Trevi Therapeutics (TRVI) AI Stock Analysis

• Market Cap: $1.45B
• Dividend Yield: N/A
• Average Volume (3M): 2.56M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• 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: 0.97
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -36.86K
• Enterprise Value/Ebitda: -30.62
• 1Y Price Target: $21.33
• Price Target Upside: 58.38% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.49
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: $11.00 ▼(-18.34% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

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 increased equity provide durable financial flexibility, lowering refinancing and solvency risk. This capital structure supports multi-year funding of clinical programs and gives management optionality on partnering, licensing, or staged investment decisions.

Multi-year Cash Runway from Financing

A substantial recent capital raise and ~ $195M in cash materially extend runway into 2028, enabling planned Phase III starts and broader program execution without immediate financing. This reduces near-term dilution risk and permits focus on clinical milestones that drive long-term value.

Positive Clinical Readouts

Successful trial readouts materially de-risk core programs and justify progression to pivotal studies. Sustained clinical progress increases the probability of eventual regulatory filings or partnership interest, strengthening long-term commercialization prospects if subsequent trials confirm results.

Negative Factors

Pre-revenue Business Model

Absent product sales, the company depends on capital markets and partnerships to fund operations. That creates structural financing dependency and timing risk: successful transition to commercial revenues is contingent on clinical and regulatory outcomes that may take years to realize.

Worsening Cash Burn

Rising negative operating and free cash flow increases the likelihood of future financing, which can dilute shareholders and divert management attention. Persistently negative cash generation limits self-funding capacity and could force strategic trade-offs in trial pacing or partnerships.

Additional Compliance / Regulatory Costs

Ongoing compliance preparations and related professional fees add recurring overhead and complexity as the company scales. This structural increase in fixed costs can erode runway, constrain R&D flexibility, and divert resources from clinical execution over the medium term.

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

Balance sheet strength and very low leverage support financial flexibility, but the company remains pre-revenue with persistent losses and worsening cash burn (negative operating cash flow and ~-$44M TTM free cash flow), increasing reliance on external funding over time.

Income Statement

TRVI remains a pre-revenue biotech (revenue is $0 across annual periods and TTM (Trailing-Twelve-Months)), so results are dominated by operating losses. Losses have widened versus 2022–2023 (net loss of ~$45.9M in TTM vs ~$29.1M in 2023), signaling higher spend without offsetting commercial revenue yet. A modest positive is slightly improved loss level versus 2024 (TTM net loss ~$45.9M vs ~$47.9M in 2024), but overall profitability is still meaningfully negative and highly dependent on future pipeline execution.

Balance Sheet

The balance sheet is a relative strength: leverage is minimal with very low debt compared to equity (debt-to-equity ~0.004 in TTM (Trailing-Twelve-Months)), reducing refinancing and solvency risk. Equity and assets have also increased sharply versus prior years (equity ~$189.8M in TTM vs ~$99.6M in 2024), which improves financial flexibility. The key weakness is that returns on equity are deeply negative (TTM return on equity about -31%) due to ongoing losses—so despite strong capitalization, the business is still consuming capital rather than generating it.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow both solidly negative in TTM (Trailing-Twelve-Months) (about -$44.0M free cash flow), reflecting continued cash burn. Cash burn has worsened versus 2023 and 2024 (free cash flow moved from roughly -$31.8M in 2023 and -$38.3M in 2024 to -$44.0M TTM), which raises the likelihood of additional funding needs if spending stays elevated. A modest positive is that free cash flow is less negative than net income (TTM free cash flow to net income ~1.31), suggesting non-cash expenses help cushion cash burn versus accounting losses, but the company still has no self-funding profile today.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRVI, the sentiment is Positive. The current price of 13.47 is above the 20-day moving average (MA) of 10.90, above the 50-day MA of 11.37, and above the 200-day MA of 9.21, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 54.93 is Neutral, neither overbought nor oversold. The STOCH value of 81.95 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TRVI.

Trevi Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PRAX	67 Neutral	$9.54B	-25.81	-45.83%	―	364.98%	-25.33%
NUVB	59 Neutral	$1.94B	-8.69	-52.49%	―	1137.19%	70.51%
TRVI	57 Neutral	$1.45B	-30.60	-36.87%	―	―	15.84%
ORIC	57 Neutral	$1.35B	-8.85	-41.27%	―	―	4.29%
WVE	56 Neutral	$2.57B	-19.45	-86.51%	―	103.75%	33.84%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NKTR	47 Neutral	$1.91B	-8.87	-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.