Slides
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Travere Therapeutics Corporate Overview February 2026
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© 2026 Travere Therapeutics, Inc. Forward-Looking Statements 2 This presentation contains forward-looking statements, including but not limited to statements about: continued progress with the FILSPARI launch in IgAN; statements regarding our products and products in development as potential foundational treatments and/or treatment standards; additional development and regulatory milestones, including expected data from additional studies and the expected timing thereof; plans and expectations regarding our sNDA for traditional approval of FILSPARI in FSGS, expectations regarding the timing and outcome thereof, and statements regarding preparations for a successful launch in FSGS, if approved; the advancement of our pipeline throughout the year; expectations regarding the Phase 3 HARMONY Study and the other studies described herein, including expectations regarding the timing and outcome thereof; statements regarding potential future milestone and royalty payments; statements regarding potential changes to treatment paradigms; statements and expectations regarding the activities of Renalys Pharma and Chugai Pharmaceuticals, including the planned New Drug Application for sparsentan for the treatment of IgAN in Japan; statements regarding estimates of prevalence and potential addressable market sizes; and statements regarding financial metrics and expectations related thereto. These forward-looking statements may be accompanied by such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “schedule,” “target,” “will,” and other words and terms of similar meaning. You should not place undue reliance on these statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties related to our sNDA for FILSPARI in FSGS, including the timing and outcome thereof. There is no guarantee that the FDA will grant approval of FILSPARI for FSGS on the anticipated timeline, or at all. We also face risks related to our business and finances in general, the success of our commercial products, risks and uncertainties associated with our preclinical and clinical stage pipeline, risks and uncertainties associated with the regulatory review and approval process, risks and uncertainties associated with enrollment of clinical trials for rare diseases, and risks that ongoing or planned clinical trials may not succeed or may be delayed for safety, regulatory or other reasons. Specifically, we face risks associated with the ongoing commercial launch of FILSPARI in IgAN, the timing and potential outcome of our and our partners’ clinical studies, market acceptance of our commercial products including efficacy, safety, price, reimbursement, and benefit over competing therapies, risks related to the challenges of manufacturing scale-up, risks associated with the successful development and execution of commercial strategies for such products, including FILSPARI, and risks and uncertainties related to the current administration, including but not limited to risks and uncertainties related to tariffs and the funding, staffing and prioritization of resources at government agencies including the FDA. We also face the risk that we will not receive some or all of the potential future milestone and/or royalty payments described herein, the risk that our cash runway might not last as long as currently anticipated and the risk that we will be unable to raise additional funding that may be required to complete development of any or all of our product candidates, including as a result of macroeconomic conditions; risks relating to our dependence on contractors for clinical drug supply and commercial manufacturing; uncertainties relating to patent protection and exclusivity periods and intellectual property rights of third parties; risks associated with regulatory interactions; and risks and uncertainties relating to competitive products, including current and potential future generic competition with certain of our products, and technological changes that may limit demand for our products. We also face additional risks associated with global and macroeconomic conditions, including health epidemics and pandemics, including risks related to potential disruptions to clinical trials, commercialization activity, supply chain, and manufacturing operations, and the other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC. These statements are based on our current beliefs and expectations and speak only as of the date of this presentation. We do not undertake any obligation to publicly update any forward-looking statements.
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© 2025 Travere Therapeutics, Inc. rare for life. At Travere Therapeutics, we are a biopharmaceutical company that comes together every day to help patients, families, and caregivers of all backgrounds as they navigate life with a rare disease. On this path, we know the need for treatment options is urgent — that is why our global team works with the rare disease community to identify, develop, and deliver life-changing therapies. We are in 3© 2026 Travere Therapeutics, Inc.
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© 2025 Travere Therapeutics, Inc. Travere Has a Vital Role in Rare Kidney and Metabolic Diseases With potential treatment standards in three indications across rare kidney and metabolic disorders in global markets projected to exceed $10B, we are breaking down barriers in treating diseases with historically little innovation Through further clinical development and commercial execution, we will solidify our position as a leader in rare kidney and metabolic diseases Continue diversifying our growth through external innovation and applying our expertise developing therapies through to successful commercialization >70k addressable IgAN patients in the U.S.1 7k-10k addressable HCU patients globally* up to 30k addressable FSGS patients in the U.S.* >$10B Market Size 1 For FILSPARI. Source: independent market research, data on file. * If approved. 4 © 2026 Travere Therapeutics, Inc.
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© 2026 Travere Therapeutics, Inc. Pipeline of Potential First-in-Class Programs Targeting Rare Kidney and Metabolic Diseases Abbreviations: IgAN: IgA nephropathy; FSGS: focal segmental glomerulosclerosis; HCU: classical homocystinuria. 1 In September 2024, the FDA granted full approval of FILSPARI (sparsentan) to slow kidney function decline in adults with primary IgAN who are at risk for disease progression. CSL Vifor has exclusive commercial rights for sparsentan in Europe, Australia, New Zealand, Bahrain, Brazil, Chile, Israel, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Chugai Pharmaceutical has exclusive commercial rights for sparsentan in Japan, South Korea, and Taiwan. 2 In January 2026, Travere announced that the FDA has extended the review period of its sNDA for traditional approval of FILSPARI (sparsentan) for the treatment of FSGS and assigned a new Prescription Drug User Fee Act (PDUFA) target action date of April 13, 2026. 3 In September 2024, Travere voluntarily paused the enrollment in the HARMONY Study due to commercial manufacturing scale-up. Following further optimization of its manufacturing process in 2025, enrollment activities have resumed in the first quarter of 2026. 5 PROGRAM THERAPEUTIC AREA PRECLINICAL PHASE 1 PHASE 2 PHASE 3 APPROVED COMMERCIAL FILSPARI® (sparsentan)1 Sparsentan2 Pegtibatinase (TVT-058)3 Thiola EC® and Thiola® (tiopronin) IgAN FSGS HCU Cystinuria
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© 2026 Travere Therapeutics, Inc. 2025: Execution That Delivered for Patients and Positioned Travere for Sustainable Growth 1 Estimated based on McGrogan A, et al., Nephrol Dial Transplant, 2011; 26(2):414-430 and data on file. 2 Cash, cash equivalents and marketable securities as of December 31, 2025. 6 Further optimized manufacturing of pegtibatinase, enabling pivotal study restart in 1Q26 Strengthened financial foundation to support key growth drivers Achieved ~$410M in total net product sales Retired $69M in convertible notes ~$323M in cash at year end2 Reached record number of patients with IgAN; FILSPARI® U.S. net product sales grew by 144% year-over-year sNDA for FSGS accepted for review, positioning FILSPARI as the first medicine for FSGS, if approved Estimated to be up to 30,000 eligible patients with FSGS1
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© 2026 Travere Therapeutics, Inc. Solidify FILSPARI’s foundational position in a growing IgAN market Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further diversify pipeline Strategic Priorities to Drive Significant Growth Now and in the Future Obtain approval and successfully launch FILSPARI in FSGS 7 © 2026 Travere Therapeutics, Inc.. © 2026 Travere Therapeutics, Inc.
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© 2026 Travere Therapeutics, Inc. Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further diversify pipeline 8 © 2026 Travere Therapeutics, Inc. Obtain approval and successfully launch FILSPARI in FSGS Solidify FILSPARI’s foundational position in a growing IgAN market © 2026 Travere Therapeutics, Inc. Caitlin, living with IgAN
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© 2026 Travere Therapeutics, Inc. A Substantial Opportunity to Improve the Lives of Patients Living with IgAN 9 New KDIGO guidelines4 to drive earlier treatment and combination therapy market >70,000 addressable patients5 peak incidence age of IgAN125-39 of transplants fail due to disease recurrence3 ~11 yrs median time to kidney failure in high-risk adult patients2 30-40% $1B+ potential for FILSPARI in IgAN 1 Nair R & Walker PD. Kidney Int 2006; 69:1455–1458. 2 Barratt J, et al., Natural History of IgA Nephropathy: Analysis of a UK National RaDaR IgA Nephropathy Cohort, ASN 2021; Poster presentation (Abstract P01577). 3 Uffing A et al., Clin J Am Soc Nephrol. 2021 Aug;16(8):1247-1255. 4 KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. 5 Independent market research and data on file. Ashley, living with IgAN
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© 2026 Travere Therapeutics, Inc. 2025 KDIGO Guidelines: The IgAN Treatment Paradigm is Evolving Earlier Treatment, Lower Proteinuria Targets and Simultaneous Therapy • Kidney biopsy in all adults with proteinuria ≥0.5g/d1 Earlier diagnosis 1 At risk of progressive loss of kidney function requiring treatment • At risk if proteinuria ≥0.5g/d while on or off treatment • FILSPARI included for earlier, first- line use to optimize nephroprotection • Simultaneous treatment in most patients 2 Treatment goal • Proteinuria should be maintained at <0.5g/d, and ideally at <0.3g/d 3 Proteinuria is the only validated early biomarker to help guide clinical decision-making Source: KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. 1 Or equivalent. In whom IgAN is a possible diagnosis and who do not have a contraindication for kidney biopsy. 10
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© 2026 Travere Therapeutics, Inc. The Shifting IgAN Treatment Paradigm: Two Areas to Target; Two Treatment Categories Abbreviations: RASi: renin–angiotensin system inhibitor. Source: KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. * Indicated to slow kidney function decline in adults with primary IgAN who are at risk for disease progression. 11 FILSPARI is the only oral non-immunosuppressive, long-term treatment positioned to replace historical standard of care for patients with IgAN* OVERACTIVATION IN THE KIDNEY TARGET THE KIDNEY INJURY TARGET THE IMMUNE SYSTEM OVERACTIVATION OF THE IMMUNE SYSTEM Foundational Treatment Immunosuppressant Treatment RASi Steroids Budesonide Other APRIL / BAFF, B-cell therapies (in development) ± SGLT2i Complement Inhibitor (accelerated approval) ETA + Supportive Care (accelerated approval) APRIL (accelerated approval)
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© 2026 Travere Therapeutics, Inc. The Only Non-Immunosuppressive Treatment Proven to Significantly Slow Kidney Function Decline in IgA Nephropathy Overview of Prescribing Information Indication Statement FILSPARI is indicated to slow kidney function decline in adults with primary IgAN who are at risk for disease progression Dosing and Administration Tablets: 200mg and 400mg, for once-a-day oral dose Most Common Adverse Reactions (≥5%) Hyperkalemia, hypotension (including orthostatic hypotension), peripheral edema, dizziness, anemia, and acute kidney injury For full prescribing information including boxed warning, visit filspari.com 12
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© 2026 Travere Therapeutics, Inc. FILSPARI Positioned as a First-in-Class Foundational Treatment in IgAN with Best-in-Class Features Two-year safety data comparable to maximum-labeled dose irbesartan stronger foundation for kidney preservation One pill, once daily administration Superior two-year proteinuria reduction vs active comparator irbesartan Only therapy to date to demonstrate statistically significant slowing of kidney function decline in a Phase 3 study vs active comparator irbesartan Flexibility for combination use and newly diagnosed patients with IgAN Streamlined liver monitoring 13
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© 2026 Travere Therapeutics, Inc. U.S. FILSPARI Performance Reaches All-Time Highs in 4Q25 14 ~$103M 908 96% FILSPARI is well established in payer plans and formularies, reflected in payer approval claims High compliance and persistence rates U.S. net FILSPARI sales in 4Q25 New PSFs in 4Q25 U.S. Patients with Pathway to Access 24% growth vs 3Q25; Highest quarterly demand since launch ~108% growth vs 4Q24 * Benchmark launches are other recent rare nephrology launches. Increasing breadth and depth of prescribers New PSFs led by earlier treatment and lower UP/C levels reflecting impact of KDIGO guidelines and updated labeling
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© 2026 Travere Therapeutics, Inc. Benchmark Setting Rare Disease Launch Executed by Premier Commercial Infrastructure FILSPARI’s launch in IgAN has significantly outperformed other rare renal launches over the past five years1 Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 FILSPARI Rare Renal Launch 1 Rare Renal Launch 2 Rare Renal Launch 3 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 100+ field team members across sales, support, market research, and access 20+ years average sales experience with majority in nephrology Leading commercial infrastructure with track record of top launches 1 As measured by quarterly net product sales ($mm) in the first 12 quarters of launch. Source: company filings. 15 Quarterly Net Product Sales
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© 2026 Travere Therapeutics, Inc. 146 417 430 459 511 521 505 693 703 745 731 908 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Strong Patient Start Form Momentum in IgAN with Significant Growth Potential <10% penetration of the addressable IgAN market; potential for substantial growth Evolving treatment guidelines support continued growth 16 1 KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. * As measured by quarterly new patient start forms (PSFs). FILSPARI streamlined REMS requirements and updated KDIGO guidelines1 FILSPARI full approval
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© 2026 Travere Therapeutics, Inc. Broader label allows for greater number of patients to benefit from FILSPARI Evolving treatment landscape and IgAN awareness to support further growth in addressable patient population Continue to simplify access for patients and engage with payers to expand coverage Opportunity to broaden and deepen FILSPARI’s prescriber base KDIGO guidelines2 and streamlined REMS monitoring strengthen FILSPARI’s position as a foundational, nephroprotective therapy for IgAN Key Growth Drivers Supporting Continued Execution of Commercial Launch 1 Source: independent market research, data on file. 2 KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. Addressable Patients with IgAN in the U.S.1 >70k 17
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© 2026 Travere Therapeutics, Inc. Treatment with FILSPARI May Potentially Delay Dialysis or Transplant Abbreviations: eGFR: estimated glomerular filtration rate, ESKD: end-stage kidney disease. 1 FILSPARI Prescribing Information. San Diego, CA: Travere Therapeutics, Inc. 2 Data on file, Travere Therapeutics, Inc. 3 United States Renal Data System. 2023 USRDS Annual Data Report: Epidemiology of kidney disease in the United States. NIH, NIDDK, Bethesda, MD, 2023. Based on extrapolation of eGFR slope data from PROTECT, FILSPARI may potentially delay dialysis or transplant by 4.5 years when compared to maximum-labeled dose irbesartan1-3 FILSPARI Irbesartan Years eGFR (mL/min/1.73 m2) 0 201 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 0 60 10 20 30 40 50 +4.5 years vs irbesartan ESKD3 (eGFR <15 mL/min/1.73 m2) FILSPARI 15.7 years Irbesartan 11.2 years Potential long-term impact of preserved eGFR slope1,2 18
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© 2026 Travere Therapeutics, Inc. SPARTAN Study: Rapid and Sustained Impact of FILSPARI as First-Line Treatment in Newly Diagnosed Patients Abbreviations: UPCR: urine protein-to-creatine ratio, eGFR: estimated glomerular filtration rate. Source: Cheung CK, et al. presented at ASN 2024; October 23-27, 2024; San Diego, CA. FR-OR63. 1 KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis (IgAV), October 2025. 2 Heerspink HJL, et al. Lancet. 2023;401(10388):1584-1594. 3 Rovin BH, et al. Lancet. 2023;402(10417):2077-2090. Preliminary clinical findings at 24-weeks in treatment- naïve patients on FILSPARI Sparsentan, led to rapid and sustained reductions in proteinuria (~70% from baseline) and stabilization of eGFR at week 24 Within 24 weeks of starting sparsentan, ~60% of patients achieved complete remission of proteinuria, a treatment goal recommended in the 2025 KDIGO guidelines1 Sparsentan was generally well tolerated over 24 weeks of treatment, with no evidence of fluid retention. Safety was consistent with the Phase 3 PROTECT Study2,3 −100 −80 −60 −40 −20 0 0 2 4 6 8 10 12 14 16 18 20 22 24 Change in UPCR from baseline, geometric mean (SE), % n=12n=11 Week n=11 n=11 30 40 50 60 70 80 90 100 -2 0 2 4 6 8 10 12 14 16 18 20 22 24 eGFR, mean (SD), mL/min/1.73 m2 Week n=12 n=12 n=12n=11 n=11 n=11 19
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© 2026 Travere Therapeutics, Inc. SPARTAN Study: Urinary Biomarker Analysis Suggests Disease-Modifying Effects of FILSPARI in IgAN 20 −100 −80 −60 −40 −20 0 0 12 24 Change in urinary biomarkers, % (SEM) BAFF sC5b9 −68% −75% Abbreviations: α2M: alpha-2-macroglobulin, BAFF: B-cell activating factor, CH13L1: chitinase-3-like protein 1, CXCL10: C-X-C motif chemokine ligand 10, CXCL16: C-X-C motif chemokine ligand 16, GDF15: growth/differentiation factor 15, IL6: interleukin 6, MCP-1: monocyte chemoattractant protein-1, sC5b9: soluble C5b9, sCD163: soluble CD163. Source: Cheung, et al. presented at the National International Podocyte Conference & ISGD Meeting; June 10-13, 2025; Hamburg, Germany. Poster FR-11. 1 One patient discontinued after week 6 and has been excluded from all urinary biomarker analysis (n=11). 2 α2M, clusterin and plasminogen analysis was performed only at baseline and week 12. Treatment with FILSPARI resulted in rapid and sustained reductions in urinary biomarkers of inflammation and fibrosis that reveal anti-inflammatory and anti-fibrotic effects of FILSPARI1 Change in urinary biomarkers from baseline to week 24 Inflammatory and profibrotic α2M2 –83% CHI3L1 –52% clusterin2 –47% GDF15 –42% plasminogen2 –85% sCD163 –50% Chemokine and cytokine CXCL10 –28% CXCL16 –22% IL6 –23% MCP-1 –16%
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© 2026 Travere Therapeutics, Inc. SPARTACUS Study: FILSPARI Added to SGLT2i Resulted in Further Proteinuria Reduction and Was Generally Well Tolerated Source: Ayoub I., et al. presented at ERA 2025, June 4-7, 2025; Vienna, Austria. Abstract: No. 1916. * Reported in the same patient. †The incident of acute kidney injury was mild, deemed unrelated to SPAR or SGLT2i treatment, and was resolved after interruption of SPAR and SGLT2i. ‡Abnormal liver function test results met the following criteria: (1) new elevation in ALT or AST >3 × ULN with or without elevation of total serum bilirubin >2 × ULN and (2) 2-fold increase in ALT or AST above the baseline value in patients who had elevated values prior to taking study medication. § One patient each discontinued SPAR treatment due to a TEAE of vertigo, hypotension, peripheral edema, and Henoch-Schönlein purpura. TEAEs Patients (N=48) Any TEAE, n (%) 30 (63) SPAR related 10 (21) SGLT2i related 2 (4) Any TEAEs in >2 patients, n (%) Hypotension 7 (15) Headache 4 (8) Edema 4 (8) Peripheral edema 4 (8) Upper respiratory tract infection 4 (8) Dizziness 6 (6) Any severe TEAE, n (%) 2 (4) Peripheral edema 1 (2) Gout 1 (2) Any serious AE, n (%) 4 (8) Acute kidney injury*† 1 (2) Cerebrovascular accident 1 (2) Chemical burn 1 (2) Deep vein thrombosis 1 (2) Osteoarthritis* 1 (2) Any abnormal liver function test results >3×ULN, n (%)‡ 0 (0) Any TEAE leading to SPAR discontinuation, n (%) 4§ (8) Transitioning patients from RASi to FILSPARI resulted in a mean reduction in UACR of ~56% at 24 weeks BL 4 12 24 −70 −60 −50 −40 −30 −20 −10 0 10 Geometric least-squares mean change from baseline in UACR (95% CI), % Week n=45 n=42n=48 21 n=39 Abbreviations: BL: baseline, RASi: renin-angiotensin system inhibitor, SGLT2i: sodium-glucose cotransporter-2 inhibitor, SPAR: sparsentan, UACR: urine albumin-to-creatinine ratio, TEAE: treatment-emergent adverse event, AE: adverse event, ULN: upper limit of normal.
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© 2026 Travere Therapeutics, Inc. License to Chugai covers Japan, South Korea, and Taiwan CMA covers all 27 member states of the European Union, plus Iceland, Liechtenstein, and Norway2 United States >70k addressable patients with IgAN1 Abbreviations: EC: European Commission, CMA: conditional marketing authorization. 1 Source: independent market research, data on file. 2 License to CSL Vifor covers Europe, Australia, New Zealand, Bahrain, Brazil, Chile, Israel, Kuwait, Oman, Qatar, Saudi Arabia and the UAE, with potential to expand. 3 Potential milestone payments include achievements for both IgAN and FSGS indications, as of the execution of the license agre ements with CSL Vifor and Chugai Pharmaceutical. Through December 2025, the Company has received $57.5 million in disclosed milestone payments. Paving a Path to Global Access for FILSPARI in IgAN with Established Commercial Partners Travere eligible to receive up to $910 million in potential milestone payments3 + tiered double-digit royalties on global net sales of FILSPARI Standard approval in Europe and the UK; FILSPARI launched in Germany, Austria, Switzerland, Luxembourg, and the UK New Drug Application for sparsentan in Japan is expected in 2026 22
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© 2025 Travere Therapeutics, Inc. Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU Continued business development to further diversify pipeline 23 © 2026 Travere Therapeutics, Inc. Solidify FILSPARI’s foundational position in a growing IgAN market Obtain approval and successfully launch FILSPARI in FSGS © 2026 Travere Therapeutics, Inc.
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© 2026 Travere Therapeutics, Inc. | FSGS: Significant Patient and Community Burden 7-year kidney survival rate for FSGS is lower than other primary glomerular diseases1 >4,000 people on the kidney transplant waitlist due to FSGS in the U.S.2 ~33,000 adults and children in the U.S. are currently experiencing kidney failure due to FSGS3 Swelling (edema) in legs, feet, or eyes Weight gain from fluid Foamy urine (due to excess protein) High blood pressure Fatigue Symptoms of FSGS Side effects from medications (IST) Significant toxicity Infections Hypertension Diabetes Bone loss Mental health problems ! ! ! ! ! 5-10 years median time to kidney failure for 30-60% of patients4 |40% of transplant patients experience disease recurrence4 Abbreviations: FSGS: focal segmental glomerulosclerosis. Sources: 1 Moranne O., Watier L., Rossert J., Stengel B., GN-Progress Study Group Primary glomerulonephritis: an update on renal survival and determinants of progression, Qjm. 2008;101(3):215–224. 2 Organ Procurement & Transplant Network (OPTN) data accessed December 2025 from HRSA website. 3 Bensink ME, Goldschmidt D, et al., Kidney failure attributed to focal segmental glomerulosclerosis: a USRDS retrospective cohort study of epidemiology, treatment modalities, and economic burden, Kidney Med. 2023;6(2):100760. doi: 10.1016/j.xkme.2023.100760. 4 Kiffel et al. Adv Chronic Kidney Dis. 2011;18:332-338. 24
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© 2026 Travere Therapeutics, Inc. Evaluate the efficacy and safety of sparsentan vs. the active control irbesartan in patients with focal segmental glomerulosclerosis (FSGS) • Phase 3, double-blind, active-controlled global trial in patients with biopsy-proven FSGS or genetic FSGS, N=371 patients (ages 8 to 75 years)* • The only head-to-head Phase 3 study of its kind in FSGS • Surrogate efficacy endpoint: (36-week interim analysis) = proportion of patients achieving FPRE at week 36 (UPCR ≤ 1.5 g/g and ≥ 40% reduction from baseline) • Primary endpoint: eGFR total slope: From day 1 to week 108 of treatment (U.S. primary), eGFR chronic slope: From week 6 to week 108 of treatment (EU primary) Objective Trial Design The DUPLEX Study of Sparsentan is the Largest Active- Controlled Interventional Phase 3 Trial in FSGS to Date Resume SOC, including ACEi/ARBs Double-blind treatment 108 weeks, randomized 1:1 4 weeks post-cessation of randomized treatment No ACEi/ARBs Screening • Ages 8-75 years • FSGS (excluding secondary causes) • UPCR ≥1.5 g/g • eGFR ≥30 mL/min/1.73 m2 Week 112 Last double-blind assessment Week 36 Prespecified interim analysis Week 108 End of double-blind treatment BaselineDiscontinue ACEs/ARBs Irbesartan 150 mg / day → 300 mg / day at week 2 Sparsentan 400 mg / day → 800 mg / day at week 2 Washout period 2 weeks Abbreviations: ACEi: angiotensin converting enzyme inhibitors, ARBs: angiotensin receptor blockers, UPCR: urine protein/creatinine ratio, g/g: grams per gram, eGFR: estimated glomerular filtration rate, FPRE: FSGS partial remission endpoint, SOC: standard of care. * ClinicalTrials.gov ID: NCT03493685. 25
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© 2026 Travere Therapeutics, Inc. PARASOL Project: Broad Expert Alignment on Utility of Proteinuria in FSGS Source: PARASOL Workshop, October 7-8, 2024. 1 https://www.is-gd.org/en/news-from-isgd/parasol-project-advances-understanding-of-proteinuria-in-fsgs. Accessed January 7, 2026. 26 The principal finding is that reduction in proteinuria over 24 months is strongly associated with a reduction in the risk of kidney failure, and responder definitions based on thresholds of proteinuria are both biologically plausible and strongly supported by epidemiological data.1 Abigail Smith, PhD, Northwestern University Feinberg School of Medicine – PARASOL FSGS is an important cause of kidney failure in patients of all ages and new therapies are urgently needed to reduce the risk of progression Discussion of the findings in an open forum highlighted the biological role of proteinuria in FSGS as a podocytopathy, and implications for clinical trial design A multi-stakeholder group of rare kidney disease experts recognized the variability and trial infeasibility of eGFR and aligned around proteinuria as a potential clinical trial endpoint
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© 2026 Travere Therapeutics, Inc. −5 −15 −25 −35 −45 −55 −65 0 0 12 24 36 48 60 72 84 96 108 In Phase 3 DUPLEX Study, Treatment with FILSPARI Resulted in Rapid and Sustained Reductions in Proteinuria Over Two Years Abbreviations: UPCR: urine protein creatinine ratio, GMR: geometric mean ratio. 50% reduction in proteinuria Sparsentan LS Mean (95% CI) Change From Baseline in UPCR, % Week Sparsentan (n=184) Irbesartan (n=187) GMR: 0.74 (0.58, 0.93) P=0.012 27
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© 2026 Travere Therapeutics, Inc. 69.0 53.3 31.0 18.5 50.8 35.8 14.4 7.5 0 10 20 30 40 50 60 70 < 1.5 g/g < 1.0 g/g < 0.5 g/g < 0.3 g/g Proportion of Patients Achieving UP/C Below Threshold, % Sparsentan (n=184) Irbesartan (n=187) RR (95% CI): 2.15 (1.44-3.20) RR (95% CI): 1.49 (1.19-1.86) RR (95% CI): 1.36 (1.16-1.59) Sparsentan Demonstrated Significantly Greater Proteinuria Reduction vs Active Comparator Across Pre-Specified Measurement Thresholds Abbreviations: CI: confidence interval, RR: relative risk, UP/C: urine protein/creatinine ratio. Source: Rheault MN, et al., Sparsentan versus Irbesartan in Focal Segmental Glomerulosclerosis, The New England Journal of Medicine and Supplement, 2023. 1 At any time during the double-blind period. RR (95% CI): 2.47 (1.37-4.45) ~2.5x greater complete remission rates Patients achieving pre-specified UP/C thresholds1, % 28
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© 2026 Travere Therapeutics, Inc. 42.0 26.0 0 10 20 30 40 50Probability of Achieving FPRE, % 64.7 43.9 0 10 20 30 40 50 60 70 80Probability of Achieving FPRE, % ~1.6x greater partial remission Sparsentan 37.5 22.6 0 10 20 30 40 50Probability of Achieving FPRE, % Sparsentan Demonstrated Consistent Treatment Effect on Interim Primary Proteinuria Endpoint Through End of Study Patients achieving FPRE at week 108 (final analysis) 1.6x greater partial remission Sparsentan Patients achieving FPRE at week 36 Abbreviations: FPRE: FSGS partial remission endpoint, defined as UPCR of ≤1.5 g/g and >40% reduction from baseline, Source: Rheault MN, et al., Sparsentan versus Irbesartan in Focal Segmental Glomerulosclerosis, The New England Journal of Medicine and Supplement, 2023. RR (95% CI): 1.55 (1.10-2.18) RR (95% CI): 1.60 (1.13-2.25) 29 ~1.5x greater partial remission Sparsentan Patients achieving FPRE at any time during the double-blind period RR (95% CI): 1.48 (1.12-1.78) Sparsentan Irbesartan Sparsentan Irbesartan Sparsentan Irbesartan
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© 2026 Travere Therapeutics, Inc. Recent DUPLEX Analysis Further Reinforces PARASOL Findings Supporting Proteinuria as a Predictor of Kidney Failure 1 At any time on treatment, irrespective of the treatment arm. Source: Radhakrishnan J., et al., Patients With Focal Segmental Glomerulosclerosis (FSGS) Reach Proteinuria <0.7 g/g More Often With Sparsentan vs Irbesartan in DUPLEX: Implications for Kidney Failure Risk, Presented at the American Society of Nephrology (ASN) Kidney Week 2025; November 5-9, 2025; Houston, TX, USA. Significantly more patients on FILSPARI achieved < 0.7 g/g proteinuria threshold 37.5 21.4 0 10 20 30 40% of Patients Achieving < 0.7 g/g RR (95% CI): 1.8 (1.3-2.4) RR (95% CI): 1.7 (1.03-2.8) 19.0 11.2 Sparsentan Irbesartan At any time on study On study at week 108 Patients who achieved < 0.7 g/g threshold at any time on treatment were half as likely to reach kidney failure 11.2 3.6 Category 1 Achieved UPCR 0.7 g/g1 Did not achieve UPCR < 0.7 g/g1 RR (95% CI): 0.52 (0.2-1.8) Patients who progressed to kidney failure, % 30
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© 2026 Travere Therapeutics, Inc. In DUPLEX, Relative Proteinuria Reduction With FILSPARI vs Active Comparator Translated to Clinically Meaningful Reduction in Kidney Failure Risk Two years of FILSPARI treatmenttranslates into a clinically meaningful reduction (24%) in kidney failure risk over five years vs active control irbesartan2,3 In DUPLEX, FILSPARI-treated patients had the lowest kidney failure rates of comparable data sources1 UPCR change metric KF Hazard Ratio (95% CI) 50% reduction (DUPLEX SPAR arm vs baseline) 0.54 (0.42-0.69) 32% reduction (DUPLEX IRB arm vs baseline) 0.71 (0.62-0.81) 26% relative reduction (DUPLEX SPAR vs IRB) 0.76 (0.69-0.85) 31 6.5% 10.9% 11.2% 13.6% 0.00% % of Patients Reaching ESRD DUPLEX Sparsentan DUPLEX Irbesartan RaDaR FSGS-CT Abbreviations: KF: Kidney Failure, HR: Hazard Ratio. 1 Source: Rheault MN, et al., N Engl J Med. 2023;389:2436-2445; Gipson DS et al., JAMA Netw Open. 2022;5(8):e2228701. 2 Applying the validated RaDaR model to DUPLEX. 3 Source:Rheault MN, et al., N Engl J Med. 2023;389:2436-2445.
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© 2026 Travere Therapeutics, Inc. Patients Achieved Partial and Complete Remission Earlier and More Often with Sparsentan vs Irbesartan 32 Abbreviations: CR: defined as UPCR of <0.3 g/g, FSGS: focal segmental glomerulosclerosis, FSGS partial remission endpoint: defined as UPCR of ≤1.5 g/g and >40% reduction from baseline, IRB: irbesartan, PR: partial remission, RR: relative risk, SPAR: sparsentan, UPCR: urine protein-to-creatinine ratio. Source: J Tumlin, et al., presented at the European Renal Association (ERA) Congress 2025; June 4-7, 2025; Vienna, Austria. † p-value generated from a stratified Cox proportional hazards model with treatment and baseline log (UPCR) as covariates, stratified by randomization stratification factors. Probability of achieving FSGS partial remission endpoint and complete remission of proteinuria, % No. at risk SPAR IRB 184 162 107 82 76 68 66 56 55 47 46 38 37 35 35 35 34 30 23 187 178 149 126 124 110 101 94 93 87 81 77 76 73 73 72 70 67 44 IRB, 109.0 weeks 0 0.00 0.40 0.80 0.60 0.20 6 12 18 24 30 36 42 48 54 Week Probability of achieving FSGS partial remission endpoint 60 66 72 78 84 90 96 102 108 SPAR, 14.1 weeks Median time to FSGS partial remission endpoint (Difference, P<.0001†) 0.20 0.15 0.10 0.05 0.00 0 6 12 18 24 30 36 42 48 54 Week Probability of achieving CR of proteinuria 60 66 72 78 84 90 96 102 108 184SPAR SPAR 174 169 160 155 152 148 140 135 126 124 113 112 109 109 104 102 99 75 187IRB IRB No. at risk 182 177 170 168 162 157 153 153 150 143 139 138 137 137 133 130 128 93 Median time to CR of proteinuria (NE in either group; difference, P=.0008†)
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© 2026 Travere Therapeutics, Inc. In DUPLEX, Patients That Achieved Proteinuria Remission Had Markedly Reduced Risk of Progression to Kidney Failure Abbreviations: CI: confidence interval, eGFR, estimated glomerular filtration rate, RR: relative risk. * Results from post hoc analyses using pooled data irrespective of treatment arm. ** Confirmed eGFR of <15 mL/min/1.73 m2 or kidney replacement therapy. First data from a randomized clinical trial to validate the observational results from PARASOL, providing robust support for its recommendation of proteinuria as a surrogate endpoint in FSGS 0 5 10 15 20 25 30 Patients reaching kidney failure through 108 weeks (95% CI), %** RR, 0.33 (95% CI, 0.11-0.95) RR, 0.23 (95% CI, 0.03-1.85) 2.1% (1/48) 9.9% (32/323) 3.0% (6/201) 15.9% (27/170) Yes NoYes No FSGS partial remission endpoint Complete remission of proteinuria 33
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© 2026 Travere Therapeutics, Inc. Launch Readiness and Anticipated Early Adoption Drivers Support Significant FSGS Opportunity, if Approved 1 Spherix 2025. 2 Travere market research. 3 Estimated based on McGrogan A, et al., Nephrol Dial Transplant, 2011; 26(2):414-430 and data on file. 34 FSGS has a significant unmet need with high urgency to treat $1B+ potential for FILSPARI in FSGS up to 30k addressable patients3 No FDA-approved medicines indicated for FSGS Significant awareness and desire for FILSPARI with >80% prescriber overlap with IgAN2 driving broad physician familiarity and potential to drive cross-indication synergies Highly severe and fast progressing disease with ~75% of surveyed nephrologists indicating that FSGS is extremely challenging to manage1
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© 2026 Travere Therapeutics, Inc. Solidify FILSPARI’s foundational position in a growing IgAN market Continued business development to further diversify pipeline Obtain approval and successfully launch FILSPARI in FSGS Successful enrollment in Phase 3 HARMONY Study to position pegtibatinase as the first potential disease-modifying therapy for HCU 35 © 2026 Travere Therapeutics, Inc. Jamela, living with HCU
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© 2026 Travere Therapeutics, Inc. HCU Market Represents Significant Unmet Need with Potential for Growth with Better Diagnostics, Awareness and Effective Treatment Options Expected growth in addressable patients with HCU in U.S. 25% of HCU patients by age 16 and 50% by age 29 develop life- threatening thrombotic events, including heart attack and stroke1,2 7,000 to 10,000 patients living with HCU in U.S.; similar number in Europe3 No approved treatments to address the underlying genetic cause of HCU Pegtibatinase has the potential to become the only disease-modifying therapy in a market with significant growth expected Disease education/awareness, enhanced diagnostics and better treatment options are expected to lead to increased patient identification, earlier diagnosis, and better outcomes – driving growth in addressable market Despite newborn screening for HCU in the U.S., fewer than 50% of people with HCU are diagnosed at birth4 ~80% of patients with HCU are partially or non-responsive to B6 therapy (current standard of care)5 At-launch Future ~3k+ ~5k+ 36 Sources: 1 Mudd et al., Am J Hum Genet (1985), 2 Yap et al., J Am Heart Assoc. (2001), 3 Data on file. 4 Levy H, et al., Clin Chem. 2023;69(5):433-434, 5 Kozich V, Sokolova J, Morris AAM, et al., J Inherit Metab Dis. 2021;44(3):677-692.
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© 2026 Travere Therapeutics, Inc. Pegtibatinase is an Investigational, Modified, Recombinant CBS Human Enzyme Therapy Pegtibatinase is designed to address the underlying genetic cause of HCU Mechanism of action is expected to have broad effect across HCU population Administered subcutaneously and designed to be active and stable in plasma, unlike native CBS Designed to introduce the CBS enzyme into circulation and reduce intracellular and plasma Hcy levels PegtibatinaseVitamin B6 CBS Betaine Cystathionine Cysteine Homocysteine Methionine Pegtibatinase has been granted multiple regulatory designations for the treatment of classical HCU FDA Breakthrough Therapy designation FDA Rare Pediatric Disease designation FDA Fast Track designation Orphan Drug designation in the U.S. and Europe 37
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© 2026 Travere Therapeutics, Inc. Treatment with Pegtibatinase in the Phase 1/2 COMPOSE Study Showed Rapid and Sustained tHcy Reduction Through 12 Weeks of Treatment 38 Placebo Pegtibatinase Cohort 1 0.33 mg/kg QW Cohort 2 0.66 mg/kg QW Cohort 3 1.0 mg/kg QW Cohort 4 1.0 mg/kg BIW Cohort 5 1.5 mg/kg BIW Cohort 6 2.5 mg/kg BIW Sample Size (n) 6 3 3 3 2 3 4 Summary of relative reduction in geometric mean of total homocysteine from baseline from cohorts 1-6 in the Phase 1/2 COMPOSE Study67.1% mean relative reduction in total homocysteine from baseline All patients in highest dose cohort achieved a clinically meaningful threshold in mean tHcy over weeks 6 to 12 of treatment Methionine and cystathionine biomarkers suggest that pegtibatinase acts similar to the native CBS enzyme and can restore the metabolic dysregulation in patients with HCU Pegtibatinase was generally well-tolerated at all doses tested -70 -60 -50 -40 -30 -20 -10 0 10 Relative Change (%)* 0.6 -4.0 4.2 1.4 -25.2 -57.1 -67.1 Abbreviations: QW: once weekly, BIW: twice weekly. * The data referenced in the table above and the analysis conducted in cohort 6 assess the relative reduction in tHcy from baseline in the geometric mean by averaging tHcy over weeks 6, 8, 10, and 12. This measure improves the precision and reliability of assessment of the treatment effect and takes into account that there is some variability in tHcy depending on food intake and diurnal variation. The Company intends to use this measure moving forward.
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© 2026 Travere Therapeutics, Inc. Innovative Pegtibatinase Phase 3 Program Designed to Enable a BLA Submission Abbreviations: BIW: twice weekly, DSP: diet standardization period, LTE: long-term (open-label) extension, SC: subcutaneous, tHcy: total homocysteine, FU: follow up. * Protocol allows for ~25% of patients with tHcy ≥50 to <80μM. ** ClinicalTrials.gov ID: NCT06247085. *** In September 2024, Travere voluntarily paused the enrollment in the HARMONY Study due to delays in commercial manufacturing scale-up. Phase 3 HARMONY Study Double-blind treatment 24 weeks Screening ≤4 weeks ≤6 weeks 2-week dose titration Safety FU period 4 weeks Pegtibatinase 2.5mg/kg SC BIW Roll into ENSEMBLE LTE Study or safety follow upPlacebo SC BIW (N≈70) • ≥12 to ≤65 year of age • Confirmed HCU diagnosis • Plasma tHcy ≥80 μM* Pre-treatment DSP Randomization (1:1) Primary endpoint • Change from baseline in plasma tHcy levels (averaged over weeks 6 through 12) Key secondary endpoint • The relative change from baseline in plasma tHcy levels averaged post-week 12 (weeks 16, 20, 24) Week 52 Key endpoints Open-label treatment period 52 weeks Day 1 Week 5 Week 10 Week 56 Pegtibatinase 2.5mg/kg SC BIW Safety follow-up period End of Study- HARMONY/ Day 1 of ENSEMBLE Protein Tolerance Modification Sub-study Safety FU period 4 weeks 2-week dose titration Self-admin training Phase 3b ENSEMBLE Study Concurrent Phase 3b Study to evaluate if eligible patients can increase their natural dietary protein intake while maintaining an acceptable level of metabolic control while receiving pegtibatinase Week 12 Primary endpoint Week 24 Secondary endpoints Day 1 39
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© 2026 Travere Therapeutics, Inc. On Track to Position Pegtibatinase as the First Potential Disease-Modifying Therapy in HCU 40 Resumed enrollment activities in the Phase 3 HARMONY Study Further optimized manufacturing process to support clinical program and commercial launch Activating clinical sites globally Leveraging patient identification efforts to build enrollment momentum Patients continue to be followed in ENSEMBLE open label extension study
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© 2026 Travere Therapeutics, Inc. 1 Diluted share count calculation includes all outstanding equity awards but excludes convertible notes. 2 Cash, cash equivalents and marketable securities as of December 31, 2025. 41 A Strong Financial Foundation to Deliver New Treatment Standards in Rare Disease in cash and cash equivalents2 as of December 31, 2025 ~$410M in total U.S. net product sales in FY25; represents ~81% growth year-over-year ~$323M basic shares outstanding as of December 31, 2025; diluted ~104mm1 ~91M in convertible notes due March 2029 ~$316M
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© 2025 Travere Therapeutics, Inc. © 2026 Travere Therapeutics, Inc.