Trevi Posts $0.13 Per-Share Loss as R&D Spending Rises in Third Quarter
Key Facts
Trevi Therapeutics reported results on November 9 for the quarter ended September 30, 2026, posting a basic and diluted loss of $0.13 per share, compared with a loss of $0.08 in the same period of 2025. Net loss was $21.5 million, versus $11.8 million a year earlier, widening as spending related to the development of its clinical programs increased. The company said cash, cash equivalents and marketable securities totaled $299.4 million at the end of the quarter. It added that this balance would fund operations through 2030. The analyst-estimate figure cited in Seeking Alpha coverage could not be verified against a reliable public source.
Research and development expenses rose to $19.1 million in the third quarter, from $10.1 million in the corresponding period of 2025. Trevi attributed the increase mainly to clinical development expenses for the OCEAN-1, LAKE and OCEAN-2 trials, along with stock-based compensation and personnel expenses. The report showed clinical development expenses of $15.097 million, compared with $7.405 million a year earlier, making it the largest item among reported R&D expenses. For the nine months ended September 30, R&D expenses reached $44.2 million, versus $27.3 million in the corresponding period of 2025. The company said the nine-month increase was also tied to clinical trial development, purchases of active pharmaceutical ingredients, an increase in headcount and stock-based compensation.
Trevi began its Phase 3 OCEAN-2 trial during the third quarter of 2026. The fixed-dose trial runs for 12 weeks, and the company is targeting top-line results in the second half of 2027. The Phase 3 OCEAN-1 trial, which began in the second quarter of 2026, runs for 52 weeks, with top-line results expected in the first half of 2028. In an update issued in March, the company said its end-of-Phase 2 meeting with the U.S. Food and Drug Administration resulted in broad alignment on the remaining development plan. That plan includes two pivotal Phase 3 trials running in parallel for chronic cough associated with idiopathic pulmonary fibrosis. The company's statement described Haduvio as an investigational treatment, noting that no regulatory authority has evaluated its safety or efficacy.
The announced clinical program timeline includes OCEAN-2 results in the second half of 2027, followed by OCEAN-1 results in the first half of 2028. Trevi also listed a management appearance at the Stifel Healthcare Conference on November 11, 2026, at 10 a.m. Eastern Time, two days after announcing its quarterly results. EL7 data showed the company's shares closed at $14.33 on November 6, 2026. Verified information did not include reliable details on the stock's trading range that day.