Trevi Therapeutics Q3 2024 Earnings Report

Trevi Therapeutics EPS Results

• Actual EPS: -$0.13
• Consensus EPS: -$0.12
• Beat/Miss: Missed by -$0.01
• One Year Ago EPS: -$0.08

Trevi Therapeutics Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Trevi Therapeutics Announcement Details

• Quarter: Q3 2024
• Date: 11/6/2024
• Time: After Market Closes
• Conference Call Date: Wednesday, November 6, 2024
• Conference Call Time: 4:30PM ET

Trevi Therapeutics (NASDAQ:TRVI) is a clinical-stage biopharmaceutical company focused on the development of novel non-opioid therapies for the management of chronic and acute pain. The company leverages proprietary drug delivery platforms and targeted molecular approaches to address high unmet needs in cancer-related pain, chemotherapy-induced neuropathy and other severe pain conditions.

Its lead product candidate is a proprietary formulation of tetrodotoxin (TTX), a sodium-channel blocking agent being evaluated in early-stage clinical trials for moderate-to-severe pain associated with advanced cancer and peripheral neuropathy. In addition to its TTX program, Trevi maintains a pipeline of preclinical and discovery-stage assets aimed at broadening treatment options for patients with refractory pain syndromes.

Headquartered in San Diego, California, Trevi Therapeutics conducts research and development activities at its U.S. facilities and collaborates with academic institutions and contract research organizations to advance its clinical candidates. The company’s leadership team combines expertise in pharmaceutical development, regulatory affairs and commercialization strategy to guide its growth as a specialty biopharmaceutical innovator.

Trevi Therapeutics Q3 2024 Earnings Call Transcript

Key Takeaways

• Trevi appointed James Casella as Chief Development Officer, leveraging his 35-year CNS drug development experience and recent FDA approval success to advance late-stage programs.
• A series of near-term data catalysts include HAP results and IPF SSRE by December 2024, RCC Phase 2a top-line in Q1 2025, and full CORAL Phase 2b data in H1 2025, driving substantial value inflection points.
• The upcoming HAP study is designed to demonstrate nalbuphine’s low abuse potential and support its likely unscheduled designation under DEA guidelines, aligning with FDA’s 2017 requirement for CNS-active drugs.
• Q3 net loss widened to $13.2 M (vs. $7.7 M a year ago) due to increased R&D spend, but the company’s cash runway now extends into H2 2026, funding all current readouts.
• The Phase 2a RIVER trial in refractory chronic cough is fully enrolled and stratified by cough count, with top-line results expected in Q1 2025 to validate Trevi’s dual central/peripheral mechanism.

Presentation

[Operator]

Good afternoon and welcome to the Trevi Therapeutics third quarter 2024 earnings conference call. At this time, all participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the Star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your phone. To withdraw your question, please press Star, then two. Please note this event is being recorded. Various remarks that management makes during this conference call about the company's future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995.

[Operator]

Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the risk factors section of the company's most recent quarterly report on Form 10-Q, which the company filed with the SEC this afternoon. In addition, any forward-looking statements represent the company's views only as of today and should not be relied upon as representing the company's views as of any subsequent date. While the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so, even if its views change. I would now like to turn the conference call over to Jennifer Good, Trevi's President and CEO. Please go ahead.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Good afternoon, and thank you for joining us for our third quarter 2024 earnings call and business update. Joining me today on this call are my colleagues, Lisa Delfini, Trevi's Chief Financial Officer, and Dr. James Cassella, Trevi's Chief Development Officer. I will give an update on our trials and upcoming data milestones, and Lisa will give a brief financial update. Then the three of us are happy to answer any questions. First, I would like to take a minute and introduce you to Jim Cassella, who has recently joined our leadership team as our Chief Development Officer. As some of you may know, Jim has been on our board of directors for the past four years and has been a valuable advisor to me in that role. Jim has a deep background in neuroscience, drug development, with over 35 years working specifically on CNS therapies.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Prior to joining Trevi, Jim served as CDO for Concert Pharmaceuticals, which was acquired by Sun Pharma in 2023, where he led the development activities, resulting in the successful U.S. FDA approval of the autoimmune JAK inhibitor, Leqselvi. Prior to joining Concert, Jim was EVP research and development and CSO at Alexza Pharmaceuticals from 2004 to 2015, where he was responsible for the U.S. and European approval of the CNS drug Adasuve. Jim received a PhD in physiological psychology from Dartmouth College and completed a postdoctoral fellowship in the Department of Psychiatry at the Yale School of Medicine. Jim brings a wealth of development experience to Trevi, including phase three and recent regulatory approval experience, which will be invaluable as we advance into late-stage development.

[Jennifer Good, President and CEO at Trevi Therapeutics]

He joins Trevi at an exciting time as we read out important studies over the upcoming months and prepare for phase 3 pivotal trials and NDA submission. So welcome, Jim. This has been a very productive quarter at Trevi. As we continue to execute against our clinical development plans for both patients with chronic cough and idiopathic pulmonary fibrosis, or IPF, as well as patients with refractory chronic cough, or RCC, we have a number of upcoming data readouts, and we hope to build on the strong efficacy we saw in our phase 2a trial in patients with IPF chronic cough.

[Jennifer Good, President and CEO at Trevi Therapeutics]

As we have advanced the clinical development in our two programs, there have been continued failures with competitors' products in both disease modification trials and IPF, as well as drugs being studied in RCC, reminding us of the continued need for new therapies for patients suffering from these serious conditions. I will run through an update on our upcoming clinical data readouts, which I believe are seminal in value creation for the company. I will discuss them in order of timing. First up, the human abuse potential, or HAP study. I have discussed this extensively with investors and analysts, so I'm sure you all feel you know more about HAP studies than you ever cared to. So let me summarize the key points on HAP as we prepare for data.

[Jennifer Good, President and CEO at Trevi Therapeutics]

As a reminder, injectable Nalbuphine, which is indicated for severe pain, has been around for decades and has remained unscheduled by the DEA. The DEA looks at scheduling of molecules regularly and schedules drugs based on the chemical entity, not the delivery mechanism. As recently as 2023, the date of their last review, the DEA has kept Nalbuphine unscheduled. Importantly, I wanted to summarize for you their reasonings in their recent opinion. First is Nalbuphine's unique mechanism of action. Nalbuphine is a kappa agonist and mu antagonist, or KAMA, which is in the class of mixed agonist-antagonist drugs. All drugs that are either a kappa agonist or a mu antagonist are unscheduled, and these were designed to mitigate abuse potential. Second, Nalbuphine is less attractive to abusers due to its potent antagonistic effects at mu, which precipitate drug withdrawal.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Third, even though nalbuphine is currently available, the DEA cites that nalbuphine is rarely encountered by law enforcement personnel or submitted to forensic labs for analysis. So there is a lot of history with nalbuphine as a molecule, and it is not new to the DEA. So why are we doing the HAP study at all? There is FDA guidance from 2017 that requires HAP studies for all CNS active drugs. So we are bringing the package up to current-day standards. Finally, this study will be reviewed by the Controlled Substance Staff, CSS, a group in FDA as part of the eight-factor plan. The eight-factor plan has several categories, of which only one is the HAP. So we will wait to see the final data, but we believe there are a lot of reasons why nalbuphine will remain unscheduled if approved in chronic cough.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Okay, moving on to our clinical indications. Next up for data will be the sample size re-estimation in our IPF cough trial. First, I want to note that new treatment options for IPF patients have been scarce since the antifibrotics were approved 10 years ago, and neither of the two approved antifibrotics have shown significant reduction in chronic cough. Second, other than our phase 2 data, there have not been any successful trials in IPF cough, despite being one of the primary complaints by these patients. And third, we believe cough may be a risk factor that plays a role in the progression of the underlying disease. The constant lung injury, micro tears, and potential inflammation caused by persistent coughing may lead to worse health outcomes for patients, such as increased respiratory hospitalizations, mortality, or need for transplant.

[Jennifer Good, President and CEO at Trevi Therapeutics]

So we continue to believe our program is important to these patients, their loved ones, and doctors. Our IPF chronic cough trial, CORAL, is a phase 2b parallel arm dose ranging study that will investigate three active doses of Haduvio and placebo. The study is a six-week trial in approximately 160 patients. The next milestone in CORAL is to conduct the sample size re-estimation, SSRE analysis, when 50% of the patients complete the study. This analysis will be done by an unblinded statistician external to the company who will rerun the power calculations using actual data. We will get very limited information back, but we'll be informed of one of the following three outcomes. One, continue on with the planned 160 patients, which will reconfirm the original powering assumptions.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Two, the drug is working within the pre-specified promising zone, but will require an upsize in the number of patients to maintain the power. Or three, the drug is not working in the pre-specified range, and the company should consider stopping or futility. We will announce the results of this analysis when we have the information, which we expect in December of this year. We continue to expect top-line data for the full study in the first half of 2025, subject to the outcome of the SSRE. From my perspective, the SSRE is a key de-risking event for the ultimate success of this trial, if the answer back is anything but futility. The statistical range in this study, both the original N as well as the upper limit of the range, is aligned to a clinically meaningful placebo-adjusted change.

[Jennifer Good, President and CEO at Trevi Therapeutics]

So it is just a matter of figuring out the right sample size in this study population. Following the SSRE and IPF cough, we expect data in the first quarter of 2025 for our phase 2a RIVER trial in RCC. RCC is a debilitating disease that affects approximately two to three million U.S. adults and is defined as a persistent cough lasting greater than eight weeks, despite treatment for an underlying condition or where no underlying condition exists. With a lack of any approved therapies for RCC in the U.S. and several drug candidate failures, there continues to be a significant unmet need and an urgency from patients and providers for new mechanisms. Although there have been many failures in RCC drug development, we believe our unique central and peripheral mechanism could change that outcome. The many drugs that have failed have all been peripheral-only agents.

[Jennifer Good, President and CEO at Trevi Therapeutics]

The types of cough we are studying are linked through hypersensitivity in the brain, and this is why we believe our mechanism may be important in this condition. Our RCC trial is a phase 2a crossover design that has been conducted in several cough trials across the industry and was designed to enroll approximately 60 patients. These patients were randomized to Nalbuphine or placebo, with patients stratified by cough count: those with 10-19 coughs per hour, moderate cough, and those with greater than or equal to 20 coughs per hour, high cough. The primary analysis will be conducted on the total population, but we will have the ability to understand if our drug shows a signal in these moderate coughers where other programs have been unsuccessful. This trial is now fully enrolled with the last patient out at the beginning of 2025.

[Jennifer Good, President and CEO at Trevi Therapeutics]

We are excited to complete this study and report the data for this significant chronic cough condition in Q1 2025. As you can see, we made a lot of progress over the last few months on completing enrollment and dosing and are eager to see the data from each of these trials. To summarize, we expect HAP data in December of this year, followed by CORAL phase 2b SSRE by year-end as well. Then looking into 2025, we expect RIVER phase 2a top-line data in Q1 2025, then the top-line data from the full CORAL phase 2b study in first half 2025, assuming no increase in the sample size. This is an exciting time at Trevi, with strong news flow in the upcoming months, all representing important value inflection points. I will now turn it over to Lisa to review our financial results.

[Lisa Delfini, CFO at Trevi Therapeutics]

Thank you, Jennifer, and good afternoon, everyone. The full financial results for the three months ended September 30th, 2024, can be found in our press release issued ahead of this call and our 10-Q, which was filed with the SEC today after the market closed. For the third quarter of 2024, we reported a net loss of $13.2 million compared to a net loss of $7.7 million for the same quarter in 2023. R&D expenses were $11.2 million during the third quarter of 2024, compared to $6.3 million in the same quarter of 2023. The increase in R&D spend reflects the significant clinical development activity Jennifer just discussed, including continued enrollment in our CORAL trial in chronic cough and IPF, the final full quarter of enrollment in the RIVER trial in RCC, and the final full quarter of dosing in the HAP trial.

[Lisa Delfini, CFO at Trevi Therapeutics]

R&D expenses were $2.9 million during the third quarter of 2024, compared to $2.7 million in the same period of 2023, primarily due to an increase in stock-based compensation expense, and importantly, demonstrating the control of overhead expenses, which we continue to be mindful of. As of September 30th, 2024, our cash, cash equivalents, and marketable securities totaled $65.5 million, compared to $83 million as of December 31st, 2023. Our current expectation is that our cash burn for 2024, excluding proceeds from share issuances and interest in investment income, will be between $41 million and $43 million, in line with our previous guidance. We now project cash runway into the second half of 2026, more than a year past all current projected data readouts. This concludes our prepared remarks. I will now turn the call back over to the operator for Q&A.

[Operator]

Thank you. We will now begin the question and answer session. To ask a question, you may press Star, then one on your touch-tone phone. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press Star, then two. Due to the number of participants on the call, questions will be limited to one per caller and any relevant follow-up to your question. If you have other questions, you may get back into the queue. And at this time, we will pause momentarily to assemble our roster. And the first question will be from Faisal Khurshid from Leerink. Please go ahead.

[Faisal Khurshid, Equity Research Analyst at Leerink Partners]

Hey, everyone. Thank you for taking the question. Also, just wanted to say welcome to Jim and congrats on the new hire. So for the HAP

[Faisal Khurshid, Equity Research Analyst at Leerink Partners]

Yeah. And since on the HAP, can you clarify, what is your expectation for butorphanol drug liking, and what's the evidence that supports that? And also, totally hear your point that drug scheduling considers the entire eight-factor analysis. But what do you want to see from Nalbuphine in the HAP to support an unscheduled designation as opposed to a potential schedule for?

[Jennifer Good, President and CEO at Trevi Therapeutics]

Thank you, Faisal. I'm going to let Jim go ahead and take that.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

Yeah. So thank you. It's nice to meet you, and pleasure to be here for sure. So these are complicated studies, and they involve experts running these things with subjects who have experience with the drug. Butorphanol is a drug that is scheduled for and has been abused by subjects. So we don't think we're. Well, we have to have patients qualify or subjects qualify to get into the study with butorphanol in a qualification period. So we are setting limits on their entry into the study where they have to have a certain criteria reached in an absolute sense, as well as having a differentiation from placebo. So we know we're going to have effects on butorphanol or from butorphanol in this study, and that is the part of the protocol that has been approved by the FDA.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

So when we look at this study, and it's in the context of looking at scheduling in total at the end of the day, this study is really designed to look at a number of things. With the primary endpoint, which is the VAS drug liking scale, we're looking to determine study validity by showing that butorphanol does differentiate from placebo, and there's a fixed criteria of at least 15 points for that. We'll be looking at the relative abuse liability in terms of Nalbuphine versus butorphanol. And in that, we'll be able to see if there is a lower relative abuse potential for Nalbuphine by pre-specified statistical endpoints determined and approved by the review by the FDA. And importantly, we'll be looking at the absolute abuse potential for Nalbuphine in relationship to placebo.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

So in that case, we are able to determine within an equivalence margin that has been preset and again reviewed and approved by the FDA of 11 points within the placebo arm. We'll be able to determine for each dose whether or not we are significantly within that 11-point range from placebo. And if we are, then we'll be able to make a statement that we do not produce an abuse-related signal compared to placebo. So those are the three outcomes using the primary efficacy endpoint of drug liking, and we'll be able to take it from there as we look at the further evidence from the other endpoints in this study and put that in relationship to the whole package that we'll need to put in front of the FDA.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

That includes other things like experience from our other clinical trials and the other things that Jennifer has referred to from the most recent SSRE analysis of nalbuphine.

[Faisal Khurshid, Equity Research Analyst at Leerink Partners]

Got it. That's helpful. Thank you.

[Operator]

And the next question will be from Leland Gershell from Oppenheimer. Please go ahead.

[Leland Gershell, Managing Director at Oppenheimer]

Hey, thanks for the update, and a welcome to Jim as well. Thanks for taking my questions. Or I'll try to keep it to one, but maybe a multi-part. Jen, just wanted to ask with respect to the SSRE, would there be a fixed increase in sample size that could be triggered if that's the outcome, or would it be variable depending on how much you may need to prospectively increase the number of patients given the variance? And have you shared what the fixed number would be if that's the case? Thank you.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Yeah. No, it's a good question, Leland. Thank you. So basically, the range that we pre-specified for the SSRE is the original N of 160, and it can go up to a total N of 400. It is not a fixed increase. They're going to take the actual number, seeing through 50%, repower the study, and give us an exact number. So it can be anywhere in that range between 160 and 400 that they would come back with.

[Leland Gershell, Managing Director at Oppenheimer]

And maybe just one other comment on that. So we will be looking at the conditional probability of our findings, and then we'll be able to power up based on that. And again, it will be a sliding scale depending on what the conditional probability is that is determined by the SSRE.

[Leland Gershell, Managing Director at Oppenheimer]

Thank you. I'll step back in the queue.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Okay. Thanks, Leland.

[Operator]

The next question comes from Deb Chatterjee from Jones Trading. Please go ahead.

[Debanjali Chatterjee, Senior Data Consultant at SVP]

Hi. Thanks for taking my question. I might have missed it, but could you please confirm that in the RCC trial, the two arms of different degree of coughers are now balanced?

[Jennifer Good, President and CEO at Trevi Therapeutics]

Thanks, Debanjali, for the question. So she's asking about if they're both balanced, the two arms in the RCC trial, since we finished enrollment.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

Yeah. Balanced in terms of the treatment assignment?

[Jennifer Good, President and CEO at Trevi Therapeutics]

I think she's talking about the stratification. One to one.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

The stratification. Yeah. Sure. So the intention was to open up the trial to patients that were stratified on a cough count of 10 to 19 or greater than 20. We did increase the enrollment period to try to get more subjects in the moderate arm. We decided that we were going to cut it off at a certain point in time and not wait for the complete balancing and the complete enrollment of that stratification factor. It doesn't really impact the overall analysis because the overall analysis is based on the number of people in the trial and not based on the subgroup analyses. So we're not concerned about that at all. And I think that it will be sufficient numbers in that group to allow us to look at future-looking statistical analyses and planning for our phase 2B or phase 3 program.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

But I think we'll have sufficient numbers in there, and that's why we decided to stop when we did.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Okay. Thanks for the color.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

Sure.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Thanks, Debanjali We're looking forward to your call.

[Operator]

Our next question is from Mayank Mamtani from B. Riley. Please go ahead.

[Operator]

Hi. Yes, this is William Wood on for Mayank today. Thank you for taking our questions and congrats on the strong Q. So just to sort of continue on with the HAP trial, I'm just kind of curious what would happen after you received the results from the trial, maybe the next steps. Essentially, would you go directly to the FDA with those results, or would this sort of be wrapped into a larger mid-year 2025 end-of-phase two meeting?

[Jennifer Good, President and CEO at Trevi Therapeutics]

I'll Start with that, William. And Jim's obviously just joining us, so he may bring some different views. But we'll obviously get the data. We'll end up submitting the CSR and the results around that. We'll for sure discuss it in our end-of-phase two meeting on the IPF trial and probably invite any comments back. But I would envision that we'll wrap that into our next FDA meeting. But we'll submit the results ahead of time.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Absolutely. I mean, it's a standard-type study for drugs like this. We'll submit the CSR and all the data to the FDA per usual timing. And this study doesn't really gate us in terms of looking at future efficacy studies and our indications. So this will be a matter of more NDA than the process of actually conducting our clinical programs.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Okay. So it wouldn't affect any of the ongoing trials either, just to confirm?

[James Cassella, Chief Development Officer at Trevi Therapeutics]

No.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

No. And again, this is a one-of-many piece of information that is really weighed by the DEA in general. And I think we just want everyone to remember that Nalbuphine has been around for decades. It is unscheduled. It is the moiety, as Jennifer said, that is usually considered in the terms of scheduling. So this is a different formulation. We are catching up on bringing HAP data into the realm for Nalbuphine. So again, all these things are going to be taken into account as well as the experiences of our subjects in our clinical trial. So there's nothing here that is necessarily gating, and these will all be taken into account in the NDA process for approval.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

Thank you very much. I appreciate you taking our questions.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Thank you, William.

[Operator]

The next question comes from Brandon Folkes from Rodman & Renshaw. Please go ahead.

[Brandon Folkes, Biotech Equity Research at Rodman & Renshaw.]

Hi. Thanks for taking my questions, and congratulations on the updates. Maybe just one from me. Any updates on the timing of the tidal respiratory physiology study? When can we hear more about that study? And maybe the second part of that with Jim coming in. Welcome, Jim. Great to have you on board. But do you still intend to run that study? Is this something that may be under review? Just any color on commitment and timing to that tidal study would be great. Thank you.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Yeah. I'll comment on the first two, and then I'll let Jim answer. I don't think he has any different thoughts. So Brandon, as you know, we're running this study really just to be able to define our phase three patient population and IPF specifically. There's a group of patients that had sleep-disordered breathing that we've carved out in our prior two clinical studies because we wanted to answer some questions around that. So that study is enrolling. It's screening patients, enrolling. The timing is we need that data by the time we go to our end-of-phase two meeting on IPF, which will be sometime, on the current schedule, second half of next year. I think it's unblinded.

[Jennifer Good, President and CEO at Trevi Therapeutics]

I don't anticipate that we'll probably put out a lot of data until we get to the end and we actually can interpret all the results and sort of what it means for our inclusion/exclusion. But Jim, I'll let you have any color. I don't think you have any different thoughts.

[James Cassella, Chief Development Officer at Trevi Therapeutics]

No. There's no different thoughts there at all. I think this is a good informative study for us that will just help us make some decisions in the future.

[Brandon Folkes, Biotech Equity Research at Rodman & Renshaw.]

Thanks. And that's great to hear. Thank you for taking my question.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Yeah. Thank you, Brandon.

[Operator]

Again, if you have a question, please press Star, then one. The next question is from Ryan Deschner from Raymond James. Please go ahead.

[Ryan Deschner, vice President, Equity Research at Raymond James]

Hi there. I'm curious as to the timeline for DEA to make a decision, in the sort of once you have the HAP results in hand, their decision or even feedback from them on the potential for scheduling, and also curious what dose level the comparator Butorphanol is being dosed at? Thank you.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Yeah. No, I can answer both those. The DEA process, unfortunately, comes in the end if it comes at all. What happens is you submit your NDA. FDA will review all that with a consult with CSS. Sometimes it doesn't even get referred to DEA. They sort of consider everything, look at your data that you submitted, and it never even goes to DEA. If it does, it goes as part of the NDA process, and then they'll schedule it as part of your approval. So it'll come sort of right after that. As for the dose that we're using in Butorphanol, it's a six-milligram infusion over the course of an hour. And there was a whole study that was done to sort of mimic the inhaled version of Butorphanol that's on the market.

[Jennifer Good, President and CEO at Trevi Therapeutics]

We couldn't use that because that actually had a taste to it, so it was very hard to blind it. And so we ended up basically mimicking the PK of that through the six-milligram infusion. But that was all signed off with the FDA as the right dose.

[Ryan Deschner, vice President, Equity Research at Raymond James]

Got it. Thank you very much.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Yeah. You're welcome. Thank you.

[Operator]

I'm not showing any further questions at this time. This concludes our question-and-answer session. I would like to turn the conference back over to Jennifer Good for closing remarks.

[Jennifer Good, President and CEO at Trevi Therapeutics]

Thank you. We look forward to sharing the results of our various clinical trials with you in the near future. Thank you for joining today's call, and we are available after this call for any follow-up questions you may have.

[Operator]

The conference call has now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Jennifer Good, President and CEO
• James Cassella, Chief Development Officer
• Lisa Delfini, CFO

Analysts

• Faisal Khurshid, Equity Research Analyst at Leerink Partners
• Analyst at B. Riley
• Brandon Folkes, Biotech Equity Research at Rodman & Renshaw.
• Ryan Deschner, vice President, Equity Research at Raymond James
• Leland Gershell, Managing Director at Oppenheimer
• Debanjali Chatterjee, Senior Data Consultant at SVP