Trevi Therapeutics (NASDAQ: TRVI), a New Haven, Connecticut-based clinical-stage biopharmaceutical company focused on chronic cough, has priced an underwritten public offering of 11,600,000 shares of common stock at USD 13.00 per share, raising approximately USD 150 million in gross proceeds before deductions.
Morgan Stanley, Leerink Partners, Cantor, and Stifel are acting as joint book-running managers, with Oppenheimer & Co. serving as lead manager. The offering is expected to close on or around April 20, 2026, subject to customary closing conditions. Trevi has also granted underwriters a 30-day option to purchase up to an additional 1,740,000 shares at the offering price. No use of proceeds was specified in the announcement.
The raise follows a USD 115 million public offering closed in June 2025, itself completed shortly after the company reported topline results from the Phase IIb CORAL trial of its lead candidate Haduvio (oral nalbuphine ER) in idiopathic pulmonary fibrosis (IPF) chronic cough. In January 2025, Trevi raised USD 50 million at USD 4.00 per share ahead of the Phase IIa RIVER trial readout in refractory chronic cough (RCC). The trajectory of successive offering prices — USD 4.00, USD 5.75, USD 13.00 — reflects the company's clinical progress over the past 18 months.
Trevi's pipeline centers on a single asset, Haduvio (oral nalbuphine extended-release), being developed across three chronic cough indications: IPF, non-IPF interstitial lung disease (non-IPF ILD), and RCC. The company describes Haduvio as acting via a kappa agonist/mu antagonist (KAMA) mechanism, targeting opioid receptors along both the peripheral airway sensory nerves and central brainstem cough pathways. The dual-site mechanism is intended to suppress cough while avoiding the respiratory depression and abuse liability associated with conventional mu opioid agonists. Nalbuphine is not currently scheduled by the US Drug Enforcement Administration.
Trevi states that Haduvio is the only investigational therapy to have demonstrated a statistically significant reduction in cough frequency in clinical trials across both IPF chronic cough and RCC patient populations. The Phase IIb CORAL trial in IPF and the Phase IIa RIVER trial in RCC both reported positive topline results in 2025. A Phase II efficacy and safety study of nalbuphine ER in IPF-related cough has also been conducted under European registry identifier EUCTR2018-004744-31-GB. Published conference analyses from 2022, 2023, and 2024 document reductions in cough frequency measures in IPF patients receiving the drug.
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