Trevi Therapeutics, Inc. 8-K

What Happened

• Trevi Therapeutics (TRVI) announced and priced an underwritten public offering of 11,600,000 shares of common stock at $13.00 per share (gross proceeds ~$150.8M). The underwriters will pay $12.22 per share to the company and have a 30-day option to buy up to 1,740,000 additional shares at the same price. Trevi estimates net proceeds of approximately $141.1 million (about $162.4 million if the option is fully exercised). The offering is expected to close on or about April 20, 2026.
• In the same filing the company reported an estimated $171.8 million in cash, cash equivalents and marketable securities as of March 31, 2026 (preliminary, unaudited) and said that, together with the anticipated net proceeds from the offering, it expects these resources to fund operations through 2029 and support planned development of Haduvio, including two planned Phase 3 trials in IPF-related chronic cough.

Key Details

• Offering: 11,600,000 shares at $13.00/share; underwriters’ purchase price $12.22/share; 30-day option for 1,740,000 additional shares. Estimated net proceeds: ~$141.1M (or ~$162.4M if option exercised).
• Cash (preliminary): ~$171.8M as of March 31, 2026.
• Clinical timeline highlights: two pivotal Phase 3 IPF chronic cough trials to start Q2 and H2 2026 (300-patient, 52-week trial with primary endpoint at 24 weeks; 130-patient, 12-week trial); topline results expected H2 2027 and H1 2028 (per trial). Planned Phase 2b non-IPF ILD trial and a Phase 2b RCC trial are targeted for 2026 with topline readouts in H2 2027.
• Closing date: expected on or about April 20, 2026. Registration was on Form S-3 (effective Nov 13, 2025).

Why It Matters

• The financing materially increases Trevi’s near-term cash resources and, according to management, extends the company’s runway into 2029—supporting planned pivotal trials for Haduvio that could advance the program toward U.S. regulatory review for IPF-related chronic cough.
• Investors should note the company’s caveats: the cash estimate is preliminary and unaudited; the stated runway excludes commercialization costs and is not sufficient to fund development through approval for non-IPF ILD or RCC indications. Trevi will likely need additional financing to commercialize Haduvio or to complete development for other indications. The filing also reiterates standard forward-looking statement risks regarding trial timing, outcomes, and market conditions.