Trevi Therapeutics Raises $162M, Extends Cash Runway into 2030 and Plans Phase 3 in IPF
Trevi Therapeutics raised ~$162M in an April stock offering, boosting cash to $171.8M and extending its runway into 2030 to fund Haduvio trials. The company plans to initiate two parallel Phase 3 IPF-related chronic cough trials in Q2 and H2 2026 and holds a European nalbuphine ER patent through 2039.
1. Stock Offering and Cash Position
In April 2026, Trevi completed an underwritten common stock offering, raising net proceeds of approximately $162 million. The company ended Q1 with $171.8 million in cash, cash equivalents and marketable securities, extending its cash runway into 2030 to fund Haduvio’s development.
2. IPF-Related Chronic Cough Phase 3 Plans
Trevi achieved alignment with regulatory authorities at an End-of-Phase 2 meeting and plans to launch two parallel Phase 3 trials in IPF-related chronic cough, with the first trial starting in Q2 2026 and the second in H2 2026. Topline data are expected in H2 2027 for the second trial and H1 2028 for the first.
3. Non-IPF ILD and RCC Pipeline Progress
The company intends to initiate an adaptive Phase 2b trial in non-IPF ILD-related chronic cough in H2 2026, targeting topline results in H2 2027, and a Phase 2b refractory chronic cough trial in Q2 2026, with data expected in H2 2027 following a sample size re-estimation.
4. Q1 2026 Financial Results
R&D expenses rose to $9.9 million from $7.8 million year-over-year, driven by clinical development costs, while G&A expenses increased to $5.0 million from $3.7 million due to higher legal and personnel-related charges. The company reported a net loss of $13.2 million versus a $10.3 million loss in Q1 2025.