Trevi Therapeutics, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 9, 2026, disclosing balance sheet data and updates on its Haduvio clinical development program.

Key Highlights

  • Shares outstanding: As of October 31, 2026, the company reported 142,559,400 shares of common stock, $0.001 par value per share, outstanding.
  • Cash and marketable securities: As of September 30, 2026, the company held $27,849 thousand in cash and cash equivalents and $271,559 thousand in marketable securities, compared to $18,914 thousand and $169,346 thousand, respectively, at December 31, 2025.
  • Total assets: Total assets were $310,812 thousand at September 30, 2026, up from $193,439 thousand at December 31, 2025.
  • Total current liabilities: Current liabilities decreased to $7,869 thousand at September 30, 2026, from $9,749 thousand at December 31, 2025.
  • Clinical programs: The company disclosed ongoing Phase 3 OCEAN-1 and OCEAN-2 trials of Haduvio for chronic cough in IPF patients, an ongoing Phase 2b LAKE trial for refractory chronic cough, and a planned Phase 2 dose-ranging trial for non-IPF ILD.
  • Filer status: The company is classified as a non-accelerated filer and smaller reporting company.

Trevi Therapeutics Reports Balance Sheet Growth and Haduvio Trial Activity in September 2026 Quarter

According to the filing, Trevi Therapeutics, Inc. (NASDAQ:TRVI), headquartered at 195 Church Street, 16th Floor, New Haven, Connecticut, reported a significant increase in its asset base during the nine months ended September 30, 2026. Total assets grew to $310,812 thousand from $193,439 thousand at December 31, 2025, driven primarily by an increase in marketable securities from $169,346 thousand to $271,559 thousand, and an increase in cash and cash equivalents from $18,914 thousand to $27,849 thousand. Prepaid expenses also rose to $3,584 thousand from $1,263 thousand over the same period.

On the liabilities side, the filing reported that accounts payable declined to $1,511 thousand from $3,911 thousand at December 31, 2025, contributing to a reduction in total current liabilities to $7,869 thousand from $9,749 thousand. Accrued expenses were $6,018 thousand at September 30, 2026, compared to $5,531 thousand at year-end 2025, according to the condensed consolidated balance sheets.

The filing also describes the company's active clinical development pipeline centered on Haduvio, the company's oral nalbuphine extended-release investigational product. The company disclosed that the FDA "has found the name to be conditionally acceptable," with final trade name approval contingent on FDA approval of the investigational product. The filing notes ongoing Phase 3 OCEAN-1 and OCEAN-2 trials for chronic cough in idiopathic pulmonary fibrosis patients, an ongoing Phase 2b LAKE trial for refractory chronic cough including a planned sample size re-estimation, a planned Phase 2 dose-ranging trial for non-IPF interstitial lung disease, and ongoing and planned Phase 1 NDA supportive studies. The company's forward-looking statements regarding trial timing, regulatory submissions, and funding are subject to the cautionary language included in the filing.

What Was Disclosed

Trevi Therapeutics filed its Form 10-Q for the quarter ended September 30, 2026, reporting total assets of $310,812 thousand, 142,559,400 shares outstanding as of October 31, 2026, and ongoing clinical trials of its Haduvio investigational product across multiple chronic cough indications.