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Get filing alertsTrevi Therapeutics prices $141M equity offering to fund Phase 3 chronic cough trials through 2029
Filed April 17, 2026 · Period ending April 16, 2026 · ~1 min read
Key Changes
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Priced 11.6M share offering at $13.00/share with Morgan Stanley and Leerink Partners as underwriters, raising ~$141M net proceeds (~$162M if greenshoe fully exercised). Offering expected to close April 20, 2026.
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Company held $171.8M in cash as of March 31, 2026. Combined with offering proceeds, management believes it can fund operations through 2029, including two Phase 3 IPF chronic cough trials potentially through FDA approval.
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First Phase 3 IPF trial will enroll ~300 patients with 52-week dosing, primary endpoint at 24 weeks, topline results expected H1 2028. Second trial will enroll ~130 patients with 12-week dosing, topline results expected H2 2027.
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Phase 2b refractory chronic cough trial to initiate Q2 2026 with ~100 patients across UK, Canada, and Poland. Sample size re-estimation in Q4 2026, topline results expected H2 2027.
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Phase 2b non-IPF interstitial lung disease trial planned for H2 2026 pending FDA meeting and protocol review, with topline results expected H2 2027 if initiated on schedule.
Item 7.01 view on EDGAR →
Summary
Trevi Therapeutics priced an $141 million equity offering on April 16, 2026, selling 11.6 million shares at $13.00 each through Morgan Stanley and Leerink Partners.
The company disclosed it held $171.8 million in cash as of March 31, 2026, and believes the combined resources will fund operations through 2029—a critical runway that covers two pivotal Phase 3 trials for Haduvio in IPF-related chronic cough, potentially through FDA approval. The financing supports an aggressive clinical timeline.
The first Phase 3 trial enrolls 300 patients with results expected in early 2028, while a second 130-patient trial should read out in late 2027. Trevi is also advancing two Phase 2b programs in refractory chronic cough and non-IPF interstitial lung disease, both targeting late 2027 data. Management explicitly noted it will need substantial additional capital beyond 2029 to complete development and commercialization. Retail investors should watch for enrollment progress in the Phase 3 trials and any updates on the FDA meeting for the non-IPF ILD program. The 2029 runway provides visibility, but dilution from this offering (roughly 20-25% based on typical biotech share counts) and future capital needs remain key considerations for long-term holders.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 16, 2026, Trevi Therapeutics, Inc., a Delaware corporation (the “Company”), entered into an underwriting agreement (the “Underwriting Agreement”) with Morgan Stanley & Co. LLC and Leerink Partners LLC, as representatives of the several underwriters (the “Underwriters”), relating to an underwritten offering (the “Offering”) of 11,600,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”). All of the Shares are being sold by the Company. The price of the Shares to the public in the Offering is $13.00 per share, and the Underwriters have agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $12.22 per share.
The company entered into an underwriting agreement to sell 11,600,000 shares of common stock at $13.00 per share to the public, with underwriters purchasing at $12.22 per share. Morgan Stanley and Leerink Partners are serving as lead underwriters. This is a direct equity offering by the company, not a secondary sale by existing shareholders.
Added in current filing · verify on EDGAR →
Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 1,740,000 shares of Common Stock (the “Additional Shares”), at the same price per share as the Shares.
The underwriters received a standard 30-day over-allotment option to purchase up to 1,740,000 additional shares (15% of the base offering) at the same price. If fully exercised, this would increase total shares sold to 13,340,000.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The closing of the Offering is expected to take place on or about April 20, 2026, subject to the satisfaction of customary closing conditions.
The offering is expected to close on or around April 20, 2026, subject to standard closing conditions. This is approximately $0.001 four days after the pricing date of April 16, 2026.
Event · Item 2.02 — Results of Operations and Financial Condition
8-K discloses cash and marketable securities position as of March 31, 2026 under Item 2.02 results of operations.
Added in current filing · verify on EDGAR →
The information disclosed under the heading “Cash, Cash Equivalents and Marketable Securities as of March 31, 2026”
The company is disclosing its cash, cash equivalents, and marketable securities balance of $0.001 as of March 31, 2026. This is a routine financial condition update under Item 2.02, typically provided to inform investors of the company's liquidity position. The filing text is truncated and does not provide the actual dollar amounts or further details.
Event · Item 8.01 — Other Events
Trevi priced a public offering, disclosed $171.8M cash as of Q1 2026, and updated clinical trial timelines for Haduvio chronic cough programs.
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On April 16, 2026, the Company issued a press release announcing the pricing of the Offering.
Trevi announced the pricing of a public offering on April 16, 2026. The 8-K does not disclose the specific terms, size, or price per share of the offering, referring instead to an attached press release. This capital raise is intended to extend the company's cash runway through 2029.
Added in current filing · verify on EDGAR → · paraphrased
The Company estimates that it had approximately $171.8 million in cash, cash equivalents and marketable securities as of March 31, 2026. Based on the Company's current plans, the Company believes that its existing cash, cash equivalents and marketable securities, together with the anticipated net proceeds from the Offering, will be sufficient to enable the Company to fund its operating expenses and capital expenditure requirements through 2029.
Trevi reported approximately $171.8 million in cash and equivalents as of March 31, 2026. Combined with the new offering proceeds, management believes it can fund operations through 2029, including two Phase 3 trials for IPF-related chronic cough potentially through FDA approval. However, the company explicitly states it will need substantial additional capital to complete development and commercialization of Haduvio and any future product candidates.
Added in current filing · verify on EDGAR →
The protocol for the first of the two Phase 3 trials provides for the enrollment of approximately 300 patients and 52 weeks of fixed dosing with Haduvio 54 mg twice-a-day (BID), with the primary efficacy endpoint measured at 24 weeks of fixed dosing and the safety endpoint measured at 52 weeks of fixed dosing. The protocol for the second of the two Phase 3 trials provides for the enrollment of approximately 130 patients and 12 weeks of fixed dosing with Haduvio 54 mg BID with the primary efficacy endpoint measured at 12 weeks of fixed dosing.
Trevi disclosed detailed protocols for two pivotal Phase 3 trials in IPF-related chronic cough. The first trial will enroll approximately 300 patients with 52 weeks of dosing and primary endpoint at 24 weeks, with topline results expected in the first half of 2028. The second trial will enroll approximately 130 patients with 12 weeks of dosing, with topline results expected in the second half of 2027. Both trials will use Haduvio 54 mg twice daily with 2:1 randomization versus placebo.
Added in current filing · verify on EDGAR →
The Company is planning to conduct this randomized, double-blind, placebo-controlled, multicenter trial in the United Kingdom, Canada, and Poland. The Phase 2b trial will enroll approximately 100 patients. The Phase 2b trial is designed to evaluate three different dose groups of Haduvio (54 mg BID, 27 mg BID and 27 mg once daily (QD)) as compared to placebo. The primary efficacy endpoint for the trial is the relative change from Baseline in 24-hour cough frequency (coughs per hour) at the end of Week 6, as determined by an objective cough monitor, for Haduvio compared with placebo.
Trevi plans to initiate a Phase 2b trial for refractory chronic cough in Q2 2026, enrolling approximately 100 patients across the UK, Canada, and Poland. The trial will test three dose levels of Haduvio versus placebo with a primary endpoint at Week 6. A sample size re-estimation analysis is expected in Q4 2026, with topline results expected in the second half of 2027.
Added in current filing · verify on EDGAR →
The Company also previously announced its plans to initiate an adaptive design Phase 2b clinical trial for the treatment of patients with non-IPF ILD-related chronic cough in the second half of 2026, subject to a meeting with the FDA and review of the trial protocol by the FDA. If the Company initiates the trial when anticipated, it would expect topline results from the Phase 2b trial in the second half of 2027.
Trevi plans to initiate a Phase 2b trial for non-IPF interstitial lung disease-related chronic cough in the second half of 2026, subject to FDA meeting and protocol review. If initiated as planned, topline results are expected in the second half of 2027. This represents a third indication being pursued for Haduvio.
Event · Item 9.01 — Financial Statements and Exhibits
Trevi Therapeutics executed an underwriting agreement with Morgan Stanley and Leerink Partners for a securities offering.
Added in current filing · verify on EDGAR →
Underwriting Agreement, dated April 16, 2026, by and among the Company and Morgan Stanley & Co. LLC and Leerink Partners LLC
Trevi Therapeutics entered into an underwriting agreement on April 16, 2026 with Morgan Stanley and Leerink Partners as underwriters. This typically indicates the company is conducting a public offering of securities to raise capital, though the specific terms, size, and type of securities are not disclosed in this 8-K filing itself.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 5, 2026 · How we verify