--- title: "Trevi Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/285259371.md" datetime: "2026-05-05T20:17:09.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285259371.md) - [en](https://longbridge.com/en/news/285259371.md) - [zh-HK](https://longbridge.com/zh-HK/news/285259371.md) --- # Trevi Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.09, missing the estimate of USD -0.0722. EBIT: As of FY2026 Q1, the actual value is USD -16.61 M. Trevi Therapeutics, Inc. operates as one reportable segment, focusing on the development and commercialization of Haduvio for chronic cough, with financial performance evaluated based on consolidated net loss for resource allocation and budget monitoring. #### Operating Results (Three Months Ended March 31) - **Net Loss:** The net loss for the three months ended March 31, 2026, was - $13,192 thousand, compared to - $10,340 thousand for the same period in 2025, representing a worsening of - $2,852 thousand. - **Total Operating Expenses:** Total operating expenses increased to $14,912 thousand in Q1 2026 from $11,470 thousand in Q1 2025, an increase of $3,442 thousand. - **Research and Development (R&D) Expenses:** R&D expenses rose to $9,941 thousand in Q1 2026 from $7,811 thousand in Q1 2025, an increase of $2,130 thousand. This increase was primarily driven by higher clinical development expenses for Phase 1 NDA supportive studies, Phase 3 IPF-related chronic cough trials, and the Phase 2b RCC trial, partially offset by reduced expenses for the Phase 2b CORAL and Phase 2a RIVER trials. - Clinical development expenses were $6,900 thousand in Q1 2026, up from $5,267 thousand in Q1 2025. - Personnel and related expenses were $1,950 thousand in Q1 2026, compared to $1,880 thousand in Q1 2025. - Stock-based compensation expenses for R&D were $842 thousand in Q1 2026, up from $526 thousand in Q1 2025. - Other R&D expenses were $249 thousand in Q1 2026, compared to $138 thousand in Q1 2025. - **General and Administrative (G&A) Expenses:** G&A expenses increased to $4,971 thousand in Q1 2026 from $3,659 thousand in Q1 2025, an increase of $1,312 thousand. This was mainly due to higher legal fees for intellectual property filings, as well as increased stock-based compensation and personnel-related expenses. - **Other Income, Net:** Other income, net increased to $1,700 thousand in Q1 2026 from $1,119 thousand in Q1 2025, an increase of $581 thousand. This was primarily due to an increase in interest income from higher invested cash equivalent and marketable securities balances, which rose to $1,696 thousand in Q1 2026 from $1,125 thousand in Q1 2025. #### Liquidity and Capital Resources - **Cash, Cash Equivalents, and Marketable Securities:** As of March 31, 2026, Trevi Therapeutics, Inc. had cash, cash equivalents, and marketable securities totaling $171,800 thousand. - **Accumulated Deficit:** The accumulated deficit as of March 31, 2026, was - $343,000 thousand. - **Net Cash Used in Operating Activities:** Operating activities used - $16,689 thousand in Q1 2026, compared to - $13,477 thousand in Q1 2025. - **Net Cash Provided by (Used in) Investing Activities:** Investing activities provided $16,965 thousand in Q1 2026, a significant change from using - $9,951 thousand in Q1 2025. This was primarily due to $25,552 thousand in proceeds from maturities of marketable securities, partially offset by $8,485 thousand in purchases of marketable securities in Q1 2026. - **Net Cash Provided by Financing Activities:** Financing activities provided $222 thousand in Q1 2026, primarily from stock option exercises, a decrease from $8,705 thousand in Q1 2025 which included proceeds from warrant and stock option exercises, partially offset by offering costs. #### Future Outlook and Strategy Trevi Therapeutics, Inc. expects its existing cash, cash equivalents, and marketable securities to fund operating expenses and capital expenditure requirements for at least 12 months, supporting the Haduvio development programs for IPF-related chronic cough, non-IPF ILD-related chronic cough, and refractory chronic cough through various clinical trial phases and reporting topline data. The company plans to initiate two pivotal Phase 3 trials for Haduvio for IPF-related chronic cough in Q2 2026 and H2 2026, with topline results anticipated in H1 2028 and H2 2027, respectively. Additionally, an adaptive design Phase 2b clinical trial for non-IPF ILD-related chronic cough is planned for H2 2026, and a Phase 2b trial for refractory chronic cough (RCC) is expected to begin in Q2 2026, both with topline results anticipated in H2 2027. However, current resources are not sufficient for commercial launch activities or completing regulatory approval for non-IPF ILD-related chronic cough or RCC, necessitating substantial additional funding. ### Related Stocks - [TRVI.US](https://longbridge.com/en/quote/TRVI.US.md) ## Related News & Research - [Atrium Therapeutics Reports First Quarter 2026 Financial Results | RNA Stock News](https://longbridge.com/en/news/286465472.md) - [Pelthos Therapeutics GAAP EPS of -$3.09, revenue of $10.7M](https://longbridge.com/en/news/286430906.md) - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [Stocks in Play: Medicenna Therapeutics Corp.](https://longbridge.com/en/news/286936108.md) - [Nuo Therapeutics Announces First Quarter 2026 Financial Results and Provides Business Update | AURX Stock News](https://longbridge.com/en/news/286469940.md)