Trevi Therapeutics, Inc.
TRVI · Pharmaceutical Preparations · 142.0M shares · +65%/yr ↑ dilution · EDGAR filings ↗
Reference price $6.60 · est. market cap ~$937M — last insider sale, 2025-03-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — chronic-cough clinical, very well-funded.
Strengths
- Liquidity — current ratio 19.7 (94th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Cash burnNegative free cash flow (-42.1M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +65%/yr over 3y (dilution, book value/share -62%)
- Strong balance sheetStrong balance sheet — $188M cash & investments, ~18 quarters of runway
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Key metrics
Return on equity
-23.3%
Return on assets
-22.1%
Current ratio
19.7×
Free cash flow
-$42M
EBITDA
-$49M
Tangible book value
$183M
Cash & investments
$188M
Cash runway
18q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-12-02 | Galletta Christopher | Option exercise | 4.2K | $0.51 |
| 2025-03-25 | SCIASCIA THOMAS | Option exercise | 2.6K | $1.43 |
| 2025-03-25 | SCIASCIA THOMAS | Sell | 2.6K | $6.60 |
| 2025-03-21 | GOOD JENNIFER L | Option exercise | 5.3K | $1.43 |
| 2025-03-21 | GOOD JENNIFER L | Sell | 5.3K | $6.58 |
| 2025-03-10 | Simon Farrell | Option exercise | 64K | $3.91 |
| 2025-03-10 | Simon Farrell | Option exercise | 18K | $3.21 |
| 2025-03-10 | Simon Farrell | Option exercise | 31K | $0.51 |
| 2025-03-10 | Simon Farrell | Sell | 77K | $6.73 |
| 2025-03-10 | Simon Farrell | Sell | 4.3K | $7.15 |
| 2025-01-08 | Delfini Lisa | Option exercise | 5.0K | $0.51 |
| 2025-01-07 | Delfini Lisa | Option exercise | 1.0K | $0.51 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-17 | Material agreementResultsOtherExhibits | filing ↗ |
| 2026-03-17 | ResultsExhibits | filing ↗ |
| 2026-03-09 | Other | filing ↗ |
| 2025-12-05 | Exec/director change | filing ↗ |
| 2025-11-13 | ResultsExhibits | filing ↗ |
| 2025-08-20 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-03 | 0001193125-26-257365 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-206382 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-206390 ↗ |
| 8-K | 2026-04-17 | 2026-04-16 | 0001193125-26-160355 ↗ |
| 10-K | 2026-03-17 | 2025-12-31 | 0001193125-26-110783 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001193125-26-110767 ↗ |
| 8-K | 2026-03-09 | 2026-03-09 | 0001193125-26-098676 ↗ |
| 8-K | 2025-12-05 | 2025-12-01 | 0001193125-25-308769 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001193125-25-280149 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001193125-25-280166 ↗ |
| 8-K | 2025-08-20 | 2025-08-14 | 0001563880-25-000005 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105066 ↗ |