Trevi Therapeutics
Developing oral nalbuphine ER across three chronic-cough indications.
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Profile
Develops Haduvio, an investigational oral extended-release nalbuphine therapy, across three chronic-cough programs spanning fibrotic lung disease and refractory chronic cough. With no approved product, the business depends on one licensed drug candidate, clinical and regulatory execution, and third-party manufacturing.
Develops Haduvio, an investigational oral extended-release form of nalbuphine, for chronic cough in idiopathic pulmonary fibrosis, non-IPF interstitial lung disease, and refractory chronic cough. The most advanced IPF program has entered Phase 3, while the refractory chronic cough program is in Phase 2b and the non-IPF ILD program remains in regulatory planning.
Based in New Haven, the clinical-stage operation conducts development in the United States and internationally. Its focused model advances one molecule across related cough indications and relies on trial execution and regulatory approval rather than an existing commercial franchise. No product is approved for sale. The business depends on Haduvio, an exclusive worldwide license from Keenova, external clinical and manufacturing partners, and a single supplier of nalbuphine drug substance.
Company facts
Key statistics
Year to date +41.1% · Average volume (30d) 1.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 7, 2026 | Morgan Stanley | Reiterate | Overweight | $20 | $23 |
| Aug 7, 2026 | Oppenheimer | Reiterate | Outperform | $24 | $25 |
| Aug 7, 2026 | Raymond James | Reiterate | Strong Buy | $40 | |
| Jul 20, 2026 | BMO Capital | Initiate | Outperform | $36 | |
| Jul 20, 2026 | H.C. Wainwright | Reiterate | Buy | $6 | $24 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.11 | −$0.11 | −0.5% | — | — | — | +0.05% |
| May 5, 2026Q1 FY26 | −$0.07 | −$0.09 | −28.6% | — | — | — | −2.73% |
| Mar 17, 2026Q4 FY25 | −$0.10 | −$0.06 | +40.0% | — | — | — | −4.47% |
| Nov 13, 2025Q3 FY25 | −$0.10 | −$0.08 | +20.0% | — | — | — | −0.79% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | $0 | $0 | −$34.0K | $0 | |
| Operating income | −$11.5M | −$13.7M | −$13.9M | −$10.2M | −$14.9M | −$20.5M | |
| Net income | −$10.3M | −$12.3M | −$11.8M | −$8.3M | −$13.2M | −$17.8M | |
| Diluted EPS | −$0.09 | −$0.09 | −$0.08 | −$0.06 | −$0.09 | −$0.11 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $318.9M · Total debt $605.0K · Total assets $330.5M · Shareholders' equity $321.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 141.98M · Float 118.77M · 83.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Nea 18 Vge GP, LLC | 15.07M | 10.50% | 13D | May 7, 2026 |
| Nea Management Company, LLC | 13.22M | 9.31% | 13F | Aug 14, 2026 |
| FMR LLC | 12.56M | 8.85% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 11.16M | 7.86% | 13F | Aug 7, 2026 |
| Frazier Life Sciences Management, L.P. | 9.94M | 7.00% | 13F | Aug 14, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- GSK (ADR)
Phase 3 P2X3 chronic-cough program with respiratory scale
- Merck
Gefapixant is the approved P2X3 benchmark outside the U.S.
- United Therapeutics
PH-ILD franchise with inhaled IPF development
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Trevi Therapeutics | $16.72 | −0.34% | $2.38B | — | — | — | — |
| GSK (ADR) | $50.57 | −0.51% | $101.82B | 15.8 | 9.2 | 2.2 | +2.7% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| United Therapeutics | $515.46 | +0.03% | $21.88B | 18.5 | 19.8 | 6.9 | −1.9% |
| Median | 18.5 | 17.2 | 5.5 | +2.7% |