Shares of Trevi Therapeutics, Inc. (NASDAQ: TRVI) surged 5.00% in after-hours trading on Thursday following the release of its first-quarter 2025 financial results and positive updates on its clinical trials. The biopharmaceutical company, focused on developing treatments for chronic cough, reported a narrower-than-expected loss and progress in its key drug programs.

Trevi announced a quarterly loss of $0.09 per share, beating analyst estimates of a $0.12 loss and improving from the $0.11 loss per share in the same period last year. The company also reported significant advancements in its clinical trials. Notably, Trevi completed enrollment and the last patient visit in its Phase 2b CORAL trial for chronic cough in idiopathic pulmonary fibrosis patients, with topline results expected in the second quarter of 2025. Additionally, the company revealed positive topline results from its Phase 2a RIVER trial in patients with refractory chronic cough, demonstrating statistically significant reductions in 24-hour cough frequency.

Investors were further encouraged by Trevi's strong financial position. The company ended the first quarter with $103.3 million in cash, cash equivalents, and marketable securities, providing an expected cash runway into the fourth quarter of 2026. This robust financial standing allows Trevi to continue advancing its clinical programs and potential commercialization efforts for its lead candidate, Haduvio, in the treatment of chronic cough associated with various conditions.