TRVI · Trevi Therapeutics, Inc.

This filing announces a high-materiality equity financing event that materially extends Trevi’s operational runway and de-risks near-term clinical execution. The $150 million gross offering — one of the largest biotech financings in early 2026 — directly funds the pivotal Phase 3 program for Haduvio in IPF-related chronic cough, where the company has demonstrated statistically significant cough frequency reduction in prior trials. Critically, the two parallel Phase 3 trials are designed with distinct durations (52 weeks and 12 weeks) and enrollment targets (≈300 and ≈130 patients), enabling staggered readouts — first topline data expected in H1 2028, second in H2 2027 — which provides multiple potential catalysts for regulatory interaction and value inflection. The disclosed cash position of $171.8 million as of March 31, 2026, combined with anticipated net proceeds, supports operations through 2029, covering not only these Phase 3 trials but also planned Phase 2b studies in non-IPF ILD and RCC. However, management explicitly states this runway excludes commercial launch costs and does not fund regulatory approval for non-IPF indications — underscoring that further capital raises remain necessary beyond 2029. The offering was executed efficiently under an automatic shelf registration (Form S-3, effective Nov 13, 2025), reflecting strong investor access and execution capability. While dilutive, the financing avoids near-term liquidity risk and preserves optionality for future strategic decisions, including potential partnerships ahead of anticipated FDA feedback on the Phase 3 program design.