Inrig Jula 4
4 · Travere Therapeutics, Inc. · Filed May 6, 2026
Research Summary
AI-generated summary of this filing
Travere (TVTX) CMO Inrig Jula Sells Shares After Option Exercise
What Happened
Inrig Jula, Chief Medical Officer of Travere Therapeutics (TVTX), exercised stock options and sold company shares between May 4–6, 2026. Key moves: exercised 20,000 option shares at $22.40 (cost $448,000) and sold those 20,000 shares on May 4 at $45.00 for $900,000. Additional sales consisted of 2,174 shares on May 5 at $46.65 ($101,417) and 311 shares on May 6 at $43.95 ($13,668). Total open-market sale proceeds reported: approximately $1,015,085 across 22,485 shares. The filing also reports settlement/conversion of 4,250 performance shares (PSUs) that vested and related sell-to-cover activity, plus a grant/award of 8,500 PSUs (original grant Jan 31, 2024).
Key Details
- Transaction dates & prices:
- 2026-05-04: Exercised 20,000 options @ $22.40 (acquired; $448,000 outlay) and sold 20,000 shares @ $45.00 (proceeds $900,000).
- 2026-05-05: Sold 2,174 shares @ $46.65 (proceeds $101,417).
- 2026-05-06: Sold 311 shares @ $43.95 (proceeds $13,668).
- Report also shows conversion/settlement entries for 4,250 shares (PSUs) and a grant of 8,500 PSUs.
- Total shares sold (open-market/private): 22,485; total reported sale proceeds ≈ $1,015,085.
- Footnotes of note:
- Sales on May 4 (and included activity) were made under a Rule 10b5-1 trading plan adopted May 28, 2025 (F1, F4).
- 8,500 PSUs were originally granted Jan 31, 2024; 50% (4,250) vested May 4, 2026 upon meeting performance criteria (F2, F6).
- Some shares were sold to cover tax withholding required on vested PSUs (sell-to-cover mandated by issuer) — not a discretionary trade (F3).
- Shares owned after transaction: not specified in the provided filing details.
- Filing date: May 6, 2026, reporting activity for May 4–6, 2026; filing appears timely (no late filing noted in the record).
Context
This was a combination of an option exercise and immediate/open-market sales — effectively a cashless exercise for the 20,000 option shares (exercise followed by sale). The PSU vesting and required sell-to-cover are administrative (tax-related) events; the May 4 sale activity was executed under a pre-established 10b5-1 plan. These mechanics are common for insiders to cover exercise costs and tax withholding and do not by themselves indicate the insider’s broader view of the company.
Insider Transaction Report
- Exercise/Conversion
Common Stock
2026-05-04$22.40/sh+20,000$448,000→ 131,473 total - Sale
Common Stock
[F1]2026-05-04$45.00/sh−20,000$900,000→ 111,473 total - Exercise/Conversion
Common Stock
[F2]2026-05-04+4,250→ 115,723 total - Sale
Common Stock
[F3]2026-05-05$46.65/sh−2,174$101,417→ 113,549 total - Sale
Common Stock
[F4]2026-05-06$43.95/sh−311$13,668→ 113,238 total - Exercise/Conversion
Employee stock option (right to buy)
[F5]2026-05-04−20,000→ 34,500 totalExercise: $22.40Exp: 2033-01-31→ Common Stock (20,000 underlying) - Award
Performance-based restricted stock units
[F6][F2]2026-05-04+8,500→ 8,500 total→ Common Stock (8,500 underlying) - Exercise/Conversion
Performance-based restricted stock units
[F6][F2]2026-05-04−4,250→ 4,250 total→ Common Stock (4,250 underlying)
Footnotes (6)
- [F1]This sale was made pursuant to a written plan adopted on May 28, 2025, meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended.
- [F2]On January 31, 2024, the Reporting Person was granted performance restricted stock units (PSUs) covering 8,500 shares of the Issuer's common stock, to vest upon the satisfaction of certain performance criteria. If any such milestone is achieved on a pre-specified accelerated timeline, up to 50% additional shares attributable to such milestone achievement could vest under these PSU grants, with such additional potential shares to vest at a later date in furtherance of retention objectives. On May 4, 2026, 50% of the PSUs vested upon the Issuer's confirmation following the release of its financial results for the quarter ended March 31, 2026 that a performance criterion related to cumulative FILSPARI net revenue had been achieved, and contingent on continuous service by the Reporting Person, on January 31, 2027 an additional 25% of such PSUs will vest due to the timing of the achievement of such cumulative FILSPARI net revenue performance criterion.
- [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 May 28, 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]One-fourth of the shares subject to the stock option vested and become exercisable on January 31, 2024, and the remaining shares vest in 36 equal monthly installments thereafter.
- [F6]Each PSU represents a contingent right to receive one share of the Issuer's common stock at target, subject to adjustment based on the achievement of applicable performance conditions.