Trevi Therapeutics Completes $115 Million Offering to Fund Development of Chronic Cough Treatment

Trevi Therapeutics Secures $115 Million in Public Offering

Trevi Therapeutics, Inc. (Nasdaq: TRVI), a clinical-stage biopharmaceutical company, recently concluded a significant underwritten public offering of common stock aimed at advancing its vital research into chronic cough treatments. This move is particularly focused on their investigational therapy, Haduvio™ (oral nalbuphine ER), which is designed to help patients suffering from chronic cough related to idiopathic pulmonary fibrosis (IPF) and refractory chronic cough (RCC).

On June 5, 2025, Trevi announced the successful closing of the offering which encompassed 20,010,000 shares at a public offering price of $5.75 per share. This figure includes an additional 2,610,000 shares that were made available following the underwriters' full exercise of their option to purchase more shares at the same public offering price. With total proceeds amounting to approximately $115.1 million before underwriting discounts and expenses, this capital injection is set to bolster Trevi's developmental efforts for Haduvio.

The comprehensive offering was managed by prominent financial institutions including Morgan Stanley, Leerink Partners, Stifel, and Cantor Fitzgerald, serving as joint book-running managers. Underlying the offering was a shelf registration statement filed with the Securities and Exchange Commission (SEC), ensuring compliance with regulatory standards and facilitating smoother transactions.

The funds acquired from this public offering will partially support the ongoing clinical trials required for gaining more profound insights into the efficacy and safety of Haduvio. This therapy, which operates by modulating the cough reflex in patients, could potentially offer a groundbreaking alternative for individuals whose conditions have resisted conventional treatment options.

Haduvio acts on the body’s opioid receptors, specifically as a kappa agonist and a mu antagonist (KAMA), making it distinct among other medications targeting chronic cough. Unlike many opioid medications, nalbuphine is not classified as a controlled substance in the U.S., which may broaden its accessibility for patients needing relief from chronic coughing.

Trevi Therapeutics also emphasized that all shares in this offering were sold by the company itself, which signals confidence in their future potential and the market's response. The precise details of the final offering were communicated in a prospectus filed with the SEC, which can be obtained through the financial institutions involved in the offering.

The prospects for Trevi Therapeutics remain optimistic, driven by the urgent medical need for effective chronic cough treatments in specific patients. As the company ramps up its clinical efforts with the newly acquired funds, stakeholders and investors alike remain watchful for the developments to unfold in the coming months.

For any additional queries, investors can contact Jonathan Carlson at Trevi Therapeutics, and media inquiries can be directed to Rosalia Scampoli.

In conclusion, Trevi Therapeutics is on a promising path with their public offering, providing significant funding crucial for advancing the development of Haduvio™, which aims to address unmet medical needs in the realm of chronic cough associated with serious health issues like IPF and RCC. The dedicated research and clinical trials ahead will shape the future impact of this therapeutic intervention.