Trevi Therapeutics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company, focused on developing Haduvio (oral nalbuphine ER) for chronic cough treatment, experienced a notable decrease in cash and cash equivalents, which fell to $16.1 million from $32.4 million at the end of 2023. Total current assets also declined to $67.3 million from $87.5 million, while total assets decreased to $68.9 million from $89.4 million during the same period.
The company’s operating expenses surged to $14.1 million for the three months ended September 30, 2024, compared to $9.0 million in the same period of 2023. This increase was primarily driven by a rise in research and development expenses, which reached $11.2 million, up from $6.3 million year-over-year. Consequently, Trevi reported a loss from operations of $14.1 million, compared to $9.0 million in the prior year. The net loss for the quarter was $13.2 million, a significant increase from $7.7 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss totaled $36.5 million, compared to $21.2 million for the same period in 2023.
The company’s total stockholders’ equity decreased to $58.9 million from $82.5 million at the end of 2023, reflecting the ongoing financial strain. The accumulated deficit as of September 30, 2024, stood at $275.6 million, with no revenue generated from product sales since inception.
In terms of financing, Trevi raised $10.0 million through the sale of common stock under its 2023 ATM Sales Agreement, with an additional $4.6 million raised from shares issued between September 30 and October 31, 2024. The company anticipates needing further funding to support its clinical development activities, particularly for ongoing trials such as the Phase 2b CORAL trial for chronic cough in idiopathic pulmonary fibrosis and the Phase 2a RIVER trial for refractory chronic cough.
Strategically, Trevi continues to rely on third-party contractors for clinical trials and manufacturing, which poses risks related to compliance and supply continuity. The company has also entered into a collaborative agreement with Endo Pharmaceuticals for the development of products incorporating nalbuphine, which includes milestone payments and royalties based on net sales.
Overall, Trevi Therapeutics is navigating a challenging financial landscape while advancing its clinical programs, with significant increases in operating expenses and net losses compared to previous periods.
About Trevi Therapeutics, Inc.
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