Trevi Therapeutics(NASDAQ) TRVI

Trevi Therapeutics helps people with severe, long-term coughs. They make pills that calm the body's cough reflex. These treatments help patients with limited relief options.

Taming the Cough Reflex

• IPF Cough Program: Investigational therapy for chronic cough in patients with idiopathic pulmonary fibrosis, a scarring lung disease.
• RCC Program: Clinical-stage treatment for refractory chronic cough, a condition affecting millions of adults in the United States.
• Non-IPF ILD Program: Development track for patients with various interstitial lung diseases, with a Phase 2b trial planned for 2026.
• Haduvio Technology: Oral extended-release pill designed to target specific receptors in the brainstem and spinal cord.

How the Pipeline is Funded

• Generated $115.1 million in gross proceeds from an underwritten public offering in June 2025.
• Raised $162 million in net proceeds through a subsequent public stock offering in April 2026.
• Entered a licensing agreement with Endo Pharmaceuticals Inc. to develop and sell products using nalbuphine hydrochloride.
• Completed the Phase 2b CORAL clinical trial in June 2025, meeting the primary endpoint for cough frequency reduction.

Tapping into the Nervous System

Trevi uses a dual-action mechanism to calm the nervous system without the high addiction risks of traditional opioids. Its lead candidate is not currently classified as a controlled substance by U.S. federal regulators.

Key Facts from the Ledger

• Market capitalization hit $1.7 billion in Q1 2026, up 134.8% from the $739.8 million reported in Q1 2025.
• Net loss reached $13.2 million in Q1 2026, worsening 27.6% from the $10.3 million loss in the prior year.
• Operating loss deepened to $14.9 million in Q1 2026, a 30% increase in losses year-over-year.
• Cash, cash equivalents, and marketable securities totaled $171.8 million as of March 31, 2026.
• Research and development expenses grew to $9.9 million in Q1 2026 to support several late-stage clinical trials.

Bottom Line

Trevi has evolved into a late-stage developer by securing substantial capital to advance its neurological approach to respiratory care. The company’s focus on non-addictive treatments addresses a significant gap in the market for chronic cough relief.