Trevi Therapeutics, Inc. TRVI
We are a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis, or IPF, non-IPF interstitial lung disease, or non-IPF ILD, and refractory chronic cough, or RCC.
Haduvio is an oral extended-release formulation of nalbuphine. Haduvio acts on the cough reflex arc both centrally and peripherally as a kappa receptor agonist and a mu receptor antagonist ("KAMA"), targeting opioid receptors that play a key role in controlling chronic cough. The kappa- and mu-opioid receptors are known to be critical mediators of cough. Nalbuphine has been approved and marketed as an injectable for pain indications for decades in the United States, or the U.S., and Europe. Nalbuphine's mechanism of action also mitigates the risk of abuse associated with mu-opioid agonists because it antagonizes, or blocks, the mu-opioid receptor. Parenteral nalbuphine is not scheduled as a controlled substance by the U.S. Drug Enforcement Agency and in most of Europe. We believe this makes Haduvio a promising potential therapy for the treatment of chronic cough in patients with IPF, non-IPF ILD, and RCC.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| R&D | $33.5M | $39.4M | $23.7M | $19.8M | $23.0M | $22.3M | $19.3M | $14.1M | — |
| SG&A | $15.8M | $12.1M | $10.2M | $10.1M | $9.5M | $10.2M | $7.3M | $4.3M | — |
| Total operating expenses | $49.3M | $51.5M | $33.9M | $29.9M | $32.5M | $32.5M | $26.6M | $18.4M | — |
| Operating income | -$49.3M | -$51.5M | -$33.9M | -$29.9M | -$32.5M | -$32.5M | -$26.6M | -$18.4M | — |
| Interest expense | $0 | $4.0K | $391.0K | $1.2M | $1.2M | $456.0K | — | $174.0K | — |
| Pre-tax income | -$42.8M | -$47.9M | -$29.1M | -$29.2M | -$34.0M | -$32.8M | -$26.1M | -$20.7M | — |
| Income tax | $64.0K | $30.0K | $32.0K | $36.0K | $21.0K | $18.0K | $18.0K | $124.0K | — |
| Net income | -$42.8M | -$47.9M | -$29.1M | -$29.2M | -$33.9M | -$32.8M | -$26.1M | -$20.5M | — |
| EPS, basic | -0.32 | -0.47 | -0.29 | -0.45 | -1.49 | — | — | — | — |
| EPS, diluted | -0.32 | -0.47 | -0.29 | -0.45 | -1.49 | -1.81 | -2.28 | -58.44 | — |
| Shares, diluted (wtd. avg.) | $134.7M | $102.0M | $99.0M | $64.5M | $22.8M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $18.9M | $34.1M | $32.4M | $12.6M | $36.8M | $45.0M | $57.3M | $7.2M | $22.0M |
| Short-term investments | $169.3M | $73.5M | $50.6M | $107.9M | — | — | — | — | — |
| Total current assets | $191.7M | $109.4M | $87.5M | $122.6M | $38.0M | $46.3M | $59.6M | $8.8M | — |
| Property, plant and equipment | $178.0K | $157.0K | $216.0K | $170.0K | $53.0K | $103.0K | $118.0K | $149.0K | — |
| Total assets | $193.4M | $110.9M | $89.4M | $123.0M | $38.5M | $47.1M | $60.0M | $10.5M | — |
| Accounts payable | $3.9M | $3.4M | $1.8M | $2.9M | $2.8M | $2.0M | $1.6M | $603.0K | — |
| Total current liabilities | $9.7M | $10.5M | $5.8M | $13.4M | $12.7M | $5.6M | $5.2M | $2.7M | — |
| Total liabilities | $10.2M | $11.3M | $6.9M | $15.6M | $21.4M | $19.8M | — | — | — |
| Retained earnings | -$329.8M | -$287.0M | -$239.1M | -$210.1M | -$180.9M | -$147.0M | -$114.2M | -$109.5M | — |
| Total equity | $183.2M | $99.6M | $82.5M | $107.5M | $17.1M | $27.3M | $54.5M | -$109.5M | -$84.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$42.1M | -$38.3M | -$31.7M | -$28.2M | -$28.9M | -$29.0M | -$23.1M | -$18.3M | — |
| Depreciation and amortisation | $144.0K | $147.0K | $123.0K | $43.0K | $50.0K | $47.0K | $39.0K | $23.0K | — |
| Stock-based compensation | $5.2M | $3.6M | $2.2M | $2.3M | $2.5M | $2.4M | $1.1M | $496.0K | — |
| Capital expenditure | $12.0K | $35.0K | $137.0K | $159.0K | — | $32.0K | $9.0K | $158.0K | — |
| Investing cash flow | -$94.1M | -$21.5M | $59.4M | -$107.4M | — | -$32.0K | -$9.0K | -$158.0K | — |
| Financing cash flow | $121.0M | $61.5M | -$7.9M | $111.3M | $20.8M | $16.7M | $73.2M | $3.6M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-166695.
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