Trevi Therapeutics Q2 2026: $318.9M Cash and Phase 3 IPF Cough Trial Underway
TRVI has more than doubled off its 52-week low of $6.55.
Summary
Trevi Therapeutics reported Q2 2026 results with $318.9M in cash, initiated its first Phase 3 trial for Haduvio in IPF-related chronic cough, and expects to start a second Phase 3 this quarter. Cash runway extends into 2030.
Key Events · Earnings and Guidance · TRVI
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Q2 2026 Financial Results
Net loss of $17.8M on R&D spend of $15.2M and G&A of $5.4M. Cash and marketable securities totaled $318.9M as of June 30, 2026.
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Cash Runway Extended to 2030
Following a $162.3M net proceeds offering in April 2026, the company expects its cash to fund operations into 2030, covering the IPF chronic cough program through potential FDA approval.
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Phase 3 OCEAN-1 Trial Initiated
The first of two Phase 3 trials for Haduvio in IPF-related chronic cough began in Q2 2026, with topline data expected in H1 2028.
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Phase 2b LAKE Trial Underway
The Phase 2b trial in refractory chronic cough initiated in Q2 2026; a sample size re-estimation is expected in Q4 2026, with topline results in H2 2027.
Analysis · TRVI · Life Sciences
Trevi Therapeutics disclosed Q2 2026 financials and clinical progress. With $318.9 million in cash, the company is funded into 2030, bolstered by a $162.3 million offering in April. The Phase 3 OCEAN-1 trial for IPF-related chronic cough has begun, and a second Phase 3 trial is expected this quarter. Meanwhile, the Phase 2b LAKE trial in refractory chronic cough is also underway. These updates confirm the company is executing on its pipeline and has the financial runway to reach key data readouts in 2027-2028.
At the time of this filing, TRVI was trading at $18.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $6.55 to $20.22. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.