On May 14, 2025, Trevena, Inc. entered into a securities exchange agreement with an institutional investor in which it agreed to pay $150,000 in cash, issue 95,000 shares of common stock, and issue a pre-funded warrant for up to 113,333 shares of common stock. This exchange was in return for the cancellation of warrants held by the investor to purchase 345,946 shares of common stock at an exercise price of $17.50 per share.
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