Travere Therapeutics, Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference

All right. Good day, everyone. Welcome to day 2 of Cantor's Global Healthcare Conference. For the next session, we are very excited to host the team of Travere Therapeutics. Representing Travere, we have Chris Cline, Chief Financial Officer, and Peter Heerma, Chief Commercial Officer. Gentlemen, thank you so much for taking time to attend this conference.

Absolutely. Happy to be here.

Thank you for having us.

Maybe people are familiar with Travere, but in terms of just provide a quick overview of the key near-term priorities for the company and where are you in terms of the current state of the business?

Sure. Before we jump in, we will be making forward-looking statements, so please reference our full disclosures on Forms 10-K and 10-Q filed with the SEC. At Travere, we're exclusively focused on identifying, developing, and delivering life-changing therapies for people living with rare disease. Our focus is really on four key areas to drive both near and long-term growth. The first two are focused on FILSPARI, which is the first approved product out of our pipeline. There, our efforts are really geared towards getting to the peak potential of more than $3 billion in sales that we have estimated internally. The focal points there are first in IgA nephropathy.

FILSPARI is currently the most approved or most prescribed novel medicine for IgA nephropathy, and Peter's team has done an excellent job of positioning it as foundational care in a space where we expect more and more patients to be identified and treated. The second area for FILSPARI that we're very closely focused on is continuing to have a very strong launch in FSGS. We just got an approval back in April for FSGS. FILSPARI is the only approved product for FSGS, and we reported a very strong first quarter of performance there from the launch that I'm sure we'll go a bit more into. The focus is to continue that momentum. Those are the first two priorities related to FILSPARI.

The other two are really focused on developing and advancing our pipeline, and that's to layer in growth on top of FILSPARI and beyond. The first one out of our pipeline is pegtibatinase. Here, pegtibatinase is an enzyme replacement therapy that is aimed to treat classical homocystinuria or HCU. Here we've got very compelling data from phase I/II study that shows roughly 67% reduction in total homocysteine levels. Our goal is to replicate results similar to that in our phase III that is currently enrolling. There, our goal is to achieve top-line results in the second half of next year, on track for that. That's the main focal point for pegtibatinase at the moment. Lastly, on the pipeline side is civorebrutinib, or civo.

This is the BTK inhibitor that we in-licensed earlier this year, and we look at civo as a potential product or a pipeline in a product. Here, our goal right now is to open an IND, get some of the bridging work done that will help enable the regulatory and development pathway. We expect to be able to move into studies for the indications that we've identified thus far, which are PMN, FSGS, and MCD, and we'll be looking beyond that as we go. Maybe that's a good starting point, and happy to hop into any of those areas.

Yeah. Maybe we can start with FSGS first. No surprises there. You had only two months of launch in the last quarter. Really strong launch, surpassed even the most bullish expectations. I guess, where do you see the initial demand coming from in FSGS, and what has been the feedback?

Yeah. Thanks for that question. We had two and a half months of revenue in the first quarter of launch, second quarter. Overall, to your point, very strong uptake. Not surprisingly, given that this was a highly anticipated launch, the first approval for FSGS. We clearly saw a halo effect based on the experience that physicians already have with FILSPARI in IgA nephropathy. You have to realize this is roughly the same prescriber base as IgA nephropathy. Basically, all physicians that treat IgA also treat FSGS. You build upon a strong platform and brand experience, and that's indeed what we are seeing. That's indeed what we were seeing. About 70% of the prescribers had prior experience with FILSPARI in IgA nephropathy, is what you would expect. At the flip side, what I'm really encouraged by is that you also added 30% new prescribers to the brand.

Given that those prescribers also have IgA nephropathy, it allows you to anchor the position in IgA even further.

Got it. I think one metric you mentioned during the call as well, that most physicians or prescribers have written just one prescription of FILSPARI for FSGS. I mean, what leads to the increase in the depth of prescribing over time?

Yeah, maybe it's good to provide some context of that comment. The question was often like, do you see a bolus, given that this was a highly anticipated launch? Even though you see some pent-up demand, the reason why I don't believe it's a bolus is because there is such a big opportunity. I mean, we see over 30,000 FSGS patients addressable for FILSPARI today. We are really scratching the surface in our initial launch. In that context, I said, like, the majority of the prescribers so far have prescribed to a single patient. It's not like physicians are calling in older FSGS patients, prescribed to older patients, and are kind of like done. There is a lot of depth opportunity, but even more a breadth opportunity to increase the number of prescribers building on the strong momentum you have with IgA nephropathy.

Got it. The 30% of new prescribers that have written FILSPARI for the first time, I guess to your point on the halo effect, are you seeing a halo effect on the IgA side as well from that FSGS approval?