Travere's Outgoing CEO Exit Carries A $31.3 Million Equity Charge, With $26.9 Million Still To Come
Most of the cost of changes to Eric Dube's stock awards lands in the fourth quarter, after FILSPARI sales rose to $200.2 million.
Travere Therapeutics, which develops therapies for rare kidney and metabolic diseases, said in its 10-Q filed Monday that changes to departing CEO Eric Dube's stock options and restricted stock units add $31.3 million of stock-based compensation expense. Only $4.4 million hit the third quarter, leaving $26.9 million for the fourth.
A charge that is mostly ahead
The company and Dube signed a Transition and Separation Agreement, and certain terms of it triggered modification accounting for his options and RSUs. The extra expense is being recognized over his remaining service as CEO, from September 21, 2026 to December 1, 2026.
That leaves $26.9 million to book in the final quarter of 2026, after $4.4 million so far.
The pay line was already climbing. Share-based compensation for the quarter was $23.4 million, up from $11.3 million a year earlier.
A loss quarter built on a licensing deal
Travere reported a third-quarter net loss of $52.3 million, against net income of $25.7 million a year earlier. Operating expenses included $113.1 million of in-process research and development expense, the upfront payment and transaction costs for a license to civorebrutinib, an investigational kidney drug, from Everest Medicines. The company said it paid Everest $112.5 million upfront in July.
Revenue was $224.6 million, up from $164.9 million. Net product sales of its main drug FILSPARI reached $200.2 million in the United States, which the company put at 120% growth year over year. FILSPARI slows kidney function decline in adults with the rare kidney disease IgA nephropathy and also has an FDA approval for a form of focal segmental glomerulosclerosis.
Campbell takes over December 1
Bradley Campbell will succeed Dube as president and CEO and join the board on December 1, 2026, the company said in its earnings release. Dube stays employed as executive advisor through February 15, 2027, then becomes a consultant.
As of September 30, Travere held $471.8 million in cash, cash equivalents and marketable securities.
Travere's fourth-quarter results will carry the $26.9 million of Dube-related expense, the first full quarter of Campbell's tenure beginning December 1.
Sources
- 10-Q Filing — Travere Therapeutics (TVTX) — SEC EDGAR
- 10-Q Filing — Travere Therapeutics (TVTX), Q2 FY2026 filed 2026-08-04 (comparison basis) — SEC EDGAR
- Earnings release (8-K Item 2.02, a2026q3_8-kxex991.htm) — Travere Therapeutics, filed 2026-11-02 — SEC EDGAR
- Travere Therapeutics Non-GAAP EPS of -$0.31 misses by $0.73, revenue of $224.5M beats by $29.21M (TVTX:NASDAQ) | Seeking Alpha — seekingalpha.com
- 12 Health Care Stocks Moving In Monday's After-Market Session — benzinga.com
- In Rare Kidney Disease, the Next Breakthrough Will Come When Care Catches Up with Discovery – Endpoints News — endpoints.news
- Travere Therapeutics Reports Third Quarter 2026 Financial Results — businesswire.com
- Ligand Reports Third Quarter 2026 Financial Results — globenewswire.com
