Trevi Therapeutics Reports $17.8 Million Net Loss in Q2 2026, Increases R&D Spending

Trevi Therapeutics, Inc. reported its financial results for the second quarter of 2026, revealing a net loss of $17.8 million, or $0.11 per share, compared to a net loss of $12.3 million, or $0.09 per share, for the same period in 2025. For the first half of 2026, the company recorded a net loss of $31.0 million, up from $22.6 million in the prior year. Total operating expenses for the second quarter increased to $20.5 million from $13.7 million, driven primarily by a rise in research and development costs, which reached $15.2 million, up from $9.4 million in the previous year. The increase in R&D expenses is attributed to ongoing clinical trials for its investigational therapy, Haduvio, including the Phase 3 OCEAN-1 trial and the Phase 2b LAKE trial.

In terms of financial position, Trevi Therapeutics reported total assets of $330.5 million as of June 30, 2026, a significant increase from $193.4 million at the end of 2025. This growth was largely due to an increase in cash and cash equivalents, which rose to $54.3 million from $18.9 million, and marketable securities, which increased to $264.6 million from $169.3 million. The company’s stockholders’ equity also saw a substantial rise, reaching $321.5 million compared to $183.2 million at the end of the previous fiscal year.

The company has made strategic moves to bolster its financial standing, including a successful public offering in April 2026, which generated approximately $173.4 million in gross proceeds. This offering was part of a broader strategy to secure funding for ongoing clinical trials and operational expenses. Additionally, Trevi Therapeutics has increased its authorized shares from 200 million to 400 million, allowing for greater flexibility in future capital raises. The company has also entered into an at-the-market sales agreement, providing a mechanism to issue shares as needed.

Operationally, Trevi Therapeutics is focused on advancing Haduvio, an oral formulation of nalbuphine, for the treatment of chronic cough associated with idiopathic pulmonary fibrosis and other conditions. The company has completed a Phase 2b trial with positive results and is preparing for two pivotal Phase 3 trials. The company plans to initiate a Phase 2b trial for non-IPF interstitial lung disease-related chronic cough in the second half of 2026. As of June 30, 2026, Trevi had approximately 142.4 million shares outstanding, reflecting its ongoing efforts to expand its shareholder base.

Looking ahead, Trevi Therapeutics anticipates continued investment in clinical development, with expectations of substantial expenditures related to its ongoing and planned trials. The company believes its current cash and marketable securities will support its operations for at least the next 12 months. However, it acknowledges the need for additional funding to support its long-term development and commercialization plans for Haduvio, emphasizing the importance of securing capital through various means, including equity offerings and potential collaborations.