Trevi Therapeutics (TRVI)
Developing oral nalbuphine ER across three chronic-cough indications.
Something off on this page? Send us feedback.
Develops Haduvio, an investigational oral extended-release nalbuphine therapy, across three chronic-cough programs spanning fibrotic lung disease and refractory chronic cough. With no approved product, the business depends on one licensed drug candidate, clinical and regulatory execution, and third-party manufacturing.
Develops Haduvio, an investigational oral extended-release form of nalbuphine, for chronic cough in idiopathic pulmonary fibrosis, non-IPF interstitial lung disease, and refractory chronic cough. The most advanced IPF program has entered Phase 3, while the refractory chronic cough program is in Phase 2b and the non-IPF ILD program remains in regulatory planning.
Based in New Haven, the clinical-stage operation conducts development in the United States and internationally. Its focused model advances one molecule across related cough indications and relies on trial execution and regulatory approval rather than an existing commercial franchise. No product is approved for sale. The business depends on Haduvio, an exclusive worldwide license from Keenova, external clinical and manufacturing partners, and a single supplier of nalbuphine drug substance.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 7, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $20 | Target: $23 |
| Aug 7, 2026 | Oppenheimer | Reiterate | Rating: —Target: $24 | Target: $25 |
| Aug 7, 2026 | Raymond James | Reiterate | Rating: —Target: — | Target: $40 |
| Jul 20, 2026 | BMO Capital | Initiate | Rating: —Target: — | Target: $36 |
| Jul 20, 2026 | H.C. Wainwright | Reiterate | Rating: —Target: $6 | Target: $24 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $318.9M · Total debt $605.0K · Total assets $330.5M · Shareholders' equity $321.5M
- Revenue
- $0
- Operating income
- −$20.5M
- Net income
- −$17.8M
No dividends on record.
| Institutions | ≈ 104.89% | 149.45M shares | |
|---|---|---|---|
| 226 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 4.44% | 6.32M shares | |
| 12 holders · as of Sep 17, 2026 | |||
| Adds to | 109.33% | ||
142.48M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 109.33%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Nea Management Company, LLCInstitution | 9.28% | 13.22M | as of Jun 30, 2026 |
FMR LLCInstitution | 8.82% | 12.56M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.83% | 11.16M | as of Jun 30, 2026 |
Frazier Life Sciences Management, L.P.Institution | 6.98% | 9.94M | as of Jun 30, 2026 |
Frazier Life Sciences Public Fund, L.P.Institution | 5.97% | 8.51M | filed Nov 14, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 15, 2026 | Michael Thomas Heffernan | director | −21,052 | $15.09 |
- GSK (ADR)
Phase 3 P2X3 chronic-cough program with respiratory scale
- Merck
Gefapixant is the approved P2X3 benchmark outside the U.S.
- United Therapeutics
PH-ILD franchise with inhaled IPF development
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Trevi Therapeutics | $15.18 | +1.95% | $2.11B | — | — | — | — |
| GSK (ADR) | $50.78 | −0.60% | $102.34B | 16.1 | 9.3 | 2.3 | +5.3% |
| Merck | $151.59 | +1.40% | $369.24B | 119.6 | 17.6 | 5.6 | +5.1% |
| United Therapeutics | $493.74 | +0.13% | $20.93B | 17.7 | 19.1 | 6.6 | −1.9% |
| Median | 17.7 | 17.6 | 5.6 | +5.1% |