Trevi Therapeutics, Inc. (NASDAQ: TRVI) priced a $150 million underwritten public offering of 11.6 million shares of its common stock at $13.00 per share, with the transaction expected to close on or about April 20, 2026.
The proceeds will be directed toward funding the company’s planned Phase 2b clinical trial of its investigational therapy Haduvio™ in patients with non‑IPF interstitial lung disease (non‑IPF ILD) and refractory chronic cough (RCC), and may support a subsequent Phase 3 trial. The financing also provides additional liquidity to support ongoing development activities across the company’s three indications.
Prior to the offering, Trevi reported a net loss of $8.3 million for Q4 2025, down from $11.4 million in the same quarter a year earlier, and held $171.8 million in cash, cash equivalents, and marketable securities as of March 31, 2026. The combined cash from the offering and existing reserves is projected to fund operations and planned clinical trials through 2029, excluding commercialization costs.
Underwriters were granted an option to purchase up to 1,740,000 additional shares, which, if fully exercised, would increase total proceeds to approximately $162.4 million.
President and CEO Jennifer Good said the financing gives Trevi "more than $300 million to execute its clinical development plans" and extends its cash runway through 2029.
The capital raise reduces near‑term funding risk and positions Trevi to advance Haduvio through late‑stage clinical trials, but the company acknowledges that future financing will likely be required to support the drug’s development to regulatory approval and commercialization.
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