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.

Cash, Cash Equivalents, and Marketable Securities

Trevi Therapeutics, Inc. ended the first quarter of 2026 with $171.8 million in cash, cash equivalents, and marketable securities. Cash and cash equivalents were $19,412 thousand as of March 31, 2026, compared to $18,914 thousand as of December 31, 2025. Marketable securities were $152,371 thousand as of March 31, 2026, down from $169,346 thousand as of December 31, 2025. Following a common stock offering in April 2026, which generated net proceeds of approximately $162 million, the company expects its current cash resources to extend its cash runway into 2030.

Working Capital

Working capital was $169,006 thousand as of March 31, 2026, a decrease from $181,907 thousand as of December 31, 2025.

Total Assets

Total assets amounted to $179,606 thousand as of March 31, 2026, compared to $193,439 thousand as of December 31, 2025.

Stockholders’ Equity

Stockholders’ equity was $172,127 thousand as of March 31, 2026, compared to $183,244 thousand as of December 31, 2025.

Research and Development (R&D) Expenses

R&D expenses increased by 27.27% to $9,941 thousand for the first quarter of 2026, up from $7,811 thousand in the same period in 2025. 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.

General and Administrative (G&A) Expenses

G&A expenses rose by 35.86% to $4,971 thousand for the first quarter of 2026, compared to $3,659 thousand in the first quarter of 2025. This was mainly due to increased legal fees for intellectual property filings, as well as higher non-cash stock option expenses and other personnel-related costs.

Total Operating Expenses

Total operating expenses for the first quarter of 2026 were $14,912 thousand, an increase from $11,470 thousand in the same period of 2025.

Loss from Operations

Loss from operations for the first quarter of 2026 was - $14,912 thousand, compared to - $11,470 thousand in the first quarter of 2025.

Other Income, Net

Other income, net, increased by 51.92% to $1,700 thousand for the first quarter of 2026, up from $1,119 thousand in the corresponding period of 2025. This was primarily due to increased interest income from higher invested cash equivalents and marketable securities balances.

Net Loss

Trevi Therapeutics, Inc. reported a net loss of - $13,192 thousand for the first quarter of 2026, compared to a net loss of - $10,340 thousand in the same period in 2025.

Outlook / Guidance

Trevi Therapeutics, Inc. anticipates its cash resources will fund operations into 2030, potentially through FDA approval of Haduvio in IPF-related chronic cough and continued pipeline advancement. The company plans to initiate multiple clinical trials in the second quarter of 2026, including a first Phase 3 trial for IPF-related chronic cough and a Phase 2b trial for refractory chronic cough (RCC). Topline results are expected from the first IPF-related chronic cough Phase 3 trial in the first half of 2028, and from the second IPF-related chronic cough Phase 3 trial, the non-IPF ILD-related chronic cough Phase 2b trial, and the RCC Phase 2b trial in the second half of 2027.