Trevi Therapeutics (NASDAQ:TRVI) Posts Earnings Results, Hits Expectations

Trevi Therapeutics (NASDAQ:TRVI) released its quarterly earnings data on Monday. The company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13), FiscalAI reports.

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

• IPF trials are underway: Trevi said OCEAN-1 and OCEAN-2 have received regulatory approvals in all participating countries and are progressing through site activation and enrollment. It maintained guidance for OCEAN-2 results in the second half of 2027 and OCEAN-1 results in the first half of 2028.
• FDA alignment advances the non-IPF ILD program: Trevi plans a roughly 120-patient, Phase II dose-ranging trial starting in Q1 2027, with top-line results expected in the first half of 2028. Management said the study is intended to inform dosing and could support a streamlined path to a single Phase III trial.
• LAKE trial results remain uncertain: An independent sample-size review is expected in early Q1 2027 after 50 patients complete the trial; it could recommend keeping the 100-patient enrollment, increasing it to as many as 152, or indicate futility. Trevi expects the full readout in the second half of 2027, including if enrollment is increased.
• Cash is expected to fund key clinical milestones: Trevi ended Q3 with approximately $299 million in cash, equivalents and marketable securities, and said its runway extends into 2030. Management said this covers the ongoing trials and non-IPF ILD Phase II study through data, but excludes RCC or non-IPF ILD Phase III trials and commercial launch costs.
• RCC competition has receded, but commercial questions remain: Management said there are no active competitors in its targeted chronic-cough indications and estimated about one million patients in the most refractory RCC segment. It said market sizing and potential commercial approaches remain under evaluation, and that plans will depend on the LAKE results.

Trevi Therapeutics Stock Up 6.8%

Shares of TRVI stock opened at $15.31 on Tuesday. Trevi Therapeutics has a 1-year low of $9.82 and a 1-year high of $20.22. The stock has a 50 day simple moving average of $14.24 and a 200-day simple moving average of $14.41.

Key Trevi Therapeutics News

Here are the key news stories impacting Trevi Therapeutics this week:

• Positive Sentiment: Trevi began the Phase 3 OCEAN-2 trial for IPF-related chronic cough in the third quarter, and both Phase 3 OCEAN studies are recruiting. The company also expects to start a Phase 2 dose-ranging trial for non-IPF ILD-related cough in Q1 2027, following a positive FDA meeting. Trevi Q3 2026 results and business updates
• Positive Sentiment: Cash is expected to fund key clinical milestones into 2030, easing near-term financing concerns. Trevi also received a U.S. patent notice of allowance for a dosing regimen in non-IPF ILD-related cough, with expected protection through 2041. Trevi outlines trial timing and cash runway
• Neutral Sentiment: Third-quarter adjusted loss was $0.13 per share, matching analysts’ consensus estimate, so the result itself offered little earnings surprise. Q3 earnings flash
• Negative Sentiment: Although the per-share loss matched expectations, reports characterized the quarterly loss as wider, which could temper enthusiasm if investors focus on ongoing cash burn. Report on Q3 loss and trial progress

Insider Transactions at Trevi Therapeutics

In related news, Director Michael Heffernan sold 39,473 shares of the business’s stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $15.09, for a total value of $595,647.57. Following the completion of the sale, the director owned 6,351 shares of the company’s stock, valued at approximately $95,836.59. The trade was a 86.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 15.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Wall Street Zen cut Trevi Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Cantor Fitzgerald upped their price objective on Trevi Therapeutics from $25.00 to $30.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Morgan Stanley reaffirmed an “overweight” rating and set a $23.00 price objective on shares of Trevi Therapeutics in a research note on Friday, August 7th. B. Riley Financial lifted their target price on shares of Trevi Therapeutics from $21.00 to $31.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Trevi Therapeutics in a research note on Wednesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $27.08.

Trevi Therapeutics Company Profile

Trevi Therapeutics, Inc is a clinical-stage biopharmaceutical company developing treatments for chronic cough and chronic itch. Its lead candidate, Haduvio (oral extended-release nalbuphine), is being studied for conditions including idiopathic pulmonary fibrosis, other interstitial lung diseases and chronic pruritus associated with prurigo nodularis.

Nalbuphine acts on opioid receptors, and Trevi is evaluating its potential to reduce these symptoms. The company’s development programs are focused on clinical research; Haduvio is not an approved treatment.

Trevi is headquartered in New Haven, Connecticut, and its operations are centered on developing its drug candidate.