Episode Details

Trevi Therapeutics, a New Haven biopharma, is seeking $150M in a public stock offering to fund Haduvio, a chronic cough drug. Theyre offering 11.6M shares at $13 each, with underwriters holding a 30-day option for another 22.5M shares. The funds will primarily support Haduvios clinical trials in lung conditions like idiopathic pulmonary fibrosis and cover corporate needs. The companys net loss shrank from $11.4M in Q4 2025 to $8.3M, and the full-year loss decreased from $47.9M in 2024 to $42.8M. Trevi Therapeutics closed 2025 with $188.3M in cash and securities, and this offering will push their war chest past $300M, extending their runway to 2029 as phase three trials begin next year.

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