M | 375.55M | 226.58M | 215.34M | 204.86M | 195.09M | 45.08M | 44.42M | 43.77M | 43.29M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 25.26M | 0 | 17.19M | 22.61M | 27.51M | 31.5M | 28.34M | 7.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.71M | 16.81M | 6.42M | 24.33M | 141.15K | 2.6M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.38M | 7.6M | 6.8M | 8.48M | 73.58M | 71.98M | 59.89M | 75.9M | 91.19M | 96.47M | 83.41M | 81.55M | 21.9M | 1M | 0 | 0 | 0 |
| Total Liabilities | 456.46M | 490.36M | 535.05M | 588.1M | 629.73M | 474.52M | 396.23M | 383.6M | 390.91M | 227.21M | 217.51M | 212.43M | 172.72M | 38.81M | 5.8M | 66.99K | 33.86K |
| Total Debt | 327.66M | 328.73M | 401.58M | 404.78M | 407.49M | 261.99M | 244.03M | 214.87M | 217.55M | 45.08M | 44.42M | 43.9M | 83.77M | 0 | 884.76K | 25K | 4.17K |
| Net Debt | 249.3M | 235.7M | 343.05M | 346.61M | 345.8M | 96.23M | 159.26M | 152.43M | 114.67M | -54.32M | 3.42M | 6.1M | 65.57M | -6M | 873.38K | 21.09K | -604 |
| Debt / Equity | 3.32x | 2.86x | 6.80x | 2.02x | 9.51x | 0.87x | 1.16x | 0.97x | 0.68x | 0.15x | 0.14x | 0.15x | - | - | - | - | - |
| Debt / EBITDA | -37.20x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -28.30x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -0.03x | -3.58x | -27.66x | -32.18x | -29.07x | -10.02x | -8.91x | -6.78x | -9.38x | -12.20x | -11.16x | - | - | -1.77x | -285.49x | -6.41x | - |
| Total Equity | 98.73M | 114.83M | 59.08M | 200.81M | 42.85M | 302.11M | 211.21M | 221.2M | 318.25M | 293.13M | 307.77M | 299.97M | -37.25M | -18.31M | -3.41M | -63.08K | 0 |
| Equity Growth % | 752.91% | 94.37% | -70.58% | 368.62% | -85.82% | 43.04% | -4.51% | -30.5% | 8.57% | -4.75% | 2.6% | 905.28% | -103.42% | -437.35% | -5302.37% | - | - |
| Book Value per Share | 1.07 | 1.29 | 0.75 | 2.70 | 0.67 | 5.05 | 4.44 | 5.22 | 7.87 | 7.56 | 8.04 | 7.98 | -1.49 | -1.29 | -31.94 | -0.59 | - |
| Total Shareholders' Equity | 98.73M | 114.83M | 59.08M | 200.81M | 42.85M | 302.11M | 211.21M | 221.2M | 318.25M | 293.13M | 307.77M | 299.97M | -37.25M | -18.31M | -3.41M | -63.08K | 0 |
| Common Stock | 9K | 9K | 9K | 7K | 6K | 6K | 5K | 4K | 4K | 4K | 4K | 4K | 2.64K | 1.85K | 895 | 0 | 0 |
| Retained Earnings | -1.51B | -1.47B | -1.45B | -1.13B | -1.01B | -765.97M | -585.88M | -416.44M | -270.02M | -177.66M | -113.06M | -65.15M | -179.17M | -67.44M | -33.61M | -136.08K | -70.26K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.21M | -957.27K | 0 | 0 | 0 |
| Accumulated OCI | -1.06M | -1.19M | -80K | -1.46M | -2.91M | -562K | -902K | 726K | -1.53M | -1.01M | -490K | -682K | 4.29M | -109.99K | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
Based on reported quarterly filings, Travere Therapeutics exhibits a volatile balance sheet trajectory, with total equity fluctuating from a deficit of $30.5 million in 2024Q3 to $98.7 million by 2026Q1, reflecting the ongoing struggle to stabilize capital reserves amidst aggressive commercial scaling and persistent operating losses.
The erratic movement in equity suggests that the company is highly sensitive to the timing of clinical and commercial milestones. Investors should monitor whether the recent stabilization in equity can be sustained without further dilutive financing or significant improvements in operating cash flow.
As reported in financial statements, the company maintains a substantial debt load of $327.7 million as of 2026Q1, resulting in a debt-to-equity ratio of 3.32, which underscores the significant financial burden placed on the firm during its critical sparsentan commercialization phase.
The high leverage ratio suggests that the company's capital structure is heavily reliant on debt financing, which may limit strategic flexibility. This level of indebtedness warrants further investigation into the company's ability to service interest obligations if revenue growth fails to meet aggressive market expectations.
According to recent SEC filings, TVTX's cash reserves stood at $78.4 million in 2026Q1, a decline from the $110.9 million reported in 2025Q3, indicating that the company's liquidity buffer remains under pressure as it funds its ongoing commercial and research operations.
While the current ratio of 3.13 appears healthy on the surface, the absolute cash position relative to the company's burn rate suggests a narrow margin for error. The reliance on cash reserves to fund operations implies that any delay in revenue recognition could necessitate immediate capital raises.
Based on the provided balance sheet data, the company's retained earnings deficit of $1.5 billion as of 2026Q1 serves as a stark reminder of the long-term capital intensity required to reach the current stage of commercial development for its rare disease therapeutic portfolio.
This massive accumulated deficit suggests that the company has historically prioritized R&D and market entry over profitability, creating a structural overhang. Investors should consider whether the current revenue ramp is sufficient to eventually reverse this trend or if the deficit will continue to weigh on future equity valuations.
Quick answers to the most common questions about buying TVTX stock.
As of 2025, Travere Therapeutics, Inc. (TVTX) had total assets of $605.2M including $437.6M in current assets.
Travere Therapeutics, Inc. (TVTX) carries total debt of $328.7M, offset by $322.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Travere Therapeutics, Inc. (TVTX) has total shareholders' equity (book value) of $114.8M ($1.29 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Travere Therapeutics, Inc. (TVTX) reported a current ratio of 2.74x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.