Trevena, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decrease in cash and cash equivalents, which fell to $13.5 million from $33.0 million at the end of 2023. Total current assets also declined to $14.7 million, down from $35.2 million, while total assets decreased to $19.2 million from $40.6 million. The total stockholders’ deficit increased to $(23.3 million) compared to $(7.7 million) at the end of 2023.

For the three months ended September 30, 2024, Trevena reported total revenue of $283,000, an increase from $180,628 in the same period of 2023. License and royalty revenue rose to $304,000 from $179,615 year-over-year. However, the company recorded a net loss of $(4.9 million) for the quarter, an improvement from $(7.9 million) in the prior year. The net loss per share also improved to $(5.79) from $(14.20).

For the nine months ended September 30, 2024, Trevena's net loss was $(17.5 million), down from $(23.8 million) in the same period of 2023. This reduction in losses was attributed to decreased operating expenses, which totaled $22.6 million for the nine months, compared to $28.3 million in the previous year. The company reported a significant reduction in research and development expenses, which fell by 26% to $4.2 million.

Strategically, Trevena has made several adjustments to its operations. The company has substantially reduced commercial support for its product OLINVYK to conserve capital while exploring strategic alternatives, including potential sales or licensing. Additionally, on October 5, 2024, Trevena terminated the employment of several executives, incurring a severance expense of $3.3 million, and subsequently reduced its board size from seven to three members.

Trevena's accumulated deficit reached $605.6 million as of September 30, 2024, and management expressed substantial doubt about the company's ability to continue as a going concern due to insufficient cash to fund operations for the next year. The company plans to raise additional capital through equity or debt financing and has established consulting agreements with terminated executives for strategic assistance.

The company executed a 1-for-25 reverse stock split effective August 13, 2024, and was notified of its delisting from Nasdaq on October 4, 2024, due to non-compliance with minimum stockholder equity requirements. Following the delisting, Trevena's common stock began trading on the Pink Open Market.