Trevi Therapeutics (NASDAQ:TRVI) Announces Earnings Results, Hits Estimates

Key Points

• Trevi Therapeutics met earnings expectations, reporting a quarterly loss of $0.11 per share, in line with the consensus estimate.
• The company’s clinical programs remain on schedule, with Phase III and Phase II chronic-cough trials underway and additional enrollment milestones expected in 2026. Trevi ended the quarter with approximately $319 million in liquidity and reiterated a cash runway into 2030.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $26.75, while Trevi said a competitor’s program termination could strengthen its position in refractory chronic cough.

Trevi Therapeutics (NASDAQ:TRVI - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.11) earnings per share for the quarter, hitting the consensus estimate of ($0.11), FiscalAI reports.

Here are the key takeaways from Trevi Therapeutics' conference call:

• Clinical programs remain on track: Trevi initiated the OCEAN-1 Phase III IPF-related chronic cough trial and LAKE-2b Phase II trial in refractory chronic cough during Q2, with OCEAN-2 planned for Q3. The company expects 50% enrollment in LAKE-2b during the second half of 2026.
• Trevi ended Q2 with approximately $319 million in cash, cash equivalents, and marketable securities and reiterated its cash runway into 2030, including funding for IPF development through potential approval, non-IPF ILD development through Phase III, and pre-commercial activities.
• The company views the termination of a competing refractory chronic cough program as improving its competitive position, potentially making Trevi the leading or only active developer across its three target cough indications. Management continues to estimate roughly 1 million U.S. treatment-resistant RCC patients as its initial commercial opportunity.
• Trevi is seeking FDA alignment on a non-IPF ILD-related chronic cough program and expects to learn this month whether an agency meeting has been granted. Management expects the eventual protocol to closely resemble the IPF program, but the regulatory path and number of required studies remain unresolved.
• The LAKE trial’s Q4 2026 sample-size re-estimation could require an increase of up to 50% if conditional power is below the company’s 80% threshold, potentially adding patients and affecting timelines, although management characterized this as a statistical adjustment rather than a sign of efficacy concerns.

Trevi Therapeutics Price Performance

NASDAQ:TRVI traded up $0.01 during trading hours on Friday, hitting $18.51. The company's stock had a trading volume of 2,175,078 shares, compared to its average volume of 1,744,671. Trevi Therapeutics has a twelve month low of $6.55 and a twelve month high of $20.22. The stock has a fifty day simple moving average of $16.88 and a 200-day simple moving average of $13.97. The company has a market capitalization of $2.63 billion, a P/E ratio of -57.84 and a beta of 1.03.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on TRVI. BMO Capital Markets assumed coverage on shares of Trevi Therapeutics in a report on Monday, July 20th. They set an "outperform" rating and a $36.00 target price on the stock. Cantor Fitzgerald boosted their price target on Trevi Therapeutics from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Friday. Oppenheimer raised their price objective on Trevi Therapeutics from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note on Friday. D. Boral Capital reaffirmed a "buy" rating and issued a $19.00 price objective on shares of Trevi Therapeutics in a report on Friday, April 17th. Finally, B. Riley Financial upped their target price on Trevi Therapeutics from $21.00 to $31.00 and gave the company a "buy" rating in a research report on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $26.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Kennedy Capital Management LLC increased its position in shares of Trevi Therapeutics by 2.4% during the fourth quarter. Kennedy Capital Management LLC now owns 56,269 shares of the company's stock worth $704,000 after buying an additional 1,336 shares during the period. California State Teachers Retirement System lifted its holdings in Trevi Therapeutics by 2.6% in the fourth quarter. California State Teachers Retirement System now owns 83,788 shares of the company's stock valued at $1,049,000 after buying an additional 2,091 shares during the period. Rafferty Asset Management LLC boosted its position in Trevi Therapeutics by 21.6% during the fourth quarter. Rafferty Asset Management LLC now owns 16,499 shares of the company's stock valued at $207,000 after acquiring an additional 2,933 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Trevi Therapeutics by 5.3% during the fourth quarter. Russell Investments Group Ltd. now owns 59,444 shares of the company's stock valued at $744,000 after acquiring an additional 2,984 shares during the last quarter. Finally, Creative Planning grew its holdings in Trevi Therapeutics by 17.5% during the 2nd quarter. Creative Planning now owns 20,247 shares of the company's stock worth $111,000 after acquiring an additional 3,016 shares during the period. Institutional investors own 95.76% of the company's stock.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc 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.

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