REED ELIZABETH E 4
4 · Travere Therapeutics, Inc. · Filed Apr 15, 2026
Research Summary
AI-generated summary of this filing
Travere (TVTX) GC Elizabeth Reed Exercises Options, Sells Shares
What Happened
- Elizabeth E. Reed, Chief Legal Officer and General Counsel of Travere Therapeutics (TVTX), had performance RSUs vest (14,000 shares) and exercised stock options to acquire 37,500 shares (total acquired = 51,500). She sold 51,500 shares in open-market transactions on Apr 14–15, 2026, generating aggregate proceeds of $2,126,451. The option exercises required cash payments (total exercise cost reported = $665,950).
- These actions were largely routine: the PSU vesting followed FDA confirmation tied to FILSPARI approval, and several sales were either mandated to cover tax withholding or executed under a pre-established Rule 10b5-1 plan.
Key Details
- Dates and prices (selected):
- Apr 13, 2026: 14,000 PSUs vested (award, $0 cost) (F1).
- Apr 14, 2026: Exercised options to acquire 10,000 shares @ $19.08 ($190,800); 20,000 shares @ $17.96 ($359,200); 7,500 shares @ $15.46 ($115,950). (M = option exercise) (F7).
- Apr 14–15, 2026: Open-market sales totaling 51,500 shares:
- 37,500 @ $41.07 = $1,540,125 (Apr 14) (F2)
- 7,215 @ $41.93 = $302,516 (Apr 14) (F5)
- 5,226 @ $41.62 = $217,506 (Apr 15) (weighted avg F5)
- 1,559 @ $42.53 = $66,304 (Apr 15) (weighted avg F6)
- Aggregate sale proceeds: $2,126,451.
- Shares owned after the transactions: not specified in the filing provided.
- Notable footnotes:
- F1: 14,000 PSUs vested upon FDA confirmation of FILSPARI approval.
- F2 & F4: Some sales were executed under a Rule 10b5-1 trading plan adopted Jun 16, 2025.
- F3: Certain shares were sold as required “sell-to-cover” to satisfy tax withholding on vested PSUs (mandated by issuer).
- F7: The options exercised were fully vested and exercisable.
- Filing timeliness: Form filed Apr 15, 2026 for transactions on Apr 13–15, 2026; no late filing indicated.
Context / What this means
- The sequence (award vesting + option exercises + immediate open-market sales) indicates a common cashless-exercise / sell-to-cover pattern: shares were acquired via PSU vesting and option exercises and then sold primarily to cover taxes, exercise costs, and per a 10b5-1 sale plan. This is typically administrative rather than an outright directional bet on the stock.
- Transaction codes: A = award/grant, M = exercise/conversion of derivative (options), S = open-market sale. Disclosures showing $0 for certain derivative dispositions reflect shares surrendered/retired as part of exercise/settlement or sell-to-cover, per footnotes.
(For retail investors: these trades are largely procedural—driven by PSU vesting, option exercise and tax/plan-related sales—rather than a clear independent bullish or bearish signal.)
Insider Transaction Report
Form 4
REED ELIZABETH E
Chief Legal Officer and GC
Transactions
- Award
Common Stock
[F1]2026-04-13+14,000→ 119,211 total - Exercise/Conversion
Common Stock
2026-04-14$19.08/sh+10,000$190,800→ 129,211 total - Exercise/Conversion
Common Stock
2026-04-14$17.96/sh+20,000$359,200→ 149,211 total - Exercise/Conversion
Common Stock
2026-04-14$15.46/sh+7,500$115,950→ 156,711 total - Sale
Common Stock
[F2]2026-04-14$41.07/sh−37,500$1,540,125→ 119,211 total - Sale
Common Stock
[F3]2026-04-14$41.93/sh−7,215$302,516→ 111,996 total - Sale
Common Stock
[F4][F5]2026-04-15$41.62/sh−5,226$217,506→ 106,770 total - Sale
Common Stock
[F4][F6]2026-04-15$42.53/sh−1,559$66,304→ 105,211 total - Exercise/Conversion
Employee stock option (right to buy)
[F7]2026-04-14−7,500→ 37,500 totalExercise: $15.46Exp: 2030-01-31→ Common Stock (7,500 underlying) - Exercise/Conversion
Employee stock option (right to buy)
[F7]2026-04-14−10,000→ 0 totalExercise: $19.08Exp: 2027-01-04→ Common Stock (10,000 underlying) - Exercise/Conversion
Employee stock option (right to buy)
[F7]2026-04-14−20,000→ 20,000 totalExercise: $17.96Exp: 2029-05-09→ Common Stock (20,000 underlying)
Footnotes (7)
- [F1]On January 31, 2025, the reporting person was granted performance restricted stock units (PSUs) which PSUs vested on April 13, 2026 upon the Issuer's confirmation that the U.S. Food and Drug Administration (FDA) had granted approval of FILSPARI (sparsentan) in FSGS.
- [F2]This sale was made pursuant to a written plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, and consists of the sale of shares underlying stock options granted to the Reporting Person.
- [F3]Represents the number of shares required to be sold by the Reporting Person to cover the tax withholding obligation in connection with the settlement of vested performance restricted stock units. This sale is mandated by the Issuer's election under its equity incentive plans to require the Reporting Person to fund this tax withholding obligation by completing a "sell to cover" transaction with a brokerage firm designated by the Issuer. This sale does not represent a discretionary trade by the Reporting Person.
- [F4]This sale was made pursuant to a written plan adopted on June 16, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended, and includes the sale of shares to cover the tax obligation that occurred upon the vesting of performance restricted stock units.
- [F5]The weighted average sale price for the transaction reported was $41.62, and the range of prices were between $41.255 and $42.25. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.
- [F6]The weighted average sale price for the transaction reported was $42.53, and the range of prices were between $42.335 and $42.66. Upon request by the SEC staff, the Issuer, or any security holder of the Issuer, full information regarding the number of shares sold at each separate price will be provided.
- [F7]The stock option is fully vested and exercisable.
Signature
/s/ Elizabeth E. Reed|2026-04-15