Travere Therapeutics, Inc. (TVTX) stock was soaring in the intraday trading session on August 16, 2021. The bullish sentiment followed the release of positive topline interim results of Travere Therapeutics’ ongoing phase-3 PROTECT study of Sparsentan in IgA Nephropathy today. TVTX stock price saw a push of 32.94% to reach $20.54 a share as of this writing. The stock went high by 2.18% at the previous closing.
Phase-3 PROTECT Study:
Travere Therapeutics, Inc is the biopharmaceutical stock that develops and commercializes therapeutics to cure rare diseases. Sparsentan is the investigational product candidate of Travere stock that is intended to treat IgA nephropathy. A total of 404 patients with persistent proteinuria despite active ACE or ARB treatment, participated in the PROTECT study. The statistical results show that the phase-3 PROTECT study has met the primary efficacy point. The results showed that proteinuria reduced more than threefold from baseline, compared to the active control irbesartan (p<0.0001). The treatment period was 36 weeks or nine months. The results from interim analysis demonstrated that the sparsentan showed well tolerance and consistency from the safety profile. TVTX stock is planning to apply for fast approval in the U.S within the first six months of 2022. Furthermore, the stock is also planning to submit an application to get the approval of conditional marketing in Europe.
Financial View of TVTX stock:
TVTX reported $54.6 million for net product sales in Q2,2021 as compared to $48.4 million in Q2,2020. The stock generated $102.0 million from the net product sales in the first six months of 2021. In the first six months of 2020, TVTX stock reported $96.2 million for net product sales.
TVTX stock spent $51.8 million in research and development expenses for the second quarter of 2020. The previous year’s same quarter research and development expenses were $30.8 million. The increase is attributable to ongoing pivotal DUPLEX and PROTECT studies of sparsentan. The continued development of the pegtibatinase program in classical homocystinuria (HCU) is also attributable to this rise in R&D expenses. Selling, general and administrative expenses of $35.0 million for the Travere stock remained the same for both Q2,2021 and Q2,2020.
Travere stock suffered a net loss of $39.0 million, or $0.64 per basic share in Q2,2021, higher than $26.1 million, or $0.58 per basic share in Q2,2020.
By the end of the second quarter, TVTX stock had $522.8 million in cash, cash equivalents, and marketable securities.
Wrap Up:
Investors are responding positively to the release of phase-3 PROTECT study of Sparsentan in IgA Nephropathy. The increased revenue and operating expenses in Q2,2021 show that stock is progressing with time. TVTX stock in the third quarter will provide a regulatory update of its Phase 3 DUPLEX Study. Hence investors should keep an eye on it.
