Trevi Therapeutics, Inc.
A clinical-stage biopharmaceutical company developing Haduvio, an oral extended-release form of nalbuphine that acts on opioid receptors in the cough reflex arc to treat chronic cough. Its lead program targets chronic cough tied to idiopathic pulmonary fibrosis, with additional programs for other interstitial lung diseases and refractory chronic cough. The company has kept worldwide commercial rights to Haduvio.
10-Q · Quarter ended Jun 30, 2026 · SEC filing ↗
The quarterly loss deepened as Trevi ramped spending toward its pivotal Phase 3 program. Net loss widened to $17.8 million from $12.3 million a year ago, with research and development expenses rising 49% to $14.0 million to prepare two Phase 3 trials of Haduvio for chronic cough in IPF. A post-quarter $162 million equity raise extended the cash runway to 2030, funding the company through a potential FDA decision.
The company states it has no material pending legal proceedings.
Key risks center on competition for Haduvio and the upcoming loss of smaller reporting company accommodations.