The improved cash runway into 2028 reduces near-term dilution risk, but value inflection hinges on upcoming Phase 3 trial initiations and data readouts. Monitor enrollment progress in the pivotal IPF cough trials and any protocol finalizations with the FDA.
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Executive Summary
Trevi Therapeutics reported fourth quarter and full-year 2025 financial results, highlighted by a reduced net loss and $188.3 million in cash, providing runway into 2028. The company gained FDA alignment on its Phase 3 program for IPF-related chronic cough and plans to initiate pivotal trials in 2026, alongside Phase 2b trials in RCC and non-IPF ILD. Despite no revenue, R&D spending declined while cash position strengthened.
Key Financial Metrics
Key Facts
- Ended 2025 with $188.3 million in cash, cash equivalents, and marketable securities, up from $107.6 million in 2024.
- Net loss for Q4 2025 was $8.3 million vs. $11.4 million in Q4 2024; full-year net loss was $42.8 million vs. $47.9 million in 2024.
- R&D expenses decreased to $33.5 million in 2025 from $39.4 million in 2024 due to reduced clinical trial activity.
- Gained FDA alignment on Phase 3 trial design for IPF-related chronic cough; first pivotal trial to start in Q2 2026.
- Plans to initiate Phase 2b trials in refractory chronic cough (RCC) and non-IPF ILD in 2026.
Financial Impact
Reduced annual net loss by $5.1 million YoY; cash position increased by $80.7 million due to prior financing and interest income.
Risk Factors
- Clinical development risk: Phase 3 trials are not yet initiated; FDA may require protocol changes.
- No revenue-generating products; entirely dependent on clinical success and future funding.
- Forward-looking statements dominate; actual trial outcomes may differ from management expectations.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3257652 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | $13.46 $17.26 | ▲ +28.23% | ▲ +23.84% | $14.12 (+4.90%) |
Jun 11, 2026 16w ago | Institutional Cluster | $13.46 $17.26 | ▲ +28.23% | ▲ +23.84% | $14.12 (+4.90%) |
Apr 21, 2026 23w ago | DEFA14A | $14.80 $19.07 | ▲ +28.85% | ▲ +24.07% | $14.12 (−4.59%) |
Apr 20, 2026 23w ago | Press Release | $14.62 $17.36 | ▲ +18.74% | ▲ +11.84% | $14.12 (−3.42%) |
Apr 17, 2026 23w ago | 424B5 | $15.40 $18.15 | ▼ −17.82% | ▼ −11.05% | $14.12 (+8.31%) |
Apr 17, 2026 24w ago | 8-K | $15.23 $17.91 | ▼ −17.60% | ▼ −11.45% | $14.12 (+7.29%) |
Apr 17, 2026 24w ago | Press Release | $15.23 $17.91 | ▲ +17.60% | ▲ +11.45% | $14.12 (−7.29%) |
Mar 17, 2026 28w ago | Press Release | $10.69 $13.46 | ▲ +25.91% | ▲ +14.39% | $14.12 (+32.09%) |
Mar 10, 2026 29w ago | Press Release | $11.94 $13.45 | ▲ +12.65% | ▲ +1.12% | $14.12 (+18.26%) |
Mar 9, 2026 29w ago | Press Release | $11.70 $13.50 | ▲ +15.38% | ▲ +3.40% | $14.12 (+20.68%) |
US Market Status
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