aibioTrevi Therapeutics prices $150 million stock offering at $13.00 per share
Tickers TRVI
Trevi sold 11,600,000 shares at $13.00 each, about $150 million, below the $14.54 last sale on April 16, 2026. Its two pivotal Phase 3 trials for Haduvio are not due to report until the second half of 2027 and the first half of 2028.
Key facts
- Company
- Trevi Therapeutics, Inc. (NASDAQ: TRVI)
- News type
- Financings
- Primary source
- Trevi Therapeutics, Inc. 424B5 (2026-04-16)
The offering
Trevi Therapeutics, Inc. (Nasdaq: TRVI) filed a preliminary prospectus supplement on April 16, 2026 for a $150,000,000 offering of common stock. The same day it priced 11,600,000 shares at $13.00 each, for total proceeds of about $150 million before underwriting discounts, commissions and expenses. The final supplement shows a public offering total of $150,800,000. Trevi receives $141,752,000 before expenses, after underwriting discounts and commissions of $9,048,000.
The underwriters have a 30-day option to buy up to 1,740,000 more shares. If that option is exercised in full, net proceeds rise to about $162.4 million. All of the shares are being sold by Trevi. The offering is being made under a Form S-3 shelf that became effective automatically when it was filed on November 13, 2025. Closing was expected on or about April 20.
Price and dilution
The supplement puts the last reported sale price at $14.27 on April 15, 2026, and $14.54 on April 16. The offering price of $13.00 is below both. After closing, Trevi will have 139,906,056 shares outstanding, or 141,646,056 if the option is exercised in full.
Banks and counsel
Morgan Stanley, Leerink Partners, Cantor and Stifel are joint book-running managers, and Oppenheimer & Co. is lead manager. Wilmer Cutler Pickering Hale and Dorr LLP, of Boston, passed on the validity of the shares for Trevi. Covington & Burling LLP, of New York, is counsel to the underwriters.
The drug and the trials
Trevi is developing Haduvio, an oral extended-release form of nalbuphine, for chronic cough in patients with idiopathic pulmonary fibrosis, non-IPF interstitial lung disease and refractory chronic cough.
The lead efficacy result is the Phase 2b CORAL trial, announced in June 2025. It tested three doses against placebo in patients with IPF-related cough, with 165 patients in the modified intent-to-treat population. The primary endpoint was the change in 24-hour cough frequency at Week 6. The company says all three doses achieved statistically significant reductions.
The company says it completed an End-of-Phase 2 meeting with the FDA and gained overall alignment on a plan that includes two pivotal Phase 3 trials. The first would enroll about 300 patients for 52 weeks of fixed dosing, with its primary endpoint at 24 weeks. The second would enroll about 130 patients for 12 weeks. Both are randomized, double-blind and placebo-controlled, and the protocols remain subject to FDA review. Trevi expects topline results from the second trial in the second half of 2027 and from the first in the first half of 2028.
Losses and cash
Trevi's net loss was $42.8 million in 2025, down from $47.9 million in 2024. Research and development expense was $33.5 million in 2025, against $39.4 million a year earlier. Cash used in operations was $42.1 million in 2025 and $38.3 million in 2024.
Year-end cash and cash equivalents fell to $18.9 million in 2025 from $34.1 million in 2024. Short-term investments rose to $169.3 million from $73.5 million over the same period.
Use of proceeds and other programs
The supplement says Trevi intends to use the proceeds, together with existing cash, cash equivalents and marketable securities, to fund clinical development of Haduvio and for working capital and other general corporate purposes. Trevi, its directors and its officers agreed to a 60-day lock-up, which Morgan Stanley & Co. LLC and Leerink Partners LLC can release. Trevi will reimburse the underwriters up to $15,000 for FINRA-related expenses.
Beyond cough in IPF, the company plans a Phase 2b trial in non-IPF ILD cough in the second half of 2026, with topline results in the second half of 2027 if it starts on time. In refractory chronic cough, it announced positive topline data from the Phase 2a RIVER trial in March 2025 and plans a Phase 2b trial in the second quarter of 2026. The company says all of this depends on FDA review of the protocols, and no Phase 3 result is due in 2026.