Trevi Therapeutics (Nasdaq: TRVI), which did not report revenue for Q2 2026, posted a net loss of $17.8 million, or $0.11 per diluted share, versus $12.3 million, or $0.09 per share, a year earlier. The wider loss reflected increased clinical development spending, while an April equity offering helped lift cash, cash equivalents and marketable securities to $318.9 million.
Core financial results
The selected quarterly statement of operations did not include a revenue line, leaving operating expenses and investment income as the main drivers of results. Total operating expenses increased about 49% to $20.5 million, primarily because Trevi was advancing multiple Haduvio clinical programs.
Higher interest income provided a partial offset. Other income nearly doubled to $2.7 million due to the larger balance of invested cash equivalents and marketable securities.
| Metric | Q2 2026 | Q2 2025 | Year-over-year change |
|---|---|---|---|
| R&D expense | $15.2 million | $9.4 million | Up about 61% |
| G&A expense | $5.4 million | $4.3 million | Up about 24% |
| Total operating expenses | $20.5 million | $13.7 million | Up about 49% |
| Operating loss | $20.5 million | $13.7 million | Widened about 49% |
| Other income, net | $2.7 million | $1.4 million | Up about 92% |
| Net loss | $17.8 million | $12.3 million | Widened about 45% |
| Diluted net loss per share | $0.11 | $0.09 | Widened by $0.02 |
G&A expenses also increased, mainly because of higher stock-based compensation and personnel costs, partly offset by lower spending on outside services and professional fees.
Clinical expansion raises costs before major readouts
R&D expense was the largest source of the higher quarterly loss. Trevi attributed the increase to the Phase 3 OCEAN-1 and planned OCEAN-2 trials, the Phase 2b LAKE trial and Phase 1 studies supporting a potential new drug application, along with higher personnel and stock-based compensation expenses. Lower spending on the completed Phase 2b CORAL trial provided a partial offset.
The company began two important trials during the quarter, but the principal data readouts remain scheduled for 2027 and 2028.
| Program | Indication and stage | Q2 2026 update | Next disclosed milestone |
|---|---|---|---|
| OCEAN-1 | IPF-related chronic cough, Phase 3 | Trial initiated | Topline data in H1 2028 |
| OCEAN-2 | IPF-related chronic cough, Phase 3 | Initiation planned for Q3 2026 | Topline data in H2 2027 |
| LAKE | Refractory chronic cough, Phase 2b | Trial initiated | Sample-size re-estimation in Q4 2026; topline data in H2 2027 |
| Non-IPF ILD program | Non-IPF ILD-related chronic cough | FDA meeting requested | Regulatory strategy discussion with the FDA |
The LAKE sample-size re-estimation will occur after 50% of participants complete treatment. Trevi plans to report the result of that analysis when available.
Liquidity and balance sheet
Trevi ended June with $54.3 million in cash and cash equivalents and $264.6 million in marketable securities, for combined liquidity of $318.9 million. That compares with combined cash and marketable securities of approximately $188.3 million at December 31, 2025.
The increase followed an April 2026 common stock offering that generated approximately $162.3 million in net proceeds. Working capital rose to $317.0 million from $181.9 million at year-end, while stockholders’ equity increased to $321.5 million from $183.2 million.
Management expects current resources to extend the cash runway into 2030. The stated funding plan covers Haduvio’s IPF-related chronic cough program through potential FDA approval, the non-IPF ILD program through Phase 3 and the ongoing Phase 2b LAKE trial. It does not include commercial launch expenses or a Phase 3 trial in refractory chronic cough.
Recent insider transactions
The supplied Yahoo Finance data reported no insider purchases or sales during the preceding six-month period and listed total insider holdings of 894.47 thousand shares. The latest older filings were primarily derivative exercises rather than open-market purchases.
| Date | Insider | Transaction | Ownership | Reported value |
|---|---|---|---|---|
| Dec. 2, 2025 | Christopher Galletta, officer | Derivative exercise at $0.51 | Direct | $2,159 |
| Apr. 17, 2025 | Eight beneficial-owner filings, including New Enterprise Associates 16, L.P. | Derivative exercise at $1.37 | Indirect | $2,537,037 per listed filing |
| Mar. 25, 2025 | Thomas R. Sciascia, officer | Sale at $6.60 | Direct | $17,365 |
The eight April filings had identical dates, prices, ownership classifications and reported values. These records should not be interpreted as eight separate open-market purchases.
Risks investors should watch
- Clinical execution and timing: Trevi is running or preparing several trials simultaneously. Enrollment delays or changes in study size could increase expenses and push back the disclosed 2027 and 2028 readout schedules.
- Clinical and regulatory uncertainty: Haduvio remains investigational, and its safety and efficacy have not been evaluated by a regulatory authority. The development path for non-IPF ILD-related chronic cough also remains subject to discussions with the FDA.
- Dependence on one product candidate: Trevi’s programs across IPF, non-IPF ILD and refractory chronic cough all depend on Haduvio. A clinical or regulatory setback could therefore affect multiple indications.
- Runway scope: The company’s cash estimate extends into 2030, but it excludes commercial launch spending and a Phase 3 RCC trial. Funding those activities could require additional capital.
Summary
Trevi’s Q2 2026 results reflected a transition into a more expensive phase of Haduvio development, with two trials initiated and another Phase 3 study approaching launch. The April financing provides resources for the current clinical plan, but the next major questions center on trial execution, the LAKE sample-size review, regulatory alignment for non-IPF ILD and the eventual 2027–2028 clinical readouts.
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