TRVI Stock — Trevi Therapeutics Inc.: Cash, EV, Pipeline

Share price

$14.95

Market cap

$2,130.0M

Cash

$318.9M

Enterprise value

$1,811.1M

Balance sheet

Cash	$318.9M
Debt	$0.0M
Net cash	$318.9M
Enterprise value	$1,811.1M
Basic shares	142.4M shares
Fully diluted shares	166.8M shares
Fully diluted market cap	$2,493.4M
Cash per share	$2.24

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	NAL ER	Phase 2	Refractory Chronic Cough	—
Jul 13 - Aug 24	NAL ER	Phase 3	Idiopathic Pulmonary Fibrosis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Haduvio

Phase 3 · Active Modality: small molecule (oral extended-release)

Aliases oral nalbuphine ER

Target kappa and mu opioid receptors

Partnerships Keenova Therapeutics plc: milestone payments on first Phase 3 completion and US marketing approval, plus royalties on net sales

Indications

IPF-related chronic cough (Phase 3)
Refractory chronic cough (RCC) (Phase 2)
Non-IPF ILD-related chronic cough (Stage not disclosed)

Catalysts

— H1 2028
— H2 2027 / Q3 2026
— H2 2027 / Q4 2026
— H2 2026 / H2 2027

Status note Lead and sole clinical candidate. Phase 3 OCEAN-1 (IPF cough, ~300 patients) initiated Q2 2026; Phase 3 OCEAN-2 (IPF cough, ~200 patients) planned Q3 2026; Phase 2b LAKE (RCC, ~100 patients) initiated Q2 2026. End-of-Phase 2 meeting with FDA completed.

Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	NAL ER
Lead indication	Idiopathic Pulmonary Fibrosis
Lead phase	Phase 3
Active trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07671911	Phase 3	Recruiting	Sponsor	TRVI	—	Idiopathic Pulmonary Fibrosis	—
NCT07671924	Phase 2	Recruiting	Sponsor	TRVI	—	Refractory Chronic Cough	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Trevi Therapeutics on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	9,939,447	-100	4.04%	2026-08-14
Logos Global Management	1,880,000	-520,000	1.51%	2026-08-14
OrbiMed Advisors	1,430,293	-1,024,107	0.51%	2026-08-14
Sphera Biotech	499,029	-75,000	1.33%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

TRVI — Trevi Therapeutics Inc.