Trevi Therapeutics Reports $13.2 Million Net Loss in Q1 2026 Amid Increased R&D Expenses

Trevi Therapeutics, Inc. reported a net loss of $13.2 million for the first quarter of 2026, compared to a net loss of $10.3 million for the same period in 2025, reflecting an increase in operating expenses driven by higher research and development costs. Total operating expenses rose to $14.9 million from $11.5 million year-over-year, with research and development expenses increasing to $9.9 million, up from $7.8 million. The increase was primarily attributed to costs associated with ongoing clinical trials for its investigational therapy, Haduvio, which is being developed for chronic cough related to idiopathic pulmonary fibrosis and other conditions.

In terms of financial position, Trevi's total assets decreased to $179.6 million as of March 31, 2026, down from $193.4 million at the end of 2025. The decline was largely due to a reduction in marketable securities, which fell to $152.4 million from $169.3 million. The company’s cash and cash equivalents increased slightly to $19.4 million from $18.9 million, indicating a stable liquidity position despite the ongoing losses. The accumulated deficit also widened to $343.0 million, reflecting the cumulative losses since the company's inception.

Operationally, Trevi is advancing its clinical programs, having completed a Phase 2b trial for Haduvio with positive results, and is preparing for two pivotal Phase 3 trials expected to start in mid-2026. The company plans to initiate a Phase 2b trial for non-IPF interstitial lung disease-related chronic cough and a Phase 2b trial for refractory chronic cough later in 2026. These developments are part of Trevi's strategy to secure regulatory approval for Haduvio, which has not yet generated any revenue.

The company’s workforce has also expanded, with an increase in employee headcount to support its clinical development efforts. As of March 31, 2026, Trevi had approximately 145.6 million weighted average common shares outstanding, reflecting an increase from the previous year. The company continues to explore various funding avenues, including potential equity offerings, to support its ongoing operations and clinical trials, as it anticipates substantial expenditures in the coming years.

Looking ahead, Trevi Therapeutics remains focused on advancing Haduvio through clinical trials and regulatory processes, with expectations of incurring significant costs associated with these activities. The company believes its current cash and marketable securities will sustain its operations for at least the next 12 months, but acknowledges the need for additional funding to support its long-term development goals.