Trevi Therapeutics, Inc.

Trevi reported approximately $172 million in cash, cash equivalents and marketable securities at the end of Q1 2026, excluding the $162 million in net proceeds from the April 2026 underwritten common stock offering. Management said the stock offering extended cash runway into 2030. No revenue, EPS, or gross margin figures were given on the call. Forward-looking guidance included starting the first of two IPF-related chronic cough Phase III studies this quarter and the second in the second half of 2026, initiating a non-IPF-ILD adaptive Phase II/III trial in the second half of 2026 if FDA alignment is reached, and beginning the RCC Phase IIb trial this quarter with an SSRE readout in Q4 2026.

Jennifer Good framed 2026 as a year of execution, emphasizing that the team is focused on moving multiple chronic cough studies forward while keeping the company organized and resourced. She highlighted recent FDA alignment in IPF-related chronic cough, planned FDA engagement for non-IPF-ILD, and the goal of becoming a leader in chronic cough. Her tone was confident and operational, with repeated emphasis on speed, readiness, and building long-term value through clinical progress and patent expansion.

David Hastings focused on liquidity and runway. He said Trevi ended Q1 with about $172 million in cash, cash equivalents and marketable securities, and that the April 2026 offering added $162 million in net proceeds. He said the financing removed financial overhang and extended runway into 2030, covering development of the IPF program through potential FDA approval, top-line data from non-IPF-ILD Phase IIb and possibly Phase III, the planned RCC Phase IIb trial, and pre-commercial activities, but not commercial launch expenses or other clinical trials.

Analysts asked about the upcoming FDA meeting for non-IPF-ILD chronic cough, and management said the discussion will center on an adaptive Phase II/III design, patient population, dose selection, and interim analysis to support an sNDA strategy. Questions also focused on competition in RCC, especially the upcoming P2X3 readout; management said it hopes competitors succeed because the unmet need is large, but that Trevi believes its central-plus-peripheral mechanism and existing data position it well regardless. The team also addressed placebo risk and enrollment, saying the RCC study includes a placebo run-in and other controls, while investigators remain enthusiastic and patient availability appears strong.