Trevi Therapeutics Secures $188M Cash Runway into 2028, Plans Two Phase III Trials
Trevi Therapeutics ended 2025 with approximately $188 million in cash, extending its funding runway into 2028 to support planned pivotal Phase III IPF-related chronic cough trials. The company achieved FDA alignment following a successful end-of-Phase II meeting, setting clear design and timelines for two Phase III studies.
1. Strong Balance Sheet and Funding Runway
At the end of 2025, Trevi Therapeutics held approximately $188 million in cash and equivalents, providing projected funding into 2028 to support its clinical development programs without immediate need for additional financing.
2. FDA Alignment and Phase III Trial Planning
A successful end-of-Phase II meeting delivered FDA alignment on the IPF-related chronic cough program, enabling the company to finalize trial protocols and initiate two pivotal Phase III studies with defined timelines.
3. Clinical Risks and Development Timeline
The requirement for 52 weeks of controlled safety data means primary endpoints won’t be available until trial end, while potential placebo effects, competitor drug approvals, and additional interaction studies introduce uncertainty into development timelines.