Trevi Therapeutics Secures $100 Million from Underwritten Stock Offering

On June 3, 2025, Trevi Therapeutics, Inc. (NASDAQ: TRVI), a biopharmaceutical company at the clinical stage, announced the pricing of its underwritten public offering, which is set to raise $100 million. The offering involved the sale of 17,400,000 shares of common stock at a price of $5.75 per share. This move marks a significant step for Trevi as it aims to advance its innovative therapy, Haduvio™, which is currently in trials for chronic cough treatment in patients suffering from idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC).

Haduvio™ is an oral formulation of nalbuphine, which is designed to act on both central and peripheral pathways of the cough reflex. The drug functions as a neurokinin receptor agonist and a mu-opioid receptor antagonist (KAMA), targeting key opioid receptors that are implicated in chronic cough management. Notably, nalbuphine is not classified as a controlled substance by the U.S. Drug Enforcement Administration, which may enhance its accessibility for patients in need.

This stock offering is fully underwritten, with Trevi granting its underwriters a 30-day option to purchase an additional 2,610,000 shares at the same public offering price, adjusted for fees and commissions. Morgan Stanley, Leerink Partners, Stifel, and Cantor Fitzgerald are acting as joint book-running managers for this offering.

The anticipated closure of this offering is expected on or around June 5, 2025, pending the satisfaction of customary closing conditions. The shares are being offered pursuant to a shelf registration statement that Trevi filed with the Securities and Exchange Commission (SEC) in June 2023, which has since gone through amendments and has been accepted by the SEC.

For those interested in the details surrounding this offering, Trevi has filed a preliminary prospectus supplement with the SEC, and investors can find copies on the SEC's website. Information on how to obtain these documents, as well as contact details of the managers handling the offering, has also been provided by the company.

In its forward-looking statements, Trevi warns that the results related to this offering may include various uncertainties and risks. These encompass market conditions and the possibility of not satisfying the closing conditions, along with other risk factors enumerated in their filings. Trevi Therapeutics underscores its commitment to remaining transparent and will update stakeholders as conditions change.

As Trevi continues its mission to innovate in the biopharmaceutical realm, this successful offering not only raises essential funds but also solidifies its position in the market as it works on bringing Haduvio™ to patients who are currently facing challenging respiratory conditions. The company's proactive approach reflects its determination to address unmet medical needs and improve patient outcomes through targeted therapies.

In conclusion, the $100 million raised from this strategic move could significantly bolster Trevi's clinical research efforts and accelerate the development timeline for Haduvio™, while continuing to educate the market on the potential of their groundbreaking therapy. The results from ongoing trials and responses from the medical community will certainly be ones to watch in the coming months.