Trevi Therapeutics, Inc. Segments Disclosure
The Company operates and manages its business as one reportable segment, which is also the Company’s only operating segment. Such segment is the business of developing and commercializing the investigational therapy Haduvio (oral Nalbuphine ER) for the treatment of chronic cough in patients with IPF, chronic cough in patients with non-IPF ILD, and RCC. The Company’s chief operating decision maker, or CODM, is the President and C. The CODM assesses performance for the segment and decides how to allocate resources based on consolidated net loss that is also reported on the Company’s consolidated statements of comprehensive loss.
The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.
The CODM uses consolidated net loss to evaluate the Company’s spend and monitor budget versus actual results. The monitoring of budgeted versus actual results is used in assessing performance of the segment and in establishing resource allocation across the organization.
The accounting policies of the segment are the same as those described in Note 2 of the notes to the consolidated financial statements included in this Annual Report on Form 10-K.
The following table presents reportable segment loss, including significant expense categories, attributable to the Company’s reportable segment for the periods presented:
|
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Chronic cough in IPF clinical trial expense |
|
$ |
14,615 |
|
|
$ |
5,867 |
|
Refractory chronic cough clinical trial expense |
|
|
6,042 |
|
|
|
2,383 |
|
Other clinical trials and studies 1 |
|
|
4,313 |
|
|
|
4,410 |
|
Clinical trial material |
|
|
3,235 |
|
|
|
2,216 |
|
Other clinical development expenses 2 |
|
|
4,008 |
|
|
|
3,154 |
|
Employee compensation (excluding stock compensation expense) |
|
|
9,265 |
|
|
|
7,883 |
|
Stock compensation expense |
|
|
3,588 |
|
|
|
2,247 |
|
Other segment items 3 |
|
|
6,447 |
|
|
|
5,653 |
|
Interest income, net |
|
|
(3,602 |
) |
|
|
(4,748 |
) |
Net loss |
|
$ |
47,911 |
|
|
$ |
29,065 |
|
(1) Includes expense related to the Company’s Human Abuse Potential study, the Company’s Phase 2a CANAL trial of Haduvio for the treatment of chronic cough in patients with IPF, and the Company’s Phase 2b/3 PRISM trial of Haduvio for the treatment of prurigo nodularis.
(2) Includes expense related to general research and development activities, regulatory, medical affairs, and quality assurance.
(3) Includes general administrative expense, interest expense, net, other (expense) income, net and income tax benefit.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.