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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$20.5M | -$26.1M | -$32.8M | -$33.9M | -$29.2M | -$29.1M | -$47.9M | -$42.8M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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