TVTXTravere Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $491M; 110% YoY
Operating margin: -12.8%; 91% YoY
EBITDA: −$2M; 99% YoY
Market cap: $4.7B
Employees: 150,000; $3K revenue each
Net debt / EBITDA: —; −$101M net debt
AI in 10-K: 3.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$3K · 18th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.0 per 10K words · 69th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$113M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$132M	$109M	$145M	$233M	$491M	110%
Operating income	−$199M	−$320M	−$388M	−$324M	−$63M	81%
Net income	−$180M	−$278M	−$111M	−$322M	−$26M	92%
Operating cash flow	−$15M	−$186M	−$280M	−$237M	$38M	116%
Capex	$5M	$191K	$668K	—	—
Stock-based comp	$30M	$38M	$44M	$37M	$45M	22%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $113M · 119
Net: −$113M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$24M	140	125
FY2024	$5M	$11M	123	118
FY2023	$8M	$885K	63	119
FY2022	$6M	$687K	148	114
FY2021	$6M	$7M	219	126