Trevi Therapeutics, Inc. (TRVI) FY2025 10-K Annual Report
Trevi Therapeutics, Inc. (TRVI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Trevi Therapeutics, Inc. FY2025 10-K Analysis
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
Management Discussion & Analysis
- • Revenue $0, no change YoY; no commercial product sales reported
- • Net loss $130M, operating margin not applicable due to no revenues
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
Trevi Therapeutics, Inc. FY2025 Key Financial MetricsXBRL
Net Income
-$43M
▲ +10.8% YoY
ROE
-23.3%
▲ +2475bp YoY
Total Assets
$193M
▲ +74.4% YoY
EPS (Diluted)
$-0.32
▲ +31.9% YoY
Operating Cash Flow
-$42M
▼ -10.0% YoY
Source: XBRL data from Trevi Therapeutics, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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