Trevi Therapeutics, Inc. (TRVI)

In August 2025, Trevi Therapeutics reported positive Phase II data from its CORAL trial in IPF patients and RIVER trial in refractory chronic cough, demonstrating significant reductions in cough frequency and improvements in quality of life. The company announced in its Q2 2025 earnings report on August 7, 2025, that it had raised approximately $115 million in June 2025, extending its cash runway into 2029. By November 13, 2025, the Q3 2025 financial results showed a net loss of $11.8 million and a strong cash position of $194.9 million, with an expected cash runway into 2028. Trevi Therapeutics is preparing to initiate a comprehensive Phase 3 program for chronic cough in IPF in the first half of 2026 and planned to submit an End-of-Phase 2 meeting request to the FDA in Q4 2025. On January 22, 2026, data from the Phase 2b IPF Chronic Cough Trial of nalbuphine ER was published in JAMA. Around January 12, 2026, there was an FDA End of Phase 2 update and renewed analyst optimism. Additionally, a leadership change was noted on December 21, 2025, and Stifel raised the company's price target to $18 from $15 on December 19, 2025. The stock price increased by 181.37% between February 4, 2025, and February 3, 2026, with the share price at $11.48 on February 3, 2026.

As a clinical-stage biopharmaceutical company, Trevi Therapeutics, Inc. does not currently have commercialized products generating revenue. Therefore, there is no readily available information or established patterns regarding demand seasonality for its products or services. The company's financial model is currently centered on successful clinical execution and capital raises rather than product sales.

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing Haduvio (oral nalbuphine ER) for serious neurologically mediated conditions. The company operates within the Pharmaceuticals sector and the Health Care industry, specifically the Biotechnology industry. Trevi's primary investigational therapy is Haduvio, an oral extended-release formulation of nalbuphine, being developed to treat chronic pruritus associated with prurigo nodularis, chronic cough in patients with idiopathic pulmonary fibrosis (IPF), refractory chronic cough (RCC), pruritus in chronic liver disease, and levodopa-induced dyskinesia in patients with Parkinson's disease. Haduvio acts as a mixed kappa-opioid receptor agonist and mu-opioid receptor antagonist, targeting the central and peripheral cough reflex arc.

Trevi Therapeutics, Inc. is headquartered in New Haven, Connecticut, USA, and conducts its operations across the United States.

Trevi Therapeutics has maintained a positive brand reputation over the past year, primarily driven by favorable clinical trial results and analyst sentiment. The company reported positive Phase II data from both its CORAL and RIVER trials for chronic cough, which are significant milestones for a clinical-stage biopharmaceutical company. The successful completion of a Phase 1 drug-drug interaction study with standard antifibrotic therapies, showing no clinically meaningful findings, further bolstered confidence. The publication of clinical data in a reputable journal like JAMA also enhances its scientific standing. Wall Street analysts generally hold a positive outlook, with a consensus rating of "Strong Buy" or "Buy" from 9 analysts, and an average rating score of 3.00 (Buy). While the company is currently unprofitable, which is typical for a clinical-stage biotech, no specific negative events significantly impacting its reputation were identified in the past year.

The majority of Trevi Therapeutics' outstanding shares are held by institutional investors. The company has 274 institutional owners holding a total of 141,520,085 shares. Major institutional shareholders include NEA Management Company, LLC (10.86%), Frazier Life Sciences Management, L.P. (8.425%), BlackRock, Inc. (7.543%), Rubric Capital Management LP (7.006%), and Vanguard Group Inc (5.284%). Institutional investors collectively hold 55.53% of the shares. Insider ownership accounts for 11.71% of the company. Prominent individual shareholders (insiders) include Peter W. Sonsini, Mohamad Makhzoumi, Scott D. Sandell, Anthony A. Florence Jr., Carmen Chang, Paul Edward Walker, Ali Behbahani, and Forest Baskett, with Peter W. Sonsini holding 13.50% of the company's shares.