TRVITrevi Therapeutics, Inc.
Trevi Therapeutics, Inc. (TRVI) develops oral nalbuphine ER (Haduvio™) for chronic cough in idiopathic pulmonary fibrosis (IPF). The next catalyst is Oct 15, 2026 — FDA End-of-Phase 2 (EOP2) Meeting, which will test the company’s clinical progress and regulatory strategy. The stock’s recent rally was driven by positive Phase 2b data and reduced financing risk, but the EOP2 outcome remains a critical inflection point .
- Trevi is a clinical-stage biopharma with a narrow focus on IPF-related chronic cough.
- The company has raised ~$162M in a follow-on offering, extending cash runway to 2030.
- Clinical data from the ATS 2026 conference bolstered investor confidence but did not resolve the path to FDA approval.
The Read
Trevi Therapeutics' stock showed muted reaction to in-line Q1 2026 EPS and financing news but rallied about 18% on positive Phase 2b CORAL trial data and surged about 21% after confirming clinical progress and removing near-term financing concerns.
The schedule
- Thu15Oct
The meeting tests whether the FDA will grant a positive review for the Phase 2 data, which could unlock further investment. This differs from the last EOP2 meeting where the outcome was mixed due to unclear endpoints.
- Mon11Jan
This meeting tests the FDA's assessment of the IPF Chronic Cough trial data, which could determine the next steps for the drug. This differs from the last EOP2 meeting where the data was considered insufficient for Phase 3.
- Sat6Feb
The earnings release will test whether the company can meet or exceed guidance, particularly on clinical progress and cash flow. This differs from the last print where revenue was below expectations due to delayed trial enrollment.
- Thu6May
The earnings release will test whether the company can meet or exceed guidance, particularly on clinical progress and cash flow. This differs from the last print where revenue was below expectations due to delayed trial enrollment.
- Wed16Jun
The insider sale tests investor confidence in the company's near-term prospects, particularly given the recent regulatory and clinical developments. This differs from the last insider sale where the market reaction was muted due to lack of clarity on Phase 2 outcomes.
- Mon9Aug
The earnings release will test whether the company can meet or exceed guidance, particularly on clinical progress and cash flow. This differs from the last print where revenue was below expectations due to delayed trial enrollment.
- Thu9Sep
The conference participation tests whether the company can generate positive investor sentiment and secure new partnerships. This differs from the last conference where the focus was on Phase 2 data rather than strategic partnerships.
- Thu16Sep
The investor relations event tests whether the company can communicate its strategic vision and clinical progress effectively. This differs from the last event where the focus was on Phase 2 data rather than long-term growth.
- Mon8Nov
Past
- Sun9Aug
Actual outcome: Mixed · $17.81 at outcome
The company reported an EPS actual of -0.0906, matching the estimate, with no significant guidance changes. The stock remained flat following the earnings release, as the market focused on the updated pipeline timelines and potential FDA interaction plans for Haduvio, which did not provide clear directional momentum.
Q2 2026 results focusing on the company's post-raise $162M cash position, updated pipeline timelines, and potential FDA interaction plans for Haduvio.
- Tue12May
Actual outcome: Bull · $14.20 at outcome
Trevi reported in-line EPS and announced the completion of a ~$162 million follow-on offering, extending its cash runway into 2030. Management also confirmed that clinical development for Haduvio across all chronic cough indications remains on track. The removal of near-term financing overhangs and steady pipeline progress provided strong fundamental support, allowing the stock to exceed the $13.50 bull target.
- Tue5May
Actual outcome: Bear · $14.20 at outcome
Trevi Therapeutics reported Q1 2026 EPS that exactly met consensus estimates at -$0.09 and highlighted a recent $162 million stock offering that extended its cash runway into 2030. Management also confirmed that clinical development plans for Haduvio across chronic cough indications remain on track. With no major surprises in the earnings report or clinical updates, the stock experienced a muted reaction, falling just 3.1% to close at $14.20, reflecting a neutral market response.