Trevi Therapeutics Reports Q3 2025 Financial Results with Reduced Net Loss

Trevi Therapeutics, Inc. reported its financial results for the third quarter of 2025, revealing a net loss of $11.8 million, a decrease from a net loss of $13.2 million in the same period last year. For the nine months ended September 30, 2025, the company recorded a net loss of $34.4 million, compared to a loss of $36.5 million for the same period in 2024. The reduction in losses is attributed to a decrease in research and development expenses, which fell to $10.1 million from $11.2 million year-over-year, primarily due to lower clinical development costs associated with ongoing trials.

Total operating expenses for the third quarter were $13.9 million, slightly down from $14.1 million in the prior year. Research and development expenses accounted for the majority of these costs, while general and administrative expenses increased to $3.8 million from $2.9 million, driven by higher professional fees and personnel-related costs. The company reported interest income of $2.1 million for the quarter, up from $826,000 in the previous year, reflecting a larger cash and marketable securities balance.

As of September 30, 2025, Trevi Therapeutics had cash, cash equivalents, and marketable securities totaling $194.9 million, a significant increase from $110.9 million at the end of 2024. This increase is largely due to a successful public offering in June 2025, which raised approximately $115.1 million. The company’s total assets rose to $199.4 million, compared to $110.9 million at the end of 2024, while total liabilities decreased to $9.6 million from $11.3 million.

Operationally, Trevi continues to focus on the development of its investigational therapy Haduvio for chronic cough associated with idiopathic pulmonary fibrosis and other conditions. The company announced positive topline results from its Phase 2b CORAL trial, which demonstrated significant reductions in cough frequency among patients treated with Haduvio. Looking ahead, Trevi plans to request an End-of-Phase 2 meeting with the FDA in late 2025 and aims to initiate a Phase 3 program in the first half of 2026, pending alignment on study designs.

The company acknowledges the need for substantial additional funding to support ongoing operations and clinical development. Trevi plans to finance its activities through public or private equity offerings, debt financing, or collaborations. The company’s ability to continue its development efforts will depend on securing adequate funding, as it has not yet generated revenue from product sales.