Earnings Releases·Nov 9, 2026, 4:26 PM ET

Trevi Therapeutics — Third Quarter 2026 Earnings Summary

Net loss widened to $21.5 million in Q3 2026 from $11.8 million in Q3 2025, driven by a 89% increase in R&D expenses to $19.1 million as Phase 3 OCEAN-1, Phase 2b LAKE, and Phase 3 OCEAN-2 trials advanced.
Cash position strengthened significantly to $299.4 million as of September 30, 2026, up from $188.3 million at year-end 2025, providing a runway into 2030 to fund development through potential FDA approval.
Clinical outlook includes Phase 3 OCEAN-2 topline results expected in H2 2027, Phase 3 OCEAN-1 results in H1 2028, and initiation of the Phase 2 dose-ranging trial for non-IPF ILD in Q1 2027.
Strategic progress includes a positive FDA meeting aligning on the non-IPF ILD development path, receipt of a USPTO Notice of Allowance for a key patent expiring in 2041, and active global patient enrollment across all three ongoing trials.