Trevi Therapeutics, Inc.

Listed Company

TRVICIK 0001563880NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-42.80M

Total Assets

$193.44M

Equity

$183.24M

Shares Out

128.40M

Op. Cash Flow

$-42.09M

Business

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing Haduvio (oral nalbuphine ER) to treat chronic cough in patients with idiopathic pulmonary fibrosis, non‑IPF interstitial lung disease and refractory chronic cough. Haduvio is an oral extended‑release nalbuphine formulation that acts as a kappa‑opioid receptor agonist and mu‑opioid receptor antagonist to modulate the cough reflex. Key programs include clinical development in IPF, non‑IPF ILD and RCC, plus human abuse potential and hepatic impairment studies. The company conducts trials in the U.S., U.K. and Canada, retains worldwide commercial rights, and relies on third‑party manufacturers and ex‑U.S. collaborators for distribution.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	33	39	24	20	23
General and administrative	16	12	10	10	9
Total operating expenses	49	52	34	30	32
Loss from operations	−49	−52	−34	−30	−32
Interest income, net	7	4	5	—	—
Other expense, net	−31,000	−15,000	469,000	289,000	−375,000
Interest expense	0	−4,000	−391,000	—	—
Total other income, net	7	4	5	719,000	−1
Loss before income taxes	−43	−48	−29	−29	−34
Income tax benefit	−64,000	−30,000	32,000	36,000	21,000
Net loss	−43	−48	−29	−29	−34
Basic net loss per common share outstanding	−0.32	−0.47	−0.29	−0.45	−1.49
Diluted net loss per common share outstanding	−0.32	−0.47	−0.29	−0.45	−1.49
Weighted average common shares used in net loss per share attributable to common stockholders, basic	135	102	99	65	23
Weighted average common shares used in net loss per share attributable to common stockholders, diluted	135	102	99	65	23
Net unrealized gains on available-for-sale marketable securities	87,000	90,000	93,000	−122,000	—
Comprehensive loss	−43	−48	−29	−29	−34

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	19	34	32	13	37
Marketable securities	169	74	51	108	—
Prepaid expenses	1	939,000	4	795,000	886,000
Other current assets	2	867,000	955,000	1	241,000
Total current assets	192	109	88	123	38
Operating lease right-of-use assets	677,000	915,000	1	24,000	131,000
Property, equipment and leasehold improvements, net	178,000	157,000	216,000	170,000	53,000
Other non-current assets	928,000	243,000	297,000	205,000	334,000
Finance lease right-of-use assets	0	157,000	206,000	—	—
Total assets	193	111	89	123	38
Accounts payable	4	3	2	3	3
Accrued expenses	6	7	4	4	4
Operating lease liabilities	307,000	254,000	184,000	25,000	120,000
Finance lease liabilities	0	31,000	122,000	—	—
Total current liabilities	10	11	6	13	13
Operating lease liabilities	446,000	747,000	1	2,000	24,000
Total liabilities	10	11	7	16	21
Commitments and contingencies (Note 13)	—	—	—	—	—
Preferred stock: $0.001 par value; 5,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued or outstanding at December 31, 2025 and December 31, 2024.Preferred stock: $0.001 par value; 5,000,000 shares authorized at December 31, 2025 and December 31, 2024; no shares issued or outstanding at December 31, 2025 and December 31, 2024.	—	—	—	—	—
Common stock: $0.001 par value; 200,000,000 shares authorized at December 31, 2025 and December 31, 2024; and 128,306,056 and 93,602,631 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively.	128,000	94,000	68,000	60,000	29,000
Additional paid-in capital	513	387	322	318	198
Accumulated other comprehensive income	148,000	61,000	−29,000	−122,000	—
Accumulated deficit	−330	−287	−239	−210	−181
Total stockholders equity	183	100	83	107	17
Total liabilities and stockholders equity	193	111	89	123	38

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	5	4	2	2	3
Operating lease right-of-use assets	437,000	460,000	377,000	0	—
Depreciation and amortization	144,000	147,000	123,000	43,000	—
Accretion of available-for-sale marketable securities, net	−2	−1	−2	−829,000	—
Write off of deferred offering costs	26,000	—	390,000	—	—
Loss on disposal of property, equipment and leasehold improvements	7,000	—	10,000	—	—
Prepaid expenses and other current assets	−1	3	−3	−601,000	342,000
Accrued expenses and other liabilities	−1	3	52,000	−639,000	336,000
Accounts payable	−598,000	2	−1	9,000	831,000
Net cash used in operating activities	−42	−38	−32	−28	−29
Proceeds from maturities of available-for-sale marketable securities	77	77	69	19	—
Purchases of available-for-sale marketable securities	−171	−98	−10	−126	—
Purchases of property, equipment and leasehold improvements	−12,000	−35,000	−137,000	−159,000	—
Net cash used in investing activities	−94	−22	59	−107	—
Proceeds from offering, net of commissions	108	47	—	—	—
Proceeds from exercises of warrants	11	—	—	12	3,000
Proceeds from exercises of stock options	2	394,000	74,000	139,000	—
Proceeds from disgorgement of beneficial owner's short-swing profits	725,000	—	—	—	—
Proceeds from employee stock purchase plan	118,000	70,000	68,000	56,000	39,000
Payments of offering costs	−809,000	—	−258,000	−226,000	−382,000
Payments of finance lease	−11,000	−126,000	−95,000	—	—
Proceeds from at-the-market sales, net of commissions	—	14	2	—	8
Net cash provided by financing activities	121	61	−8	111	21
Net (decrease) increase in cash and cash equivalents	−15	2	20	−24	−8
Interest paid	—	−4,000	−331,000	−594,000	603,000
State research tax credits exchanged for cash	33,000	32,000	55,000	—	18,000
Offering costs included in accrued expenses	—	233,000	—	15,000	41,000

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro