Trevi gains FDA alignment on Phase 3 IPF-cough program; cash $188.3M

Trevi Therapeutics, Inc.

FDA alignment on Phase 3 program for IPF-related chronic cough; first Phase 3 trial to start Q2 2026.
Cash, cash equivalents $188.3M at year-end 2025; expected runway into 2028.
Q4 2025 net loss $8.3M vs $11.4M in Q4 2024; FY2025 net loss $42.8M.
R&D expenses Q4 $6.2M down from $9.3M; G&A $4.0M up from $2.9M.
Plan to initiate Phase 2b trial for refractory chronic cough in Q2 2026.

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