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…
Earnings analysis · 10-Q
TRVI earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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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.
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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.
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Strong Cash Position
Cash and cash equivalents totaled $171.8 million as of March 31, 2026.
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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.
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Significant Financing Raised
Substantial capital raised of approximately $162 million from a follow-on offering in April 2026.
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Plans for Multiple Clinical Trials
Management plans to initiate two pivotal Phase 3 clinical trials for Haduvio by Q2 2026.
What to watch
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Decrease in Cash Burn
Operating cash flow rose to $16.7 million used in Q1 2026 from $13.5 million in Q1 2025.
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Continued Operating Losses
The company has incurred net losses across all periods since inception, totaling $343 million in accumulated deficit.
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Reliance on Future Capital Raising
Management warns of potential challenges in obtaining adequate financing to support ongoing operations.
Management's outlook
Company expects to fund clinical activities through cash resources extending into 2030, specifics on revenue guidance were not provided.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.