Trevi Therapeutics Reports Q1 2025 Financial Results with $10.34 Million Net Loss

Trevi Therapeutics, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of $10.34 million, a decrease from a net loss of $10.90 million in the same period of 2024. The company’s total operating expenses for the quarter were $11.47 million, down from $11.91 million year-over-year. This reduction was primarily driven by a decrease in research and development expenses, which fell to $7.81 million from $8.80 million, attributed to lower clinical development costs. General and administrative expenses increased to $3.66 million from $3.10 million, largely due to higher personnel costs and stock-based compensation.

As of March 31, 2025, Trevi's total assets amounted to $107.00 million, a slight decline from $110.90 million at the end of 2024. The company reported cash and cash equivalents of $19.37 million, down from $34.10 million at the end of the previous year. Marketable securities increased to $83.88 million from $73.53 million, reflecting a strategic focus on maintaining liquidity while investing in short-term, high-quality securities. The company’s accumulated deficit reached $297.39 million, primarily due to ongoing research and development expenditures.

In terms of operational developments, Trevi continues to advance its investigational therapy Haduvio, aimed at treating chronic cough associated with idiopathic pulmonary fibrosis (IPF) and other conditions. The company recently completed enrollment for its Phase 2b CORAL clinical trial and expects to announce topline results in the second quarter of 2025. Additionally, Trevi is preparing for a Phase 3 program for Haduvio, contingent on the outcomes of the ongoing trials. The company also reported positive topline data from its Phase 2a clinical trial for refractory chronic cough, indicating significant efficacy in reducing cough frequency.

Trevi's financial strategy includes ongoing efforts to secure additional funding to support its clinical development programs. The company has established a new at-the-market sales agreement, allowing it to raise up to $75 million through the sale of common stock. As of the end of March 2025, Trevi believes its existing cash and marketable securities will fund its operations for at least the next 12 months. However, the company acknowledges the need for substantial additional funding to continue its development and commercialization efforts for Haduvio, emphasizing the potential for future equity or debt financing to meet its operational needs.