Trevi Therapeutics extends cash runway into 2030 after stock offering
The biotechnology company ended the second quarter with $318.9 million in cash and marketable securities.
Trevi Therapeutics (TRVI) reported a widened quarterly net loss as it accelerated clinical spending for its lead candidate, Haduvio.
The company used the period to significantly bolster its balance sheet to support a series of late-stage clinical trials. Trevi ended the second quarter with $318.9 million in cash, cash equivalents, and marketable securities, up from $188.3 million on December 31, 2025. The increase followed a common stock offering in April 2026 that generated approximately $162.3 million in net proceeds.
Net loss for the second quarter rose to $17.8 million, compared to a loss of $12.3 million in the same period last year. The widening loss coincided with a ramp-up in operational spending to advance the company's pipeline.
Research and development expenses rose to $15.2 million from $9.4 million in the prior-year quarter. The increase was attributed to costs associated with the Phase 3 OCEAN-1 and OCEAN-2 trials, the Phase 2b LAKE study, and Phase 1 NDA supportive studies, though these were partially offset by lower spending on the Phase 2b CORAL trial.
General and administrative expenses also increased to $5.4 million from $4.3 million in the second quarter of 2025, primarily due to higher personnel expenses and stock-based compensation. These costs were partially mitigated by a rise in net other income, which reached $2.7 million from $1.4 million a year earlier due to higher interest income on its cash balances.
Trevi initiated the Phase 3 OCEAN-1 trial for IPF-related chronic cough and the Phase 2b LAKE trial for refractory chronic cough during the quarter. The company plans to initiate the Phase 3 OCEAN-2 trial in the third quarter of 2026.
The company's current capital position extends its cash runway into 2030. These funds are sufficient to support Haduvio through potential FDA approval for IPF-related chronic cough and through Phase 3 for non-IPF ILD-related chronic cough.