Trevi Therapeutics, Inc.: management transactions · United States · SEC (Form 4)

About Trevi Therapeutics, Inc.

Trevi Therapeutics, Inc. (NASDAQ, United States) is a clinical-stage biopharmaceutical company focused on developing Haduvio™ (oral nalbuphine extended-release) for chronic cough in patients with idiopathic pulmonary fibrosis (IPF), non-IPF interstitial lung disease (non-IPF ILD), and refractory chronic cough (RCC). The company was founded in 2011 and is headquartered in New Haven, Connecticut, placing it within a mature U.S. life-sciences cluster with access to specialized clinical, regulatory, and financing ecosystems. ([trevitherapeutics.com](https://www.trevitherapeutics.com/about-2/)) From an industry perspective, Trevi is best viewed as a development-stage biotech with a highly concentrated pipeline. Its near-term equity story is overwhelmingly driven by Haduvio, which Trevi describes as an investigational therapy acting on the cough reflex arc both centrally and peripherally through a kappa agonist / mu antagonist mechanism. The company has reported positive Phase 2b CORAL data in IPF-related chronic cough and positive Phase 2a RIVER data in RCC, which provides clinical validation, but Haduvio remains unapproved and its safety and efficacy have not been evaluated by any regulatory authority. ([trevitherapeutics.com](https://www.trevitherapeutics.com/about-2/)) Trevi’s competitive position is tied to an important unmet medical need. Chronic cough associated with pulmonary disease, and RCC more broadly, have limited targeted treatment options, so a therapy that can demonstrate meaningful reductions in cough frequency could be commercially attractive. Trevi states that Haduvio is the first and only investigational therapy to show a statistically significant reduction in cough frequency across both IPF chronic cough and RCC clinical trials. That claim supports a potentially differentiated profile, although investors should remember that the company is still in a high-risk development phase and success will depend on further trial execution, regulatory outcomes, and eventual commercialization readiness. ([ir.trevitherapeutics.com](https://ir.trevitherapeutics.com/news-releases/news-release-details/trevi-therapeutics-announces-pricing-150-million-underwritten)) Geographically, the business is primarily U.S.-based today, with headquarters in New Haven and capital-market access through the NASDAQ in the United States. For international investors, that means the stock should be assessed as a U.S. biotech: binary-ish clinical catalysts, dilution risk, and a funding profile that matters as much as the science. In March and April 2026, Trevi highlighted its year-end 2025 results and then announced a $150 million underwritten equity offering, underscoring the capital intensity of advancing the program. The company had previously ended 2024 with $107.6 million in cash, cash equivalents and marketable securities, and later reported year-end 2025 cash, marketable securities, and a continuing net loss typical of a company still investing heavily in R&D. ([ir.trevitherapeutics.com](https://ir.trevitherapeutics.com/2025-03-18-Trevi-Therapeutics-Reports-Fourth-Quarter-and-Year-End-2024-Financial-Results-and-Provides-Business-Updates?asPDF=1&utm_source=openai)) Recent news flow has therefore centered on financing, scientific presentations, and investor communication, including the company’s 2026 earnings updates, ATS conference presentations, and investor/analyst day messaging. In practical terms, Trevi is a specialized U.S. NASDAQ-listed biotech where the investment thesis hinges on Haduvio’s clinical differentiation and eventual regulatory path rather than diversified operations or near-term product revenue. ([ir.trevitherapeutics.com](https://ir.trevitherapeutics.com/))