Trevi Therapeutics Secures $162M in Funding, Advances Chronic Cough Pipeline
Event summary
- Completed a $162M follow-on common stock offering, extending cash runway into 2030.
- Gained FDA alignment on Phase 3 trial plans for IPF-related chronic cough, with first trial initiation expected in Q2 2026.
- Plans to initiate Phase 2b trials for non-IPF ILD-related chronic cough and refractory chronic cough in H2 2026.
- Reported Q1 2026 net loss of $13.2M, up from $10.3M in Q1 2025, driven by increased R&D and G&A expenses.
The big picture
Trevi Therapeutics is positioning itself as a leader in the chronic cough space, which currently lacks FDA-approved therapies. The company's strategic focus on advancing its pipeline through multiple clinical trials, coupled with significant funding, underscores its ambition to address a high unmet medical need. The success of these trials and regulatory approvals will be critical in determining Trevi's long-term market position and commercial potential.
What we're watching
- Regulatory Alignment
- Whether the FDA's alignment on the Phase 3 trial plans will expedite the approval process for Haduvio in IPF-related chronic cough.
- Clinical Trial Execution
- The pace at which Trevi can initiate and complete its planned Phase 3 and Phase 2b trials across different chronic cough indications.
- Financial Sustainability
- How effectively Trevi can manage its increased R&D and G&A expenses while maintaining its extended cash runway into 2030.
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