TRVI Stock — Trevi Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biopharmaceutical company focused on the development and commercialization of the investigational therapy Haduvio (oral nalbuphine ER) for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis, or IPF, non-IPF interstitial lung disease, or non-IPF ILD, and refractory chronic cough, or RCC.

Source: 10-K FY2025 via SEC EDGAR

Share price

$14.33

Market cap

$2,041.7M

Cash

$318.9M

Enterprise value

$1,722.8M

Balance sheet

Cash	$318.9M
Debt	$0.0M
Net cash	$318.9M
Enterprise value	$1,722.8M
Basic shares	142.5M shares
Fully diluted shares	174.5M shares
Fully diluted market cap	$2,500.0M
Cash per share	$2.24
Quarterly burn	$17.4M
Cash runway	18.3 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

142.5M

Pre-funded warrants

17.2M

Options

11.8M

RSUs

0.0M

Warrants

1.9M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.1M

FDSO

174.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Haduvio (nalbuphine ER) · Est. Sep 30, 2027 · half midpoint · guided in 8 mo

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Sep 30, 2027 in 8 mo half midpoint	Haduvio (nalbuphine ER) OCEAN-2 Phase 3 in IPF-related chronic cough	Phase 3	IPF-related chronic cough	2H 2027
Oct 13 - Nov 24 in 11 mo	NAL ER	Phase 2	Refractory Chronic Cough	2H 2027 Est. Sep 30, 2027 · half midpoint
Jul 13 - Aug 24 in 20 mo	NAL ER	Phase 3	Idiopathic Pulmonary Fibrosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Haduvio

Phase 3 · Active Modality: small molecule (oral extended-release)

Aliases oral nalbuphine ER

Target kappa and mu opioid receptors

Partnerships Keenova Therapeutics plc: milestone payments on first Phase 3 completion and US marketing approval, plus royalties on net sales

Indications

IPF-related chronic cough (Phase 3)
Refractory chronic cough (RCC) (Phase 2)
Non-IPF ILD-related chronic cough (Stage not disclosed)

Catalysts

— H1 2028
— H2 2027 / Q3 2026
— H2 2027 / Q4 2026
— H2 2026 / H2 2027

Status note Lead and sole clinical candidate. Phase 3 OCEAN-1 (IPF cough, ~300 patients) initiated Q2 2026; Phase 3 OCEAN-2 (IPF cough, ~200 patients) planned Q3 2026; Phase 2b LAKE (RCC, ~100 patients) initiated Q2 2026. End-of-Phase 2 meeting with FDA completed.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	NAL ER
Lead indication	Idiopathic Pulmonary Fibrosis
Lead phase	Phase 3
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07671911	Phase 3	Recruiting	Sponsor	TRVI	—	Idiopathic Pulmonary Fibrosis	—
NCT07671924	Phase 2	Recruiting	Sponsor	TRVI	—	Refractory Chronic Cough	2H 2027 Est. Sep 30, 2027 · half midpoint

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Trevi Therapeutics on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	9,939,447	-100	4.04%	2026-08-14
Vivo Capital	5,094,668	no change	8.68%	2026-08-14
Logos Global Management	1,880,000	-520,000	1.51%	2026-08-14
OrbiMed Advisors	1,430,293	-1,024,107	0.51%	2026-08-14
Sphera Biotech	499,029	-75,000	1.33%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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TRVI — Trevi Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

TRVI — Trevi Therapeutics Inc.