TRAVERE THERAPEUTICS, INC., DEF 14A filed on 4/6/2026
Proxy Statement (definitive)
v3.26.1
Cover
 12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name TRAVERE THERAPEUTICS, INC.
Entity Central Index Key 0001438533
v3.26.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
YearSummary Compensation Table Total for PEO(1)Compensation Actually Paid to PEO(1)(2)(3)Average Summary Compensation Table Total for Non-PEO NEOs(1)Average Compensation Actually Paid to Non-PEO NEOs(1)(2)(3)Value of Initial Fixed $100 Investment based on:(4)Net Loss(5)
(in thousands)		Net Product Sales(6)
(in thousands)
 Total Shareholder ReturnPeer Group Total Shareholder Return 
2025$8,457,151 $24,497,149 $2,452,691 $6,034,347 $140.19 $124.75 $(25,546)$410,460 
2024$5,204,877 $10,947,263 $1,553,201 $2,746,215 $122.68 $118.20 $(321,545)$226,707 
2023$7,574,959 $885,487 $2,011,803 $320,994 $63.31 $118.87 $(111,399)$127,537 
2022$5,753,490 $687,242 $2,238,982 $1,118,268 $148.10 $113.65 $(278,482)$200,528 
2021$5,739,010 $6,564,795 $2,138,273 $1,957,099 $218.59 $126.45 $(180,091)$210,776 
        
Company Selected Measure Name net product sales        
Named Executive Officers, Footnote Eric Dube was our PEO for each year presented. The individuals comprising the Non-PEO NEOs for each year presented are listed below.
2025: Christopher Cline, Peter Heerma, Jula Inrig and William E. Rote.
2024: Christopher Cline, Peter Heerma, Jula Inrig and William E. Rote.
2023: Christopher Cline, Peter Heerma, Elizabeth Reed and William E. Rote.
2022: Laura Clague, Christopher Cline, Peter Heerma, Jula Inrig and William E. Rote.
2021: Laura Clague, Elizabeth Reed, Noah Rosenberg and William E. Rote.
        
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the NASDAQ Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2025. The comparison assumed $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the NASDAQ Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.        
PEO Total Compensation Amount $ 8,457,151 $ 5,204,877 $ 7,574,959 $ 5,753,490 $ 5,739,010
PEO Actually Paid Compensation Amount $ 24,497,149 10,947,263 885,487 687,242 6,564,795
Adjustment To PEO Compensation, Footnote Compensation Actually Paid is computed in accordance with Item 402(v) of Regulation S-K for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Stock Awards and Options Awards column are the total from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table for the applicable year.
YearNEOAverage Summary Compensation Table TotalDeduct: Average of Stock Awards and Option AwardsAdd: Average Equity AdjustmentsAverage Compensation Actually Paid
2025PEO$8,457,151 $6,623,904 $22,663,902 $24,497,149 
2025non-PEO$2,452,691 $1,498,484 $5,080,140 $6,034,347 
The amounts in the Total Equity Adjustments columns in the tables above are derived from the amounts set forth in the following tables:
YearNEOAverage Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of YearAverage Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity AwardsAverage Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During YearAverage Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During YearAverage Fair Value of Last Day of Prior Year of Equity Awards Forfeited During YearTotal Average Equity Adjustments*
2025PEO$12,142,762 $8,910,390 $— $1,610,750 $— $22,663,902 
2025non-PEO$2,793,169 $1,827,374 $— $459,597 $— $5,080,140 
* The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
        
Non-PEO NEO Average Total Compensation Amount $ 2,452,691 1,553,201 2,011,803 2,238,982 2,138,273
Non-PEO NEO Average Compensation Actually Paid Amount $ 6,034,347 2,746,215 320,994 1,118,268 1,957,099
Adjustment to Non-PEO NEO Compensation Footnote Compensation Actually Paid is computed in accordance with Item 402(v) of Regulation S-K for the PEO and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Stock Awards and Options Awards column are the total from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table for the applicable year.
YearNEOAverage Summary Compensation Table TotalDeduct: Average of Stock Awards and Option AwardsAdd: Average Equity AdjustmentsAverage Compensation Actually Paid
2025PEO$8,457,151 $6,623,904 $22,663,902 $24,497,149 
2025non-PEO$2,452,691 $1,498,484 $5,080,140 $6,034,347 
The amounts in the Total Equity Adjustments columns in the tables above are derived from the amounts set forth in the following tables:
YearNEOAverage Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of YearAverage Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity AwardsAverage Vesting-Date Fair Value of Equity Awards Granted During Year that Vested During YearAverage Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During YearAverage Fair Value of Last Day of Prior Year of Equity Awards Forfeited During YearTotal Average Equity Adjustments*
2025PEO$12,142,762 $8,910,390 $— $1,610,750 $— $22,663,902 
2025non-PEO$2,793,169 $1,827,374 $— $459,597 $— $5,080,140 
* The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
        
Compensation Actually Paid vs. Total Shareholder Return
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return ("TSR")
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company's cumulative TSR over the five most recently completed fiscal years.
PvP Graph.jpg
        
Compensation Actually Paid vs. Net Income
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net income during the five most recently completed fiscal years. The net product sales shown for years prior to 2023 include revenue from products in the Company’s bile acid portfolio which was divested in August 2023. The Company’s 2023, 2024 and 2025 net product sales do not include any revenue from the bile acid portfolio, which was classified as discontinued operations in 2023.
PvP Graph2 Net Income.jpg
        
Compensation Actually Paid vs. Company Selected Measure
Description of Relationship Between PEO and Other NEO Compensation Actually Paid and Net Product Sales
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and our net product sales during the five most recently completed fiscal years.
PvP Graph3 Product Sales.jpg
        
Total Shareholder Return Vs Peer Group
Description of Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Total Shareholder Return ("TSR")
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our Non-PEO NEOs, and the Company's cumulative TSR over the five most recently completed fiscal years.
PvP Graph.jpg
        
Total Shareholder Return Amount $ 140.19 122.68 63.31 148.10 218.59
Peer Group Total Shareholder Return Amount 124.75 118.20 118.87 113.65 126.45
Net Income (Loss) $ (25,546,000) $ (321,545,000) $ (111,399,000) $ (278,482,000) $ (180,091,000)
Company Selected Measure Amount 410,460,000 226,707,000 127,537,000 200,528,000 210,776,000
PEO Name (1)Eric Dube        
Additional 402(v) Disclosure Pay Versus Performance
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2020, we provide the following disclosure regarding executive compensation for our principal executive officer ("PEO") and Non-PEO NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
Required Tabular Disclosure of Pay Versus Performance
The amounts set forth below under the headings “Compensation Actually Paid to PEO” and “Average Compensation Actually Paid to non-PEO NEOs” have been calculated in a manner consistent with Item 402(v) of Regulation S-K. Use of the term “compensation actually paid” is required by the SEC’s rules and as a result of the calculation methodology required by the SEC, such amounts differ from compensation actually received by the individuals and the compensation decisions described in the “Compensation Discussion and Analysis” section above.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company's NEOs. These amounts reflect the Summary Compensation Table total with certain adjustments as described in footnote 3 below.The dollar amounts reported represent the amount of net loss reflected in the Company's audited financial statements for the applicable fiscal year.
Required Tabular List of Most Important Financial Performance Measures
As is the case with many companies of a similar stage in the biotechnology industry, the Company relies less on financial performance goals as compared to non-financial strategic and operational goals with respect to setting compensation for the NEOs. For the fiscal year ended December 31, 2025, aside from net product sales, which is the company-selected financial measure, the Company did not use other financial performance measures to link Compensation Actually Paid to our NEOs to company performance. For a discussion of the non-financial strategic and operational goals the Company factors into the compensation program for the NEOs, please see the “Compensation Discussion and Analysis” section above.
All of the information provided above under the "Item 402(v) Pay Versus Performance” heading will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference.
        
Measure:: 1          
Pay vs Performance Disclosure          
Non-GAAP Measure Description We determined net product sales to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and Non-PEO NEOs in 2025. The net product sales reported in the table for each fiscal year are from the respective Form 10-K filed for that year. This performance measure may not have been the most important financial performance measure for certain past years and we may determine a different financial performance measure to be the most important financial performance measure in future years. The net product sales shown for years prior to 2023 include revenue from products in the Company’s bile acid product portfolio including Cholbam (cholic acid) and Chenodal (chenodal) ("the bile acid portfolio"), which was sold to Mirum Pharmaceuticals in August 2023. The Company’s 2023, 2024 and 2025 net product sales do not include any revenue from the bile acid portfolio, which was classified as discontinued operations in 2023.        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (6,623,904)        
PEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 22,663,902        
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 12,142,762        
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 8,910,390        
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,610,750        
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,498,484)        
Non-PEO NEO | Equity Awards Adjustments, Excluding Value Reported in Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 5,080,140        
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,793,169        
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,827,374        
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 0        
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 459,597        
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 0        
v3.26.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
We have adopted a policy with respect to the grant of stock options that sets forth guidelines regarding the timing of such awards. As part of the Company’s annual performance and compensation review process, equity awards to our employees, including our named executive officers, are approved around the end of January. The specific timing of the Company's year-end equity grants takes into account the Company’s current practice of issuing a press release annually in early January announcing the outlook for the year and announcing preliminary net product sales for the most recently completed fiscal year and quarter. For new hires, stock option grants are made on the 10th day of the calendar month following the calendar month of the start date.
Also, non-employee directors receive automatic grants of initial and annual stock option awards, at the time of a director’s initial appointment or election to the board and at the time of each annual meeting of the Company’s stockholders, respectively, pursuant to our Non-Employee Director Compensation Program, as further described under the heading, “Director Compensation Summary—Non-Employee Director Compensation for 2025” below. Option grants are made on regular, predetermined grant dates pursuant to the Company’s policy regarding the timing of equity grants and Non-Employee Director Compensation Program regardless of whether there is any material nonpublic information (“MNPI”) about the Company on such dates, and such grant dates are not specifically timed in relation to the Company’s disclosure of MNPI. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation. During fiscal 2025, there were no equity awards to any named executive officers within four business days preceding or one business day after the filing of any report on Forms 10-K, 10-Q, or 8-K that disclosed material nonpublic information.
Award Timing Method
We have adopted a policy with respect to the grant of stock options that sets forth guidelines regarding the timing of such awards. As part of the Company’s annual performance and compensation review process, equity awards to our employees, including our named executive officers, are approved around the end of January. The specific timing of the Company's year-end equity grants takes into account the Company’s current practice of issuing a press release annually in early January announcing the outlook for the year and announcing preliminary net product sales for the most recently completed fiscal year and quarter. For new hires, stock option grants are made on the 10th day of the calendar month following the calendar month of the start date.
Also, non-employee directors receive automatic grants of initial and annual stock option awards, at the time of a director’s initial appointment or election to the board and at the time of each annual meeting of the Company’s stockholders, respectively, pursuant to our Non-Employee Director Compensation Program, as further described under the heading, “Director Compensation Summary—Non-Employee Director Compensation for 2025” below. Option grants are made on regular, predetermined grant dates pursuant to the Company’s policy regarding the timing of equity grants and Non-Employee Director Compensation Program regardless of whether there is any material nonpublic information (“MNPI”) about the Company on such dates, and such grant dates are not specifically timed in relation to the Company’s disclosure of MNPI. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation.
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered Option grants are made on regular, predetermined grant dates pursuant to the Company’s policy regarding the timing of equity grants and Non-Employee Director Compensation Program regardless of whether there is any material nonpublic information (“MNPI”) about the Company on such dates, and such grant dates are not specifically timed in relation to the Company’s disclosure of MNPI. The Company has not timed the release of MNPI for the purpose of affecting the value of executive compensation. During fiscal 2025, there were no equity awards to any named executive officers within four business days preceding or one business day after the filing of any report on Forms 10-K, 10-Q, or 8-K that disclosed material nonpublic information.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true