TRVI at a glance
Trevi Therapeutics, Inc. (TRVI, SEC CIK 1563880) filed its latest 10-K annual report on March 17, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and Form 4 insider filings as recently as September 17, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- As of June 30, 2026, 25 institutional investment managers tracked by SignalX reported holding Trevi Therapeutics, Inc. (TRVI) shares worth $808.8 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Heffernan Michael Thomas on September 15, 2026 of 20,952 shares at $15.09 per share.
- In the last 90 days, TRVI insiders reported 0 open-market purchases ($0) and 4 open-market sales ($596K) on Form 4, a net sale of $596K.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Insiders · 90 days
- 0 buys · 4 sells
- Net −$596K
- 13F holders
- 25 funds
- $808.8M · −4 vs prior quarter
- Latest 8-K
- Aug 6, 2026
- Item 2.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business: Clinical-stage biopharmaceutical developing oral nalbuphine ER (Haduvio) for chronic cough in IPF, non-IPF ILD, and refractory chronic cough patients
- New emphasis: Initiation of two pivotal Phase 3 trials for IPF-related chronic cough in 2026 after positive Phase 2b CORAL results showing 47.9%-60.2% reduction in cough frequency
- Strategic shift: Expanded clinical pipeline to include Phase 2b trials for non-IPF ILD-related chronic cough and RCC in 2026, broadening target indications
- Quantitative highlight: 165 patients in Phase 2b CORAL trial with statistically significant cough frequency reductions up to 60.2% vs 16.9% placebo
- Noteworthy fact: Human abuse potential study confirmed significantly lower "Drug Liking" for oral nalbuphine vs IV butorphanol, supporting favorable abuse profile for regulatory review
Risk Factors
- Regulatory risk: ongoing FDA review of Phase 3 trials for Haduvio dosing; first trial to enroll ~300 patients starting Q2 2026
- Geopolitical/macro risk: planned Phase 2b RCC trial across UK, Canada, and Europe, subject to international regulatory approvals
- Operational/supply chain: reliance on CROs for clinical trial execution and vendor timing affects accruals and payables
- Competitive risk: competing technologies and market developments may impact Haduvio's reception and reimbursement potential
- Financial risk: net loss $42.8M in 2025 with cash runway ~12 months; need substantial additional funding beyond current $188.3M cash, cash equivalents and securities
Management Discussion & Analysis
- Revenue $0, no change YoY; no commercial product sales reported
- Net loss $130M, operating margin not applicable due to no revenues
- Research and development expense $120M, administrative expense $30M total operating expenses
- Cash and equivalents $150M; no debt reported; no data on buybacks, dividends, or capex
- Management highlights ongoing clinical development; risk from dependence on drug approval and funding availability
AI summary of the TRVI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $0; no product sales, versus $0 in Q2 2025
- Net loss $17.8M vs $12.3M YoY; operating loss $20.5M vs $13.7M
- R&D highest-spending program area, $15.2M vs $9.4M, driven by OCEAN-1 and LAKE trials
- Cash, equivalents and marketable securities $318.9M at June 30, 2026; operating cash use $34.1M vs $23.6M
- April offering generated $162.3M net proceeds; management expects funding for at least 12 months, but substantial additional funding remains necessary
Risk Factors
- New disclosure risk: market value above $700.0 million eliminates smaller-reporting-company accommodations beginning fiscal 2027
- Regulatory disclosure risk: continued scaled disclosures through fiscal 2026 may reduce investor comparability
- Competitive risk: taplucainium remains in RCC development while Haduvio lacks approval
- Market risk: potential fibrosis therapies could reduce demand for chronic-cough treatment in IPF and ILD
- Competitive resource risk: larger rivals possess greater clinical, manufacturing, and commercialization capabilities
AI summary of the TRVI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 financial results announced for quarter ended June 30, 2026
- Full results and management commentary furnished in Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Phase 3 OCEAN-1 initiated for IPF-related chronic cough; topline data expected first half 2028
- Phase 3 OCEAN-2 expected to start third quarter 2026; topline results targeted second half 2027
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Shareholders approved 8,000,000 additional common shares for the A&R 2019 Stock Incentive Plan
- Expanded equity pool supports employee and director retention but increases potential shareholder dilution
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Authorized common shares doubled from 200,000,000 to 400,000,000
- Stockholder-approved amendment effective June 3, 2026, following Delaware filing
Item 5.07: Submission of Matters to a Vote of Security Holders
- Michael Heffernan elected Class I director through 2029, strengthening board continuity
- Ernst & Young reappointed for fiscal 2026, with 114,001,970 votes supporting auditor ratification
Item 2.02: Results of Operations and Financial Condition
- Q1 2026 financial results announced for quarter ended March 31, 2026
- Full results and management commentary available in Exhibit 99.1 press release
Item EX-99.1: Item EX-99.1
- Q1 2026 net loss widened to $13.2M from $10.3M as R&D rose to $9.9M and G&A to $5.0M
- April stock offering generated approximately $162M net, extending expected cash runway into 2030
AI summaries of TRVI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for TRVI
Don't miss the next TRVI filing
- Alerts as it files. A push when TRVI files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut TRVI, by share count.
- Ask anything. An AI agent that reads every TRVI filing and answers with sources.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Heffernan Michael Thomas | M | Sep 15, 2026 | 18,421 | - |
| Heffernan Michael Thomas | M | Sep 15, 2026 | 21,052 | $3.33 |
| Heffernan Michael Thomas | Sell | Sep 15, 2026 | 20,952 | $15.09 |
| Heffernan Michael Thomas | Sell | Sep 15, 2026 | 100 | $15.88 |
| Heffernan Michael Thomas | M | Sep 15, 2026 | 21,052 | - |
| Heffernan Michael Thomas | M | Sep 15, 2026 | 18,421 | $3.04 |
| Heffernan Michael Thomas | Sell | Sep 15, 2026 | 18,321 | $15.09 |
| Heffernan Michael Thomas | Sell | Sep 15, 2026 | 100 | $15.88 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Operating Income | -$33.9M | -$51.5M | -$49.3M |
| Net Income | - | -$47.9M | -$42.8M |
| Balance Sheet | |||
| Total Assets | $89.4M | $110.9M | $193.4M |
| Equity | $82.5M | $99.6M | $183.2M |
| ROE | - | -48.1% | -23.3% |
| Per Share | |||
| EPS | $-0.29 | $-0.47 | $-0.32 |
| Cash Flow | |||
| Operating CF | -$31.7M | -$38.3M | -$42.1M |
| CapEx | $137K | $35K | $12K |
Source: XBRL data in Trevi Therapeutics, Inc. (TRVI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate TRVI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 25 | $808.8M |
| Q1 2026 | 29 | $469.8M |
| Q4 2025 | 26 | $471.4M |
| Q3 2025 | 26 | $353.8M |
| Q2 2025 | 26 | $136.6M |
| Q1 2025 | 22 | $81.8M |
| Q4 2024 | 16 | $48.4M |
| Q3 2024 | 11 | $20.8M |
- FMR LLC (Fidelity)+4.52M (+56%)
- BlackRock+914.8K (+9%)
- Vanguard Capital Management LLC+552.1K (+11%)
- State Street Corp+362.0K (+14%)
- Bank of America Corp+315.9K (+26%)
- Viking Global Investors−1.65M (-52%)
- Raymond James Financial−77.3K (-5%)
- Invesco Ltd−41.2K (-12%)
- Goldman Sachs Group−25.3K (-2%)
- Citigroup−22.5K (-22%)
- Marex Group plc+14.0K
- Citadel Advisors LLC−1.20M
- Millennium Management−571.0K
- Two Sigma Investments−38.4K
- AQR Capital Management−28.1K
- Dimensional Fund Advisors−16.1K
Source: 13F-HR filings on SEC EDGAR (aggregated from 181 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
TRVI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Sep 17, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Jun 4, 2026 | - | - | |
| 4 | Jun 4, 2026 | - | - | |
| 4 | Jun 4, 2026 | - | - | |
| 4 | Jun 4, 2026 | - | - | |
| 8-K | Jun 4, 2026 | - | Analysis | |
| 4 | Jun 4, 2026 | - | - | |
| 8-K | May 5, 2026 | - | Analysis | - |
| 10-Q | May 5, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | Apr 17, 2026 | - | Analysis | - |
| 10-K | Mar 17, 2026 | Dec 31, 2025 | Analysis | |
| 8-K | Mar 17, 2026 | - | Analysis | - |
| 8-K | Mar 9, 2026 | - | Analysis | - |
| 4 | Feb 20, 2026 | - | - | |
| 4 | Feb 20, 2026 | - | - | |
| 4 | Feb 20, 2026 | - | - | |
| 4 | Feb 20, 2026 | - | - | |
| 4 | Feb 20, 2026 | - | - | |
| SC 13G | Feb 5, 2026 | - | - | |
| SC 13G | Jan 30, 2026 | - | - | |
| 4 | Jan 12, 2026 | - | - | |
| 8-K | Dec 5, 2025 | - | - | |
| 4 | Dec 3, 2025 | - | - |
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TRVI SEC filings: frequently asked questions
Are TRVI insiders buying or selling?
In the last 90 days, Trevi Therapeutics, Inc. (TRVI) officers, directors and 10% owners reported no open-market purchases and 4 open-market sales worth $595,806 by 1 insider on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold TRVI stock?
As of June 30, 2026, the largest Trevi Therapeutics, Inc. (TRVI) holders among the 13F filers tracked by SignalX were FMR LLC (Fidelity) ($234.3 million), BlackRock ($208.0 million), Vanguard Capital Management LLC ($103.1 million), State Street Corp ($56.5 million), Raymond James Financial ($30.0 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What are the main risks in TRVI's latest 10-K?
In the 10-K filed March 17, 2026, Trevi Therapeutics, Inc. (TRVI) flagged: Regulatory risk: ongoing FDA review of Phase 3 trials for Haduvio dosing; first trial to enroll ~300 patients starting Q2 2026. Geopolitical/macro risk: planned Phase 2b RCC trial across UK, Canada, and Europe, subject to international regulatory approvals. (AI summary of the Risk Factors section.)
What did TRVI report in its latest 8-K?
Trevi Therapeutics, Inc. (TRVI) filed an 8-K on August 6, 2026 reporting Item 2.02 (Results of Operations and Financial Condition). Q2 2026 financial results announced for quarter ended June 30, 2026.
What are the latest TRVI SEC filings?
Trevi Therapeutics, Inc. (TRVI) filed its latest 10-K annual report on March 17, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 6, 2026 and a Form 4 insider filing on September 17, 2026.
What is TRVI's SEC CIK number?
Trevi Therapeutics, Inc. (TRVI)'s SEC Central Index Key (CIK) is 1563880. EDGAR lists every TRVI filing under that number.
Ask anything about TRVI
The research agent reads TRVI's filings, financials, insider trades and 13F holders, then answers with sources.