Trevi Therapeutics Reports Q2 2025 Financial Results with Improved Net Loss

Trevi Therapeutics, Inc. reported its financial results for the second quarter of 2025, revealing a net loss of $12.3 million, a slight improvement from a net loss of $12.4 million in the same period last year. For the six months ended June 30, 2025, the company recorded a net loss of $22.6 million, compared to $23.3 million for the first half of 2024. The company’s total operating expenses for the second quarter were $13.7 million, up from $13.3 million year-over-year, primarily driven by increased general and administrative costs, which rose to $4.3 million from $3.3 million. Research and development expenses decreased to $9.4 million from $10.0 million, reflecting reduced clinical development costs.

Trevi's financial position showed significant improvement, with total assets increasing to $208.3 million as of June 30, 2025, compared to $110.9 million at the end of 2024. This growth was largely attributed to a substantial increase in cash and cash equivalents, which rose to $117.1 million from $34.1 million, bolstered by a successful public offering in June 2025 that generated approximately $115.1 million in gross proceeds. The company’s stockholders' equity also improved, reaching $198.5 million, up from $99.6 million at the end of 2024.

Operationally, Trevi continues to focus on the development of its investigational therapy, Haduvio, for chronic cough associated with idiopathic pulmonary fibrosis (IPF) and other conditions. The company recently announced positive topline results from its Phase 2b CORAL trial, which demonstrated statistically significant reductions in cough frequency across all tested doses of Haduvio. The trial's success positions Trevi to request an End-of-Phase 2 meeting with the FDA in late 2025 and to initiate a Phase 3 program in early 2026.

As of June 30, 2025, Trevi had approximately 121.8 million shares outstanding, a significant increase from 93.6 million shares at the end of 2024, reflecting the impact of recent equity offerings. The company’s employee headcount has also grown, contributing to increased general and administrative expenses. Trevi anticipates continued investment in its clinical programs, which will require substantial funding. The company expects to finance its operations through additional equity or debt offerings, collaborations, or other capital sources, as it has not yet generated revenue from product sales.

Looking ahead, Trevi remains focused on advancing Haduvio through clinical trials and regulatory processes. The company plans to conduct further studies to support its New Drug Application (NDA) and is preparing for potential commercialization. However, Trevi acknowledges the need for additional funding to sustain its operations and development efforts, emphasizing the uncertainty surrounding future capital availability and the potential impact on its business strategy.