TRVI earnings analysis
What we found in TRVI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Trevi Therapeutics reported a net loss of $13.2 million for Q1 2026, wider than the previous year’s loss of $10.3 million and missing EPS estimates with an actual loss of -$0.09 per share. The company continues to make significant investments in R&D with plans for multiple clinical trials, seeking to advance their investigational therapy Haduvio. Despite ongoing operating losses, Trevi has secured a strong cash position with net proceeds from a recent equity offering of approximately $162 million, extending their financial runway into 2030.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Wider Net Loss Year-over-Year
- Net loss expanded to $13.2 million in Q1 2026 compared to a loss of $10.3 million in Q1 2025.
- Increased R&D Investment
- R&D expenses rose from $7.8 million in Q1 2025 to $9.9 million in Q1 2026, reflecting increased clinical trial activity.
- Strong Cash Position
- Cash and cash equivalents totaled $171.8 million as of March 31, 2026.
- Increased Interest Income
- Interest income increased from $1.1 million in Q1 2025 to $1.7 million in Q1 2026, driven by higher invested cash balances.
- Significant Financing Raised
- Substantial capital raised of approximately $162 million from a follow-on offering in April 2026.
- Plans for Multiple Clinical Trials
- Management plans to initiate two pivotal Phase 3 clinical trials for Haduvio by Q2 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decrease in Cash Burn
- Operating cash flow rose to $16.7 million used in Q1 2026 from $13.5 million in Q1 2025.
- Continued Operating Losses
- The company has incurred net losses across all periods since inception, totaling $343 million in accumulated deficit.
- Reliance on Future Capital Raising
- Management warns of potential challenges in obtaining adequate financing to support ongoing operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
What they said about what is next.
Company expects to fund clinical activities through cash resources extending into 2030, specifics on revenue guidance were not provided.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 17, 2026
- Trevi Therapeutics is a clinical-stage company focused on Haduvio (oral nalbuphine ER) for chronic cough in IPF, non-IPF ILD and refractory chronic cough. The company reported strong Phase 2 efficacy (Phase 2b CORAL…
- 10-Q · May 8, 2025
- Trevi reported a Q1 2025 net loss of $10,340,000 (basic and diluted loss per share $(0.09)), an improvement versus Q1 2024 net loss of $10,902,000 (EPS $(0.11)). Operating expenses were slightly lower year-over-year at…
- 10-Q · November 6, 2024
- Trevi reported a wider Q3 net loss of $13.242M (EPS -$0.13) versus $7.698M (EPS -$0.08) in Q3 2023, driven by higher R&D spend of $11.224M (up from $6.323M). Cash and marketable securities totaled $16,052K and $49,441K…
- 10-Q · August 8, 2024
- Trevi reported a Q2 net loss of $12,352 thousand, or $(0.12) per share, versus a loss of $7,145 thousand, or $(0.07) in Q2 2023, driven by higher R&D and G&A spend. Cash and cash equivalents fell to $12,963 thousand at…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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