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Trevi Therapeutics, Inc., a clinical-stage biopharmaceutical company, develops and commercializes investigational therapy for the treatment of chronic cough in patients with idiopathic pulmonary fibrosis (IPF) and non-IPF interstitial lung disease, and refractory chronic cough. The company develops Haduvio, an oral extended-release formulation of nalbuphine, which is in phase 2b Cough Reduction in IPF with nalbuphine ER clinical trial for treatment of chronic cough in patients with IPF, and phase 2a clinical trial in patients with refractory chronic cough. Trevi Therapeutics, Inc. has a license agreement with Keenova Therapeutics plc to develop and commercialize products incorporating nalbuphine hydrochloride in various formulations. Trevi Therapeutics, Inc. was incorporated in 2011 and is headquartered in New Haven, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-43M | $-43M | $-42M | -23.3% | - | -10.8% |
| 2024 | $0M | $-48M | $-48M | $-38M | -48.1% | - | 64.8% |
| 2023 | $0M | $-29M | $-29M | $-32M | -35.2% | - | -0.3% |
| 2022 | $0M | $-28M | $-29M | $-28M | -27.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0 | 0 | 0 |
| Operating Revenue | - | 0 | 0 | 0 | 0 |
| Operating Expense | - | 29.91 | 33.92 | 51.52 | 49.33 |
| Research And Development | - | 19.83 | 23.68 | 39.38 | 33.48 |
| Selling General And Administration | - | 10.07 | 10.24 | 12.15 | 15.85 |
| Total Expenses | - | 29.91 | 33.92 | 51.52 | 49.33 |
| Operating Income | - | -29.91 | -33.92 | -51.52 | -49.33 |
| Total Operating Income As Reported | - | -29.91 | -33.92 | -51.52 | -49.33 |
| EBITDA | - | -27.98 | -28.58 | -47.79 | -42.68 |
| Normalized EBITDA | - | -27.84 | -28.58 | -47.79 | -42.68 |
| EBIT | - | -28.02 | -28.71 | -47.94 | -42.82 |
| Interest Income | - | 1.74 | 4.75 | 3.60 | 6.54 |
| Interest Expense | - | 1.16 | 0.39 | 0 | 0 |
| Net Interest Income | - | 0.58 | 4.36 | 3.60 | 6.54 |
| Other Non Operating Income Expenses | - | 0.29 | 0.47 | -0.02 | -0.03 |
| Other Income Expense | - | 0.14 | 0.47 | -0.02 | -0.03 |
| Interest Income Non Operating | - | 1.74 | 4.75 | 3.60 | 6.54 |
| Interest Expense Non Operating | - | 1.16 | 0.39 | 0 | 0 |
| Net Non Operating Interest Income Expense | - | 0.58 | 4.36 | 3.60 | 6.54 |
| Pretax Income | - | -29.19 | -29.10 | -47.94 | -42.82 |
| Tax Provision | - | -0.04 | -0.03 | -0.03 | -0.06 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Net Income From Continuing And Discontinued Operation | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Net Income From Continuing Operation Net Minority Interest | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Net Income | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Net Income Common Stockholders | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Net Income Including Noncontrolling Interests | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Normalized Income | - | -29.01 | -29.06 | -47.91 | -42.76 |
| Diluted NI Availto Com Stockholders | - | -29.15 | -29.06 | -47.91 | -42.76 |
| Basic Average Shares | 22.84 | 64.54 | 99.03 | 101.97 | - |
| Diluted Average Shares | 22.84 | 64.54 | 99.03 | 101.97 | - |
| Reconciled Depreciation | - | 0.04 | 0.12 | 0.15 | 0.14 |
| Total Unusual Items | 0.08 | -0.15 | - | - | - |
| Total Unusual Items Excluding Goodwill | 0.08 | -0.15 | - | - | - |
| Gain On Sale Of Security | 0.08 | -0.15 | - | - | - |
| General And Administrative Expense | - | 10.07 | 10.24 | 12.15 | 15.85 |
| Other Gand A | - | 10.07 | 10.24 | 12.15 | 15.85 |
| Total Other Finance Cost | 0.47 | 0.38 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Trevi Therapeutics, Inc.this co. | TRVI | $2.0B | -46.25 | 10.79 | -23.3% | -45.92 |
| Intellia Therapeutics, Inc. | NTLA | $2.1B | - | 3.07 | -61.5% | - |
| Recursion Pharmaceuticals, Inc. | RXRX | $2.0B | -3.13 | 1.78 | -57.0% | -2.42 |
| Progyny, Inc. | PGNY | $2.0B | 34.11 | 3.87 | 11.3% | 21.18 |
| Omnicell, Inc. | OMCL | $2.0B |
| - |
| - |
| - |
| - |
| 967.26 |
| 1.61 |
| 0.2% |
| 21.53 |
| Iovance Biotherapeutics, Inc. | IOVA | $2.0B | -5.00 | 2.80 | -56.0% | -5.25 |
| Ocular Therapeutix, Inc. | OCUL | $1.9B | -7.25 | 2.94 | -40.6% | -5.07 |
| Harmony Biosciences Holdings, Inc. | HRMY | $1.9B | 12.02 | 2.19 | 18.2% | 5.17 |
| Astrana Health, Inc. | ASTH | $1.9B | 83.46 | 2.41 | 2.9% | 18.67 |
| Peer Median | - | 12.02 | 2.60 | -20.2% | 5.17 | |