Trevi Therapeutics, Inc.
TRVI evidence brief
What we can confirm
- BioSniper Score:
- 6.0 / 10
- Market Cap:
- $2.37B
- Lead Asset:
- haduvio (Phase 3)
What it means
What to watch
Prepared research question
What matters most for TRVI—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TRVI
Trevi Therapeutics, Inc. (TRVI) is a clinical-stage biopharmaceutical company developing Haduvio (nalbuphine ER) for chronic cough in IPF, non-IPF ILD, and RCC, with Phase 3 trials underway and cash runway extended into 2030.
Key risk: No revenue history
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 catalyst for Trevi Therapeutics, Inc..
Similar companies
Trevi Therapeutics, Inc. (TRVI) is a clinical-stage biopharmaceutical company developing Haduvio (nalbuphine ER) for chronic cough in IPF, non-IPF ILD, and RCC, with Phase 3 trials underway and cash runway extended into 2030.
- Cash & equivalents of $54.3M as of 2026-06-30 [sec].
- Net income of -$17.8M as of 2026-06-30 [sec].
- Shareholders' equity of $321.5M as of 2026-06-30 [sec].
- Completed follow-on common stock offering with net proceeds of ~$162 million in April 2026, extending expected cash runway into 2030 [news · published 2026-05-05].
- Phase 3 OCEAN-1 topline results expected first half of 2028; Phase 3 OCEAN-2 topline results expected second half of 2027 [sec · filed 2026-04-17].
What works
- Cash runway extended into 2030 through potential FDA approval of Haduvio in IPF-related chronic cough, supported by ~$162M net proceeds from April 2026 offering [news · published 2026-05-05].
- Two Phase 3 trials for IPF-related chronic cough are underway, with topline results expected in 2027 and 2028 [sec · filed 2026-04-17].
- Pipeline includes Phase 2b trials for non-IPF ILD-related chronic cough and RCC, with topline results expected in second half of 2027 [sec · filed 2026-04-17].
What to weigh
- Company has not generated any revenue from product sales and may never generate significant revenue or profits [sec_mda · as of 2026-08-06].
- Net loss of $17.8M for the six months ended June 30, 2026 [sec].
- Substantial future expenditures are expected for clinical development, regulatory approval, and potential commercial launch, with no assurance of adequate additional financing [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
Cash runway extended into 2030
“Completed follow-on common stock offering with net proceeds of ~$162 million, extending expected cash runway into 2030 through potential FDA approval of Haduvio in IPF-related chronic cough and continued pipeline advancement”
News · May 5, 2026
Phase 3 topline timelines
“The Company expects to have topline results from the first Phase 3 trial in the first half of 2028 and from the second Phase 3 trial in the second half of 2027.”
SEC filings · April 17, 2026
Catalyst timeline
- 2027-12-31 · Phase2_Topline — Topline results from a Phase 2b trial are expected by end of 2027, which could inform further development or regulatory discussions.
Risks & what to watch (3)›
Key risks
- No revenue history — Company has never generated revenue from product sales and may never achieve significant revenue or profits [sec_mda · as of 2026-08-06].
- Substantial future spending — Expects to incur substantial expenditures for clinical development, regulatory approval, and commercial launch, with no assurance of adequate financing [sec_mda · as of 2026-08-06].
- Clinical trial risks — Phase 3 and Phase 2b trials may fail to meet endpoints, delaying or preventing approval [sec · filed 2026-04-17].
What to watch
- Phase 3 OCEAN-1 topline results expected first half of 2028 [sec · filed 2026-04-17].
- Phase 3 OCEAN-2 topline results expected second half of 2027 [sec · filed 2026-04-17].
- Phase 2b LAKE trial (RCC) topline results expected second half of 2027 [sec · filed 2026-04-17].
- Phase 2b non-IPF ILD trial topline results expected second half of 2027 [sec · filed 2026-04-17].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 9, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.03 · 0% dilution
Lead: Phase 3
1 candidate
1 upcoming, next in ~442d
No insider transactions in the last 180 days
Catalysts
Pipeline
Financials
Short Interest
as of Apr 28, 2026- % of float
- 14.1%
- Days to cover
- 12.4
- Shares short
- 16,139,168
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TRVI short interestGovernance
Frequently asked questions
What is the AI investment thesis for Trevi Therapeutics, Inc.?
Trevi Therapeutics, Inc. (TRVI) is a clinical-stage biopharmaceutical company developing Haduvio (nalbuphine ER) for chronic cough in IPF, non-IPF ILD, and RCC, with Phase 3 trials underway and cash runway extended into 2030.
What is Trevi Therapeutics, Inc.'s lead drug candidate?
Trevi Therapeutics, Inc.'s most advanced tracked candidate is haduvio (Phase 3) for Prurigo nodularis.
What is Trevi Therapeutics, Inc.'s next catalyst?
Trevi Therapeutics, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase2_Topline: 0001193125-26-160355" — expected December 31, 2027.
Who is the CEO of Trevi Therapeutics, Inc.?
Ms. Jennifer L. Good is the chief executive officer of Trevi Therapeutics, Inc. (TRVI).
Where is Trevi Therapeutics, Inc. headquartered?
Trevi Therapeutics, Inc. (TRVI) is headquartered in New Haven, CT, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.