Trevi Therapeutics Prices Public Offering to Fund Haduvio

An update from Trevi Therapeutics ( (TRVI) ) is now available.

On April 16, 2026, Trevi Therapeutics, Inc., a clinical-stage biopharmaceutical company developing Haduvio for chronic cough in idiopathic pulmonary fibrosis, non-IPF interstitial lung disease, and refractory chronic cough, priced an underwritten public offering of 11.6 million common shares at $13.00 per share. All shares are being sold by the company, with a 30-day option for underwriters to purchase up to 1.74 million additional shares, and Trevi estimates net proceeds of about $141.1 million, or $162.4 million if the option is fully exercised.

The equity raise, expected to close on or about April 20, 2026, is set to extend Trevi’s cash runway through 2029 and support an expansive clinical program for Haduvio, including two global Phase 3 trials in IPF-related chronic cough and Phase 2b studies in non-IPF ILD-related chronic cough and refractory chronic cough, with key readouts projected between 2027 and 2028. As of March 31, 2026, Trevi estimates it held approximately $171.8 million in cash, cash equivalents and marketable securities, but notes that current resources exclude commercial launch spending and will not fully fund Haduvio through regulatory approval in all indications, implying that additional capital will still be required to complete development and eventual commercialization.

The most recent analyst rating on (TRVI) stock is a Buy with a $24.00 price target. To see the full list of analyst forecasts on Trevi Therapeutics stock, see the TRVI Stock Forecast page.

Spark’s Take on TRVI Stock

According to Spark, TipRanks’ AI Analyst, TRVI is a Neutral.

The score is held back primarily by weak financial performance (no revenue, widening losses, and worsening cash burn) despite a low-debt balance sheet. Technicals are supportive with an established uptrend, but overbought signals temper near-term risk/reward. The latest earnings call was constructive on FDA alignment and Phase III plans with solid cash resources for key milestones, while valuation remains constrained by ongoing losses and no dividend support.

To see Spark’s full report on TRVI stock, click here.

More about Trevi Therapeutics

Trevi Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing Haduvio, an oral extended-release formulation of nalbuphine, for chronic cough associated with idiopathic pulmonary fibrosis, non-IPF interstitial lung disease, and refractory chronic cough. Haduvio, acting as a kappa agonist and mu antagonist, is the first investigational therapy to show statistically significant cough reduction in both IPF-related chronic cough and refractory chronic cough clinical trials, though its safety and efficacy have not yet been evaluated by regulators.

The company targets serious respiratory conditions with high unmet need, aiming to position Haduvio as a differentiated treatment option in the chronic cough market. Nalbuphine, the active ingredient, is not currently scheduled by the U.S. Drug Enforcement Agency, which may support its adoption if ultimately approved as a branded therapy for these patient populations.

Average Trading Volume: 1,360,140

Technical Sentiment Signal: Buy

Current Market Cap: $1.83B

For a thorough assessment of TRVI stock, go to TipRanks’ Stock Analysis page.