TRVI · Trevi Therapeutics, Inc.

Trevi Therapeutics’ Q1 2026 financial results reflect an acceleration in clinical execution across its chronic cough pipeline, directly driving higher operating expenses. R&D expenses increased 27% year-over-year to $9.9 million, primarily attributable to ramp-up of Phase 3 trials in IPF-related chronic cough and the Phase 2b trial in refractory chronic cough (RCC), partially offset by reduced spending on earlier-stage programs like CORAL and RIVER. G&A expenses rose 36% to $5.0 million, fueled by elevated legal costs for global intellectual property protection—including a newly granted European patent for nalbuphine ER in IPF-cough—and higher non-cash stock-based compensation. The $162 million follow-on offering completed in April 2026 materially de-risks near-term capital needs, supporting the company’s stated plan to fund development through potential FDA approval of Haduvio in IPF-cough and to report topline data from all planned Phase 2b and Phase 3 trials without additional financing. With $171.8 million in cash and marketable securities as of March 31, 2026—and no commercial launch or additional trial expenditures included in the runway estimate—the company has positioned itself for multi-year clinical execution. Management emphasized strategic alignment with the FDA post-End-of-Phase 2 meeting and highlighted parallel trial initiations as evidence of execution readiness. While net loss widened to $13.2 million, the increase is fully consistent with disclosed program advancement and not indicative of operational inefficiency; rather, it signals progression toward pivotal data readouts beginning in late 2027 and continuing through 2028—key value inflection points for investors assessing Haduvio’s regulatory and commercial potential in three high-unmet-need indications with no approved therapies.