Trevi Therapeutics (TRVI) AI Stock Analysis

• Market Cap: $1.38B
• Dividend Yield: N/A
• Average Volume (3M): 2.56M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.30
• Revenue Growth: N/A
• EPS Growth: 15.84%
• Country: US
• Employees: 31
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.08
• Shares Outstanding: 128,230,130
• 10 Day Avg. Volume: 1,820,513
• 30 Day Avg. Volume: 2,561,308
• PEG Ratio: -0.14
• Price to Book (P/B): 4.18
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -10.87
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -33.46K
• Enterprise Value/Ebitda: -27.80
• 1Y Price Target: $21.22
• Price Target Upside: 57.55% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $11.00 ▼(-18.34% Downside)

Score is primarily held back by weak financial performance (pre-revenue, ongoing losses and elevated cash burn). Offsetting factors include a strong, low-leverage balance sheet and a positive earnings-call backdrop with substantial cash runway and encouraging clinical progress; technicals are moderately supportive, while valuation remains constrained by lack of profitability.

Positive Factors

Low leverage / strong balance sheet

Very low debt and materially larger equity provide durable financial flexibility, reducing refinancing and solvency risk. This balance-sheet strength supports multi-year clinical programs and strategic optionality to fund trials or partnerships without immediate liquidity strain.

Substantial cash runway after financing

A large post-raise cash position funding operations into 2028 materially reduces near-term financing pressure, enabling the company to execute two Phase III trials and additional studies. That runway gives management time to deliver pivotal data and pursue non-dilutive partnerships.

Advancing clinical program with clear market gap

Progression to Phase III following positive readouts indicates strong pipeline momentum. Targeting chronic cough in IPF and other ILDs addresses indications with no approved therapies, offering durable first-mover potential and meaningful specialty-market commercial upside if trials succeed.

Negative Factors

Pre-revenue operations and sustained losses

The company remains fully pre-revenue and dependent on clinical success to generate product cash flows. Persistent operating losses drive negative returns on equity and mean long-term value creation hinges on trial outcomes, lengthening time before self-sustaining profitability.

Worsening cash burn and negative free cash flow

A multi-year trend of increasing cash burn constrains runway assumptions and raises the probability of additional capital raises if spending continues. This dynamic can force tougher resource allocation, slow program breadth, or increase dilutive financing over time.

Continued reliance on external financing

Having an automatic mixed shelf and prior capital raises highlights structural dependence on external funding for operations. That reliance increases dilution risk and can constrain long-term planning unless pivotal clinical success or non-dilutive partnerships materialize.

Trevi Therapeutics Business Overview & Revenue Model

Company Description

Trevi Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of Haduvio to treat serious neurologically mediated conditions. The company is developing Haduvio, an oral extended-release formulation of nalbuphine, which is in phase IIb/III clinical trial for the treatment of chronic pruritus, chronic cough in patients with idiopathic pulmonary fibrosis. It has a license agreement with Endo Pharmaceuticals Inc. to develop and commercialize products incorporating nalbuphine hydrochloride in any formulation. The company was incorporated in 2011 and is headquartered in New Haven, Connecticut.

How the Company Makes Money

Trevi Therapeutics primarily makes money through the development and potential commercialization of its lead product candidate, Haduvio. Revenue is anticipated to be generated from product sales once Haduvio receives regulatory approval and is launched in the market. The company may also explore partnerships and licensing agreements with larger pharmaceutical companies to enhance its distribution capabilities and reach. Additionally, Trevi might earn revenue from milestone payments or royalties associated with such partnerships. However, as a clinical-stage company, Trevi Therapeutics currently does not have any products on the market and relies on funding from investors to support its research and development activities.

Trevi Therapeutics Financial Statement Overview

Summary

Trevi Therapeutics is in a typical growth stage for a biotech company, with no revenue and reliance on external financing for operations. While the strong cash position and low debt levels are positives, the ongoing operating losses and negative cash flow highlight the financial risks associated with pre-revenue biotech firms. Continued access to capital will be crucial for its long-term viability.

Income Statement

The company has consistently reported zero revenue over the past years, which is typical for early-stage biotechnology firms focusing on R&D. However, this leads to negative net income and operating losses, reflected in the negative EBIT and EBITDA. The lack of revenue growth and persistent losses are significant weaknesses.

Balance Sheet

Trevi Therapeutics maintains a strong cash position relative to its debt, indicating good liquidity. The debt-to-equity ratio is low, suggesting limited reliance on debt financing. However, the equity ratio has been declining, indicating increasing liabilities relative to assets, which could be a risk if unaddressed.

Cash Flow

The company has negative free cash flow, primarily due to its operating losses, which is common in the biotechnology industry during the development phase. Despite this, cash flow from financing remains positive, suggesting reliance on external funding to sustain operations. This presents a risk if future financing becomes less accessible.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-38.00K	-147.00K	0.00	0.00	-50.00K	-47.00K
EBITDA	-45.74M	-47.79M	-28.58M	-27.98M	-32.71M	-32.27M
Net Income	-45.86M	-47.91M	-29.07M	-29.15M	-33.94M	-32.76M
Balance Sheet
Total Assets	199.36M	110.90M	89.40M	123.02M	38.48M	47.13M
Cash, Cash Equivalents and Short-Term Investments	194.93M	107.62M	82.97M	120.51M	36.83M	45.00M
Total Debt	823.00K	1.03M	1.34M	9.18M	14.63M	14.21M
Total Liabilities	9.57M	11.26M	6.86M	15.56M	21.40M	19.85M
Stockholders Equity	189.79M	99.64M	82.55M	107.46M	17.07M	27.28M
Cash Flow
Free Cash Flow	-44.03M	-38.29M	-31.85M	-28.33M	-28.95M	-29.03M
Operating Cash Flow	-44.01M	-38.26M	-31.71M	-28.18M	-28.95M	-29.00M
Investing Cash Flow	-87.37M	-21.53M	59.43M	-107.37M	0.00	-32.00K
Financing Cash Flow	172.20M	61.48M	-7.91M	111.31M	20.77M	16.72M

Trevi Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.47
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRVI, the sentiment is Negative. The current price of 13.47 is above the 20-day moving average (MA) of 11.90, above the 50-day MA of 12.09, and above the 200-day MA of 8.61, indicating a neutral trend. The MACD of -0.40 indicates Positive momentum. The RSI at 34.22 is Neutral, neither overbought nor oversold. The STOCH value of 18.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TRVI.

Trevi Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRAX	60 Neutral	$8.16B	-24.59	-75.20%	―	364.98%	-25.33%
NUVB	59 Neutral	$2.11B	-9.14	-52.49%	―	1137.19%	70.51%
TRVI	57 Neutral	$1.38B	-28.23	-36.87%	―	―	15.84%
ORIC	54 Neutral	$1.12B	-7.00	-39.73%	―	―	4.29%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
WVE	50 Neutral	$2.57B	―	-86.51%	―	103.75%	33.84%
NKTR	47 Neutral	$719.28M	-4.75	-180.24%	―	-32.79%	36.87%

Trevi Therapeutics Corporate Events

Trevi Therapeutics Appoints New Chief Financial Officer

On December 4, 2025, Trevi Therapeutics announced the appointment of David Hastings as the new Chief Financial Officer, effective January 6, 2026. Hastings brings extensive experience from his previous roles at various biopharmaceutical companies, including Arbutus Biopharma and Incyte Corporation. This strategic hire is expected to strengthen Trevi’s financial leadership, potentially enhancing its market position and operational efficiency.

The most recent analyst rating on (TRVI) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Trevi Therapeutics stock, see the TRVI Stock Forecast page.